Cedar Realty Trust (CDR-PC) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document And Entity Information [Abstract]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Central Index Key	761,648
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		85,048,937

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Land	$ 314,773,000	$ 312,868,000
Buildings and improvements	1,189,627,000	1,163,305,000
Real estate, gross	1,504,400,000	1,476,173,000
Less accumulated depreciation	(291,991,000)	(267,211,000)
Real estate, net	1,212,409,000	1,208,962,000
Real estate held for sale	13,084,000	16,508,000
Cash and cash equivalents	2,217,000	3,499,000
Restricted cash	4,981,000	7,859,000
Receivables	19,881,000	18,405,000
Other assets and deferred charges, net	35,032,000	31,546,000
TOTAL ASSETS	1,287,604,000	1,286,779,000
LIABILITIES AND EQUITY
Mortgage loans payable	279,802,000	393,388,000
Unsecured revolving credit facility	64,000,000	72,000,000
Unsecured term loans	300,000,000	200,000,000
Accounts payable and accrued liabilities	27,170,000	22,364,000
Unamortized intangible lease liabilities	22,019,000	23,776,000
Total liabilities	$ 692,991,000	711,528,000
Noncontrolling interest - limited partners' mezzanine OP Units		$ 396,000
Commitments and contingencies
Equity:
Common stock ($.06 par value, 150,000,000 shares authorized, 85,050,000 and 79,213,000 shares, issued and outstanding, respectively)	$ 5,103,000	$ 4,753,000
Treasury stock (3,187,000 and 3,344,000 shares, respectively, at cost)	(17,347,000)	(18,803,000)
Additional paid-in capital	825,235,000	791,174,000
Cumulative distributions in excess of net income	(403,453,000)	(395,087,000)
Accumulated other comprehensive loss	(7,198,000)	(3,146,000)
Total Cedar Realty Trust, Inc. shareholders' equity	593,001,000	569,552,000
Noncontrolling interests:
Minority interests in consolidated joint ventures	(843,000)	2,872,000
Limited partners' OP Units	2,455,000	2,431,000
Total noncontrolling interests	1,612,000	5,303,000
Total equity	594,613,000	574,855,000
TOTAL LIABILITIES AND EQUITY	1,287,604,000	1,286,779,000
Series B [Member]
Equity:
Preferred stock ($.01 par value, 12,500,000 shares authorized): Series B ($25.00 per share liquidation value, 10,000,000 shares authorized, 7,950,000 issued and outstanding)	$ 190,661,000	$ 190,661,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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	85,050,000	79,213,000
Common stock, shares outstanding	85,050,000	79,213,000
Treasury stock, shares	3,187,000	3,344,000
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 Oper

Consolidated Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Rents	$ 29,209,000	$ 29,356,000	$ 87,367,000	$ 87,702,000
Expense recoveries	6,852,000	7,128,000	23,887,000	23,566,000
Other	39,000	15,000	223,000	251,000
Total revenues	36,100,000	36,499,000	111,477,000	111,519,000
EXPENSES
Operating, maintenance and management	5,071,000	5,811,000	19,072,000	20,282,000
Real estate and other property-related taxes	4,717,000	4,503,000	14,369,000	13,697,000
General and administrative	3,696,000	3,316,000	11,267,000	10,620,000
Acquisition costs			499,000	2,870,000
Depreciation and amortization	9,642,000	9,665,000	28,871,000	28,806,000
Total expenses	23,126,000	23,295,000	74,078,000	76,275,000
OTHER
Gain on sales		2,332,000		6,142,000
Impairment charges/(reversal), net	127,000	(1,250,000)	(1,106,000)	(3,063,000)
Total other	127,000	1,082,000	(1,106,000)	3,079,000
OPERATING INCOME	13,101,000	14,286,000	36,293,000	38,323,000
NON-OPERATING INCOME AND EXPENSES
Interest expense	(6,927,000)	(8,216,000)	(21,412,000)	(24,411,000)
Early extinguishment of debt costs	(48,000)		(105,000)	(150,000)
Total non-operating income and expense	(6,975,000)	(8,216,000)	(21,517,000)	(24,561,000)
INCOME FROM CONTINUING OPERATIONS	6,126,000	6,070,000	14,776,000	13,762,000
DISCONTINUED OPERATIONS
Income from operations		80,000	12,000	1,579,000
Impairment (charges) / reversals		(441,000)	153,000	(316,000)
Gain on extinguishment of debt obligations				1,423,000
Gain on sales				7,963,000
Total (loss) income from discontinued operations		(361,000)	165,000	10,649,000
NET INCOME	6,126,000	5,709,000	14,941,000	24,411,000
Net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures	77,000	84,000	266,000	297,000
Limited partners' interest in Operating Partnership	(11,000)	(8,000)	(19,000)	(76,000)
Total net loss attributable to noncontrolling interests	66,000	76,000	247,000	221,000
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	6,192,000	5,785,000	15,188,000	24,632,000
Preferred stock dividends	(3,602,000)	(3,602,000)	(10,806,000)	(10,806,000)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 2,590,000	$ 2,183,000	$ 4,382,000	$ 13,826,000
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$ 0.03	$ 0.03	$ 0.05	$ 0.04
Discontinued operations	0	0	0	0.14
Net income per common share attributable to common shareholders (basic and diluted)	$ 0.03	$ 0.03	$ 0.05	$ 0.18
Weighted average number of common shares - basic and diluted	81,598,000	75,547,000	81,268,000	75,233,000

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 6,126,000	$ 5,709,000	$ 14,941,000	$ 24,411,000
Other comprehensive income - unrealized (loss) gain on change in fair value of cash flow hedges:
Consolidated	(4,347,000)	1,081,000	(4,069,000)	(81,000)
Comprehensive income	1,779,000	6,790,000	10,872,000	24,330,000
Comprehensive loss attributable to noncontrolling interests	85,000	73,000	264,000	227,000
Comprehensive income attributable to Cedar Realty Trust, Inc.	$ 1,864,000	$ 6,863,000	$ 11,136,000	$ 24,557,000

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 9 months ended Sep. 30, 2015 - 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, 2014	$ 190,661,000	$ 4,753,000	$ (18,803,000)	$ 791,174,000	$ (395,087,000)	$ (3,146,000)	$ 569,552,000	$ 2,872,000	$ 5,303,000	$ 2,431,000	$ 574,855,000
Balance, shares at Dec. 31, 2014	7,950,000	79,213,000
Net income (loss)					15,188,000		15,188,000	(266,000)	(247,000)	19,000	14,941,000
Unrealized gain on change in fair value of cash flow hedges						(4,052,000)	(4,052,000)		(18,000)	(18,000)	(4,070,000)
Share-based compensation, net		$ 3,000	1,456,000	188,000			1,647,000				1,647,000
Share-based compensation, net, shares		46,000
Common stock sales and issuance expenses, net		$ 345,000		41,341,000			41,686,000				41,686,000
Common stock sales and issuance expenses, net, shares		5,751,000
Preferred stock dividends					(10,806,000)		(10,806,000)				(10,806,000)
Distributions to common shareholders					(12,748,000)		(12,748,000)
Distributions to noncontrolling interests									(58,000)	(58,000)
Distributions to common shareholders/noncontrolling interests											(12,806,000)
Conversions of OP Units into common stock											282,000
Conversions / Redemption of OP Units		$ 2,000		280,000			282,000		(289,000)	(289,000)	(7,000)
Conversions / Redemption of OP Units, shares		40,000
Reclassification of mezzanine OP Units									385,000	385,000	385,000
Reallocation adjustment of limited partners' interest				19,000			19,000		(15,000)	(15,000)	4,000
Acquisition of noncontrolling interest				(7,767,000)			(7,767,000)	(3,449,000)	(3,449,000)		(11,216,000)
Balance at Sep. 30, 2015	$ 190,661,000	$ 5,103,000	$ (17,347,000)	$ 825,235,000	$ (403,453,000)	$ (7,198,000)	$ 593,001,000	$ (843,000)	$ 1,612,000	$ 2,455,000	$ 594,613,000
Balance, shares at Sep. 30, 2015	7,950,000	85,050,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 14,941,000	$ 24,411,000
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charges	953,000	3,379,000
Gain on extinguishment of debt obligations		(1,423,000)
Gain on sales		(14,105,000)
Straight-line rents	(379,000)	(697,000)
Provision for doubtful accounts	1,219,000	1,513,000
Depreciation and amortization	28,871,000	28,806,000
Amortization of intangible lease liabilities	(2,387,000)	(3,349,000)
Expense relating to share-based compensation, net	2,432,000	2,429,000
Amortization (including accelerated write-off) of deferred financing costs	1,237,000	1,710,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables, net	(3,187,000)	(5,081,000)
Prepaid expenses and other	(3,711,000)	(4,170,000)
Accounts payable and accrued liabilities	(109,000)	464,000
Net cash provided by operating activities	39,880,000	33,887,000
INVESTING ACTIVITIES
Acquisitions of real estate	(24,453,000)	(38,861,000)
Expenditures for real estate improvements	(7,339,000)	(9,701,000)
Net proceeds from sales of real estate	5,891,000	85,411,000
Construction escrows and other	2,089,000	1,597,000
Net cash (used in) provided by investing activities	(23,812,000)	38,446,000
FINANCING ACTIVITIES
Repayments under revolving credit facility	(174,000,000)	(213,500,000)
Advances under revolving credit facility	166,000,000	141,000,000
Advances under term loans	100,000,000	150,000,000
Mortgage repayments	(113,586,000)	(165,291,000)
Payments of debt financing costs	(2,613,000)	(1,310,000)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests		(960,000)
Purchase of joint venture minority interests share	(11,216,000)
Distributions to limited partners	(60,000)	(66,000)
Redemptions of OP Units	(7,000)	(424,000)
Common stock sales less issuance expenses, net	41,686,000	41,182,000
Preferred stock dividends	(10,806,000)	(10,806,000)
Distributions to common shareholders	(12,748,000)	(11,880,000)
Net cash (used in) financing activities	(17,350,000)	(72,055,000)
Net (decrease) increase in cash and cash equivalents	(1,282,000)	278,000
Cash and cash equivalents at beginning of period	3,499,000	3,973,000
Cash and cash equivalents at end of period	$ 2,217,000	$ 4,251,000

Business And Organization

Business And Organization	9 Months Ended
	Sep. 30, 2015
Business And Organization [Abstract]
Business And Organization	Note 1. Bu siness 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, 2015 , the Company owned and managed a portfolio of 59 operating properties (excluding properties “held for sale”) . 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, 2015 , the Company owned a 99.6 % economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership ( 0.4 % at September 30, 2015 ) 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 352,000 OP Units outstanding at September 30, 2015 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 Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
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 unaudited 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 unaudited 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, 2014. The unaudited 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, 2015 2014 Supplemental disclosure of cash activities: Cash paid for interest $ 21,059,000 $ 24,734,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs Conversions of OP Units into common stock Mortgage loans payable assumed upon acquisition - Mortgage loans payable assumed by buyer - Deed-in-lieu of foreclosure of properties: Real estate transferred - Mortgage loans payable and related obligations settled - Recently-Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“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 would be effective for interim and annual reporting periods beginning after December 15, 201 7 , 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 . In February 2015, the FASB issued guidance which amends the current consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered a variable interest entity unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015, 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 . In April 2015, the FASB issued guidance which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements .

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate	Note 3. Real Estate Acquisitions On January 23, 2015, the Company acquired the New London Mall joint venture partner’s 60% ownership interest, giving the Company a 100% ownership interest in this property, which is located in New London, Connecticut. The purchase price for the interest was $27.3 million, consisting of $10.9 million in cash, and $16.4 million representing the 60% share of the in-place mortgage financing. As the property was previously controlled and consolidated by the Company, the acquisition of the 60% noncontrolling ownership interest was recorded as a capital transaction. On February 27, 2015, the Company acquired Lawndale Plaza, located in Philadelphia, Pennsylvania. The purchase price for the property, which was unencumbered, was approximately $25.2 million. The Company incurred costs of $0.5 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, with such valuations to be finalized when valuation studies are completed. Properties Held For Sale Subsequent to December 31, 2013 On May 28, 2015, the Company sold Kenley Village, located in Hagerstown, Maryland, for $2.3 million. On July 22, 2015, the Company sold Circle Plaza, located in Shamokin Dam, Pennsylvania, for $1.8 million. In addition, during 2014, the Company determined to sell Liberty Marketplace, located in Dubois, Pennsylvania. The sales and potential sales of these properties did not meet the criteria set forth in the guidance for reporting discontinued operations, which the Company adopted effective January 1, 2014. As such, these properties have been classified as “real estate held for sale” on the accompanying consolidated balance sheets, and their results of operations have remained in continuing operations. The Company conducts a continuing review of the values for all remaining properties “held for sale” 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 (see Note 5 — “Fair Value Measurements”), or (3) with respect to land parcels, estimated sales prices, less cost to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company performs recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Discontinued Operations [Abstract]
Discontinued Operations	Note 4 . Discontinued Operations On February 2, 2015, the Company sold Huntingdon Plaza, located in Huntingdon, Pennsylvania, for $2.2 million. Upon the sale of Huntingdon Plaza, the Company has no other properties for which the results are classified under the prior accounting guidance for discontinued operations. The following is a summary of the components of income from discontinued operations : Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 REVENUES Rents $ - $ 109,000 $ 38,000 $ 2,589,000 Expense recoveries and other - Total revenues - EXPENSES Operating, maintenance and management - Real estate and other property-related taxes - Interest - - - Total expenses - INCOME FROM OPERATIONS - IMPAIRMENT (CHARGES)/REVERSALS - GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS - - - GAIN ON SALES - - - TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ - $ (361,000) $ 165,000 $ 10,649,000

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
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 their 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 fair value of the Company’s fixed rate mortgage loans were estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of September 30, 2015 and December 31, 2014, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. As of September 30, 2015 and December 31, 201 4 , the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be Level 3 within the valuation hierarchy, were approximately $291 .3 million and $410.8 million, respectively; the carrying values of such loans were $279.8 million and $393.4 million, respectively. 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, 2015 , 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, 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, 2015 and December 31, 201 4 , respectively: September 30, 2015 Description Level 1 Level 2 Level 3 Total Investments related to share- based compensation liabilities (a) $ $ - $ - $ Share-based compensation liabilities (b) $ $ - $ - $ Interest rate swaps liability (b) $ - $ $ - $ December 31, 2014 Description Level 1 Level 2 Level 3 Total Investments related to share- based compensation liabilities (a) $ $ - $ - $ Share-based compensation liabilities (b) $ $ - $ - $ Interest rate swaps liability (b) $ - $ $ - $ (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 following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 201 4 , respectively: September 30, 2015 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ - $ - $ $ December 31, 2014 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ - $ $ $ The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014, respectively : September 30, 2015 Valuation Unobservable Description Fair value Technique inputs Rate Retail property $ 13,084,000 Discounted cash flow Capitalization rate 8.3% Discount rate 9.6% December 31, 2014 Valuation Unobservable Description Fair value Technique inputs Rate Retail property $ 13,084,000 Discounted cash flow Capitalization rate 8.3% Discount rate 9.6%

Mortgage Loans Payable And Cred

Mortgage Loans Payable And Credit Facility	9 Months Ended
	Sep. 30, 2015
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 , 2015, the Company repaid the following mortgage loans payable: Principal Payoff Property Repayment Date Amount New London Mall February 1, 2015 $ 27,365,000 Oak Ridge Shopping Center March 11, 2015 $ 3,155,000 Pine Grove Plaza June 1, 2015 $ 5,139,000 Quartermaster Plaza July 1, 2015 $ 41,327,000 Groton Shopping Center July 1, 2015 $ 10,953,000 Jordan Lane August 2, 2015 $ 11,682,000 Southington Center August 2, 2015 $ 5,129,000 Oakland Mills September 1, 2015 $ 4,385,000 Unsecured Revolving Credit Facility and Term Loans The Company has a $310 million unsecured credit facility which, as amended on February 5, 2015, consists of (1) a $260 million revolving credit facility, expiring on February 5, 2019 , and (2) a $50 million term loan, expiring on February 5, 2020 . The revolving credit facility may be extended, at the Company’s option, for an additional one -year period, subject to customary conditions. Under an accordion feature, the facility can be increased to $750 million, subject to customary conditions and lending commitments. Interest on b orrowings under the revolving credit facility component can range from LIBOR plus 135 basis points (“bps”) to 195 bps ( 135 bps at September 30 , 2015) and interest on borrowing s under the term loan component can range from LIBOR plus 130 to 190 bps ( 130 bps at September 30 , 2015), each based on the Company’s leverage ratio. As of September 30 , 2015, the Company had $195.8 million available for additional borrowings under the revolving credit facility. The Company has $150 million of unsecured term loans comprised 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 . Interest on b orrowing s under the five-year $75 million term loan can range from LIBOR plus 130 bps to 190 bps ( 130 bps at September 30 , 2015) and interest on borrowings under the seven-year $75 million term loan can range from LIBOR plus 170 bps to 230 bps ( 170 bps at September 30 , 2015), each based on the Company’s leverage ratio. Additionally, the Company has entered into forward interest rate swap agreements which convert the LIBOR rates to fixed rates for these term loans through their maturities. Based on the Company’s leverage ratio as of September 30 , 2015, the effective fixed interest rates are 2.9% for the five-year $75 million term loan and 4.0% for the seven-year $75 million term loan, respectively. On February 5, 2015, the Company closed $100 million of new unsecured term loans comprised of a five -year $50 million term loan maturing February 5, 2020 (all of which was borrowed at closing), and a seven -year $50 million term loan maturing February 5, 2022 (all of which was borrowed on June 26, 2015). Interest on b orrowings under the five-year $50 million term loan can range from LIBOR plus 130 to 190 bps ( 130 bps at September 30 , 2015) and interest on borrowings under the seven-year $50 million term loan can range from LIBOR plus 155 bps to 215 bps ( 155 bps at September 30 , 2015), each based on the Company’s leverage ratio. Additionally, the Company entered into forward interest rate swap agreements which convert the LIBOR rates to fixed rates for these term loans beginning on July 1, 2015 through their maturities. Based on the Company’s leverage ratio as of September 30 , 2015, the effective fixed interest rates are 2.8% for the five-year $50 million term loan and 3.3% for the seven-year $50 million term loan . The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, 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 credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreements. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilit ies could result in the acceleration of the related debt. As of September 30 , 2015 the Company is in compliance with all financial covenants. Derivative Financial Instruments At September 30 , 2015, the Company had $7,038,000 included in accounts payable and accrued liabilities on the consolidated balance sheet relating to the fair value of the interest rate swaps applicable to the unsecured term loans discussed above. 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 $3.9 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 , 2015 and December 31, 2014: September 30, 2015 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 4 $ 250,000,000 $ 7,038,000 2019 - 2022 Accounts payable and accrued liabilities December 31, 2014 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 2 $ 150,000,000 $ 2,777,000 2019 and 2021 Accounts payable and accrued liabilities 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 , 2015 and 2014, respectively: (Loss) gain recognized in other comprehensive income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2015 2014 2015 2014 Qualifying Interest rate swaps $ (5,434,000) $ 324,000 $ (6,619,000) $ (1,118,000) (Gain) loss recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2015 2014 2015 2014 Continuing Operations $ 1,087,000 $ 757,000 $ 2,550,000 $ 908,000 Discontinued Operations $ - $ - $ - $ 129,000 As of September 30 , 2015, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of September 30 , 2015, if a counterparty were to default, the Company would receive a net interest benefit.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2015
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, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 8 . Shareholders’ Equity On January 12, 2015, the Company concluded a public offering of 5,750,000 shares of its common stock (including 750,000 shares relating to the exercise of an over-allotment option by the underwriters), and realized net proceeds, after offering expenses, of approximately $41.9 million. On April 25, 2015, the demand registration rights afforded to the holders of the mezzanine OP Units expired and, accordingly, such OP Units now meet the requirements for equity classification. The Company ha d at-the-market offering programs, which expired on May 29, 2015, under which it could offer and sell, f rom time-to-time, shares of its common and preferred stock. Prior to the expiration of these programs, there were no shares sold during 2015 . D ividends The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Common stock $ 0.050 $ 0.050 $ 0.150 $ 0.150 7.250% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359 On October 20, 2015 , 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, 2015 to shareholders of record on November 10, 2015 .

Revenues

Revenues	9 Months Ended
	Sep. 30, 2015
Revenues [Abstract]
Revenues	Note 9 . Revenues Rental revenues for the three and nine months ended September 30, 2015 and 201 4 , respectively, are comprised of the following: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Base rents $ 28,178,000 $ 27,840,000 $ 84,032,000 $ 83,205,000 Percentage rent Straight-line rents Amortization of intangible lease liabilities, net Total rents $ 29,209,000 $ 29,356,000 $ 87,367,000 $ 87,702,000

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
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, 2015 and 201 4 , respectively: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Expense relating to share grants $ 750,000 $ 878,000 $ 2,499,000 $ 2,602,000 Amounts capitalized Total charged to operations $ 727,000 $ 818,000 $ 2,432,000 $ 2,429,000 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, 2015 , there were 180,000 time-based restricted shares issued, with a weighted average grant date fair value of $ 7. 43 per share . At September 30, 2015 , approximately 1.5 million shares remained available for grants pursuant to the 2012 Plan.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
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, 2015 and 201 4 , the Company had 3.4 million and 3.7 million, respectively, of weighted average unvested restricted shares outstanding . For the nine months ended September 30, 2015 and 201 4 , the Company had 3.5 million and 3.7 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, 2015 and 201 4, respectively: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator Income from continuing operations $ 6,126,000 $ 6,070,000 $ 14,776,000 $ 13,762,000 Preferred stock dividends Net loss attributable to noncontrolling interests Net earnings allocated to unvested shares Income from continuing operations attributable to vested common shares (Loss) income from discontinued operations, net of noncontrolling interests, attributable to vested common shares - Net income attributable to vested common shares outstanding $ 2,419,000 $ 2,000,000 $ 3,853,000 $ 13,185,000 Denominator Weighted average number of vested common shares outstanding Earnings per vested common share, basic and diluted Continuing operations $ 0.03 $ 0.03 $ 0.05 $ 0.04 Discontinued operations $ 0.00 $ (0.00) $ 0.00 $ 0.14 $ 0.03 $ 0.03 $ 0.05 $ 0.18 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 were 375,000 and 395,000 for the three months ended September 30, 2015 and 201 4 , respectively , and 387,000 and 447,000 for the nine months ended September 30, 2015 and 2014, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 12 . Subsequent Events In determining subsequent events, management reviewed all activity from October 1, 201 5 through the date of filing this Quarterly Report on Form 10-Q.

Summary Of Significant Accoun20

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Principles of Consolidation/ Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited 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 unaudited 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, 2014. The unaudited consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.
Recently-Issued Accounting Pronouncements	Recently-Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“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 would be effective for interim and annual reporting periods beginning after December 15, 201 7 , 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 . In February 2015, the FASB issued guidance which amends the current consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered a variable interest entity unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015, 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 . In April 2015, the FASB issued guidance which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements .

Summary Of Significant Accoun21

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Supplemental Consolidated Statements Of Cash Flows Information	Nine months ended September 30, 2015 2014 Supplemental disclosure of cash activities: Cash paid for interest $ 21,059,000 $ 24,734,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs Conversions of OP Units into common stock Mortgage loans payable assumed upon acquisition - Mortgage loans payable assumed by buyer - Deed-in-lieu of foreclosure of properties: Real estate transferred - Mortgage loans payable and related obligations settled -

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations [Abstract]
Schedule Of The Components Of Income From Discontinued Operations	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 REVENUES Rents $ - $ 109,000 $ 38,000 $ 2,589,000 Expense recoveries and other - Total revenues - EXPENSES Operating, maintenance and management - Real estate and other property-related taxes - Interest - - - Total expenses - INCOME FROM OPERATIONS - IMPAIRMENT (CHARGES)/REVERSALS - GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS - - - GAIN ON SALES - - - TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ - $ (361,000) $ 165,000 $ 10,649,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis	September 30, 2015 Description Level 1 Level 2 Level 3 Total Investments related to share- based compensation liabilities (a) $ $ - $ - $ Share-based compensation liabilities (b) $ $ - $ - $ Interest rate swaps liability (b) $ - $ $ - $ December 31, 2014 Description Level 1 Level 2 Level 3 Total Investments related to share- based compensation liabilities (a) $ $ - $ - $ Share-based compensation liabilities (b) $ $ - $ - $ Interest rate swaps liability (b) $ - $ $ - $ (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	September 30, 2015 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ - $ - $ $ December 31, 2014 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ - $ $ $
Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis	September 30, 2015 Valuation Unobservable Description Fair value Technique inputs Rate Retail property $ 13,084,000 Discounted cash flow Capitalization rate 8.3% Discount rate 9.6% December 31, 2014 Valuation Unobservable Description Fair value Technique inputs Rate Retail property $ 13,084,000 Discounted cash flow Capitalization rate 8.3% Discount rate 9.6%

Mortgage Loans Payable And Cr24

Mortgage Loans Payable And Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans Payable And Credit Facility [Abstract]
Schedule Of Mortgage Loans Payable Repaid	Principal Payoff Property Repayment Date Amount New London Mall February 1, 2015 $ 27,365,000 Oak Ridge Shopping Center March 11, 2015 $ 3,155,000 Pine Grove Plaza June 1, 2015 $ 5,139,000 Quartermaster Plaza July 1, 2015 $ 41,327,000 Groton Shopping Center July 1, 2015 $ 10,953,000 Jordan Lane August 2, 2015 $ 11,682,000 Southington Center August 2, 2015 $ 5,129,000 Oakland Mills September 1, 2015 $ 4,385,000
Summary Of The Derivative Financial Instruments Held	September 30, 2015 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 4 $ 250,000,000 $ 7,038,000 2019 - 2022 Accounts payable and accrued liabilities December 31, 2014 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 2 $ 150,000,000 $ 2,777,000 2019 and 2021 Accounts payable and accrued liabilities
Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity	(Loss) gain recognized in other comprehensive income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2015 2014 2015 2014 Qualifying Interest rate swaps $ (5,434,000) $ 324,000 $ (6,619,000) $ (1,118,000) (Gain) loss recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2015 2014 2015 2014 Continuing Operations $ 1,087,000 $ 757,000 $ 2,550,000 $ 908,000 Discontinued Operations $ - $ - $ - $ 129,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Shareholders' Equity [Abstract]
Schedule Of Dividends	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Common stock $ 0.050 $ 0.050 $ 0.150 $ 0.150 7.250% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2015
Revenues [Abstract]
Schedule Of Rent Revenues	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Base rents $ 28,178,000 $ 27,840,000 $ 84,032,000 $ 83,205,000 Percentage rent Straight-line rents Amortization of intangible lease liabilities, net Total rents $ 29,209,000 $ 29,356,000 $ 87,367,000 $ 87,702,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation [Abstract]
Schedule Of Share-Based Compensation Information	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Expense relating to share grants $ 750,000 $ 878,000 $ 2,499,000 $ 2,602,000 Amounts capitalized Total charged to operations $ 727,000 $ 818,000 $ 2,432,000 $ 2,429,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 Numerator Income from continuing operations $ 6,126,000 $ 6,070,000 $ 14,776,000 $ 13,762,000 Preferred stock dividends Net loss attributable to noncontrolling interests Net earnings allocated to unvested shares Income from continuing operations attributable to vested common shares (Loss) income from discontinued operations, net of noncontrolling interests, attributable to vested common shares - Net income attributable to vested common shares outstanding $ 2,419,000 $ 2,000,000 $ 3,853,000 $ 13,185,000 Denominator Weighted average number of vested common shares outstanding Earnings per vested common share, basic and diluted Continuing operations $ 0.03 $ 0.03 $ 0.05 $ 0.04 Discontinued operations $ 0.00 $ (0.00) $ 0.00 $ 0.14 $ 0.03 $ 0.03 $ 0.05 $ 0.18

Business And Organization (Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 2015propertyshares
Business And Organization [Abstract]
Number of properties | property	59
Company's interest in Operating Partnership	99.60%
Limited partners' interest in Operating Partnership	0.40%
OP units outstanding	352,000

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental disclosure of cash activities:
Cash paid for interest	$ 21,059,000	$ 24,734,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	336,000	597,000
Conversions of OP Units into common stock	$ 282,000	371,000
Mortgage loans payable assumed upon acquisition		(53,439,000)
Mortgage loans payable assumed by buyer		15,557,000
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) (Detail

Real Estate (Narrative) (Details) - USD ($)	Jul. 22, 2015	May. 28, 2015	Feb. 27, 2015	Jan. 23, 2015	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Purchase price of acquired property					$ 24,453,000	$ 38,861,000
Acquisition costs					$ 499,000	$ 2,870,000
New London Joint Venture [Member]
Real Estate Properties [Line Items]
Acquired ownership percentage in joint venture				60.00%
New London Mall [Member]
Real Estate Properties [Line Items]
Percentage of joint venture ownership				100.00%
Payments to acquire interest in joint ventures				$ 27,300,000
Amount of purchase price paid in cash				10,900,000
Amount of purchase price representing 60% share of in-place mortgage financing				$ 16,400,000
Percentage Of Share Of In-Place Mortgage Financing				60.00%
Lawndale Plaza [Member]
Real Estate Properties [Line Items]
Purchase price of acquired property			$ 25,200,000
Acquisition costs			$ 500,000
Kenley Village [Member]
Real Estate Properties [Line Items]
Sales price of real estate sold		$ 2,300,000
Circle Plaza [Member]
Real Estate Properties [Line Items]
Sales price of real estate sold	$ 1,800,000

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) $ in Millions	Feb. 02, 2015USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of other properties classified as discontinued operations | property	0
Discontinued Operations [Member] | Huntingdon Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 2.2

Discontinued Operations (Schedu

Discontinued Operations (Schedule Of The Components Of Income From Discontinued Operations) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Rents	$ 109,000	$ 38,000	$ 2,589,000
Expense recoveries and other	16,000	1,000	893,000
Total revenues	125,000	39,000	3,482,000
EXPENSES
Operating, maintenance and management	26,000	20,000	736,000
Real estate and other property-related taxes	19,000	7,000	536,000
Interest			631,000
Total expenses	45,000	27,000	1,903,000
INCOME FROM OPERATIONS	80,000	12,000	1,579,000
Impairment (charges) / reversals	(441,000)	153,000	(316,000)
Gain on extinguishment of debt obligations			1,423,000
GAIN ON SALES			7,963,000
Total (loss) income from discontinued operations	$ (361,000)	$ 165,000	$ 10,649,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value Measurements [Abstract]
Fair value of fixed rate mortgage loans payable	$ 291.3	$ 410.8
Carrying value of fixed rate mortgage payable	$ 279.8	$ 393.4

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to share-based compensation liabilities	[1]	$ 516,000	$ 492,000
Share-based compensation liabilities	[2]	509,000	487,000
Interest rate swaps liability	[2]	7,038,000	2,777,000
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	[1]	516,000	492,000
Share-based compensation liabilities	[2]	509,000	487,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	[2]	$ 7,038,000	$ 2,777,000
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]
Share-based compensation liabilities	[2]
Interest rate swaps liability	[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 (Sche36

Fair Value Measurements (Schedule Of Assets Measured At A Fair Value On Non-recurring Basis) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	$ 13,084,000	$ 16,508,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale		$ 3,424,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	$ 13,084,000	$ 13,084,000

Fair Value Measurements (Quanti

Fair Value Measurements (Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis) (Details) - Operating retail real estate [Member] - Fair Value, Inputs, Level 3 [Member] - Discounted Cash Flow Valuation Technique [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real estate held for sale/conveyance	$ 13,084,000	$ 13,084,000
Capitalization rates	8.30%	8.30%
Discount rates	9.60%	9.60%

Mortgage Loans Payable And Cr38

Mortgage Loans Payable And Credit Facility (Narrative) (Details) - USD ($)		9 Months Ended
		Sep. 30, 2015	Feb. 05, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Fair value of interest rate swaps included in accounts payable and accrued liabilities	[1]	$ 7,038,000		$ 2,777,000
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings		3,900,000
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Fair value of interest rate swaps included in accounts payable and accrued liabilities		7,038,000
Unsecured Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility borrowing capacity			$ 310,000,000
Term loan amount		$ 150,000,000	100,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility borrowing capacity			260,000,000
Credit facility expiration date		Feb. 5, 2019
Extension period		1 year
Aggregate borrowing capacity including increase under accordion feature		$ 750,000,000
Basis spread on borrowings variable rate		1.35%
Remaining borrowing capacity		$ 195,800,000
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.35%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.95%
Term Loan [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term Loan [Member] | Unsecured Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility expiration date		Feb. 5, 2020
Term loan amount			50,000,000
Term Loan [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term Loan [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.90%
Term Loan Maturing February 11, 2019 [Member]
Line of Credit Facility [Line Items]
Term loan amount		$ 75,000,000
Basis spread on borrowings variable rate		1.30%
Debt term		5 years
Loan maturity date		Feb. 11, 2019
Weighted-average interest rate		2.90%
Term Loan Maturing February 11, 2019 [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term Loan Maturing February 11, 2019 [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.90%
Term Loan Maturing February 11, 2021 [Member]
Line of Credit Facility [Line Items]
Term loan amount		$ 75,000,000
Basis spread on borrowings variable rate		1.70%
Debt term		7 years
Loan maturity date		Feb. 11, 2021
Weighted-average interest rate		4.00%
Term Loan Maturing February 11, 2021 [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.70%
Term Loan Maturing February 11, 2021 [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		2.30%
Term Loan Maturing February 5, 2020 [Member]
Line of Credit Facility [Line Items]
Term loan amount			50,000,000
Basis spread on borrowings variable rate		1.30%
Debt term		5 years
Loan maturity date		Feb. 5, 2020
Weighted-average interest rate		2.80%
Term Loan Maturing February 5, 2020 [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term Loan Maturing February 5, 2020 [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.90%
Term Loan Maturing February 5, 2022 [Member]
Line of Credit Facility [Line Items]
Term loan amount			$ 50,000,000
Basis spread on borrowings variable rate		1.55%
Debt term		7 years
Loan maturity date		Feb. 5, 2022
Weighted-average interest rate		3.30%
Term Loan Maturing February 5, 2022 [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.55%
Term Loan Maturing February 5, 2022 [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate		2.15%
[1]	Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Mortgage Loans Payable And Cr39

Mortgage Loans Payable And Credit Facility (Schedule Of Mortgage Loans Payable Repaid) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
New London Mall [Member]
Debt Instrument [Line Items]
Repayment Date	Feb. 1, 2015
Principal Payoff Amount	$ 27,365,000
Oak Ridge Shopping Center [Member]
Debt Instrument [Line Items]
Repayment Date	Mar. 11, 2015
Principal Payoff Amount	$ 3,155,000
Pine Grove Plaza [Member]
Debt Instrument [Line Items]
Repayment Date	Jun. 1, 2015
Principal Payoff Amount	$ 5,139,000
Quartermaster Plaza [Member]
Debt Instrument [Line Items]
Repayment Date	Jul. 1, 2015
Principal Payoff Amount	$ 41,327,000
Groton Shopping Center [Member]
Debt Instrument [Line Items]
Repayment Date	Jul. 1, 2015
Principal Payoff Amount	$ 10,953,000
Jordan Lane [Member]
Debt Instrument [Line Items]
Repayment Date	Aug. 2, 2015
Principal Payoff Amount	$ 11,682,000
Southington Center [Member]
Debt Instrument [Line Items]
Repayment Date	Aug. 2, 2015
Principal Payoff Amount	$ 5,129,000
Oakland Mills [Member]
Debt Instrument [Line Items]
Repayment Date	Sep. 1, 2015
Principal Payoff Amount	$ 4,385,000

Mortgage Loans Payable And Cr40

Mortgage Loans Payable And Credit Facility (Summary Of The Derivative Financial Instruments Held) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)contract	Dec. 31, 2014USD ($)contract
Derivatives, Fair Value [Line Items]
Count | contract	4	2
Notional values	$ 250,000,000	$ 150,000,000
Fair value	$ 7,038,000	$ 2,777,000
Interest Rate Swap One [Member]
Derivatives, Fair Value [Line Items]
Maturity date		2,019
Interest Rate Swap Two [Member]
Derivatives, Fair Value [Line Items]
Maturity date		2,021
Minimum [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Maturity date	2,019
Maximum [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Maturity date	2,022

Mortgage Loans Payable And Cr41

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, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Net amount of gain (loss) recognized in other comprehensive income (effective portion)	$ (5,434,000)	$ 324,000	$ (6,619,000)	$ (1,118,000)
Net amount of (gain) loss recognized in other comprehensive income reclassified into earnings (effective portion)	6,927,000	8,216,000	21,412,000	24,411,000
Continuing Operations [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net amount of (gain) loss recognized in other comprehensive income reclassified into earnings (effective portion)	$ 1,087,000	$ 757,000	$ 2,550,000	908,000
Discontinued Operations [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net amount of (gain) loss recognized in other comprehensive income reclassified into earnings (effective portion)				$ 129,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($)	Oct. 20, 2015	Jan. 12, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Public offering, realized net proceeds, net offering expenses		$ 41,900,000	$ 41,686,000	$ 41,182,000
Public offering, shares		5,750,000	85,050,000		79,213,000
Shares issued to underwriters		750,000
At-the-market program, shares sold			0
Dividends payable, date declared			Oct. 20, 2015
Dividends payable, date to be paid			Nov. 20, 2015
Dividends payable, date of record			Nov. 10, 2015
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock, dividends declared	$ 0.05
Subsequent Event [Member] | Series B [Member]
Class of Stock [Line Items]
Preferred stock dividends declared	$ 0.453125

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Dividends) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Common stock	$ 0.050	$ 0.050	$ 0.150	$ 0.150
Series B [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.453	$ 0.453	$ 1.359	$ 1.359
Dividend rate percentage			7.25%

Revenues (Schedule Of Rent Reve

Revenues (Schedule Of Rent Revenues) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues [Abstract]
Base rents	$ 28,178,000	$ 27,840,000	$ 84,032,000	$ 83,205,000
Percentage rent	215,000	196,000	569,000	451,000
Straight-line rents	90,000	219,000	379,000	697,000
Amortization of intangible lease liabilities, net	726,000	1,101,000	2,387,000	3,349,000
Total rents	$ 29,209,000	$ 29,356,000	$ 87,367,000	$ 87,702,000

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under Stock Incentive Plan	1,500,000
Time-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	180,000
Weighted-average grant date fair value per share | $ / shares	$ 7.43

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-Based Compensation [Abstract]
Expense relating to share grants	$ 750,000	$ 878,000	$ 2,499,000	$ 2,602,000
Amounts capitalized	(23,000)	(60,000)	(67,000)	(173,000)
Expense relating to share-based compensation, net	$ 727,000	$ 818,000	$ 2,432,000	$ 2,429,000

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted average nonvested restricted shares outstanding	3,400,000	3,700,000	3,500,000	3,700,000
Weighted average number of OP units outstanding	375,000	395,000	387,000	447,000

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, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Income from continuing operations	$ 6,126,000	$ 6,070,000	$ 14,776,000	$ 13,762,000
Preferred stock dividends	(3,602,000)	(3,602,000)	(10,806,000)	(10,806,000)
Net loss attributable to noncontrolling interests	66,000	75,000	248,000	287,000
Net earnings allocated to unvested shares	(171,000)	(183,000)	(529,000)	(641,000)
Income from continuing operations attributable to vested common shares	2,419,000	2,360,000	3,689,000	2,602,000
(Loss) income from discontinued operations, net of noncontrolling interests, attributable to vested common shares		(360,000)	164,000	10,583,000
Net income attributable to vested common shares outstanding	$ 2,419,000	$ 2,000,000	$ 3,853,000	$ 13,185,000
Weighted average number of vested common shares outstanding	81,598,000	75,547,000	81,268,000	75,233,000
Earnings per vested common share, basic and diluted
Continuing operations	$ 0.03	$ 0.03	$ 0.05	$ 0.04
Discontinued operations	0	0	0	0.14
Earnings (loss) per vested common share, basic and diluted	$ 0.03	$ 0.03	$ 0.05	$ 0.18