Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 Common Stock, Shares Outstanding | ' | 79,225,705 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Land | $320,025,000 | $280,355,000 |
Buildings and improvements | 1,174,462,000 | 1,119,106,000 |
Real estate, gross | 1,494,487,000 | 1,399,461,000 |
Less accumulated depreciation | -249,907,000 | -241,598,000 |
Real estate, net | 1,244,580,000 | 1,157,863,000 |
Real estate held for sale/conveyance | 84,200,000 | 112,837,000 |
Cash and cash equivalents | 5,079,000 | 3,973,000 |
Restricted cash | 12,729,000 | 11,063,000 |
Receivables | 20,473,000 | 18,170,000 |
Other assets and deferred charges, net | 32,686,000 | 28,020,000 |
TOTAL ASSETS | 1,399,747,000 | 1,331,926,000 |
LIABILITIES AND EQUITY | ' | ' |
Mortgage loans payable | 509,679,000 | 515,968,000 |
Mortgage loans payable - real estate held for sale/conveyance | 22,549,000 | 23,172,000 |
Unsecured revolving credit facility | 119,000,000 | 153,500,000 |
Unsecured term loans | 125,000,000 | 50,000,000 |
Accounts payable and accrued liabilities | 21,622,000 | 22,666,000 |
Unamortized intangible lease liabilities | 28,346,000 | 25,509,000 |
Unamortized intangible lease liabilities - real estate held for sale/conveyance | 1,253,000 | 5,463,000 |
Total liabilities | 827,449,000 | 796,278,000 |
Noncontrolling interest - limited partners' mezzanine OP Units | 404,000 | 414,000 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common stock ($.06 par value, 150,000,000 shares authorized, 79,227,000 and 72,200,000 shares, issued and outstanding, respectively) | 4,754,000 | 4,332,000 |
Treasury stock (3,359,000 and 3,514,000 shares, respectively, at cost) | -18,985,000 | -20,191,000 |
Additional paid-in capital | 788,629,000 | 747,997,000 |
Cumulative distributions in excess of net income | -399,592,000 | -393,819,000 |
Accumulated other comprehensive loss | -619,000 | -1,303,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 564,848,000 | 527,677,000 |
Noncontrolling interests: | ' | ' |
Minority interests in consolidated joint ventures | 4,136,000 | 4,202,000 |
Limited partners' OP Units | 2,910,000 | 3,355,000 |
Total noncontrolling interests | 7,046,000 | 7,557,000 |
Total equity | 571,894,000 | 535,234,000 |
TOTAL LIABILITIES AND EQUITY | 1,399,747,000 | 1,331,926,000 |
Series B [Member] | ' | ' |
Equity: | ' | ' |
Preferred stock | $190,661,000 | $190,661,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 79,227,000 | 72,200,000 |
Common stock, shares outstanding | 79,227,000 | 72,200,000 |
Treasury stock, shares | 3,359,000 | 3,514,000 |
Series B [Member] | ' | ' |
Liquidation preference, per share | $25 | $25 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 7,950,000 | 7,950,000 |
Preferred stock, shares outstanding | 7,950,000 | 7,950,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUES | ' | ' |
Rents | $28,372,000 | $27,329,000 |
Expense recoveries | 8,920,000 | 8,007,000 |
Other | 55,000 | 223,000 |
Total revenues | 37,347,000 | 35,559,000 |
EXPENSES | ' | ' |
Operating, maintenance and management | 8,026,000 | 6,795,000 |
Real estate and other property-related taxes | 4,507,000 | 4,465,000 |
General and administrative | 3,524,000 | 3,270,000 |
Employee termination costs | ' | 106,000 |
Impairment charges/(reversal) | 82,000 | -1,100,000 |
Acquisition costs | 2,870,000 | ' |
Depreciation and amortization | 9,448,000 | 9,501,000 |
Total expenses | 28,457,000 | 23,037,000 |
OPERATING INCOME | 8,890,000 | 12,522,000 |
NON-OPERATING INCOME AND EXPENSES | ' | ' |
Interest expense | -8,058,000 | -8,887,000 |
Early extinguishment of debt costs | -101,000 | -85,000 |
Gain on sales | ' | 346,000 |
Total non-operating income and expense | -8,159,000 | -8,626,000 |
INCOME FROM CONTINUING OPERATIONS | 731,000 | 3,896,000 |
DISCONTINUED OPERATIONS | ' | ' |
Income (loss) from operations | 1,043,000 | -44,000 |
Impairment charges | -64,000 | ' |
Total income (loss) from discontinued operations | 979,000 | -44,000 |
NET INCOME | 1,710,000 | 3,852,000 |
Less, net loss attributable to noncontrolling interests: | ' | ' |
Minority interests in consolidated joint ventures | 66,000 | 6,000 |
Limited partners' interest in Operating Partnership | 11,000 | 3,000 |
Total net loss attributable to noncontrolling interests | 77,000 | 9,000 |
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 1,787,000 | 3,861,000 |
Preferred stock dividends | -3,602,000 | -3,607,000 |
Preferred stock redemption costs | ' | -1,166,000 |
NET (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | ($1,815,000) | ($912,000) |
PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED) | ' | ' |
Continuing operations | ($0.04) | ($0.02) |
Discontinued operations | $0.01 | $0 |
Per common share attributable to common shareholders (basic and diluted) | ($0.03) | ($0.02) |
Weighted average number of common shares - basic and diluted | 74,620,000 | 68,339,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Net income | $1,710,000 | $3,852,000 |
Other comprehensive income - unrealized gain on change in fair value of cash flow hedges: | 688,000 | 340,000 |
Comprehensive income | 2,398,000 | 4,192,000 |
Comprehensive loss attributable to noncontrolling interests | 73,000 | 8,000 |
Comprehensive income attributable to Cedar Realty Trust, Inc. | $2,471,000 | $4,200,000 |
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' Interest In Operating Partnership [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2013 | $190,661,000 | $4,332,000 | ($20,191,000) | $747,997,000 | ($393,819,000) | ($1,303,000) | $527,677,000 | $4,202,000 | $3,355,000 | $7,557,000 | $535,234,000 |
Balance, shares at Dec. 31, 2013 | 7,950,000 | 72,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | 1,787,000 | ' | 1,787,000 | -66,000 | -10,000 | -76,000 | 1,711,000 |
Unrealized gain on change in fair value of cash flow hedges | ' | ' | ' | ' | ' | 684,000 | 684,000 | ' | 4,000 | 4,000 | 688,000 |
Share-based compensation, net | ' | 5,000 | 1,206,000 | -683,000 | ' | ' | 528,000 | ' | ' | ' | 528,000 |
Share-based compensation, net, shares | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock sales and issuance expenses, net | ' | 414,000 | ' | 40,892,000 | ' | ' | 41,306,000 | ' | ' | ' | 41,306,000 |
Common stock sales and issuance expenses, net, shares | ' | 6,901,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | -3,602,000 | ' | -3,602,000 | ' | ' | ' | -3,602,000 |
Distributions to common shareholders/ noncontrolling interests | ' | ' | ' | ' | -3,958,000 | ' | -3,958,000 | ' | -20,000 | -20,000 | -3,978,000 |
Conversions of OP Units into common stock | ' | 3,000 | ' | 368,000 | ' | ' | 371,000 | ' | -371,000 | -371,000 | ' |
Conversions of OP Units into common stock, shares | ' | 51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reallocation adjustment of limited partners' interest | ' | ' | ' | 55,000 | ' | ' | 55,000 | ' | -48,000 | -48,000 | 7,000 |
Balance at Mar. 31, 2014 | $190,661,000 | $4,754,000 | ($18,985,000) | $788,629,000 | ($399,592,000) | ($619,000) | $564,848,000 | $4,136,000 | $2,910,000 | $7,046,000 | $571,894,000 |
Balance, shares at Mar. 31, 2014 | 7,950,000 | 79,227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net income | $1,710,000 | $3,852,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Impairment charges/(reversals), net | 146,000 | -1,100,000 |
Gain on sales | ' | -346,000 |
Straight-line rents | -187,000 | -501,000 |
Provision for doubtful accounts | 591,000 | 493,000 |
Depreciation and amortization | 9,448,000 | 9,822,000 |
Amortization of intangible lease liabilities | -1,141,000 | -1,243,000 |
Expense relating to share-based compensation, net | 790,000 | 721,000 |
Amortization (including accelerated write-off) of deferred financing costs | 608,000 | 721,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' |
Rents and other receivables, net | -3,080,000 | -1,954,000 |
Prepaid expenses and other | -1,190,000 | 20,000 |
Accounts payable and accrued liabilities | -507,000 | -663,000 |
Net cash provided by operating activities | 7,188,000 | 9,822,000 |
INVESTING ACTIVITIES | ' | ' |
Acquisitions of real estate | -38,457,000 | ' |
Expenditures for real estate and improvements | -3,171,000 | -4,582,000 |
Net proceeds from sales of real estate | 24,451,000 | 3,320,000 |
Repayment of note receivable | ' | 1,100,000 |
Construction escrows and other | -1,126,000 | 1,469,000 |
Net cash (used in) provided by investing activities | -18,303,000 | 1,307,000 |
FINANCING ACTIVITIES | ' | ' |
(Repayments) under revolving credit facility | -85,500,000 | -67,300,000 |
Advances under revolving credit facility | 51,000,000 | 76,500,000 |
Advances under term loans | 75,000,000 | ' |
Mortgage repayments | 60,745,000 | 40,559,000 |
Payments of debt financing costs | -1,257,000 | -35,000 |
Distributions to limited partners | -23,000 | -14,000 |
Common stock sales and issuance expenses, net | -41,306,000 | -1,000 |
Net proceeds from sales of preferred stock | ' | 59,849,000 |
Redemption of preferred stock | ' | -34,992,000 |
Preferred stock dividends | -3,602,000 | -3,623,000 |
Distributions to common shareholders | -3,958,000 | -3,590,000 |
Net cash provided by (used in) financing activities | 12,221,000 | -13,763,000 |
Net increase (decrease) in cash and cash equivalents | 1,106,000 | -2,634,000 |
Cash and cash equivalents at beginning of period | 3,973,000 | 7,522,000 |
Cash and cash equivalents at end of period | $5,079,000 | $4,888,000 |
Business_And_Organization
Business And Organization | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, the Company owned and managed a portfolio of 62 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 March 31, 2014, the Company owned a 99.4% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at March 31, 2014) 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 465,000 OP Units outstanding at March 31, 2014 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 | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 prior period financial statements reflect certain reclassifications which 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, 2013. | |||||
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 | |||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Supplemental disclosure of cash activities: | |||||
Cash paid for interest | $ 8,531,000 | $ 9,391,000 | |||
Supplemental disclosure of non-cash activities: | |||||
Capitalization of interest and financing costs | 201,000 | 298,000 | |||
Mortgage loans payable assumed upon acquisition | -53,439,000 | - | |||
Conversions of OP Units into common stock | 371,000 | - | |||
Recently-Issued Accounting Pronouncement | |||||
In April 2014, the Financial Accounting Standards Board issued guidance which amends the requirements for reporting discontinued operations. Under the amended guidance, a disposal of an individual property or group of properties (i.e., when a property or properties are sold or meet the criteria to be classified as “held for sale”) is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The amended guidance also requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. | |||||
The Company has adopted the provisions of this guidance as of January 1, 2014, and has applied the provisions prospectively. The results of operations for properties classified as “held for sale/conveyance” prior to the adoption of this guidance will continue to be reported as “discontinued operations” in the consolidated statements of operations. | |||||
Real_Estate
Real Estate | 3 Months Ended |
Mar. 31, 2014 | |
Real Estate [Abstract] | ' |
Real Estate | ' |
Note 3. Real Estate | |
On March 21, 2014, the Company acquired Quartermaster Plaza located in Philadelphia, Pennsylvania. The purchase price for the property was approximately $92.3 million, of which approximately $53.4 million was funded from the assumptions of (1) a $42.1 million mortgage loan payable, bearing interest at the rate of 5.3% per annum and maturing in October 2015, and (2) an $11.3 million mortgage loan payable, bearing interest at the rate of 5.5% per annum and maturing in October 2014, with the remainder being funded from the Company’s unsecured revolving credit facility. The Company incurred costs of $2.9 million in connection with this acquisition. In addition, the purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with accounting policies for business combinations, such valuations to be finalized when valuation studies are completed. | |
During the quarter, the Company determined to sell the following properties: (1) Annie Land Plaza, located in Lovingston, Virginia, (2) Carbondale Plaza, located in Carbondale, Pennsylvania, (3) Fairview Plaza, located in New Cumberland, Pennsylvania, and (4) Virginia Little Creek, located in Norfolk, Virginia. As such, these properties have been classified as “real estate held for sale/conveyance” as of March 31, 2014 and December 31, 2013 on the accompanying consolidated balance sheets. As the potential sales of these properties do not meet the criteria for the newly-adopted guidance for reporting discontinued operations (See Note 2 - Summary of Significant Accounting Policies), the results of operations for these properties have remained in continuing operations. At March 31, 2014, the carrying value of the assets and liabilities of these properties totaled $30.6 million and $1.2 million, respectively, and are included in real estate held for sale/conveyance and unamortized intangible lease liabilities – real estate held for sale/conveyance, respectively, on the consolidated balance sheets. | |
The Company conducts a continuing review of the values for all 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, or (3) with respect to land parcels, estimated sales prices, less cost to sell, based on comparable sales completed in the selected market areas. | |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Discontinued Operations [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
Note 4 – Discontinued Operations | |||||
The following is a summary of the components of income (loss) from discontinued operations applicable to properties classified as such prior to the newly-adopted guidance for reporting discontinued operations (See Note 2 - Summary of Significant Accounting Policies): | |||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
REVENUES | |||||
Rents | $ 1,715,000 | $ 2,920,000 | |||
Expense recoveries and other | 930,000 | 846,000 | |||
Total revenues | 2,645,000 | 3,766,000 | |||
EXPENSES | |||||
Operating, maintenance and management | 720,000 | 1,685,000 | |||
Real estate and other property-related taxes | 481,000 | 658,000 | |||
Depreciation and amortization | - | 321,000 | |||
Interest | 414,000 | 709,000 | |||
Early extinguishment of debt costs, net | -13,000 | 437,000 | |||
Total expenses | 1,602,000 | 3,810,000 | |||
INCOME (LOSS) FROM OPERATIONS | 1,043,000 | -44,000 | |||
IMPAIRMENT CHARGES, NET | -64,000 | - | |||
TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ 979,000 | $ (44,000) | |||
On February 25, 2014, the Company sold Harbor Square (f/k/a Shore Mall), located in Egg Harbor, New Jersey, for a sales price of $25.0 million, which approximated its carrying value as of that date. | |||||
As of March 31, 2014, the Company was in the process of negotiating with the respective lenders to two of its properties (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 $7.9 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 $1.7 million as of March 31, 2014) 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. | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 asset and liability for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were 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 user-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 March 31, 2014, 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 March 31, 2014 and December 31, 2013, respectively: | ||||||||||
Assets/Liabilities Measured at Fair Value on a | ||||||||||
Recurring Basis | ||||||||||
31-Mar-14 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 474,000 | $ | - | $ | - | $ | 474,000 | ||
Share-based compensation liabilities (b) | $ | 472,000 | $ | - | $ | - | $ | 472,000 | ||
Interest rate swaps assets (a) | $ | - | $ | 589,000 | $ | - | $ | 589,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 625,000 | $ | - | $ | 625,000 | ||
31-Dec-13 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 435,000 | $ | - | $ | - | $ | 435,000 | ||
Share-based compensation liabilities (b) | $ | 426,000 | $ | - | $ | - | $ | 426,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 647,000 | $ | - | $ | 647,000 | ||
(a) Included in other assets and deferred charges, net 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 March 31, 2014 and December 31, 2013, 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 $525.8 million and $471.4 million, respectively; the carrying values of such loans were $509.7 million and $457.9 million, respectively. | ||||||||||
The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of March 31, 2014 and December 31, 2013, respectively: | ||||||||||
Assets Measured at Fair Value on a | ||||||||||
Non-Recurring Basis | ||||||||||
31-Mar-14 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 52,445,000 | $ | 31,755,000 | $ | 84,200,000 | ||
31-Dec-13 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | - | $ | 81,854,000 | $ | 81,854,000 | ||
The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2014: | ||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||
Fair value at | Valuation | Unobservable | Range | |||||||
31-Mar-14 | Technique | inputs | (weighted average) | |||||||
Real estate held for sale/conveyance: | ||||||||||
Operating retail real estate | ||||||||||
(five properties) | $ 20,028,000 | Discounted cash flow | Capitalization rates | 8.5% to 11.0% (9.8%) | ||||||
Discount rates | 9.2% to 11.6% (10.0%) | |||||||||
Land development property | 10,301,000 | Discounted cash flow | Capitalization rate | 7.30% | ||||||
Discount rate | 7.80% | |||||||||
Land (three parcels) | 1,426,000 | Sales comparison approach | Price per acre | $23,000 to $139,000 per acre | ||||||
($44,000 per acre) | ||||||||||
$ 31,755,000 | ||||||||||
Mortgage_Loans_Payable_And_Cre
Mortgage Loans Payable And Credit Facility | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Mortgage Loans Payable And Credit Facility [Abstract] | ' | |||||||||||||||||
Mortgage Loans Payable And Credit Facility | ' | |||||||||||||||||
Note 6. Mortgage Loans Payable and Credit Facility | ||||||||||||||||||
Mortgage Loans Payable | ||||||||||||||||||
During the three months ended March 31, 2014, the Company prepaid $58.1 million of mortgage loans payable (including $0.3 million included in mortgage loans payable – real estate held for sale/conveyance). | ||||||||||||||||||
Unsecured Revolving Credit Facility and Term Loans | ||||||||||||||||||
The Company has a $260 million revolving credit facility, expiring on August 1, 2016. The revolving credit facility may be extended, at the Company’s option, for two additional one-year periods, subject to customary conditions. Under an accordion feature, the facility can be increased to $500 million, subject to customary conditions, and lending commitments from participating banks. The 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 facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the 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 facility could result in the acceleration of the related debt. | ||||||||||||||||||
Borrowings under the revolving credit facility are priced at LIBOR plus 195 basis points (“bps”) (a weighted average rate of 2.2% per annum at March 31, 2014), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. As of March 31, 2014, the Company had $119.0 million outstanding under the revolving credit facility, and had $133.2 million available for additional borrowings. | ||||||||||||||||||
On February 11, 2014, the Company closed $150 million of unsecured term loans consisting of a five-year $75 million term loan, maturing on February 11, 2019, and a seven-year $75 million term loan, maturing on February 11, 2021. Under an accordion feature, the term loans can be increased to an aggregate of $300 million, subject to customary conditions and lending commitments from participating banks. The financial covenants and other terms contained in the loan agreement are substantially the same as those contained in the Company’s revolving credit facility (see above). In connection with the transaction, the Company paid fees and legal expenses of approximately $1.1 million. | ||||||||||||||||||
The five-year term loan, all of which was borrowed at closing, is priced at LIBOR plus 175 bps (a weighted average rate of 1.9% per annum at March 31, 2014), and can range from LIBOR plus 145 bps to 205 bps based on the Company’s leverage ratio. The seven-year term loan, none of which has been borrowed at March 31, 2014, will be initially priced at LIBOR plus 200 bps, and can range from LIBOR plus 170 bps to 230 bps, also based on the Company’s leverage ratio. The Company has until July 1, 2014 to borrow the $75.0 million under the seven-year term loan. The Company also entered into forward interest rate swap agreements which convert the LIBOR rates to fixed rates for the new term loans beginning July 1, 2014 through their maturities. As a result, the effective fixed interest rates will be 3.37% for the five-year term loan and 4.27% for the seven-year term loan beginning July 1, 2014, based on the Company’s current leverage ratio. | ||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
As discussed above, on February 11, 2014, the Company closed $150 million of unsecured term loans for which it entered into forward interest rate swap agreements, effective July 1, 2014. | ||||||||||||||||||
At March 31, 2014, the Company had a mortgage loan payable of approximately $11.8 million (included in mortgage loans payable – real estate held for sale/conveyance on the consolidated balance sheet) 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 March 31, 2014, the Company had on the consolidated balance sheet (1) $589,000 included in other assets and deferred charges, net, relating to the fair value of the interest rate swaps applicable to the $150 million unsecured term loans which closed on February 11, 2014, and (2) $625,000 included in accounts payable and accrued liabilities relating to the fair value of the interest rate swap applicable to the mortgage loan payable. Charges and/or credits relating to the changes in the fair value of the interest rate swaps 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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||
Notional values | Balance | Fair value | ||||||||||||||||
Designation/ | March 31, | December 31, | Maturity | sheet | March 31, | December 31, | ||||||||||||
Cash flow | Derivative | Count | 2014 | Count | 2013 | date | location | 2014 | 2013 | |||||||||
Qualifying | Interest rate swaps | 2 | $ 75,000,000 | - | $ - | 2021 | Other assets and deferred charges, net | $ 589,000 | $ - | |||||||||
Qualifying | Interest rate swap | 1 | $ 11,827,000 | (a) | 1 | $ 11,894,000 | (a) | 2018 | Accounts payable and accrued liabilities | $ 625,000 | $ 647,000 | |||||||
(a) At March 31, 2014 and December 31, 2013, amounts are interest rate swaps related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheets. | ||||||||||||||||||
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 months ended March 31, 2014 and 2013, respectively: | ||||||||||||||||||
Net amount of gain recognized in other | ||||||||||||||||||
comprehensive income (effective portion) | ||||||||||||||||||
Designation/ | Three months ended March 31, | |||||||||||||||||
Cash flow | Derivative | 2014 | 2013 | |||||||||||||||
Qualifying (a) | Interest rate swaps | $ 688,000 | $ 340,000 | |||||||||||||||
(a) For the three months ended March 31, 2014 and March 31, 2013, $77,000 and $252,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. Additionally, for the three months ended March 31, 2014 and March 31, 2013, $76,000 and $77,000, respectively, were reclassified from other comprehensive income to interest expense, which is included in discontinued operations. | ||||||||||||||||||
As of March 31, 2014, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. | ||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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 | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Shareholders' Equity [Abstract] | ' | |||
Shareholders' Equity | ' | |||
Note 8. Shareholders’ Equity | ||||
Common Stock | ||||
On January 13, 2014, the Company concluded a public offering of 6,900,000 shares of its common stock (including 900,000 shares relating to the exercise of an over-allotment option by the underwriters), and realized net proceeds, after offering expenses, of approximately $41.3 million. | ||||
The Company has an at-the-market offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through March 31, 2014, no shares had been sold under this program. | ||||
Dividends | ||||
The following table provides a summary of dividends declared and paid per share: | ||||
Three months ended March 31, | ||||
2014 | 2013 | |||
Common stock | $ 0.050 | $ 0.050 | ||
Cumulative Redeemable Preferred Stock: | ||||
8.875% Series A | $ - | $ 0.555 | ||
7.250% Series B | $ 0.453 | $ 0.453 | ||
On April 24, 2014, 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 May 20, 2014 to shareholders of record on May 9, 2014. | ||||
Revenues
Revenues | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Revenues [Abstract] | ' | ||||
Revenues | ' | ||||
Note 9. Revenues | |||||
Rental revenues for the three months ended March 31, 2014 and 2013, respectively, are comprised of the following: | |||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Base rents | $ 26,923,000 | $ 25,513,000 | |||
Percentage rent | 121,000 | 116,000 | |||
Straight-line rents | 187,000 | 458,000 | |||
Amortization of intangible lease liabilities | 1,141,000 | 1,242,000 | |||
Total rents | $ 28,372,000 | $ 27,329,000 | |||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 months ended March 31, 2014 and 2013, respectively: | |||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Expense relating to share grants | $ 847,000 | $ 834,000 | |||
Amounts capitalized | -57,000 | -113,000 | |||
Total charged to operations | $ 790,000 | $ 721,000 | |||
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 three months ended March 31, 2014, there were 133,000 time-based restricted shares issued, with a weighted average grant date fair value of $6.32 per share. At March 31, 2014, approximately 1.6 million shares remained available for grants pursuant to the 2012 Plan. | |||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 March 31, 2014 and 2013, the Company had 3.7 million and 3.6 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 months ended March 31, 2014 and 2013, respectively: | |||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Numerator | |||||
Income from continuing operations | $ 731,000 | $ 3,896,000 | |||
Preferred stock dividends | -3,602,000 | -3,607,000 | |||
Preferred stock redemption costs | - | -1,166,000 | |||
Net loss attributable to noncontrolling interests | 71,000 | 7,000 | |||
Net earnings allocated to unvested shares | -182,000 | -173,000 | |||
(Loss) from continuing operations attributable to common | |||||
shareholders | -2,982,000 | -1,043,000 | |||
Results from discontinued operations, net of noncontrolling interests | 985,000 | -42,000 | |||
Net (loss) attributable to common shareholders, basic and diluted | $ (1,997,000) | $ (1,085,000) | |||
Denominator | |||||
Weighted average number of vested common shares outstanding | 74,620,000 | 68,339,000 | |||
(Loss) earnings per common share, basic and fully diluted | |||||
Continuing operations | $ (0.04) | $ (0.02) | |||
Discontinued operations | $ 0.01 | $ (0.00) | |||
$ (0.03) | $ (0.02) | ||||
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 480,000 and 281,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
In determining subsequent events, management reviewed all activity from April 1, 2014 through the date of filing this Quarterly Report on Form 10-Q. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
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 prior period financial statements reflect certain reclassifications which 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, 2013. | |
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 Pronouncement | |
In April 2014, the Financial Accounting Standards Board issued guidance which amends the requirements for reporting discontinued operations. Under the amended guidance, a disposal of an individual property or group of properties (i.e., when a property or properties are sold or meet the criteria to be classified as “held for sale”) is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The amended guidance also requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. | |
The Company has adopted the provisions of this guidance as of January 1, 2014, and has applied the provisions prospectively. The results of operations for properties classified as “held for sale/conveyance” prior to the adoption of this guidance will continue to be reported as “discontinued operations” in the consolidated statements of operations. | |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||
Supplemental Consolidated Statements Of Cash Flows Information | ' | ||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Supplemental disclosure of cash activities: | |||||
Cash paid for interest | $ 8,531,000 | $ 9,391,000 | |||
Supplemental disclosure of non-cash activities: | |||||
Capitalization of interest and financing costs | 201,000 | 298,000 | |||
Mortgage loans payable assumed upon acquisition | -53,439,000 | - | |||
Conversions of OP Units into common stock | 371,000 | - | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Discontinued Operations [Abstract] | ' | ||||
Schedule Of The Components Of Income (Loss) From Discontinued Operations | ' | ||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
REVENUES | |||||
Rents | $ 1,715,000 | $ 2,920,000 | |||
Expense recoveries and other | 930,000 | 846,000 | |||
Total revenues | 2,645,000 | 3,766,000 | |||
EXPENSES | |||||
Operating, maintenance and management | 720,000 | 1,685,000 | |||
Real estate and other property-related taxes | 481,000 | 658,000 | |||
Depreciation and amortization | - | 321,000 | |||
Interest | 414,000 | 709,000 | |||
Early extinguishment of debt costs, net | -13,000 | 437,000 | |||
Total expenses | 1,602,000 | 3,810,000 | |||
INCOME (LOSS) FROM OPERATIONS | 1,043,000 | -44,000 | |||
IMPAIRMENT CHARGES, NET | -64,000 | - | |||
TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ 979,000 | $ (44,000) | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 | ||||||||||
31-Mar-14 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 474,000 | $ | - | $ | - | $ | 474,000 | ||
Share-based compensation liabilities (b) | $ | 472,000 | $ | - | $ | - | $ | 472,000 | ||
Interest rate swaps assets (a) | $ | - | $ | 589,000 | $ | - | $ | 589,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 625,000 | $ | - | $ | 625,000 | ||
31-Dec-13 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 435,000 | $ | - | $ | - | $ | 435,000 | ||
Share-based compensation liabilities (b) | $ | 426,000 | $ | - | $ | - | $ | 426,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 647,000 | $ | - | $ | 647,000 | ||
(a) Included in other assets and deferred charges, net 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 | ||||||||||
31-Mar-14 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 52,445,000 | $ | 31,755,000 | $ | 84,200,000 | ||
31-Dec-13 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | - | $ | 81,854,000 | $ | 81,854,000 | ||
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 | |||||||
31-Mar-14 | Technique | inputs | (weighted average) | |||||||
Real estate held for sale/conveyance: | ||||||||||
Operating retail real estate | ||||||||||
(five properties) | $ 20,028,000 | Discounted cash flow | Capitalization rates | 8.5% to 11.0% (9.8%) | ||||||
Discount rates | 9.2% to 11.6% (10.0%) | |||||||||
Land development property | 10,301,000 | Discounted cash flow | Capitalization rate | 7.30% | ||||||
Discount rate | 7.80% | |||||||||
Land (three parcels) | 1,426,000 | Sales comparison approach | Price per acre | $23,000 to $139,000 per acre | ||||||
($44,000 per acre) | ||||||||||
$ 31,755,000 | ||||||||||
Mortgage_Loans_Payable_And_Cre1
Mortgage Loans Payable And Credit Facility (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Mortgage Loans Payable And Credit Facility [Abstract] | ' | |||||||||||||||||
Summary Of The Derivative Financial Instruments Held | ' | |||||||||||||||||
Notional values | Balance | Fair value | ||||||||||||||||
Designation/ | March 31, | December 31, | Maturity | sheet | March 31, | December 31, | ||||||||||||
Cash flow | Derivative | Count | 2014 | Count | 2013 | date | location | 2014 | 2013 | |||||||||
Qualifying | Interest rate swaps | 2 | $ 75,000,000 | - | $ - | 2021 | Other assets and deferred charges, net | $ 589,000 | $ - | |||||||||
Qualifying | Interest rate swap | 1 | $ 11,827,000 | (a) | 1 | $ 11,894,000 | (a) | 2018 | Accounts payable and accrued liabilities | $ 625,000 | $ 647,000 | |||||||
(a) At March 31, 2014 and December 31, 2013, amounts are interest rate swaps related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheets. | ||||||||||||||||||
Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity | ' | |||||||||||||||||
Net amount of gain recognized in other | ||||||||||||||||||
comprehensive income (effective portion) | ||||||||||||||||||
Designation/ | Three months ended March 31, | |||||||||||||||||
Cash flow | Derivative | 2014 | 2013 | |||||||||||||||
Qualifying (a) | Interest rate swaps | $ 688,000 | $ 340,000 | |||||||||||||||
(a) For the three months ended March 31, 2014 and March 31, 2013, $77,000 and $252,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. Additionally, for the three months ended March 31, 2014 and March 31, 2013, $76,000 and $77,000, respectively, were reclassified from other comprehensive income to interest expense, which is included in discontinued operations. | ||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Shareholders' Equity [Abstract] | ' | |||
Schedule Of Dividends | ' | |||
Three months ended March 31, | ||||
2014 | 2013 | |||
Common stock | $ 0.050 | $ 0.050 | ||
Cumulative Redeemable Preferred Stock: | ||||
8.875% Series A | $ - | $ 0.555 | ||
7.250% Series B | $ 0.453 | $ 0.453 | ||
Revenues_Tables
Revenues (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Revenues [Abstract] | ' | ||||
Schedule Of Rent Revenues | ' | ||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Base rents | $ 26,923,000 | $ 25,513,000 | |||
Percentage rent | 121,000 | 116,000 | |||
Straight-line rents | 187,000 | 458,000 | |||
Amortization of intangible lease liabilities | 1,141,000 | 1,242,000 | |||
Total rents | $ 28,372,000 | $ 27,329,000 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Share-Based Compensation [Abstract] | ' | ||||
Schedule Of Share-Based Compensation Information | ' | ||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Expense relating to share grants | $ 847,000 | $ 834,000 | |||
Amounts capitalized | -57,000 | -113,000 | |||
Total charged to operations | $ 790,000 | $ 721,000 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share | ' | ||||
Three months ended March 31, | |||||
2014 | 2013 | ||||
Numerator | |||||
Income from continuing operations | $ 731,000 | $ 3,896,000 | |||
Preferred stock dividends | -3,602,000 | -3,607,000 | |||
Preferred stock redemption costs | - | -1,166,000 | |||
Net loss attributable to noncontrolling interests | 71,000 | 7,000 | |||
Net earnings allocated to unvested shares | -182,000 | -173,000 | |||
(Loss) from continuing operations attributable to common | |||||
shareholders | -2,982,000 | -1,043,000 | |||
Results from discontinued operations, net of noncontrolling interests | 985,000 | -42,000 | |||
Net (loss) attributable to common shareholders, basic and diluted | $ (1,997,000) | $ (1,085,000) | |||
Denominator | |||||
Weighted average number of vested common shares outstanding | 74,620,000 | 68,339,000 | |||
(Loss) earnings per common share, basic and fully diluted | |||||
Continuing operations | $ (0.04) | $ (0.02) | |||
Discontinued operations | $ 0.01 | $ (0.00) | |||
$ (0.03) | $ (0.02) | ||||
Business_And_Organization_Narr
Business And Organization (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
property | |
Business And Organization [Abstract] | ' |
Number of properties | 62 |
Company's interest in Operating Partnership | 99.40% |
Limited partners' interest in Operating Partnership | 0.60% |
OP units outstanding | 465,000 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Supplemental disclosure of cash activities: | ' | ' |
Cash paid for interest | $8,531,000 | $9,391,000 |
Supplemental disclosure of non-cash activities: | ' | ' |
Capitalization of interest and financing costs | 201,000 | 298,000 |
Mortgage loans payable assumed upon acquisition | -53,439,000 | ' |
Conversions of OP Units into common stock | $371,000 | ' |
Real_Estate_Narrative_Details
Real Estate (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 24, 2014 | |
Real Estate Properties [Line Items] | ' | ' |
Acquisition costs | 2,870,000 | ' |
Assets of properties held for sale/conveyance | 30,600,000 | ' |
Liabilities of properties held for sale/conveyance | 1,200,000 | ' |
Quartermaster Plaza [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Purchase price of acquired property | ' | 92,300,000 |
Mortgage amount | ' | 53,400,000 |
Quartermaster Plaza [Member] | Mortgage Loan Payable Maturing October 2015 [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Mortgage amount | ' | 42,100,000 |
Mortgage interest rate | ' | 5.30% |
Mortgage maturity date | 1-Oct-15 | ' |
Quartermaster Plaza [Member] | Mortgage Loan Payable Maturing October 2014 [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Mortgage amount | ' | $11,300,000 |
Mortgage interest rate | ' | 5.50% |
Mortgage maturity date | 1-Oct-14 | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 25, 2014 | Mar. 31, 2014 |
Harbor Square [Member] | Gahanna Discount Drug Mart Plaza and McCormick Place [Member] | |
property | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Sale price of real estate sold | $25 | ' |
Number of properties in process of conveying | ' | 2 |
Mortgage loans payable and accrued interest for properties under conveyance process | ' | 7.9 |
Estimated gain that would be recognized at the time of conveyances | ' | $1.70 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of The Components Of Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUES | ' | ' |
Rents | $1,715,000 | $2,920,000 |
Expense recoveries and other | 930,000 | 846,000 |
Total revenues | 2,645,000 | 3,766,000 |
EXPENSES | ' | ' |
Operating, maintenance and management | 720,000 | 1,685,000 |
Real estate and other property-related taxes | 481,000 | 658,000 |
Depreciation and amortization | ' | 321,000 |
Interest | 414,000 | 709,000 |
Early extinguishment of debt costs | -13,000 | 437,000 |
Total expenses | 1,602,000 | 3,810,000 |
INCOME (LOSS) FROM OPERATIONS | 1,043,000 | -44,000 |
Impairment charges | -64,000 | ' |
Total income (loss) from discontinued operations | $979,000 | ($44,000) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ' | ' |
Fair value of fixed rate mortgage loans payable | $525.80 | $471.40 |
Carrying value of fixed rate mortgage payable | $509.70 | $457.90 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments related to share-based compensation liabilities | $474,000 | [1] | $435,000 | [1] |
Share-based compensation liabilities | 472,000 | [2] | 426,000 | [2] |
Interest rate swaps assets | 589,000 | [1] | ' | |
Interest rate swaps liability | 625,000 | [2] | 647,000 | [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 | 474,000 | [1] | 435,000 | [1] |
Share-based compensation liabilities | 472,000 | [2] | 426,000 | [2] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps assets | 589,000 | [1] | ' | |
Interest rate swaps liability | 625,000 | [2] | 647,000 | [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 assets | ' | [1] | ' | |
Interest rate swaps liability | ' | [2] | ' | [2] |
[1] | Included in other assets and deferred charges, net 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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | $84,200,000 | $81,854,000 |
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 | 52,445,000 | ' |
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 | $31,755,000 | $81,854,000 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
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 | $84,200,000 | $81,854,000 | $31,755,000 | $81,854,000 | ' | ' | ' | $20,028,000 | ' | ' | ' | ' | $10,301,000 | $1,426,000 |
Capitalization rates | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 11.00% | 9.80% | 7.30% | ' | ' |
Discount rates | ' | ' | ' | ' | ' | ' | ' | ' | 9.20% | 11.60% | 10.00% | 7.80% | ' | ' |
Price per acre | ' | ' | ' | ' | 23,000 | 139,000 | 44,000 | ' | ' | ' | ' | ' | ' | ' |
Number of parcels of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Number of properties | 62 | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Mortgage_Loans_Payable_And_Cre2
Mortgage Loans Payable And Credit Facility (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 11, 2014 | Mar. 31, 2014 | Feb. 11, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 11, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Interest Rate Swap [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Unsecured Term Loan [Member] | Mortgage Loans Payable, Real Estate Held For Sale Or Conveyance [Member] | Term Loan Maturing February 11, 2019 [Member] | Term Loan Maturing February 11, 2019 [Member] | Term Loan Maturing February 11, 2019 [Member] | Term Loan Maturing February 11, 2019 [Member] | Term Loan Maturing February 11, 2019 [Member] | Term Loan Maturing February 11, 2021 [Member] | Term Loan Maturing February 11, 2021 [Member] | Term Loan Maturing February 11, 2021 [Member] | Term Loan Maturing February 11, 2021 [Member] | Term Loan Maturing February 11, 2021 [Member] | |||
item | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Forecast [Member] | Minimum [Member] | Maximum [Member] | Forecast [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayments of debt | $58,100,000 | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowing capacity | ' | ' | ' | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension periods | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowing capacity including increase under accordion feature | ' | ' | ' | 500,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan amount | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | 75,000,000 | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' |
Debt term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | ' | 1-Aug-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Feb-19 | ' | ' | ' | ' | 11-Feb-21 | ' | ' | ' |
Fees and legal expenses | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | 'LIBOR plus 195 basis points ("bps") (a weighted average rate of 2.2% per annum at March 31, 2014), and can range from LIBOR plus 165 bps to 225 bps based on the Company's leverage ratio | ' | ' | ' | ' | ' | 'LIBOR plus 175 bps (a weighted average rate of 1.9% per annum at March 31, 2014), and can range from LIBOR plus 145 bps to 205 bps based on the Company's leverage ratio | ' | ' | ' | ' | 'LIBOR plus 200 bps, and can range from LIBOR plus 170 bps to 230 bps | ' | ' | ' |
Basis spread on borrowings variable rate | ' | ' | ' | 1.95% | 1.65% | 2.25% | ' | ' | ' | 1.75% | 1.45% | 2.05% | ' | ' | 2.00% | 1.70% | 2.30% | ' |
Weighted-average interest rate | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, amount outstanding | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | 133,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.37% | ' | ' | ' | ' | 4.27% |
Mortgage loans payable - real estate held for sale/conveyance | 22,549,000 | 23,172,000 | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed annual interest rate | 5.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets and deferred charges, net | 32,686,000 | 28,020,000 | 589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | $21,622,000 | $22,666,000 | $625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage_Loans_Payable_And_Cre3
Mortgage Loans Payable And Credit Facility (Summary Of The Derivative Financial Instruments Held) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | |||
contract | contract | |||
Other Assets And Deferred Charges, Net [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Count | 2 | ' | ||
Notional values | $75,000,000 | ' | ||
Maturity date | '2021 | ' | ||
Fair value | 589,000 | ' | ||
Accounts Payable And Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Count | 1 | 1 | ||
Notional values | 11,827,000 | [1] | 11,894,000 | [1] |
Maturity date | '2018 | ' | ||
Fair value | $625,000 | $647,000 | ||
[1] | At March 31, 2014 and December 31, 2013, amounts are interest rate swaps related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheets. |
Mortgage_Loans_Payable_And_Cre4
Mortgage Loans Payable And Credit Facility (Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net amount of gain recognized in other comprehensive income (loss) (effective portion) | $688,000 | [1] | $340,000 | [1] |
Amounts reclassified to interest expense | 8,058,000 | 8,887,000 | ||
Continuing Operations [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amounts reclassified to interest expense | 77,000 | 252,000 | ||
Discontinued Operations [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amounts reclassified to interest expense | $76,000 | $77,000 | ||
[1] | For the three months ended March 31, 2014 and March 31, 2013, $77,000 and $252,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. Additionally, for the three months ended March 31, 2014 and March 31, 2013, $76,000 and $77,000, respectively, were reclassified from other comprehensive income to interest expense, which is included in discontinued operations. |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Jan. 13, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 24, 2014 | Apr. 24, 2014 |
Series B [Member] | Series B [Member] | Series B [Member] | Series A [Member] | Series A [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Series B [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering, shares | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued to underwriters | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend rate percentage | ' | ' | 7.25% | 7.25% | ' | 8.88% | 8.88% | ' | ' |
Public offering, realized net proceeds, net offering expenses | ' | $41.30 | ' | ' | ' | ' | ' | ' | ' |
At-the-market program, shares authorized | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
At-the-market program, shares sold | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference, per share | ' | ' | $25 | ' | $25 | ' | ' | ' | ' |
Common stock, dividends declared | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' |
Preferred stock dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 |
Dividends payable, date declared | 24-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, date to be paid | 20-May-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, date of record | 9-May-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Dividends) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Shareholders Equity Disclosure [Line Items] | ' | ' |
Common stock | $0.05 | $0.05 |
Series A [Member] | ' | ' |
Shareholders Equity Disclosure [Line Items] | ' | ' |
Cumulative Redeemable Preferred Stock | ' | $0.56 |
Dividend rate percentage | 8.88% | 8.88% |
Series B [Member] | ' | ' |
Shareholders Equity Disclosure [Line Items] | ' | ' |
Cumulative Redeemable Preferred Stock | $0.45 | $0.45 |
Dividend rate percentage | 7.25% | 7.25% |
Revenues_Schedule_Of_Rent_Reve
Revenues (Schedule Of Rent Revenues) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues [Abstract] | ' | ' |
Base rents | $26,923,000 | $25,513,000 |
Percentage rent | 121,000 | 116,000 |
Straight-line rents | 187,000 | 458,000 |
Amortization of intangible lease liabilities | 1,141,000 | 1,242,000 |
Total rents | $28,372,000 | $27,329,000 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares available for grant under Stock Incentive Plan | 1,600,000 |
Time-Based Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares issued | 133,000 |
Weighted-average grant date fair value per share | $6.32 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-Based Compensation [Abstract] | ' | ' |
Expense relating to share grants | $847,000 | $834,000 |
Amounts capitalized | -57,000 | -113,000 |
Total charged to operations | $790,000 | $721,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Weighted average nonvested restricted shares outstanding | 3,700,000 | 3,600,000 |
Weighted average number of OP units outstanding | 480,000 | 281,000 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Income from continuing operations | $731,000 | $3,896,000 |
Preferred stock dividends | -3,602,000 | -3,607,000 |
Preferred stock redemption costs | ' | -1,166,000 |
Net loss attributable to noncontrolling interests | 71,000 | 7,000 |
Net earnings allocated to unvested shares | -182,000 | -173,000 |
(Loss) from continuing operations attribtuable to common shareholders | -2,982,000 | -1,043,000 |
Results from discontinued operations, net of noncontrolling interests | 985,000 | -42,000 |
Net (loss) attributable to common shareholders, basic and diluted | ($1,997,000) | ($1,085,000) |
Weighted average number of vested common shares outstanding | 74,620,000 | 68,339,000 |
(Loss) earnings per common share, basic and fully diluted | ' | ' |
Continuing operations | ($0.04) | ($0.02) |
Discontinued operations | $0.01 | $0 |
(Loss) earnings per common share, basic and fully diluted | ($0.03) | ($0.02) |