Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 | |
Trading Symbol | CDR | |
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 | 85,311,960 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Land | $ 301,263,000 | $ 323,859,000 |
Buildings and improvements | 1,202,873,000 | 1,226,168,000 |
Real estate, gross | 1,504,136,000 | 1,550,027,000 |
Less accumulated depreciation | (316,378,000) | (300,832,000) |
Real estate, net | 1,187,758,000 | 1,249,195,000 |
Real estate held for sale | 81,772,000 | 14,402,000 |
Cash and cash equivalents | 4,508,000 | 2,083,000 |
Restricted cash | 2,371,000 | 5,592,000 |
Receivables | 15,950,000 | 17,912,000 |
Other assets and deferred charges, net | 30,459,000 | 29,196,000 |
TOTAL ASSETS | 1,322,818,000 | 1,318,380,000 |
LIABILITIES AND EQUITY | ||
Mortgage loans payable | 167,129,000 | 298,089,000 |
Unsecured revolving credit facility | 130,000,000 | 78,000,000 |
Unsecured term loans | 397,335,000 | 297,731,000 |
Accounts payable and accrued liabilities | 33,417,000 | 23,831,000 |
Unamortized intangible lease liabilities | 21,004,000 | 23,187,000 |
Total liabilities | 748,885,000 | 720,838,000 |
Commitments and contingencies | ||
Equity: | ||
Common stock ($.06 par value, 150,000,000 shares authorized, 85,333,000 and 85,049,000 shares, issued and outstanding, respectively) | 5,120,000 | 5,103,000 |
Treasury stock (3,281,000 and 3,182,000 shares, respectively, at cost) | (18,268,000) | (17,284,000) |
Additional paid-in capital | 828,829,000 | 825,979,000 |
Cumulative distributions in excess of net income | (422,075,000) | (404,350,000) |
Accumulated other comprehensive loss | (11,485,000) | (4,059,000) |
Total Cedar Realty Trust, Inc. shareholders' equity | 572,782,000 | 596,050,000 |
Noncontrolling interests: | ||
Minority interests in consolidated joint ventures | (1,209,000) | (970,000) |
Limited partners' OP Units | 2,360,000 | 2,462,000 |
Total noncontrolling interests | 1,151,000 | 1,492,000 |
Total equity | 573,933,000 | 597,542,000 |
TOTAL LIABILITIES AND EQUITY | 1,322,818,000 | 1,318,380,000 |
Series B [Member] | ||
Equity: | ||
Preferred stock ($.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, 2016 | Dec. 31, 2015 |
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 | 85,333,000 | 85,049,000 |
Common stock, shares outstanding | 85,333,000 | 85,049,000 |
Treasury stock, shares | 3,281,000 | 3,182,000 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES | ||||
Rents | $ 30,159,000 | $ 29,209,000 | $ 89,186,000 | $ 87,367,000 |
Expense recoveries | 7,523,000 | 6,852,000 | 23,952,000 | 23,887,000 |
Other | 111,000 | 39,000 | 778,000 | 223,000 |
Total revenues | 37,793,000 | 36,100,000 | 113,916,000 | 111,477,000 |
EXPENSES | ||||
Operating, maintenance and management | 5,555,000 | 5,071,000 | 18,346,000 | 19,072,000 |
Real estate and other property-related taxes | 5,019,000 | 4,717,000 | 14,840,000 | 14,369,000 |
General and administrative | 4,318,000 | 3,696,000 | 13,640,000 | 11,267,000 |
Acquisition pursuit costs | 293,000 | 3,417,000 | 499,000 | |
Depreciation and amortization | 10,413,000 | 9,642,000 | 31,046,000 | 28,871,000 |
Total expenses | 25,598,000 | 23,126,000 | 81,289,000 | 74,078,000 |
OTHER | ||||
Gain on sale | 59,000 | |||
Impairment (charges)/reversals | (6,270,000) | 127,000 | (6,270,000) | (1,106,000) |
Total other | (6,270,000) | 127,000 | (6,211,000) | (1,106,000) |
OPERATING INCOME | 5,925,000 | 13,101,000 | 26,416,000 | 36,293,000 |
NON-OPERATING INCOME AND EXPENSES | ||||
Interest expense | (6,636,000) | (6,927,000) | (20,769,000) | (21,412,000) |
Early extinguishment of debt costs | (50,000) | (48,000) | (37,000) | (105,000) |
Total non-operating income and expenses | (6,686,000) | (6,975,000) | (20,806,000) | (21,517,000) |
(LOSS) INCOME FROM CONTINUING OPERATIONS | (761,000) | 6,126,000 | 5,610,000 | 14,776,000 |
DISCONTINUED OPERATIONS | ||||
Income from operations | 12,000 | |||
Impairment reversals | 153,000 | |||
Total income from discontinued operations | 165,000 | |||
NET (LOSS) INCOME | (761,000) | 6,126,000 | 5,610,000 | 14,941,000 |
Net loss attributable to noncontrolling interests: | ||||
Minority interests in consolidated joint ventures | 59,000 | 77,000 | 239,000 | 266,000 |
Limited partners' interest in Operating Partnership | 15,000 | (11,000) | 15,000 | (19,000) |
Total net loss attributable to noncontrolling interests | 74,000 | 66,000 | 254,000 | 247,000 |
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | (687,000) | 6,192,000 | 5,864,000 | 15,188,000 |
Preferred stock dividends | (3,602,000) | (3,602,000) | (10,806,000) | (10,806,000) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (4,289,000) | $ 2,590,000 | $ (4,942,000) | $ 4,382,000 |
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED) | ||||
Continuing operations | $ (0.05) | $ 0.03 | $ (0.07) | $ 0.05 |
Discontinued operations | 0 | 0 | 0 | 0 |
Net income per common share attributable to common shareholders (basic and diluted) | $ (0.05) | $ 0.03 | $ (0.07) | $ 0.05 |
Weighted average number of common shares - basic and diluted | 81,676,000 | 81,598,000 | 81,670,000 | 81,268,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (761,000) | $ 6,126,000 | $ 5,610,000 | $ 14,941,000 |
Other comprehensive income - unrealized (loss) gain on change in fair value of cash flow hedges: | ||||
Other comprehensive income - unrealized gain (loss) on change in fair value of cash flow hedges | 2,506,000 | (4,347,000) | (7,060,000) | (4,069,000) |
Comprehensive income (loss) | 1,745,000 | 1,779,000 | (1,450,000) | 10,872,000 |
Comprehensive loss attributable to noncontrolling interests | 59,000 | 85,000 | 279,000 | 264,000 |
Comprehensive income (loss) attributable to Cedar Realty Trust, Inc. | $ 1,804,000 | $ 1,864,000 | $ (1,171,000) | $ 11,136,000 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 9 months ended Sep. 30, 2016 - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | 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] |
Balance at Dec. 31, 2015 | $ 597,542,000 | $ 2,462,000 | $ 190,661,000 | $ 5,103,000 | $ (17,284,000) | $ 825,979,000 | $ (404,350,000) | $ (4,059,000) | $ 596,050,000 | $ (970,000) | $ 1,492,000 |
Balance, shares at Dec. 31, 2015 | 7,950,000 | 85,049,000 | |||||||||
Net income (loss) | 5,610,000 | (15,000) | 5,864,000 | 5,864,000 | (239,000) | (254,000) | |||||
Unrealized loss on change in fair value of flow hedges | (7,060,000) | (25,000) | (7,035,000) | (7,035,000) | (25,000) | ||||||
Share-based compensation, net | 1,652,000 | $ 17,000 | (984,000) | 2,619,000 | 1,652,000 | ||||||
Share-based compensation, net, shares | 291,000 | ||||||||||
Common stock sales, net of issuance expenses | (161,000) | (161,000) | (161,000) | ||||||||
Common stock sales, net of issuance expenses, shares | 2,000 | ||||||||||
Preferred stock dividends | (10,806,000) | (10,806,000) | (10,806,000) | ||||||||
Distributions to common shareholders/ noncontrolling interests | (12,836,000) | (53,000) | (12,783,000) | (12,783,000) | (53,000) | ||||||
Redemptions of OP Units | (8,000) | (8,000) | (8,000) | ||||||||
Reallocation adjustment of limited partners' interest | (1,000) | 392,000 | (391,000) | 1,000 | (1,000) | ||||||
Balance at Sep. 30, 2016 | $ 573,933,000 | $ 2,360,000 | $ 190,661,000 | $ 5,120,000 | $ (18,268,000) | $ 828,829,000 | $ (422,075,000) | $ (11,485,000) | $ 572,782,000 | $ (1,209,000) | $ 1,151,000 |
Balance, shares at Sep. 30, 2016 | 7,950,000 | 85,342,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 5,610,000 | $ 14,941,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Impairment charges | 6,270,000 | 953,000 |
Gain on sale | (59,000) | |
Straight-line rents | 73,000 | (379,000) |
Provision for doubtful accounts | 964,000 | 1,219,000 |
Depreciation and amortization | 31,046,000 | 28,871,000 |
Amortization of intangible lease liabilities | (2,105,000) | (2,387,000) |
Expense relating to share-based compensation, net | 2,145,000 | 2,432,000 |
Amortization (including accelerated write-off) of deferred financing costs | 1,214,000 | 1,237,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Rents and other receivables | (1,833,000) | (3,187,000) |
Prepaid expenses and other | (4,549,000) | (3,711,000) |
Accounts payable and accrued liabilities | 1,791,000 | (109,000) |
Net cash provided by operating activities | 40,567,000 | 39,880,000 |
INVESTING ACTIVITIES | ||
Acquisitions of real estate | (31,928,000) | (24,453,000) |
Expenditures for real estate improvements | (10,487,000) | (7,339,000) |
Net proceeds from sales of real estate | 14,494,000 | 5,891,000 |
Construction escrows and other | 2,427,000 | 2,089,000 |
Net cash used in investing activities | (25,494,000) | (23,812,000) |
FINANCING ACTIVITIES | ||
Repayments under revolving credit facility | (106,000,000) | (174,000,000) |
Advances under revolving credit facility | 158,000,000 | 166,000,000 |
Advances under term loans | 100,000,000 | 100,000,000 |
Mortgage borrowing | 50,000,000 | |
Mortgage repayments | (189,437,000) | (113,586,000) |
Payments of debt financing costs | (1,400,000) | (2,613,000) |
Noncontrolling interests: | ||
Purchase of joint venture minority interests share | (11,216,000) | |
Distributions to limited partners | (53,000) | (60,000) |
Redemptions of OP Units | (8,000) | (7,000) |
Common stock sales less issuance expenses, net | (161,000) | 41,686,000 |
Preferred stock dividends | (10,806,000) | (10,806,000) |
Distributions to common shareholders | (12,783,000) | (12,748,000) |
Net cash used in financing activities | (12,648,000) | (17,350,000) |
Net increase (decrease) in cash and cash equivalents | 2,425,000 | (1,282,000) |
Cash and cash equivalents at beginning of period | 2,083,000 | 3,499,000 |
Cash and cash equivalents at end of period | $ 4,508,000 | $ 2,217,000 |
Business And Organization
Business And Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [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, D.C. to Boston corridor. At September 30, 2016, the Company owned and managed a portfolio of 61 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, 2016, 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, 2016) 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 351,000 OP Units outstanding at September 30, 2016 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, 2016 | |
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, such as the reclassification of unamortized debt issuance costs for mortgage loans payable and term loans, 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, 2015. 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. In February 2015, the Financial Accounting Standards Board (“FASB”) issued guidance which amends the 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 variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company evaluated its existing joint venture property at San Souci Plaza based on the new guidance, determined the entity is now deemed to be a variable interest entity, and will continue to consolidate the entity. Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2016 2015 Supplemental disclosure of cash activities: Cash paid for interest $ 20,872,000 $ 21,059,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 541,000 336,000 Conversions of OP Units into common stock — 282,000 Mortgage loan payable assumed upon acquisition 8,501,000 — Recently-Issued Accounting Pronouncements 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 to and receive in exchange for those goods or services. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2017, 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 was adopted on January 1, 2016 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new lease accounting guidance requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2018, 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. In March 2016, the FASB issued guidance which amends the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2016, 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. In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The guidance would be effective interim and annual reporting periods beginning after December 15, 2019. 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 2016, the FASB issued guidance which provides companies with an alternative to consider regarding the nature of the source of distributions that an investor receives from an equity method investment when classifying distributions received in its cash flow statement (the nature of the distribution approach). Alternatively, companies can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2017, 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, 2016 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Acquisitions On February 25, 2016, the Company acquired Shoppes at Arts District, located in Hyattsville, Maryland. The purchase price for the property was $20.5 million, of which $8.5 million was funded from the assumption of a mortgage loan payable bearing interest at the rate of 5.2% per annum and maturing in April 2022. On May 4, 2016, the Company acquired Glenwood Village, located in Bloomfield, New Jersey. The purchase price for the property, which was unencumbered, was $19.5 million. The purchase prices have 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. Disposition On February 11, 2016, the Company sold Liberty Marketplace, located in Dubois, Pennsylvania, for $15.0 million. Real Estate Held for Sale At September 30, 2016, Upland Square, located in Pottstown, Pennsylvania was classified as real estate held for sale. In addition, the Company recorded a $6.3 million impairment charge relating to the property for the three and nine months ended September 30, 2016, which is included in continuing operations in the accompanying consolidated statement of operations. On November 2, 2016, the Company sold the property for $83.3 million, which approximated its carrying value. The Company, when applicable, conducts a continuing review of the values for all 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, less estimated costs to sell, 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 4 - “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 reflect 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 or estimated fair value less costs to sell. Discontinued Operations The following is a summary of the components of income from discontinued operations for the nine months ended September 30, 2015: Revenues $ 39,000 Expenses 27,000 Income from operations 12,000 Impairment reversals 153,000 Total income from discontinued operations $ 165,000 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. 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, 2016 and December 31, 2015, 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 $173.6 million and $308.1 million, respectively; the carrying values of such loans were $167.1 million and $298.1 million, respectively. As of September 30, 2016 and December 31, 2015, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. 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, 2016, 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, if applicable, 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 composed 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 includes 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 believes 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, 2016 and December 31, 2015, respectively: September 30, 2016 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 415,000 $ — $ — $ 415,000 Deferred compensation liabilities (b) $ 407,000 $ — $ — $ 407,000 Interest rate swaps liability (b) $ — $ 11,161,000 $ — $ 11,161,000 December 31, 2015 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 539,000 $ — $ — $ 539,000 Deferred compensation liabilities (b) $ 529,000 $ — $ — $ 529,000 Interest rate swaps liability (b) $ — $ 3,945,000 $ — $ 3,945,000 (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 following table shows the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015: September 30, 2016 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ 81,772,000 $ — $ 81,772,000 December 31, 2015 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ 14,402,000 $ — $ 14,402,000 |
Mortgage Loans Payable And Cred
Mortgage Loans Payable And Credit Facilities | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable And Credit Facilities | Note 5. Mortgage Loans Payable and Credit Facility In April 2015, the FASB issued guidance which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, the Company presents the balance of unamortized debt issuance costs for mortgage loans payable and term loans as a direct deduction from the carrying amount of that debt liability. The guidance was adopted on January 1, 2016 and has been applied on a retrospective basis. Mortgage Loans Payable The Company repaid the following mortgage loans payable during 2016: Principal payoff Property Repayment date amount Gold Star Plaza March 10, 2016 $ 953,000 West Bridgewater June 6, 2016 $ 10,037,000 Hamburg Square July 1, 2016 $ 4,569,000 Meadows Marketplace August 1, 2016 $ 9,089,000 Carman's Plaza August 1, 2016 $ 33,500,000 San Souci Plaza September 1, 2016 $ 27,200,000 Camp Hill September 30, 2016 $ 60,742,000 On May 3, 2016, the Company refinanced its existing $40.3 million mortgage loan payable secured by Franklin Village Plaza with a new $50.0 million mortgage loan payable, bearing interest at the rate of 3.9% per annum and maturing in June 2026. Unsecured Revolving Credit Facility and Term Loans The Company has a $310 million unsecured credit facility which consists of (1) a $260 million revolving credit facility, and (2) a $50 million term loan. Under an accordion feature, the facility can be increased to $750 million, subject to customary conditions and lending commitments. As of September 30, 2016, the Company had $130.0 million available for additional borrowings under the revolving credit facility. On April 26, 2016, the Company closed a new $100 million unsecured term loan maturing on April 26, 2023 (all of which was borrowed on September 30, 2016). Proceeds were used primarily to repay mortgages maturing through January 2017. Interest on borrowings under the term loan can range from LIBOR plus 165 to 225 bps (165 bps on September 30, 2016), based on the Company’s leverage ratio. Additionally, the Company entered into a forward interest rate swap agreement which converts the LIBOR rate to a fixed rate for the term loan beginning November 1, 2016 through its maturity. As a result, the effective fixed interest rate will be 3.2%, based on the Company’s leverage ratio at September 30, 2016. 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 facilities could result in the acceleration of the related debt. As of September 30, 2016 the Company is in compliance with all financial covenants. Interest on borrowings under the unsecured credit facility and terms loans are based on the Company’s leverage ratio. Derivative Financial Instruments At September 30, 2016, the Company had $11.2 million 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, 2016 and December 31, 2015: September 30, 2016 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 5 $ 350,000,000 $ 11,161,000 2019 - 2023 Accounts payable and accrued liabilities December 31, 2015 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 4 $ 250,000,000 $ 3,945,000 2019 - 2022 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, 2016 and 2015, respectively: Gain (loss) recognized in other comprehensive income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2016 2015 2016 2015 Qualifying Interest rate swaps $ 1,625,000 $ (5,434,000 ) $ (9,771,000 ) $ (6,619,000 ) (Loss) recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2016 2015 2016 2015 Continuing Operations $ (881,000 ) $ (1,087,000 ) $ (2,711,000 ) $ (2,550,000 ) As of September 30, 2016 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, 2016, 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, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 6. 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, 2016 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 7. Shareholders’ Equity On August 1, 2016, the Company entered into a forward sales agreement to issue 5,750,000 common shares for estimated net proceeds of $44.2 million, before adjustments for dividends paid and other administrative costs prior to settlement. To date, there have been no physical settlements regarding this offering. The Company expects to physically settle the agreement in full prior to its expiration on August 1, 2017. The Company does have the right, at its option, to net settle this agreement in shares or cash prior to its expiration, but does not expect to do so. Dividends The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 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 21, 2016, 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 21, 2016 to shareholders of record on November 11, 2016. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2016 | |
Revenues [Abstract] | |
Revenues | Note 8. Revenues Rental revenues for the three and nine months ended September 30, 2016 and 2015, respectively, comprise the following: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Base rents $ 29,147,000 $ 28,178,000 $ 86,734,000 $ 84,032,000 Percentage rent 160,000 215,000 420,000 569,000 Straight-line rents 157,000 90,000 (73,000 ) 379,000 Amortization of intangible lease liabilities, net 695,000 726,000 2,105,000 2,387,000 Total rents $ 30,159,000 $ 29,209,000 $ 89,186,000 $ 87,367,000 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2016 and 2015, respectively: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Expense relating to share grants $ 859,000 $ 750,000 $ 2,312,000 (a) $ 2,499,000 Amounts capitalized (54,000 ) (23,000 ) (167,000 ) (67,000 ) Total charged to operations $ 805,000 $ 727,000 $ 2,145,000 $ 2,432,000 (a) Net of an expense reduction of $267,000 relating to a forfeiture of restricted shares in connection with an employment termination. 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, 2016, there were 491,000 restricted shares issued, with a weighted average grant date fair value of $6.87 per share. At September 30, 2016, 1.1 million shares remained available for grants pursuant to the 2012 Plan. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. 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, 2016 and 2015, the Company had 3.7 million and 3.4 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2016 and 2015, the Company had 3.6 million and 3.5 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, 2016 and 2015, respectively: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator (Loss) income from continuing operations $ (761,000 ) $ 6,126,000 $ 5,610,000 $ 14,776,000 Preferred stock dividends (3,602,000 ) (3,602,000 ) (10,806,000 ) (10,806,000 ) Net loss attributable to noncontrolling interests 74,000 66,000 254,000 248,000 Net earnings allocated to unvested shares (183,000 ) (171,000 ) (533,000 ) (529,000 ) (Loss) income from continuing operations attributable to vested common shares (4,472,000 ) 2,419,000 (5,475,000 ) 3,689,000 Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares - - - 164,000 Net (loss) income attributable to vested common shares outstanding $ (4,472,000 ) $ 2,419,000 $ (5,475,000 ) $ 3,853,000 Denominator Weighted average number of vested common shares outstanding 81,676,000 81,598,000 81,670,000 81,268,000 Earnings per vested common share, basic and diluted Continuing operations $ (0.05 ) $ 0.03 $ (0.07 ) $ 0.05 Discontinued operations 0.00 0.00 0.00 0.00 $ (0.05 ) $ 0.03 $ (0.07 ) $ 0.05 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 5,750,000 common shares subject to the forward sale agreements (see Note 7- “Shareholders’ Equity”) have been excluded from the denominator as they were anti-dilutive using the treasury stock method . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from October 1, 2016 through the date of filing this Quarterly Report on Form 10-Q. |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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, such as the reclassification of unamortized debt issuance costs for mortgage loans payable and term loans, 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, 2015. 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. In February 2015, the Financial Accounting Standards Board (“FASB”) issued guidance which amends the 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 variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company evaluated its existing joint venture property at San Souci Plaza based on the new guidance, determined the entity is now deemed to be a variable interest entity, and will continue to consolidate the entity. |
Supplemental Consolidated Statement Of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2016 2015 Supplemental disclosure of cash activities: Cash paid for interest $ 20,872,000 $ 21,059,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 541,000 336,000 Conversions of OP Units into common stock — 282,000 Mortgage loan payable assumed upon acquisition 8,501,000 — |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements 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 to and receive in exchange for those goods or services. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2017, 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 was adopted on January 1, 2016 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new lease accounting guidance requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2018, 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. In March 2016, the FASB issued guidance which amends the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2016, 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. In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The guidance would be effective interim and annual reporting periods beginning after December 15, 2019. 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 2016, the FASB issued guidance which provides companies with an alternative to consider regarding the nature of the source of distributions that an investor receives from an equity method investment when classifying distributions received in its cash flow statement (the nature of the distribution approach). Alternatively, companies can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2017, 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 Accoun20
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements Of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2016 2015 Supplemental disclosure of cash activities: Cash paid for interest $ 20,872,000 $ 21,059,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 541,000 336,000 Conversions of OP Units into common stock — 282,000 Mortgage loan payable assumed upon acquisition 8,501,000 — |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Schedule Of The Components Of Income From Discontinued Operations | Revenues $ 39,000 Expenses 27,000 Income from operations 12,000 Impairment reversals 153,000 Total income from discontinued operations $ 165,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis | The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, respectively: September 30, 2016 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 415,000 $ — $ — $ 415,000 Deferred compensation liabilities (b) $ 407,000 $ — $ — $ 407,000 Interest rate swaps liability (b) $ — $ 11,161,000 $ — $ 11,161,000 December 31, 2015 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 539,000 $ — $ — $ 539,000 Deferred compensation liabilities (b) $ 529,000 $ — $ — $ 529,000 Interest rate swaps liability (b) $ — $ 3,945,000 $ — $ 3,945,000 (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 | The following table shows the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015: September 30, 2016 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ 81,772,000 $ — $ 81,772,000 December 31, 2015 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ 14,402,000 $ — $ 14,402,000 |
Mortgage Loans Payable And Cr23
Mortgage Loans Payable And Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Mortgage Loans Payable Repaid | The Company repaid the following mortgage loans payable during 2016: Principal payoff Property Repayment date amount Gold Star Plaza March 10, 2016 $ 953,000 West Bridgewater June 6, 2016 $ 10,037,000 Hamburg Square July 1, 2016 $ 4,569,000 Meadows Marketplace August 1, 2016 $ 9,089,000 Carman's Plaza August 1, 2016 $ 33,500,000 San Souci Plaza September 1, 2016 $ 27,200,000 Camp Hill September 30, 2016 $ 60,742,000 |
Summary Of The Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at September 30, 2016 and December 31, 2015: September 30, 2016 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 5 $ 350,000,000 $ 11,161,000 2019 - 2023 Accounts payable and accrued liabilities December 31, 2015 Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count value value dates location Qualifying Interest rate swaps 4 $ 250,000,000 $ 3,945,000 2019 - 2022 Accounts payable and accrued liabilities |
Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity | 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, 2016 and 2015, respectively: Gain (loss) recognized in other comprehensive income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2016 2015 2016 2015 Qualifying Interest rate swaps $ 1,625,000 $ (5,434,000 ) $ (9,771,000 ) $ (6,619,000 ) (Loss) recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2016 2015 2016 2015 Continuing Operations $ (881,000 ) $ (1,087,000 ) $ (2,711,000 ) $ (2,550,000 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule Of Dividends | Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 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, 2016 | |
Revenues [Abstract] | |
Schedule Of Rent Revenues | Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Base rents $ 29,147,000 $ 28,178,000 $ 86,734,000 $ 84,032,000 Percentage rent 160,000 215,000 420,000 569,000 Straight-line rents 157,000 90,000 (73,000 ) 379,000 Amortization of intangible lease liabilities, net 695,000 726,000 2,105,000 2,387,000 Total rents $ 30,159,000 $ 29,209,000 $ 89,186,000 $ 87,367,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Share Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Information | Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Expense relating to share grants $ 859,000 $ 750,000 $ 2,312,000 (a) $ 2,499,000 Amounts capitalized (54,000 ) (23,000 ) (167,000 ) (67,000 ) Total charged to operations $ 805,000 $ 727,000 $ 2,145,000 $ 2,432,000 (a) Net of an expense reduction of $267,000 relating to a forfeiture of restricted shares in connection with an employment termination. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2016 and 2015, respectively: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator (Loss) income from continuing operations $ (761,000 ) $ 6,126,000 $ 5,610,000 $ 14,776,000 Preferred stock dividends (3,602,000 ) (3,602,000 ) (10,806,000 ) (10,806,000 ) Net loss attributable to noncontrolling interests 74,000 66,000 254,000 248,000 Net earnings allocated to unvested shares (183,000 ) (171,000 ) (533,000 ) (529,000 ) (Loss) income from continuing operations attributable to vested common shares (4,472,000 ) 2,419,000 (5,475,000 ) 3,689,000 Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares - - - 164,000 Net (loss) income attributable to vested common shares outstanding $ (4,472,000 ) $ 2,419,000 $ (5,475,000 ) $ 3,853,000 Denominator Weighted average number of vested common shares outstanding 81,676,000 81,598,000 81,670,000 81,268,000 Earnings per vested common share, basic and diluted Continuing operations $ (0.05 ) $ 0.03 $ (0.07 ) $ 0.05 Discontinued operations 0.00 0.00 0.00 0.00 $ (0.05 ) $ 0.03 $ (0.07 ) $ 0.05 |
Business And Organization (Deta
Business And Organization (Details) | 9 Months Ended |
Sep. 30, 2016propertyshares | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of properties | property | 61 |
Company's interest in Operating Partnership | 99.60% |
Limited partners' interest in Operating Partnership | 0.40% |
OP units outstanding | shares | 351,000 |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental disclosure of cash activities: | ||
Cash paid for interest | $ 20,872,000 | $ 21,059,000 |
Supplemental disclosure of non-cash activities: | ||
Capitalization of interest and financing costs | 541,000 | 336,000 |
Conversions of OP Units into common stock | $ 282,000 | |
Mortgage loan payable assumed upon acquisition | $ 8,501,000 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | Nov. 02, 2016 | May 04, 2016 | Feb. 25, 2016 | Feb. 11, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Real Estate Properties [Line Items] | |||||||
Purchase price of acquired property | $ 31,928,000 | $ 24,453,000 | |||||
Shoppes at Arts District [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Purchase price of acquired property | $ 20,500,000 | ||||||
Mortgage interest rate | 5.20% | ||||||
Mortgage maturity date | Apr. 1, 2022 | ||||||
Shoppes at Arts District [Member] | Parent Company [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Purchase price of acquired property | $ 8,500,000 | ||||||
Glenwood Village [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Purchase price of acquired property | $ 19,500,000 | ||||||
Liberty Marketplace [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Sales price of real estate sold | $ 15,000,000 | ||||||
Upland Square [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Impairment charges | $ 6,300,000 | $ 6,300,000 | |||||
Upland Square [Member] | Subsequent Event [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Sales price of real estate sold | $ 83,300,000 |
Real Estate (Schedule Of The Co
Real Estate (Schedule Of The Components Of Income From Discontinued Operations) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Impairment reversals | $ 153,000 |
Total income from discontinued operations | 165,000 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Revenues | 39,000 |
Expenses | 27,000 |
Income from operations | 12,000 |
Impairment reversals | 153,000 |
Total income from discontinued operations | $ 165,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of fixed rate mortgage loans payable | $ 173.6 | $ 308.1 |
Carrying value of fixed rate mortgage payable | $ 167.1 | $ 298.1 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) - Recurring Basis [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 415,000 | $ 539,000 |
Deferred compensation liabilities | 407,000 | 529,000 |
Interest rate swaps liability | 11,161,000 | 3,945,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 415,000 | 539,000 |
Deferred compensation liabilities | 407,000 | 529,000 |
Interest rate swaps liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | ||
Deferred compensation liabilities | ||
Interest rate swaps liability | 11,161,000 | 3,945,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | ||
Deferred compensation liabilities | ||
Interest rate swaps liability |
Fair Value Measurements (Sche34
Fair Value Measurements (Schedule Of Assets Measured At A Fair Value On Non-recurring Basis) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate held for sale | $ 81,772,000 | $ 14,402,000 |
Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate held for sale | 81,772,000 | 14,402,000 |
Nonrecurring Basis [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate held for sale | $ 81,772,000 | $ 14,402,000 |
Mortgage Loans Payable And Cr35
Mortgage Loans Payable And Credit Facilities (Schedule Of Mortgage Loans Payable Repaid) (Details) - Mortgage Loans Payable [Member] | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Gold Star Plaza [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Mar. 10, 2016 |
Principal payoff amount | $ 953,000 |
West Bridgewater [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Jun. 6, 2016 |
Principal payoff amount | $ 10,037,000 |
Hamburg Square [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Jul. 1, 2016 |
Principal payoff amount | $ 4,569,000 |
Meadows Marketplace [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Aug. 1, 2016 |
Principal payoff amount | $ 9,089,000 |
Carman's Plaza [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Aug. 1, 2016 |
Principal payoff amount | $ 33,500,000 |
San Souci Plaza [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Sep. 1, 2016 |
Principal payoff amount | $ 27,200,000 |
Camp Hill [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Sep. 30, 2016 |
Principal payoff amount | $ 60,742,000 |
Mortgage Loans Payable And Cr36
Mortgage Loans Payable And Credit Facilities (Narrative) (Details) - USD ($) | May 03, 2016 | Sep. 30, 2016 | May 02, 2016 | Apr. 26, 2016 |
Line Of Credit Facility [Line Items] | ||||
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 | 11,200,000 | |||
Mortgage Loans Payable [Member] | Franklin Village Plaza [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Loans payable balance | $ 50,000,000 | $ 40,300,000 | ||
Mortgage interest rate | 3.90% | |||
Loan maturity date | Jun. 1, 2026 | |||
Unsecured credit facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | 310,000,000 | |||
Aggregate borrowing capacity including increase under accordion feature | 750,000,000 | |||
Unsecured credit facility [Member] | Revolving Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | 260,000,000 | |||
Remaining borrowing capacity | 130,000,000 | |||
Unsecured credit facility [Member] | Term loan facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | $ 50,000,000 | |||
Unsecured credit facility [Member] | Term Loan Maturing April 26, 2023 [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Loan maturity date | Apr. 26, 2023 | |||
Term loan amount | $ 100,000,000 | |||
Basis spread on borrowings variable rate | 1.65% | |||
Weighted-average interest rate | 3.20% | |||
Unsecured credit facility [Member] | Term Loan Maturing April 26, 2023 [Member] | Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 1.65% | |||
Unsecured credit facility [Member] | Term Loan Maturing April 26, 2023 [Member] | Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 2.25% |
Mortgage Loans Payable And Cr37
Mortgage Loans Payable And Credit Facilities (Summary Of The Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Derivatives Fair Value [Line Items] | ||
Count | contract | 5 | 4 |
Notional value | $ 350,000,000 | $ 250,000,000 |
Fair value | $ 11,161,000 | $ 3,945,000 |
Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,019 | 2,019 |
Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,023 | 2,022 |
Mortgage Loans Payable And Cr38
Mortgage Loans Payable And Credit Facilities (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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Rate Swap [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net amount of Gain (loss) recognized in other comprehensive income (effective portion) | $ 1,625,000 | $ (5,434,000) | $ (9,771,000) | $ (6,619,000) |
Continuing Operations [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net amount of (Loss) recognized in other comprehensive income reclassified into earnings (effective portion) | $ (881,000) | $ (1,087,000) | $ (2,711,000) | $ (2,550,000) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 21, 2016 | Aug. 01, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Class Of Stock [Line Items] | ||||
Common stock, shares issued | 85,333,000 | 85,049,000 | ||
Dividends payable, date declared | Oct. 25, 2016 | |||
Dividends payable, date to be paid | Nov. 21, 2016 | |||
Dividends payable, date of record | Nov. 11, 2016 | |||
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 | |||
Forward Sales Agreement [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares issued | 5,750,000 | |||
Public offering, estimated net proceeds | $ 44.2 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Dividends) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Class Of Stock [Line Items] | ||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 |
Cumulative Redeemable Preferred Stock | $ 0.453 | $ 0.453 | $ 1.359 | $ 1.359 |
Series B [Member] | ||||
Class Of Stock [Line Items] | ||||
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues [Abstract] | ||||
Base rents | $ 29,147,000 | $ 28,178,000 | $ 86,734,000 | $ 84,032,000 |
Percentage rent | 160,000 | 215,000 | 420,000 | 569,000 |
Straight-line rents | 157,000 | 90,000 | (73,000) | 379,000 |
Amortization of intangible lease liabilities, net | 695,000 | 726,000 | 2,105,000 | 2,387,000 |
Total rents | $ 30,159,000 | $ 29,209,000 | $ 89,186,000 | $ 87,367,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation [Abstract] | ||||
Expense relating to share grants | $ 859,000 | $ 750,000 | $ 2,312,000 | $ 2,499,000 |
Amounts capitalized | (54,000) | (23,000) | (167,000) | (67,000) |
Total charged to operations | $ 805,000 | $ 727,000 | 2,145,000 | $ 2,432,000 |
Expense reduction related to forfeiture of restricted shares | $ 267,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant under Stock Incentive Plan | 1,100,000 |
Time-Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares issued | 491,000 |
Weighted-average grant date fair value per share | $ / shares | $ 6.87 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average nonvested restricted shares outstanding | 3,700,000 | 3,400,000 | 3,600,000 | 3,500,000 |
Weighted average number of OP units outstanding | 352,000 | 375,000 | 352,000 | 387,000 |
Anti-dilutive common stock shares excluded from earnings per share amount | 5,750,000 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations | $ (761,000) | $ 6,126,000 | $ 5,610,000 | $ 14,776,000 |
Preferred stock dividends | (3,602,000) | (3,602,000) | (10,806,000) | (10,806,000) |
Net loss attributable to noncontrolling interests | 74,000 | 66,000 | 254,000 | 248,000 |
Net earnings allocated to unvested shares | (183,000) | (171,000) | (533,000) | (529,000) |
(Loss) income from continuing operations attributable to vested common shares | (4,472,000) | 2,419,000 | (5,475,000) | 3,689,000 |
Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares | 164,000 | |||
Net (loss) income attributable to vested common shares outstanding | $ (4,472,000) | $ 2,419,000 | $ (5,475,000) | $ 3,853,000 |
Weighted average number of vested common shares outstanding | 81,676,000 | 81,598,000 | 81,670,000 | 81,268,000 |
Earnings per vested common share, basic and diluted | ||||
Continuing operations | $ (0.05) | $ 0.03 | $ (0.07) | $ 0.05 |
Discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) per vested common share, basic and diluted | $ (0.05) | $ 0.03 | $ (0.07) | $ 0.05 |