Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 79,212,201 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Land | $310,533,000 | $273,505,000 |
Buildings and improvements | 1,148,700,000 | 1,085,126,000 |
Real estate, gross | 1,459,233,000 | 1,358,631,000 |
Less accumulated depreciation | -258,243,000 | -233,082,000 |
Real estate, net | 1,200,990,000 | 1,125,549,000 |
Real estate held for sale/conveyance | 43,756,000 | 146,084,000 |
Cash and cash equivalents | 4,251,000 | 3,973,000 |
Restricted cash | 8,076,000 | 11,063,000 |
Receivables | 20,988,000 | 17,597,000 |
Other assets and deferred charges, net | 34,444,000 | 27,660,000 |
TOTAL ASSETS | 1,312,505,000 | 1,331,926,000 |
LIABILITIES AND EQUITY | ' | ' |
Mortgage loans payable | 398,594,000 | 501,043,000 |
Mortgage loans payable - real estate held for sale/conveyance | 6,598,000 | 38,097,000 |
Unsecured revolving credit facility | 81,000,000 | 153,500,000 |
Unsecured term loans | 200,000,000 | 50,000,000 |
Accounts payable and accrued liabilities | 22,322,000 | 22,666,000 |
Unamortized intangible lease liabilities | 24,780,000 | 25,509,000 |
Unamortized intangible lease liabilities - real estate held for sale/conveyance | ' | 5,463,000 |
Total liabilities | 733,294,000 | 796,278,000 |
Noncontrolling interest - limited partners' mezzanine OP Units | 398,000 | 414,000 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common stock ($.06 par value, 150,000,000 shares authorized, 79,213,000 and 72,200,000 shares, issued and outstanding, respectively) | 4,753,000 | 4,332,000 |
Treasury stock (3,349,000 and 3,514,000 shares, respectively, at cost) | -18,864,000 | -20,191,000 |
Additional paid-in capital | 790,109,000 | 747,997,000 |
Cumulative distributions in excess of net income | -391,873,000 | -393,819,000 |
Accumulated other comprehensive loss | -1,378,000 | -1,303,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 573,408,000 | 527,677,000 |
Noncontrolling interests: | ' | ' |
Minority interests in consolidated joint ventures | 2,945,000 | 4,202,000 |
Limited partners' OP Units | 2,460,000 | 3,355,000 |
Total noncontrolling interests | 5,405,000 | 7,557,000 |
Total equity | 578,813,000 | 535,234,000 |
TOTAL LIABILITIES AND EQUITY | 1,312,505,000 | 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 $) | Sep. 30, 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 | 79,213,000 | 72,200,000 |
Common stock, shares outstanding | 79,213,000 | 72,200,000 |
Treasury stock, shares | 3,349,000 | 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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Rents | $29,182,000 | $27,492,000 | $87,187,000 | $82,115,000 |
Expense recoveries | 7,064,000 | 6,573,000 | 23,239,000 | 21,044,000 |
Other | 15,000 | 113,000 | 251,000 | 499,000 |
Total revenues | 36,261,000 | 34,178,000 | 110,677,000 | 103,658,000 |
EXPENSES | ' | ' | ' | ' |
Operating, maintenance and management | 5,747,000 | 5,590,000 | 19,994,000 | 17,737,000 |
Real estate and other property-related taxes | 4,461,000 | 4,449,000 | 13,570,000 | 13,309,000 |
General and administrative | 3,316,000 | 3,248,000 | 10,620,000 | 9,974,000 |
Employee termination costs | ' | ' | ' | 106,000 |
Acquisition costs | ' | ' | 2,870,000 | ' |
Impairment charges/(reversal) | 1,250,000 | ' | 3,057,000 | -1,100,000 |
Depreciation and amortization | 9,665,000 | 13,182,000 | 28,806,000 | 32,135,000 |
Total expenses | 24,439,000 | 26,469,000 | 78,917,000 | 72,161,000 |
OPERATING INCOME | 11,822,000 | 7,709,000 | 31,760,000 | 31,497,000 |
NON-OPERATING INCOME AND EXPENSES | ' | ' | ' | ' |
Interest expense | -8,216,000 | -8,593,000 | -24,398,000 | -26,405,000 |
Early extinguishment of debt costs | ' | ' | -163,000 | -106,000 |
Gain on sales | 2,332,000 | ' | 6,142,000 | 346,000 |
Total non-operating income and expense | -5,884,000 | -8,593,000 | -18,419,000 | -26,165,000 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,938,000 | -884,000 | 13,341,000 | 5,332,000 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' |
Income from operations | 212,000 | 946,000 | 2,006,000 | 1,770,000 |
Impairment charges, net | -441,000 | ' | -322,000 | ' |
Gain on extinguishment of debt obligations | ' | ' | 1,423,000 | 1,298,000 |
Gain on sales | ' | ' | 7,963,000 | ' |
Total (loss) income from discontinued operations | -229,000 | 946,000 | 11,070,000 | 3,068,000 |
NET INCOME | 5,709,000 | 62,000 | 24,411,000 | 8,400,000 |
Less, net loss (income) attributable to noncontrolling interests: | ' | ' | ' | ' |
Minority interests in consolidated joint ventures | 84,000 | 49,000 | 297,000 | 152,000 |
Limited partners' interest in Operating Partnership | -8,000 | 12,000 | -76,000 | 11,000 |
Total net loss (income) attributable to noncontrolling interests | 76,000 | 61,000 | 221,000 | 163,000 |
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 5,785,000 | 123,000 | 24,632,000 | 8,563,000 |
Preferred stock dividends | -3,602,000 | -3,602,000 | -10,806,000 | -10,811,000 |
Preferred stock redemption costs | ' | ' | ' | -1,166,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $2,183,000 | ($3,479,000) | $13,826,000 | ($3,414,000) |
PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED) | ' | ' | ' | ' |
Continuing operations | $0.03 | ($0.07) | $0.03 | ($0.10) |
Discontinued operations | $0 | $0.02 | $0.15 | $0.04 |
Per common share attributable to common shareholders (basic and diluted) | $0.03 | ($0.05) | $0.18 | ($0.06) |
Weighted average number of common shares - basic and diluted | 75,547,000 | 68,365,000 | 75,233,000 | 68,350,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $5,709,000 | $62,000 | $24,411,000 | $8,400,000 |
Other comprehensive income - unrealized gain (loss) on change in fair value of cash flow hedges | 1,081,000 | 166,000 | -81,000 | 1,076,000 |
Comprehensive income | 6,790,000 | 228,000 | 24,330,000 | 9,476,000 |
Comprehensive loss attributable to noncontrolling interests | 73,000 | 61,000 | 227,000 | 161,000 |
Comprehensive income attributable to Cedar Realty Trust, Inc. | $6,863,000 | $289,000 | $24,557,000 | $9,637,000 |
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] | Noncontrolling Interests [Member] | Limited Partners' Interest In Operating Partnership [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 | $7,557,000 | $3,355,000 | $535,234,000 |
Balance, shares at Dec. 31, 2013 | 7,950,000 | 72,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | 24,632,000 | ' | 24,632,000 | -297,000 | -231,000 | 66,000 | 24,401,000 |
Unrealized (loss) on change in fair value of cash flow hedges | ' | ' | ' | ' | ' | -75,000 | -75,000 | ' | -6,000 | -6,000 | -81,000 |
Share-based compensation, net | ' | 4,000 | 1,327,000 | 857,000 | ' | ' | 2,188,000 | ' | ' | ' | 2,188,000 |
Share-based compensation, net, shares | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock sales and issuance expenses, net | ' | 414,000 | ' | 40,768,000 | ' | ' | 41,182,000 | ' | ' | ' | 41,182,000 |
Common stock sales and issuance expenses, net, shares | ' | 6,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | -10,806,000 | ' | -10,806,000 | ' | ' | ' | -10,806,000 |
Distributions to common shareholders/ noncontrolling interests | ' | ' | ' | ' | -11,880,000 | ' | -11,880,000 | -960,000 | -1,017,000 | -57,000 | -12,897,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions of OP Units | ' | ' | ' | ' | ' | ' | ' | ' | -424,000 | -424,000 | -424,000 |
Reallocation adjustment of limited partners' interest | ' | ' | ' | 119,000 | ' | ' | 119,000 | ' | -103,000 | -103,000 | 16,000 |
Balance at Sep. 30, 2014 | $190,661,000 | $4,753,000 | ($18,864,000) | $790,109,000 | ($391,873,000) | ($1,378,000) | $573,408,000 | $2,945,000 | $5,405,000 | $2,460,000 | $578,813,000 |
Balance, shares at Sep. 30, 2014 | 7,950,000 | 79,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net income | $24,411,000 | $8,400,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Impairment charges/(reversals) | 3,379,000 | -1,100,000 |
Gain on extinguishment of debt obligations | -1,423,000 | -1,298,000 |
Gain on sales | -14,105,000 | -346,000 |
Straight-line rents | -697,000 | -1,195,000 |
Provision for doubtful accounts | 1,513,000 | 1,188,000 |
Depreciation and amortization | 28,806,000 | 33,079,000 |
Amortization of intangible lease liabilities | -3,349,000 | -3,409,000 |
Expense relating to share-based compensation, net | 2,429,000 | 2,692,000 |
Amortization (including accelerated write-off) of deferred financing costs | 1,710,000 | 1,870,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' |
Rents and other receivables, net | -5,081,000 | -2,901,000 |
Prepaid expenses and other | -4,170,000 | -4,454,000 |
Accounts payable and accrued liabilities | 464,000 | 1,450,000 |
Net cash provided by operating activities | 33,887,000 | 33,976,000 |
INVESTING ACTIVITIES | ' | ' |
Acquisitions of real estate | -38,861,000 | ' |
Expenditures for real estate and improvements | -9,701,000 | -14,912,000 |
Net proceeds from sales of real estate | 85,411,000 | 17,381,000 |
Repayment of note receivable | ' | 1,100,000 |
Construction escrows and other | 1,597,000 | 1,707,000 |
Net cash provided by investing activities | 38,446,000 | 5,276,000 |
FINANCING ACTIVITIES | ' | ' |
Repayments under revolving credit facility | -213,500,000 | -84,500,000 |
Advances under revolving credit facility | 141,000,000 | 133,500,000 |
Advances under term loans | 150,000,000 | ' |
Repayment under term loan | ' | -25,000,000 |
Mortgage repayments | -165,291,000 | -65,707,000 |
Payments of debt financing costs | -1,310,000 | -1,905,000 |
Noncontrolling interests: | ' | ' |
Distributions to consolidated joint venture minority interests | -960,000 | -665,000 |
Distributions to limited partners | -66,000 | -40,000 |
Redemptions of OP Units | -424,000 | -160,000 |
Common stock sales less issuance expenses, net | 41,182,000 | -65,000 |
Net proceeds from sales of preferred stock | ' | 59,849,000 |
Redemption of preferred stock | ' | -34,992,000 |
Preferred stock dividends | -10,806,000 | -10,827,000 |
Distributions to common shareholders | -11,880,000 | -10,819,000 |
Net cash (used in) financing activities | -72,055,000 | -41,331,000 |
Net increase (decrease) in cash and cash equivalents | 278,000 | -2,079,000 |
Cash and cash equivalents at beginning of period | 3,973,000 | 7,522,000 |
Cash and cash equivalents at end of period | $4,251,000 | $5,443,000 |
Business_And_Organization
Business And Organization | 9 Months Ended |
Sep. 30, 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 September 30, 2014, the Company owned and managed a portfolio of 58 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, 2014, the Company owned a 99.5% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.5% at September 30, 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 395,000 OP Units outstanding at September 30, 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 | 9 Months Ended | ||||
Sep. 30, 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 | |||||
Nine months ended September 30, | |||||
2014 | 2013 | ||||
Supplemental disclosure of cash activities: | |||||
Cash paid for interest | $ 24,734,000 | $ 27,646,000 | |||
Supplemental disclosure of non-cash activities: | |||||
Capitalization of interest and financing costs | 597,000 | 835,000 | |||
Mortgage loans payable assumed upon acquisition | -53,439,000 | - | |||
Mortgage loan payable assumed by buyer | 15,557,000 | - | |||
Conversions of OP Units into common stock | 371,000 | 24,000 | |||
Deed-in-lieu of foreclosure of properties: | |||||
Real estate transferred | -6,238,000 | - | |||
Mortgage loans payable and related obligations settled | 7,661,000 | - | |||
Recently-Issued Accounting Pronouncement | |||||
In April 2014, the Financial Accounting Standards Board (“FASB”) 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. | |||||
In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. | |||||
In August 2014, the FASB issued guidance which requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern, and to provide disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016, with early adoption being permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |||||
Real_Estate
Real Estate | 9 Months Ended | ||||||||
Sep. 30, 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 (repaid in June 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 nine months ended September 30, 2014, the Company determined to sell the properties listed below, the sales of which did not meet the criteria set forth in the newly-adopted guidance for reporting discontinued operations (See Note 2 - Summary of Significant Accounting Policies). As such, these properties have been classified as “real estate held for sale/conveyance” as of September 30, 2014 and December 31, 2013 on the accompanying consolidated balance sheets, and their results of operations have remained in continuing operations. The carrying values of the assets and liabilities of those properties that remained unsold at September 30, 2014 totaled $29.7 million and $6.6 million, respectively, and are included in real estate held for sale/conveyance and mortgage loans payable – real estate held for sale/conveyance, respectively, on the consolidated balance sheets. | |||||||||
Date | Sales | Gain on | |||||||
Property | Location | Sold | Price | Sale | |||||
Fairview Plaza | New Cumberland, PA | 5/27/14 | $ 12,450,000 | $ 3,810,000 | |||||
Carbondale Plaza | Carbondale, PA | 7/18/14 | 10,700,000 | 123,000 | |||||
Virginia Little Creek | Norfolk, VA | 8/22/14 | 9,850,000 | 2,209,000 | |||||
Annie Land Plaza | Lovingston, VA | 9/26/14 | 3,500,000 | - | |||||
Smithfield Plaza (a) | Smithfield, VA | - | - | - | |||||
Circle Plaza | Shamokin Dam, PA | - | - | - | |||||
Liberty Marketplace | Dubois, PA | - | - | - | |||||
St. James Square | Hagerstown, MA | - | - | - | |||||
$ 36,500,000 | $ 6,142,000 | ||||||||
(a) Property sold on October 21, 2014 for a sales price of $12.4 million, which approximated its carrying value as of that date. | |||||||||
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 applicable market areas. | |||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Note 4 – Discontinued Operations | |||||||||
During the nine months ended September 30, 2014, the Company sold the following properties classified as discontinued operations: | |||||||||
Date | Sales | Gain on | |||||||
Property | Location | Sold | Price | Sale | |||||
Harbor Square (f/k/a Shore Mall) | Egg Harbor, NJ | 2/25/14 | $ 25,000,000 | $ - | |||||
McCormick Place | Olmstead, OH | 5/6/14 | 2,679,000 | (a) | - | ||||
Gahanna Discount Drug Mart Plaza | Columbus, OH | 5/27/14 | 4,982,000 | (a) | - | ||||
Townfair Center | Indiana, PA | 5/29/14 | 22,600,000 | 1,472,000 | |||||
Lake Raystown Plaza | Huntingdon, PA | 6/25/14 | 19,500,000 | 6,491,000 | |||||
$ 74,761,000 | $ | ||||||||
7,963,000 | |||||||||
(a) Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer. | |||||||||
On May 6, 2014, the McCormick Place lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $2.7 million. Based on the $1.8 million carrying value of the property, the Company recorded a $0.8 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations. | |||||||||
On May 27, 2014, the Gahanna Discount Drug Mart Plaza lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $5.0 million. Based on the $4.3 million carrying value of the property, the Company recorded a $0.6 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations. | |||||||||
The following is a summary of the components of income 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 September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
REVENUES | |||||||||
Rents | $ 283,000 | $ 2,479,000 | $ 3,104,000 | $ 8,063,000 | |||||
Expense recoveries and other | 80,000 | 753,000 | 1,220,000 | 2,263,000 | |||||
Total revenues | 363,000 | 3,232,000 | 4,324,000 | 10,326,000 | |||||
EXPENSES | |||||||||
Operating, maintenance and management | 90,000 | 654,000 | 1,024,000 | 3,203,000 | |||||
Real estate and other property-related taxes | 61,000 | 714,000 | 663,000 | 2,024,000 | |||||
Depreciation and amortization | - | 312,000 | - | 944,000 | |||||
Interest | - | 606,000 | 644,000 | 1,948,000 | |||||
Early extinguishment of debt costs, net | - | - | -13,000 | 437,000 | |||||
Total expenses | 151,000 | 2,286,000 | 2,318,000 | 8,556,000 | |||||
INCOME FROM OPERATIONS | 212,000 | 946,000 | 2,006,000 | 1,770,000 | |||||
IMPAIRMENT CHARGES, NET | -441,000 | - | -322,000 | - | |||||
GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS | - | - | 1,423,000 | 1,298,000 | |||||
GAIN ON SALES | - | - | 7,963,000 | - | |||||
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS | $ (229,000) | $ 946,000 | $ 11,070,000 | $ 3,068,000 | |||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||
Sep. 30, 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, accounts payable and accrued liabilities, and variable-rate debt approximate fair value due to their terms and/or short-term nature. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. | |||||||||
The valuation of the liabilities 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 September 30, 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) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) 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. | |||||||||
Valuations were prepared using internally-developed valuation models. These valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from the acquisition, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate. In addition, the Company may engage third party valuation experts to assist with the preparation of certain of its valuations. | |||||||||
The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, respectively: | |||||||||
Assets/Liabilities Measured at Fair Value on a | |||||||||
Recurring Basis | |||||||||
30-Sep-14 | |||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||
Investments related to share- | |||||||||
based compensation liabilities (a) | $ | 460,000 | $ | - | $ | - | $ | 460,000 | |
Share-based compensation liabilities (b) | $ | 455,000 | $ | - | $ | - | $ | 455,000 | |
Interest rate swaps liability (b) | $ | - | $ | 933,000 | $ | - | $ | 933,000 | |
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 were 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, 2014 and December 31, 2013, the aggregate fair values of the Company’s fixed rate mortgage loans payable and mortgage loans payable – real estate held for sale/conveyance, which were determined to be Level 3 within the valuation hierarchy, were approximately $426.3 million and $495.1 million, respectively; the carrying values of such loans were $405.2 million and $481.1 million, respectively. | |||||||||
The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2014 and December 31, 2013, respectively: | |||||||||
Assets Measured at Fair Value on a | |||||||||
Non-Recurring Basis | |||||||||
30-Sep-14 | |||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||
Real estate held for sale/conveyance | $ | - | $ | 17,709,000 | $ | 26,047,000 | $ | 43,756,000 | |
31-Dec-13 | |||||||||
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 September 30, 2014: | |||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
Fair value at | Valuation | Unobservable | Range | ||||||
Description | 30-Sep-14 | Technique | inputs | (weighted average) | |||||
Real estate held for sale/conveyance: | |||||||||
Operating retail real estate | |||||||||
(two properties) | $ 22,854,000 | Discounted cash flow | Capitalization rates | 7.3% to 8.5% (7.9%) | |||||
Discount rates | 7.8% to 9.0% (8.5%) | ||||||||
Single tenant property | 1,492,000 | Direct capitalization | Capitalization rate | 14.00% | |||||
Land (four parcels) | 1,701,000 | Sales comparison approach | Price per acre | $23,000 to $138,000 per acre | |||||
($40,000 per acre) | |||||||||
$ 26,047,000 | |||||||||
Mortgage_Loans_Payable_And_Cre
Mortgage Loans Payable And Credit Facility | 9 Months Ended | |||||||||||||||||
Sep. 30, 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 nine months ended September 30, 2014, the Company repaid the following mortgage loans payable: | ||||||||||||||||||
Repayment | Maturity | Principal Payoff | ||||||||||||||||
Property | Date | Date | Amount | |||||||||||||||
East Little Creek (a) | 3-Feb-14 | 1-Sep-21 | $ 295,000 | |||||||||||||||
Upland Square | 11-Feb-14 | 26-Oct-14 | $ 57,839,000 | |||||||||||||||
Kings Plaza | 1-Apr-14 | 1-Jul-14 | $ 7,188,000 | |||||||||||||||
Coliseum Marketplace | 1-Apr-14 | 1-Jul-14 | $ 11,045,000 | |||||||||||||||
Liberty Marketplace (a) | 1-Apr-14 | 1-Jul-14 | $ 8,171,000 | |||||||||||||||
Trexler Mall | 11-May-14 | 11-May-14 | $ 19,479,000 | |||||||||||||||
Yorktowne Plaza | 2-Jun-14 | 1-Jul-14 | $ 18,726,000 | |||||||||||||||
Quartermaster Plaza | 5-Jun-14 | 1-Oct-14 | $ 11,217,000 | |||||||||||||||
Fieldstone Marketplace | 11-Jul-14 | 11-Jul-14 | $ 16,878,000 | |||||||||||||||
Mechanicsburg Center | 1-Aug-14 | 1-Nov-14 | $ 8,215,000 | |||||||||||||||
(a) Included in mortgage loans payable - real estate held for sale/conveyance on the accompanying balance sheet at December 31, 2013. | ||||||||||||||||||
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. As of September 30, 2014, the Company is in compliance with all financial covenants. | ||||||||||||||||||
As of September 30, 2014, the Company had $81.0 million outstanding under the revolving credit facility, and had $168.4 million available for additional borrowings. Borrowings under the revolving credit facility are priced at LIBOR plus 175 basis points (“bps”) (a weighted average rate of 2.0% per annum at September 30, 2014), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. | ||||||||||||||||||
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 155 bps (a rate of 1.7% per annum at September 30, 2014), and can range from LIBOR plus 145 bps to 205 bps based on the Company’s leverage ratio. The seven-year term loan, all of which was borrowed on June 24, 2014, is priced at LIBOR plus 180 bps (a rate of 2.0% per annum at September 30, 2014), and can range from LIBOR plus 170 bps to 230 bps, also based on the Company’s leverage ratio. The Company has 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, based on the Company’s leverage ratio as of September 30, 2014, the effective fixed interest rates are 3.2% for the five-year term loan and 4.1% for the seven-year term loan. | ||||||||||||||||||
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, which became effective on July 1, 2014. | ||||||||||||||||||
On May 29, 2014, the Company sold Townfair Center, which collateralized an $11.8 million mortgage loan payable subject to an interest rate swap having a fair value recorded as a liability of $0.7 million. At closing, the buyer assumed both the outstanding mortgage loan payable and the related interest rate swap, and the aforementioned $0.7 million was removed from both other comprehensive loss and accounts payable and accrued liabilities. | ||||||||||||||||||
At September 30, 2014, the Company had $933,000 on the consolidated balance sheet included in accounts payable and accrued liabilities relating to the fair value of the interest rate swaps applicable to the $150 million unsecured term loans which closed on February 11, 2014. 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 applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The Company estimates that approximately $2.8 million of accumulated other comprehensive loss will be reclassified as a charge to earnings within the next twelve months. | ||||||||||||||||||
The following is a summary of the derivative financial instruments held by the Company at September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Notional values | Balance | Fair value | ||||||||||||||||
Designation/ | September 30, | December 31, | Maturity | sheet | September 30, | December 31, | ||||||||||||
Cash flow | Derivative | Count | 2014 | Count | 2013 | date | location | 2014 | 2013 | |||||||||
Qualifying | Interest rate swaps | 2 | $ 150,000,000 | - | $ - | 2019/2021 | Accounts payable and accrued liabilities | $ 933,000 | $ - | |||||||||
Qualifying | Interest rate swap | - | $ - | 1 | $ 11,894,000 | (a) | - | Accounts payable and accrued liabilities | $ - | $ 647,000 | ||||||||
(a) Amount is an interest rate swap related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheet. | ||||||||||||||||||
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, 2014 and 2013, respectively: | ||||||||||||||||||
Gain (loss) recognized in other | ||||||||||||||||||
comprehensive income (effective portion) | ||||||||||||||||||
Designation/ | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Cash flow | Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Qualifying | Interest rate swaps | $ 324,000 | $ (92,000) | $ (1,118,000) | $ 174,000 | |||||||||||||
Gain (loss) recognized in other | ||||||||||||||||||
comprehensive income reclassified into earnings (effective portion) | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
Classification | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Continuing Operations | $ 757,000 | $ 180,000 | $ 908,000 | $ 670,000 | ||||||||||||||
Discontinued Operations | $ - | $ 78,000 | $ 129,000 | $ 232,000 | ||||||||||||||
As of September 30, 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 | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||||||
Sep. 30, 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 September 30, 2014, no shares had been sold under this program. | ||||||||
OP Units | ||||||||
On July 1, 2014, the Company redeemed 69,000 OP Units from one of its executive officers for a total cash outlay of $424,000, based on the market value of the Company’s common stock. | ||||||||
Dividends | ||||||||
The following table provides a summary of dividends declared and paid per share: | ||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 | ||||
Cumulative Redeemable Preferred Stock: | ||||||||
8.875% Series A | $ - | $ - | $ - | $ 0.555 | ||||
7.250% Series B | $ 0.453 | $ 0.453 | $ 1.359 | $ 1.359 | ||||
On October 28, 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 November 20, 2014 to shareholders of record on November 10, 2014. | ||||||||
Revenues
Revenues | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Revenues [Abstract] | ' | ||||||||
Revenues | ' | ||||||||
Note 9. Revenues | |||||||||
Rental revenues for the three and nine months ended September 30, 2014 and 2013, respectively, are comprised of the following: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Base rents | $ 27,666,000 | $ 25,794,000 | $ 82,690,000 | $ 76,999,000 | |||||
Percentage rent | 196,000 | 296,000 | 451,000 | 587,000 | |||||
Straight-line rents | 219,000 | 287,000 | 697,000 | 1,123,000 | |||||
Amortization of intangible lease liabilities | 1,101,000 | 1,115,000 | 3,349,000 | 3,406,000 | |||||
Total rents | $ 29,182,000 | $ 27,492,000 | $ 87,187,000 | $ 82,115,000 | |||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 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 and nine months ended September 30, 2014 and 2013, respectively: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Expense relating to share grants | $ 878,000 | $ 1,242,000 | $ 2,602,000 | $ 3,018,000 | |||||
Amounts capitalized | -60,000 | -98,000 | -173,000 | -326,000 | |||||
Total charged to operations | $ 818,000 | $ 1,144,000 | $ 2,429,000 | $ 2,692,000 | |||||
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 nine months ended September 30, 2014, there were 133,000 time-based restricted shares issued, with a weighted average grant date fair value of $6.32 per share. At September 30, 2014, approximately 1.6 million shares remained available for grants pursuant to the 2012 Plan. | |||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||
Sep. 30, 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 September 30, 2014 and 2013, the Company had 3.7 million and 3.9 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2014 and 2013, the Company had 3.7 million and 3.8 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, 2014 and 2013, respectively: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Numerator | |||||||||
Income (loss) from continuing operations | $ 5,938,000 | $ (884,000) | $ 13,341,000 | $ 5,332,000 | |||||
Preferred stock dividends | -3,602,000 | -3,602,000 | -10,806,000 | -10,811,000 | |||||
Preferred stock redemption costs | - | - | - | -1,166,000 | |||||
Net loss attributable to noncontrolling interests | 75,000 | 63,000 | 287,000 | 170,000 | |||||
Net earnings allocated to unvested shares | -183,000 | -196,000 | -641,000 | -567,000 | |||||
Income (loss) from continuing operations attributable to vested | |||||||||
common shares | 2,228,000 | -4,619,000 | 2,181,000 | -7,042,000 | |||||
(Loss) income from discontinued operations, net of noncontrolling | |||||||||
interests, attributable to vested common shares | -228,000 | 944,000 | 11,004,000 | 3,061,000 | |||||
Net income (loss) attributable to vested common shares outstanding | $ 2,000,000 | $ (3,675,000) | $ 13,185,000 | $ (3,981,000) | |||||
Denominator | |||||||||
Weighted average number of vested common shares outstanding | 75,547,000 | 68,365,000 | 75,233,000 | 68,350,000 | |||||
Earnings (loss) per vested common share, basic and diluted | |||||||||
Continuing operations | $ 0.03 | $ (0.07) | $ 0.03 | $ (0.10) | |||||
Discontinued operations | $ (0.00) | $ 0.02 | $ 0.15 | $ 0.04 | |||||
$ 0.03 | $ (0.05) | $ 0.18 | $ (0.06) | ||||||
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 395,000 and 252,000 for the three months ended September 30, 2014 and 2013, respectively, and 447,000 and 271,000 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
In determining subsequent events, management reviewed all activity from October 1, 2014 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, 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 (“FASB”) 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. | |
In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. | |
In August 2014, the FASB issued guidance which requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern, and to provide disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016, with early adoption being permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||
Supplemental Consolidated Statements Of Cash Flows Information | ' | ||||
Nine months ended September 30, | |||||
2014 | 2013 | ||||
Supplemental disclosure of cash activities: | |||||
Cash paid for interest | $ 24,734,000 | $ 27,646,000 | |||
Supplemental disclosure of non-cash activities: | |||||
Capitalization of interest and financing costs | 597,000 | 835,000 | |||
Mortgage loans payable assumed upon acquisition | -53,439,000 | - | |||
Mortgage loan payable assumed by buyer | 15,557,000 | - | |||
Conversions of OP Units into common stock | 371,000 | 24,000 | |||
Deed-in-lieu of foreclosure of properties: | |||||
Real estate transferred | -6,238,000 | - | |||
Mortgage loans payable and related obligations settled | 7,661,000 | - | |||
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Schedule Of Transactions Related To Properties Held For Sale/Conveyance | ' | ||||||||
Date | Sales | Gain on | |||||||
Property | Location | Sold | Price | Sale | |||||
Fairview Plaza | New Cumberland, PA | 5/27/14 | $ 12,450,000 | $ 3,810,000 | |||||
Carbondale Plaza | Carbondale, PA | 7/18/14 | 10,700,000 | 123,000 | |||||
Virginia Little Creek | Norfolk, VA | 8/22/14 | 9,850,000 | 2,209,000 | |||||
Annie Land Plaza | Lovingston, VA | 9/26/14 | 3,500,000 | - | |||||
Smithfield Plaza (a) | Smithfield, VA | - | - | - | |||||
Circle Plaza | Shamokin Dam, PA | - | - | - | |||||
Liberty Marketplace | Dubois, PA | - | - | - | |||||
St. James Square | Hagerstown, MA | - | - | - | |||||
$ 36,500,000 | $ 6,142,000 | ||||||||
(a) Property sold on October 21, 2014 for a sales price of $12.4 million, which approximated its carrying value as of that date. | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Schedule Of Properties Sold, Classified As Discontinued Operations | ' | ||||||||
Date | Sales | Gain on | |||||||
Property | Location | Sold | Price | Sale | |||||
Harbor Square (f/k/a Shore Mall) | Egg Harbor, NJ | 2/25/14 | $ 25,000,000 | $ - | |||||
McCormick Place | Olmstead, OH | 5/6/14 | 2,679,000 | (a) | - | ||||
Gahanna Discount Drug Mart Plaza | Columbus, OH | 5/27/14 | 4,982,000 | (a) | - | ||||
Townfair Center | Indiana, PA | 5/29/14 | 22,600,000 | 1,472,000 | |||||
Lake Raystown Plaza | Huntingdon, PA | 6/25/14 | 19,500,000 | 6,491,000 | |||||
$ 74,761,000 | $ | ||||||||
7,963,000 | |||||||||
(a) Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer. | |||||||||
Schedule Of The Components Of Income From Discontinued Operations | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
REVENUES | |||||||||
Rents | $ 283,000 | $ 2,479,000 | $ 3,104,000 | $ 8,063,000 | |||||
Expense recoveries and other | 80,000 | 753,000 | 1,220,000 | 2,263,000 | |||||
Total revenues | 363,000 | 3,232,000 | 4,324,000 | 10,326,000 | |||||
EXPENSES | |||||||||
Operating, maintenance and management | 90,000 | 654,000 | 1,024,000 | 3,203,000 | |||||
Real estate and other property-related taxes | 61,000 | 714,000 | 663,000 | 2,024,000 | |||||
Depreciation and amortization | - | 312,000 | - | 944,000 | |||||
Interest | - | 606,000 | 644,000 | 1,948,000 | |||||
Early extinguishment of debt costs, net | - | - | -13,000 | 437,000 | |||||
Total expenses | 151,000 | 2,286,000 | 2,318,000 | 8,556,000 | |||||
INCOME FROM OPERATIONS | 212,000 | 946,000 | 2,006,000 | 1,770,000 | |||||
IMPAIRMENT CHARGES, NET | -441,000 | - | -322,000 | - | |||||
GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS | - | - | 1,423,000 | 1,298,000 | |||||
GAIN ON SALES | - | - | 7,963,000 | - | |||||
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS | $ (229,000) | $ 946,000 | $ 11,070,000 | $ 3,068,000 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 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 | |||||||||
30-Sep-14 | |||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||
Investments related to share- | |||||||||
based compensation liabilities (a) | $ | 460,000 | $ | - | $ | - | $ | 460,000 | |
Share-based compensation liabilities (b) | $ | 455,000 | $ | - | $ | - | $ | 455,000 | |
Interest rate swaps liability (b) | $ | - | $ | 933,000 | $ | - | $ | 933,000 | |
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 | |||||||||
30-Sep-14 | |||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||
Real estate held for sale/conveyance | $ | - | $ | 17,709,000 | $ | 26,047,000 | $ | 43,756,000 | |
31-Dec-13 | |||||||||
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 | ||||||
Description | 30-Sep-14 | Technique | inputs | (weighted average) | |||||
Real estate held for sale/conveyance: | |||||||||
Operating retail real estate | |||||||||
(two properties) | $ 22,854,000 | Discounted cash flow | Capitalization rates | 7.3% to 8.5% (7.9%) | |||||
Discount rates | 7.8% to 9.0% (8.5%) | ||||||||
Single tenant property | 1,492,000 | Direct capitalization | Capitalization rate | 14.00% | |||||
Land (four parcels) | 1,701,000 | Sales comparison approach | Price per acre | $23,000 to $138,000 per acre | |||||
($40,000 per acre) | |||||||||
$ 26,047,000 | |||||||||
Mortgage_Loans_Payable_And_Cre1
Mortgage Loans Payable And Credit Facility (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Mortgage Loans Payable And Credit Facility [Abstract] | ' | |||||||||||||||||
Schedule Of Mortgage Loan Activity | ' | |||||||||||||||||
Repayment | Maturity | Principal Payoff | ||||||||||||||||
Property | Date | Date | Amount | |||||||||||||||
East Little Creek (a) | 3-Feb-14 | 1-Sep-21 | $ 295,000 | |||||||||||||||
Upland Square | 11-Feb-14 | 26-Oct-14 | $ 57,839,000 | |||||||||||||||
Kings Plaza | 1-Apr-14 | 1-Jul-14 | $ 7,188,000 | |||||||||||||||
Coliseum Marketplace | 1-Apr-14 | 1-Jul-14 | $ 11,045,000 | |||||||||||||||
Liberty Marketplace (a) | 1-Apr-14 | 1-Jul-14 | $ 8,171,000 | |||||||||||||||
Trexler Mall | 11-May-14 | 11-May-14 | $ 19,479,000 | |||||||||||||||
Yorktowne Plaza | 2-Jun-14 | 1-Jul-14 | $ 18,726,000 | |||||||||||||||
Quartermaster Plaza | 5-Jun-14 | 1-Oct-14 | $ 11,217,000 | |||||||||||||||
Fieldstone Marketplace | 11-Jul-14 | 11-Jul-14 | $ 16,878,000 | |||||||||||||||
Mechanicsburg Center | 1-Aug-14 | 1-Nov-14 | $ 8,215,000 | |||||||||||||||
(a) Included in mortgage loans payable - real estate held for sale/conveyance on the accompanying balance sheet at December 31, 2013. | ||||||||||||||||||
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 | 2014 | Count | 2013 | date | location | 2014 | 2013 | |||||||||
Qualifying | Interest rate swaps | 2 | $ 150,000,000 | - | $ - | 2019/2021 | Accounts payable and accrued liabilities | $ 933,000 | $ - | |||||||||
Qualifying | Interest rate swap | - | $ - | 1 | $ 11,894,000 | (a) | - | Accounts payable and accrued liabilities | $ - | $ 647,000 | ||||||||
(a) Amount is an interest rate swap related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheet. | ||||||||||||||||||
Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity | ' | |||||||||||||||||
Gain (loss) recognized in other | ||||||||||||||||||
comprehensive income (effective portion) | ||||||||||||||||||
Designation/ | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Cash flow | Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Qualifying | Interest rate swaps | $ 324,000 | $ (92,000) | $ (1,118,000) | $ 174,000 | |||||||||||||
Gain (loss) recognized in other | ||||||||||||||||||
comprehensive income reclassified into earnings (effective portion) | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
Classification | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Continuing Operations | $ 757,000 | $ 180,000 | $ 908,000 | $ 670,000 | ||||||||||||||
Discontinued Operations | $ - | $ 78,000 | $ 129,000 | $ 232,000 | ||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Shareholders' Equity [Abstract] | ' | |||||||
Schedule Of Dividends | ' | |||||||
Three months ended September 30, | Nine months ended September 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 | ||||
Cumulative Redeemable Preferred Stock: | ||||||||
8.875% Series A | $ - | $ - | $ - | $ 0.555 | ||||
7.250% Series B | $ 0.453 | $ 0.453 | $ 1.359 | $ 1.359 | ||||
Revenues_Tables
Revenues (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Revenues [Abstract] | ' | ||||||||
Schedule Of Rent Revenues | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Base rents | $ 27,666,000 | $ 25,794,000 | $ 82,690,000 | $ 76,999,000 | |||||
Percentage rent | 196,000 | 296,000 | 451,000 | 587,000 | |||||
Straight-line rents | 219,000 | 287,000 | 697,000 | 1,123,000 | |||||
Amortization of intangible lease liabilities | 1,101,000 | 1,115,000 | 3,349,000 | 3,406,000 | |||||
Total rents | $ 29,182,000 | $ 27,492,000 | $ 87,187,000 | $ 82,115,000 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Share-Based Compensation [Abstract] | ' | ||||||||
Schedule Of Share-Based Compensation Information | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Expense relating to share grants | $ 878,000 | $ 1,242,000 | $ 2,602,000 | $ 3,018,000 | |||||
Amounts capitalized | -60,000 | -98,000 | -173,000 | -326,000 | |||||
Total charged to operations | $ 818,000 | $ 1,144,000 | $ 2,429,000 | $ 2,692,000 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Numerator | |||||||||
Income (loss) from continuing operations | $ 5,938,000 | $ (884,000) | $ 13,341,000 | $ 5,332,000 | |||||
Preferred stock dividends | -3,602,000 | -3,602,000 | -10,806,000 | -10,811,000 | |||||
Preferred stock redemption costs | - | - | - | -1,166,000 | |||||
Net loss attributable to noncontrolling interests | 75,000 | 63,000 | 287,000 | 170,000 | |||||
Net earnings allocated to unvested shares | -183,000 | -196,000 | -641,000 | -567,000 | |||||
Income (loss) from continuing operations attributable to vested | |||||||||
common shares | 2,228,000 | -4,619,000 | 2,181,000 | -7,042,000 | |||||
(Loss) income from discontinued operations, net of noncontrolling | |||||||||
interests, attributable to vested common shares | -228,000 | 944,000 | 11,004,000 | 3,061,000 | |||||
Net income (loss) attributable to vested common shares outstanding | $ 2,000,000 | $ (3,675,000) | $ 13,185,000 | $ (3,981,000) | |||||
Denominator | |||||||||
Weighted average number of vested common shares outstanding | 75,547,000 | 68,365,000 | 75,233,000 | 68,350,000 | |||||
Earnings (loss) per vested common share, basic and diluted | |||||||||
Continuing operations | $ 0.03 | $ (0.07) | $ 0.03 | $ (0.10) | |||||
Discontinued operations | $ (0.00) | $ 0.02 | $ 0.15 | $ 0.04 | |||||
$ 0.03 | $ (0.05) | $ 0.18 | $ (0.06) | ||||||
Business_And_Organization_Deta
Business And Organization (Details) | 9 Months Ended |
Sep. 30, 2014 | |
property | |
Business And Organization [Abstract] | ' |
Number of properties | 58 |
Company's interest in Operating Partnership | 99.50% |
Limited partners' interest in Operating Partnership | 0.50% |
OP units outstanding | 395,000 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Supplemental disclosure of cash activities: | ' | ' |
Cash paid for interest | $24,734,000 | $27,646,000 |
Supplemental disclosure of non-cash activities: | ' | ' |
Capitalization of interest and financing costs | 597,000 | 835,000 |
Mortgage loans payable assumed upon acquisition | -53,439,000 | ' |
Mortgage loans payable assumed by buyer | 15,557,000 | ' |
Conversions of OP Units into common stock | 371,000 | 24,000 |
Deed-in-lieu of foreclosure of properties: | ' | ' |
Real estate transferred | -6,238,000 | ' |
Mortgage loan payable and related obligations settled | $7,661,000 | ' |
Real_Estate_Narrative_Details
Real Estate (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended |
Mar. 21, 2014 | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | ' | ' |
Purchase price of acquired property | ' | 38,861,000 |
Acquisition costs | ' | 2,870,000 |
Assets of properties held for sale/conveyance | ' | 29,700,000 |
Liabilities of properties held for sale/conveyance | ' | 6,600,000 |
Quartermaster Plaza [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Purchase price of acquired property | 92,300,000 | ' |
Mortgage amount | 53,400,000 | ' |
Mortgage maturity date | ' | 1-Oct-14 |
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 |
Real_Estate_Schedule_Of_Transa
Real Estate (Schedule Of Transactions Related To Properties Held For Sale/Conveyance) (Details) (Continuing Operations [Member], USD $) | 9 Months Ended | 0 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 21, 2014 | |
Fairview Plaza [Member] | Carbondale Plaza [Member] | Virginia Little Creek [Member] | Annie Land Plaza [Member] | Smithfield Plaza [Member] | Smithfield Plaza [Member] | ||
Subsequent Event [Member] | |||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Date Sold | ' | 27-May-14 | 18-Jul-14 | 22-Aug-14 | 26-Sep-14 | 21-Oct-14 | ' |
Sales price | $36,500,000 | $12,450,000 | $10,700,000 | $9,850,000 | $3,500,000 | ' | $12,400,000 |
Gain on sales, continuing operations | $6,142,000 | $3,810,000 | $123,000 | $2,209,000 | ' | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | 6-May-14 | 27-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | |
McCormick Place [Member] | Gahanna Discount Drug Mart Plaza [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||
McCormick Place [Member] | Gahanna Discount Drug Mart Plaza [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Mortgage loans payable and accrued interest for properties under conveyance process | ' | ' | $2,700,000 | $5,000,000 | ' | ' |
Carrying value of property held for sale | ' | ' | 1,800,000 | 4,300,000 | ' | ' |
Gain on extinguishment of debt obligations | $1,423,000 | $1,298,000 | ' | ' | $800,000 | $600,000 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Properties Sold, Classified As Discontinued Operations) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Gain on sales | $7,963,000 | |
Discontinued Operations [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Sales price | 74,761,000 | |
Gain on sales | 7,963,000 | |
Discontinued Operations [Member] | Harbor Square (f/k/a Shore Mall) [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Date Sold | 25-Feb-14 | |
Sales price | 25,000,000 | |
Discontinued Operations [Member] | McCormick Place [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Date Sold | 6-May-14 | |
Sales price | 2,679,000 | [1] |
Discontinued Operations [Member] | Gahanna Discount Drug Mart Plaza [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Date Sold | 27-May-14 | |
Sales price | 4,982,000 | [1] |
Discontinued Operations [Member] | Townfair Center [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Date Sold | 29-May-14 | |
Sales price | 22,600,000 | |
Gain on sales | 1,472,000 | |
Discontinued Operations [Member] | Lake Raystown Plaza [Member] | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Date Sold | 25-Jun-14 | |
Sales price | 19,500,000 | |
Gain on sales | $6,491,000 | |
[1] | Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer. |
Discontinued_Operations_Schedu1
Discontinued Operations (Schedule Of The Components Of Income From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Rents | $283,000 | $2,479,000 | $3,104,000 | $8,063,000 |
Expense recoveries and other | 80,000 | 753,000 | 1,220,000 | 2,263,000 |
Total revenues | 363,000 | 3,232,000 | 4,324,000 | 10,326,000 |
EXPENSES | ' | ' | ' | ' |
Operating, maintenance and management | 90,000 | 654,000 | 1,024,000 | 3,203,000 |
Real estate and other property-related taxes | 61,000 | 714,000 | 663,000 | 2,024,000 |
Depreciation and amortization | ' | 312,000 | ' | 944,000 |
Interest | ' | 606,000 | 644,000 | 1,948,000 |
Early extinguishment of debt costs, net | ' | ' | -13,000 | 437,000 |
Total expenses | 151,000 | 2,286,000 | 2,318,000 | 8,556,000 |
INCOME FROM OPERATIONS | 212,000 | 946,000 | 2,006,000 | 1,770,000 |
Impairment charges, net | -441,000 | ' | -322,000 | ' |
Gain on extinguishment of debt obligations | ' | ' | 1,423,000 | 1,298,000 |
GAIN ON SALES | ' | ' | 7,963,000 | ' |
Total (loss) income from discontinued operations | ($229,000) | $946,000 | $11,070,000 | $3,068,000 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ' | ' |
Fair value of fixed rate mortgage loans payable | $426.30 | $495.10 |
Carrying value of fixed rate mortgage payable | $405.20 | $481.10 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments related to share-based compensation liabilities | $460,000 | [1] | $435,000 | [1] |
Share-based compensation liabilities | 455,000 | [2] | 426,000 | [2] |
Interest rate swaps liability | 933,000 | [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 | 460,000 | [1] | 435,000 | [1] |
Share-based compensation liabilities | 455,000 | [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 liability | 933,000 | [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 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | $43,756,000 | $146,084,000 |
Real estate held for sale/conveyance | ' | 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 | ' | ' |
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 | 17,709,000 | ' |
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 | 26,047,000 | ' |
Real estate held for sale/conveyance | $26,047,000 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 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] | Single Tenant Property [Member] | Single Tenant 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] | Fair Value, Inputs, Level 3 [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] | Direct Capitalization [Member] | item | ||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate held for sale/conveyance | ' | $81,854,000 | $26,047,000 | $81,854,000 | ' | ' | ' | $22,854,000 | ' | ' | ' | $1,492,000 | ' | $1,701,000 |
Capitalization rates | ' | ' | ' | ' | ' | ' | ' | ' | 7.30% | 8.50% | 7.90% | ' | 14.00% | ' |
Discount rates | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | 9.00% | 8.50% | ' | ' | ' |
Price per acre | ' | ' | ' | ' | 23,000 | 138,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Number of parcels of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Number of properties | 58 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Mortgage_Loans_Payable_And_Cre2
Mortgage Loans Payable And Credit Facility (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | 29-May-14 | Sep. 30, 2014 | 29-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 11, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||
Townfair Center [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Unsecured Term Loan [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] | |||||
Townfair Center [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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Credit facility borrowing capacity | ' | ' | ' | ' | ' | $260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of extension periods | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Extension period | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
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 175 basis points ("bps") (a weighted average rate of 2.0% per annum at September 30, 2014), and can range from LIBOR plus 165 bps to 225 bps based on the Company's leverage ratio | ' | ' | ' | ' | 'LIBOR plus 155 bps (a rate of 1.7% per annum at September 30, 2014), and can range from LIBOR plus 145 bps to 205 bps based on the Company's leverage ratio | ' | ' | ' | ' | 'LIBOR plus 180 bps (a rate of 2.0% per annum at September 30, 2014), and can range from LIBOR plus 170 bps to 230 bps | ' | ' | ' | ||
Basis spread on borrowings variable rate | ' | ' | ' | ' | ' | 1.75% | 1.65% | 2.25% | ' | ' | 1.55% | 1.45% | 2.05% | ' | ' | 1.80% | 1.70% | 2.30% | ' | ||
Weighted-average interest rate | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 1.70% | ' | ' | ' | ' | 2.00% | ' | ' | ' | ||
Revolving credit facility, amount outstanding | ' | ' | ' | ' | ' | 81,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Remaining borrowing capacity | ' | ' | ' | ' | ' | 168,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Effective fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.20% | ' | ' | ' | ' | 4.10% | ||
Mortgage loan payable collateralized by sale of property | 398,594,000 | 501,043,000 | ' | ' | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Liability recorded for sale of property | 733,294,000 | 796,278,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value of interest rate swaps included in accounts payable and accrued liabilities | 933,000 | [1] | 647,000 | [1] | ' | 933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Mortgage_Loans_Payable_And_Cre3
Mortgage Loans Payable And Credit Facility (Schedule Of Mortgage Loan Activity) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
East Little Creek [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 3-Feb-14 | [1] |
Mortgage maturity date | 1-Sep-21 | [1] |
Principal Payoff Amount | $295,000 | [1] |
Upland Square [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 11-Feb-14 | |
Mortgage maturity date | 26-Oct-14 | |
Principal Payoff Amount | 57,839,000 | |
Kings Plaza [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 1-Apr-14 | |
Mortgage maturity date | 1-Jul-14 | |
Principal Payoff Amount | 7,188,000 | |
Coliseum Marketplace [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 1-Apr-14 | |
Mortgage maturity date | 1-Jul-14 | |
Principal Payoff Amount | 11,045,000 | |
Liberty Marketplace [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 1-Apr-14 | [1] |
Mortgage maturity date | 1-Jul-14 | [1] |
Principal Payoff Amount | 8,171,000 | [1] |
Trexler Mall [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 11-May-14 | |
Mortgage maturity date | 11-May-14 | |
Principal Payoff Amount | 19,479,000 | |
Yorktowne Plaza [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 2-Jun-14 | |
Mortgage maturity date | 1-Jul-14 | |
Principal Payoff Amount | 18,726,000 | |
Quartermaster Plaza [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 5-Jun-14 | |
Mortgage maturity date | 1-Oct-14 | |
Principal Payoff Amount | 11,217,000 | |
Fieldstone Marketplace [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 11-Jul-14 | |
Mortgage maturity date | 11-Jul-14 | |
Principal Payoff Amount | 16,878,000 | |
Mechanicsburg Center [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Repayment Date | 1-Aug-14 | |
Mortgage maturity date | 1-Nov-14 | |
Principal Payoff Amount | $8,215,000 | |
[1] | Included in mortgage loans payable - real estate held for sale/conveyance on the accompanying balance sheet at December 31, 2013. |
Mortgage_Loans_Payable_And_Cre4
Mortgage Loans Payable And Credit Facility (Summary Of The Derivative Financial Instruments Held) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Accounts Payable And Accrued Liabilities [Member] | Accounts Payable And Accrued Liabilities [Member] | Interest Rate Swap One [Member] | Interest Rate Swap Two [Member] | ||
contract | contract | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |
Count | 2 | 1 | ' | ' | |
Notional values | $150,000,000 | $11,894,000 | [1] | ' | ' |
Maturity date | ' | ' | '2019 | '2021 | |
Fair value | $933,000 | $647,000 | ' | ' | |
[1] | Amount is an interest rate swap related to mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheet. |
Mortgage_Loans_Payable_And_Cre5
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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net amount of gain (loss) recognized in other comprehensive income (effective portion) | $324,000 | ($92,000) | ($1,118,000) | $174,000 |
Net amount of gain (loss) recognized in other comprehensive income reclassified into earnings (effective portion) | 8,216,000 | 8,593,000 | 24,398,000 | 26,405,000 |
Continuing Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net amount of gain (loss) recognized in other comprehensive income reclassified into earnings (effective portion) | 757,000 | 180,000 | 908,000 | 670,000 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net amount of gain (loss) recognized in other comprehensive income reclassified into earnings (effective portion) | ' | $78,000 | $129,000 | $232,000 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Jan. 13, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Oct. 28, 2014 | Oct. 28, 2014 | |
Limited Partners' Interest In Operating Partnership [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Series B [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Public offering, shares | ' | 6,900,000 | 79,213,000 | 72,200,000 | ' | ' | ' |
Shares issued to underwriters | ' | 900,000 | ' | ' | ' | ' | ' |
Public offering, realized net proceeds, net offering expenses | ' | $41,300,000 | ' | ' | ' | ' | ' |
At-the-market program, shares authorized | ' | ' | 10,000,000 | ' | ' | ' | ' |
At-the-market program, shares sold | ' | ' | 0 | ' | ' | ' | ' |
Redemptions of OP Units, shares | 69,000 | ' | ' | ' | ' | ' | ' |
Cash outlay for redeemed OP units | ' | ' | ' | ' | 424,000 | ' | ' |
Proceeds from issuance of common stock | ' | $41,300,000 | ' | ' | ' | ' | ' |
Common stock, dividends declared | ' | ' | ' | ' | ' | $0.05 | ' |
Preferred stock dividends declared | ' | ' | ' | ' | ' | ' | $0.45 |
Dividends payable, date declared | ' | ' | 28-Oct-14 | ' | ' | ' | ' |
Dividends payable, date to be paid | ' | ' | 20-Nov-14 | ' | ' | ' | ' |
Dividends payable, date of record | ' | ' | 10-Nov-14 | ' | ' | ' | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Dividends) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
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 |
Dividend rate percentage | ' | ' | 8.88% | ' |
Series B [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Cumulative Redeemable Preferred Stock | $0.45 | $0.45 | $1.36 | $1.36 |
Dividend rate percentage | ' | ' | 7.25% | ' |
Revenues_Details
Revenues (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues [Abstract] | ' | ' | ' | ' |
Base rents | $27,666,000 | $25,794,000 | $82,690,000 | $76,999,000 |
Percentage rent | 196,000 | 296,000 | 451,000 | 587,000 |
Straight-line rents | 219,000 | 287,000 | 697,000 | 1,123,000 |
Amortization of intangible lease liabilities | 1,101,000 | 1,115,000 | 3,349,000 | 3,406,000 |
Total rents | $29,182,000 | $27,492,000 | $87,187,000 | $82,115,000 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-Based Compensation [Abstract] | ' | ' | ' | ' |
Expense relating to share grants | $878,000 | $1,242,000 | $2,602,000 | $3,018,000 |
Amounts capitalized | -60,000 | -98,000 | -173,000 | -326,000 |
Total charged to operations | $818,000 | $1,144,000 | $2,429,000 | $2,692,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average nonvested restricted shares outstanding | 3,700,000 | 3,900,000 | 3,700,000 | 3,800,000 |
Weighted average number of OP units outstanding | 395,000 | 252,000 | 447,000 | 271,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations | $5,938,000 | ($884,000) | $13,341,000 | $5,332,000 |
Preferred stock dividends | -3,602,000 | -3,602,000 | -10,806,000 | -10,811,000 |
Preferred stock redemption costs | ' | ' | ' | -1,166,000 |
Net loss attributable to noncontrolling interests | 75,000 | 63,000 | 287,000 | 170,000 |
Net earnings allocated to unvested shares | -183,000 | -196,000 | -641,000 | -567,000 |
Income (loss) from continuing operations attributable to vested common shares | 2,228,000 | -4,619,000 | 2,181,000 | -7,042,000 |
(Loss) income from discontinued operations, net of noncontrolling interests, attributable to vested common shares | -228,000 | 944,000 | 11,004,000 | 3,061,000 |
Net income (loss) attributable to vested common shares outstanding | $2,000,000 | ($3,675,000) | $13,185,000 | ($3,981,000) |
Weighted average number of vested common shares outstanding | 75,547,000 | 68,365,000 | 75,233,000 | 68,350,000 |
Earnings (loss) per vested common share, basic and diluted | ' | ' | ' | ' |
Continuing operations | $0.03 | ($0.07) | $0.03 | ($0.10) |
Discontinued operations | $0 | $0.02 | $0.15 | $0.04 |
Earnings (loss) per vested common share, basic and diluted | $0.03 | ($0.05) | $0.18 | ($0.06) |