Cedar Realty Trust (CDR-PC) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
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		91,701,532

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Land	$ 298,743,000	$ 304,237,000
Buildings and improvements	1,208,901,000	1,230,362,000
Real estate, gross	1,507,644,000	1,534,599,000
Less accumulated depreciation	(341,101,000)	(341,943,000)
Real estate, net	1,166,543,000	1,192,656,000
Real estate held for sale	4,120,000
Cash and cash equivalents	3,004,000	3,702,000
Restricted cash	3,914,000	3,517,000
Receivables	18,903,000	17,193,000
Other assets and deferred charges, net	42,028,000	35,350,000
TOTAL ASSETS	1,238,512,000	1,252,418,000
LIABILITIES AND EQUITY
Mortgage loans payable	127,207,000	127,969,000
Unsecured revolving credit facility	109,500,000	55,000,000
Unsecured term loans	397,309,000	397,156,000
Accounts payable and accrued liabilities	25,338,000	24,519,000
Unamortized intangible lease liabilities	16,952,000	17,663,000
Total liabilities	676,306,000	622,307,000
Commitments and contingencies
Equity:
Preferred stock	159,541,000	207,508,000
Common stock ($.06 par value, 150,000,000 shares authorized, 91,710,000 and 91,317,000 shares, issued and outstanding, respectively)	5,503,000	5,479,000
Treasury stock (3,370,000 and 3,359,000 shares, respectively, at cost)	(18,458,000)	(18,463,000)
Additional paid-in capital	876,927,000	875,062,000
Cumulative distributions in excess of net income	(474,513,000)	(446,944,000)
Accumulated other comprehensive income	11,562,000	5,694,000
Total Cedar Realty Trust, Inc. shareholders' equity	560,562,000	628,336,000
Noncontrolling interests:
Minority interests in consolidated joint ventures	(474,000)	(609,000)
Limited partners' OP Units	2,118,000	2,384,000
Total noncontrolling interests	1,644,000	1,775,000
Total equity	562,206,000	630,111,000
TOTAL LIABILITIES AND EQUITY	$ 1,238,512,000	$ 1,252,418,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Common stock, shares par value	$ 0.06	$ 0.06
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	91,710,000	91,317,000
Common stock, shares outstanding	91,710,000	91,317,000
Treasury stock, shares	3,370,000	3,359,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Rents	$ 28,161,000	$ 28,223,000
Expense recoveries	9,286,000	8,348,000
Other	121,000	203,000
Total revenues	37,568,000	36,774,000
EXPENSES
Operating, maintenance and management	7,794,000	7,044,000
Real estate and other property-related taxes	5,079,000	4,745,000
General and administrative	4,494,000	4,136,000
Acquisition pursuit costs		156,000
Depreciation and amortization	10,054,000	10,418,000
Total expenses	27,421,000	26,499,000
OTHER
Gain on sale		7,099,000
Impairment charges	(21,396,000)
Total other	(21,396,000)	7,099,000
OPERATING (LOSS) INCOME	(11,249,000)	17,374,000
NON-OPERATING INCOME AND EXPENSES
Interest expense	(5,371,000)	(5,429,000)
Total non-operating income and expenses	(5,371,000)	(5,429,000)
NET (LOSS) INCOME	(16,620,000)	11,945,000
Net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures	(135,000)	(137,000)
Limited partners' interest in Operating Partnership	87,000	(32,000)
Total net (income) loss attributable to noncontrolling interests	48,000	169,000
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	(16,668,000)	11,776,000
Preferred stock dividends	(2,799,000)	(3,602,000)
Preferred stock redemption costs	(3,507,000)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (22,974,000)	$ 8,174,000
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)	$ (0.26)	$ 0.10
Weighted average number of common shares - basic and diluted	87,623,000	81,734,000

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (16,620,000)	$ 11,945,000
Other comprehensive income - unrealized gain on change in fair value of cash flow hedges	5,890,000	1,340,000
Comprehensive (loss) income	(10,730,000)	13,285,000
Comprehensive (income) attributable to noncontrolling interests	(70,000)	(174,000)
Comprehensive (loss) income attributable to Cedar Realty Trust, Inc.	$ (10,800,000)	$ 13,111,000

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 3 months ended Mar. 31, 2018 - USD ($)	Total	Limited Partners' Interest In Operating Partnership [Member]	Preferred Stock [Member]	Preferred Stock [Member]Series B [Member]	Common Stock [Member]	Treasury Stock, At Cost [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Series B [Member]	Cumulative Distributions In Excess Of Net Income [Member]	Cumulative Distributions In Excess Of Net Income [Member]Series B [Member]	Accumulated Other Comprehensive Income [Member]	Cedar Realty Trust, Inc. [Member]	Cedar Realty Trust, Inc. [Member]Series B [Member]	Minority Interests In Consolidated Joint Ventures [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2017	$ 630,111,000	$ 2,384,000	$ 207,508,000		$ 5,479,000	$ (18,463,000)	$ 875,062,000		$ (446,944,000)		$ 5,694,000	$ 628,336,000		$ (609,000)	$ 1,775,000
Balance, shares at Dec. 31, 2017			8,450,000		91,317,000
Net (loss) income	(16,620,000)	(87,000)							(16,668,000)			(16,668,000)		135,000	48,000
Unrealized gain on change in fair value of flow hedges	5,890,000	22,000									5,868,000	5,868,000			22,000
Share-based compensation, net	251,000				$ 24,000	5,000	222,000					251,000
Share-based compensation, net, shares					393,000
Redemptions of Series B Shares	(50,016,000)			$ (47,967,000)				$ 1,458,000		$ (3,507,000)			$ (50,016,000)
Redemptions of Series B Shares, Shares				(2,000,000)
Common stock sales, net of issuance expenses	1,000						1,000					1,000
Preferred stock dividends	(2,799,000)								(2,799,000)			(2,799,000)
Distributions to common shareholders/noncontrolling interests	(4,612,000)	(17,000)							(4,595,000)			(4,595,000)			(17,000)
Reallocation adjustment of limited partners' interest		(184,000)					184,000					184,000			(184,000)
Balance at Mar. 31, 2018	$ 562,206,000	$ 2,118,000	$ 159,541,000		$ 5,503,000	$ (18,458,000)	$ 876,927,000		$ (474,513,000)		$ 11,562,000	$ 560,562,000		$ (474,000)	$ 1,644,000
Balance, shares at Mar. 31, 2018			6,450,000		91,710,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net (loss) income	$ (16,620,000)	$ 11,945,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on sales		(7,099,000)
Impairment charges	21,396,000
Straight-line rents	(245,000)	(241,000)
Provision for doubtful accounts	502,000	315,000
Depreciation and amortization	10,054,000	10,418,000
Amortization of intangible lease liabilities, net	(669,000)	(639,000)
Expense relating to share-based compensation, net	974,000	933,000
Amortization of deferred financing costs	292,000	359,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables	(2,831,000)	(3,048,000)
Prepaid expenses and other	(2,656,000)	(1,014,000)
Accounts payable and accrued liabilities	(97,000)	(1,077,000)
Net cash provided by operating activities	10,100,000	10,852,000
INVESTING ACTIVITIES
Acquisitions of real estate		(28,836,000)
Expenditures for real estate improvements	(6,277,000)	(3,235,000)
Net proceeds from sales of real estate		10,372,000
Net cash (used in) investing activities	(6,277,000)	(21,699,000)
FINANCING ACTIVITIES
Repayments under revolving credit facility	(6,500,000)	(18,000,000)
Advances under revolving credit facility	61,000,000	36,000,000
Mortgage repayments	(785,000)	(834,000)
Noncontrolling interests:
Distributions to limited partners	(17,000)	(18,000)
Redemptions of preferred stock	(50,016,000)
Common stock sales less issuance expenses, net	1,000	3,000
Preferred stock dividends	(3,212,000)	(3,602,000)
Distributions to common shareholders	(4,595,000)	(4,271,000)
Net cash (used in) / provided by financing activities	(4,124,000)	9,278,000
Net (decrease) in cash, cash equivalents and restricted cash	(301,000)	(1,569,000)
Cash, cash equivalents and restricted cash at beginning of year	7,219,000	5,762,000
Cash, cash equivalents and restricted cash at end of period	6,918,000	4,193,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	3,004,000	2,207,000
Restricted cash	3,914,000	1,986,000
Cash, cash equivalents and restricted cash at end of period	$ 6,918,000	$ 4,193,000

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2018
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, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. At March 31, 2018, 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 March 31, 2018, 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 March 31, 2018) 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 347,000 OP Units outstanding at March 31, 2018 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	3 Months Ended
	Mar. 31, 2018
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 restricted cash and the related accounts on the consolidated statements of cash flows, 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, 2017. 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 Three months ended March 31, 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 5,303,000 $ 5,121,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 358,000 175,000 Recently-Adopted Accounting Pronouncements In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled to and receive in exchange for those goods or services. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued guidance that clarifies how an entity should classify certain cash receipts and cash payments on its statement of cash flows. The guidance established that an entity will classify cash payments for debt prepayment or extinguishment costs as financing cash flows. In addition, the guidance provides entities 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, entities can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. When cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions on the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued guidance which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. Recently-Issued Accounting Pronouncements 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 guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for pursuant to existing guidance for operating leases. The guidance is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee. Additionally, the guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for operating and other leases. 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 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 calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, straight-line rent receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for 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.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate	Note 3. Real Estate Real Estate Held for Sale 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 for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow or income capitalization analyses, if no contract amounts are being negotiated (see Note 4 - “Fair Value Measurements”), or (3) with respect to land parcels, estimated sales prices, less costs 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 performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property 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. As of March 31, 2018, Carll’s Corner, located in Bridgeton, New Jersey, and West Bridgewater Plaza, located in West Bridgewater, Massachusetts, have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. The Company recorded impairment charges of $21.4 million in connection with these properties during 2018.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017, 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 $125.9 million and $127.7 million, respectively; the carrying values of such loans were $127.2 million and $128.0 million, respectively. As of March 31, 2018 and December 31, 2017, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. The valuation of the assets and 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 March 31, 2018, 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, and 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, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income 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 is 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 March 31, 2018 and December 31, 2017, respectively: March 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 618,000 $ — $ — $ 618,000 Deferred compensation liabilities (b) $ 619,000 $ — $ — $ 619,000 Interest rate swaps asset (a) $ — $ 11,742,000 $ — $ 11,742,000 December 31, 2017 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 552,000 $ — $ — $ 552,000 Deferred compensation liabilities (b) $ 544,000 $ — $ — $ 544,000 Interest rate swaps asset (a) $ — $ 6,394,000 $ — $ 6,394,000 Interest rate swaps liability (b) $ — $ 511,000 $ — $ 511,000 (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 the asset measured at fair value on a non-recurring basis as of March 31, 2018: March 31, 2018 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ — $ 4,120,000 $ 4,120,000 There were no assets measured at fair value on a non-recurring basis as of December 31, 2017. As of March 31, 2018, two retail properties, totaling $4.1 million, were determined to be Level 3 assets under the hierarchy, and were measured at fair value on a non-recurring basis using an income capitalization approach, consisting of capitalization rates ranging between 8.5% to 9.5%.

Mortgage Loans Payable and Cred

Mortgage Loans Payable and Credit Facility	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Mortgage Loans Payable and Credit Facility	Note 5. Mortgage Loans Payable and Credit Facility The Company has a $300 million unsecured credit facility which, as amended and restated on September 8, 2017, consists of (1) a $250 million revolving credit facility, expiring on September 8, 2021, and (2) a $50 million term loan, expiring on September 8, 2022. 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 borrowings under the revolving credit facility component can range from the London Interbank Offered Rate (“LIBOR”) plus 135 basis points (“bps”) to 195 bps (135 bps at March 31, 2018) and interest on borrowings under the term loan component can range from LIBOR plus 130 to 190 bps (130 bps at March 31, 2018), each based on the Company’s leverage ratio. As of March 31, 2018, the Company had $98.7 million available for additional borrowings under the revolving credit facility. Debt is composed of the following at March 31, 2018: March 31, 2018 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgages 2021-2026 $ 127,242,000 4.4% Unsecured credit facilities: Variable-rate: Revolving credit facility Sep 2021 (a) 109,500,000 3.1% Term loan Sep 2022 50,000,000 3.1% Fixed-rate (b): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (c) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 (d) 75,000,000 3.3% 636,742,000 3.4% Unamortized premium 504,000 Unamortized debt issuance costs (3,230,000 ) $ 634,016,000 (a) The revolving credit facility is subject to a one-year extension at the Company’s option. (b) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. (c) The current interest rate swap agreement expires in February 2019 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s current leverage ratio. (d) The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest ratio of 3.7%, based on the Company’s current leverage ratio. 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 and exercise of other lender remedies. As of March 31, 2018, the Company is in compliance with all financial covenants. Interest on borrowings under the unsecured credit facility and term loans are based on the Company’s leverage ratio. Derivative Financial Instruments At March 31, 2018, the Company had $11.7 million included in other assets and deferred charges, net 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 $1.1 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 March 31, 2018 and December 31, 2017: March 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 11,742,000 2019-2024 Other assets and deferred charges, net December 31, 2017 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 6 $ 6,394,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 1 $ 511,000 2021 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at March 31, 2018 and December 30, 2017 were $350.0 million and $350.0 million, respectively. The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three months ended March 31, 2018 and 2017, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2018 2017 Qualifying Interest rate swaps $ 5,752,000 $ 474,000 (Loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2018 2017 Continuing Operations $ (138,000 ) $ (866,000 ) As of March 31, 2018 the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
Stockholders Equity Note [Abstract]
Shareholders' Equity	Note 7. Shareholders’ Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 March 31, 2018 December 31, 2017 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 3,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 3,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 82,734,000 124,774,000 On January 12, 2018, the Company redeemed 2,000,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of $50.0 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date. Dividends The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2018 2017 Common stock $ 0.050 $ 0.050 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ - On April 11, 2018, 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 dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on May 21, 2018 to shareholders of record on May 11, 2018.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Revenues	Note 8. Revenues Rental revenues for the three months ended March 31, 2018 and 2017, respectively, comprise the following: Three months ended March 31, 2018 2017 Base rents $ 27,159,000 $ 27,140,000 Percentage rent 88,000 203,000 Straight-line rents 245,000 241,000 Amortization of intangible lease liabilities, net 669,000 639,000 Total rents $ 28,161,000 $ 28,223,000 In April 2018, the Company accepted a payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration, which will be reflected in the quarter ended June 30, 2018. This anchor tenant was located at a property held for sale, and while paying its contractual rent prior to lease termination, it had closed and ceased retail operations at the property. The Company recognizes lease termination income when the following conditions are met: (1) the lease termination agreement has been executed, (2) the lease termination fee is determinable, (3) all the Company’s landlord services pursuant to the terminated lease have been rendered, and (4) collectability of the lease termination fee is assured.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017, respectively: Three months ended March 31, 2018 2017 Expense relating to share grants $ 1,081,000 $ 979,000 Amounts capitalized (107,000 ) (46,000 ) Total charged to operations $ 974,000 $ 933,000 The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) establishes the procedures for the granting of, among other things, restricted stock awards. During the three months ended March 31, 2018, there were 596,000 restricted shares issued, with a weighted average grant date fair value of $4.94 per share. At March 31, 2018, 3.4 million shares remained available for grants pursuant to the 2017 Plan.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and 2017, the Company had 4.0 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 months ended March 31, 2018 and 2017: Three months ended March 31, 2018 2017 Numerator (Loss) income from continuing operations $ (16,620,000 ) $ 11,945,000 Preferred stock dividends (2,799,000 ) (3,602,000 ) Preferred stock redemptions costs (3,507,000 ) - Net (income) attributable to noncontrolling interests (48,000 ) (169,000 ) Net earnings allocated to unvested shares (217,000 ) (356,000 ) Net (loss) income attributable to vested common shares $ (23,191,000 ) $ 7,818,000 Denominator Weighted average number of vested common shares outstanding 87,623,000 81,734,000 Net (loss) income per common share attributable to common shareholders, basic and diluted $ (0.26 ) $ 0.10 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. For 2017, the 5,750,000 common shares that were subject to a forward sale agreements have been excluded from the denominator prior to their issuance on August 1, 2017, as they were anti-dilutive using the treasury stock method.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from April 1, 2018 through the date of filing this Quarterly Report on Form 10-Q.

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 restricted cash and the related accounts on the consolidated statements of cash flows, 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, 2017. 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-Adopted Accounting Pronouncements	Recently-Adopted Accounting Pronouncements In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled to and receive in exchange for those goods or services. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued guidance that clarifies how an entity should classify certain cash receipts and cash payments on its statement of cash flows. The guidance established that an entity will classify cash payments for debt prepayment or extinguishment costs as financing cash flows. In addition, the guidance provides entities 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, entities can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. When cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions on the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued guidance which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements.
Recently-Issued Accounting Pronouncements	Recently-Issued Accounting Pronouncements 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 guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for pursuant to existing guidance for operating leases. The guidance is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee. Additionally, the guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for operating and other leases. 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 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 calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, straight-line rent receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for 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.

Summary Of Significant Accoun20

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Supplemental Consolidated Statements Of Cash Flows Information	Supplemental Consolidated Statements of Cash Flows Information Three months ended March 31, 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 5,303,000 $ 5,121,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 358,000 175,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017, respectively: March 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 618,000 $ — $ — $ 618,000 Deferred compensation liabilities (b) $ 619,000 $ — $ — $ 619,000 Interest rate swaps asset (a) $ — $ 11,742,000 $ — $ 11,742,000 December 31, 2017 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 552,000 $ — $ — $ 552,000 Deferred compensation liabilities (b) $ 544,000 $ — $ — $ 544,000 Interest rate swaps asset (a) $ — $ 6,394,000 $ — $ 6,394,000 Interest rate swaps liability (b) $ — $ 511,000 $ — $ 511,000 (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 Asset Measured At A Fair Value On Non-recurring Basis	The following table shows the hierarchy for the asset measured at fair value on a non-recurring basis as of March 31, 2018: March 31, 2018 Description Level 1 Level 2 Level 3 Total Real estate held for sale $ — $ — $ 4,120,000 $ 4,120,000

Mortgage Loans Payable and Cr22

Mortgage Loans Payable and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Related to Continuing Operations	Debt is composed of the following at March 31, 2018: March 31, 2018 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgages 2021-2026 $ 127,242,000 4.4% Unsecured credit facilities: Variable-rate: Revolving credit facility Sep 2021 (a) 109,500,000 3.1% Term loan Sep 2022 50,000,000 3.1% Fixed-rate (b): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (c) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 (d) 75,000,000 3.3% 636,742,000 3.4% Unamortized premium 504,000 Unamortized debt issuance costs (3,230,000 ) $ 634,016,000 (a) The revolving credit facility is subject to a one-year extension at the Company’s option. (b) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. (c) The current interest rate swap agreement expires in February 2019 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s current leverage ratio. (d) The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest ratio of 3.7%, based on the Company’s current leverage ratio.
Summary of Derivative Financial Instruments Held	The following is a summary of the derivative financial instruments held by the Company at March 31, 2018 and December 31, 2017: March 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 11,742,000 2019-2024 Other assets and deferred charges, net December 31, 2017 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 6 $ 6,394,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 1 $ 511,000 2021 Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on 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 months ended March 31, 2018 and 2017, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2018 2017 Qualifying Interest rate swaps $ 5,752,000 $ 474,000 (Loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2018 2017 Continuing Operations $ (138,000 ) $ (866,000 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Dividends	The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2018 2017 Common stock $ 0.050 $ 0.050 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ -
Preferred Stock [Member]
Summary of Preferred Stock	The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 March 31, 2018 December 31, 2017 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 3,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 3,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 82,734,000 124,774,000

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Schedule Of Rental Revenues	Rental revenues for the three months ended March 31, 2018 and 2017, respectively, comprise the following: Three months ended March 31, 2018 2017 Base rents $ 27,159,000 $ 27,140,000 Percentage rent 88,000 203,000 Straight-line rents 245,000 241,000 Amortization of intangible lease liabilities, net 669,000 639,000 Total rents $ 28,161,000 $ 28,223,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Share Based Compensation [Abstract]
Schedule Of Share-Based Compensation Information	The following tables set forth certain share-based compensation information for the three months ended March 31, 2018 and 2017, respectively: Three months ended March 31, 2018 2017 Expense relating to share grants $ 1,081,000 $ 979,000 Amounts capitalized (107,000 ) (46,000 ) Total charged to operations $ 974,000 $ 933,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017: Three months ended March 31, 2018 2017 Numerator (Loss) income from continuing operations $ (16,620,000 ) $ 11,945,000 Preferred stock dividends (2,799,000 ) (3,602,000 ) Preferred stock redemptions costs (3,507,000 ) - Net (income) attributable to noncontrolling interests (48,000 ) (169,000 ) Net earnings allocated to unvested shares (217,000 ) (356,000 ) Net (loss) income attributable to vested common shares $ (23,191,000 ) $ 7,818,000 Denominator Weighted average number of vested common shares outstanding 87,623,000 81,734,000 Net (loss) income per common share attributable to common shareholders, basic and diluted $ (0.26 ) $ 0.10

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2018propertyshares
Organization Consolidation And Presentation Of Financial Statements [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 | shares	347,000

Summary Of Significant Accoun28

Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental disclosure of cash activities:
Cash paid for interest	$ 5,303,000	$ 5,121,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	$ 358,000	$ 175,000

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Real Estate Properties [Line Items]
Impairment charges	$ 21,396,000
Carll's Corner [Member]
Real Estate Properties [Line Items]
Location	Bridgeton, New Jersey
West Bridgewater Plaza [Member]
Real Estate Properties [Line Items]
Location	West Bridgewater, Massachusetts

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate mortgage loans payable	$ 125,900,000	$ 127,700,000
Carrying value of fixed rate mortgage payable	$ 127,200,000	128,000,000
Number of properties | property	59
Real estate held for sale	$ 4,120,000
Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		$ 0
Real estate held for sale	4,120,000
Nonrecurring Basis [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	$ 4,120,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties | property	2
Real estate held for sale	$ 4,100,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rates	8.50%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rates	9.50%

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 ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	$ 618,000	$ 552,000
Deferred compensation liabilities	619,000	544,000
Interest rate swaps asset	11,742,000	6,394,000
Interest rate swaps liability		511,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	618,000	552,000
Deferred compensation liabilities	619,000	544,000
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps asset	$ 11,742,000	6,394,000
Interest rate swaps liability		$ 511,000

Fair Value Measurements (Sche32

Fair Value Measurements (Schedule Of Asset Measured At A Fair Value On Non-recurring Basis) (Details)	Mar. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	$ 4,120,000
Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	4,120,000
Nonrecurring Basis [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale	$ 4,120,000

Mortgage Loans Payable and Cr33

Mortgage Loans Payable and Credit Facility (Narrative) (Details) - USD ($)	Sep. 08, 2017	Mar. 31, 2018	Dec. 31, 2017
Line Of Credit Facility [Line Items]
Other assets and deferred charges, net		$ 42,028,000	$ 35,350,000
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings		1,100,000
Interest Rate Swap [Member]
Line Of Credit Facility [Line Items]
Derivative, notional amount		350,000,000	$ 350,000,000
Cash Flow Hedging, Count 3 [Member] | Interest Rate Swap [Member]
Line Of Credit Facility [Line Items]
Other assets and deferred charges, net		$ 11,700,000
Unsecured credit facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 300,000,000
Aggregate borrowing capacity including increase under accordion feature	$ 750,000,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of credit facility extension allowed period	1 year	1 year
Basis spread on borrowings variable rate		1.35%
Revolving Credit Facility [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.35%
Revolving Credit Facility [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.95%
Revolving Credit Facility [Member] | Unsecured credit facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 250,000,000
Credit facility expiration date	Sep. 8, 2021
Remaining borrowing capacity		$ 98,700,000
Term loan facility [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term loan facility [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.30%
Term loan facility [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.90%
Term loan facility [Member] | Unsecured credit facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 50,000,000
Credit facility expiration date	Sep. 8, 2022

Mortgage Loans Payable and Cr34

Mortgage Loans Payable and Credit Facility (Schedule of Debt Related to Continuing Operations) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgage loans payable	$ 127,207,000	$ 127,969,000
Unsecured revolving credit facility	109,500,000	$ 55,000,000
Continuing Operations [Member]
Debt Instrument [Line Items]
Total debt gross	636,742,000
Unamortized premium	504,000
Unamortized debt issuance costs	(3,230,000)
Total debt	$ 634,016,000
Weighted average contractual interest rate	3.40%
Continuing Operations [Member] | Term Loan Two [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Weighted average contractual interest rate	3.60%
Continuing Operations [Member] | Fixed-Rate Mortgages [Member]
Debt Instrument [Line Items]
Maturity date range, start	2,021
Maturity date range, end	2,026
Mortgage loans payable	$ 127,242,000
Weighted average contractual interest rate	4.40%
Continuing Operations [Member] | Fixed-Rate Mortgages [Member] | Term Loan Two [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2021
Unsecured revolving credit facility	$ 75,000,000
Continuing Operations [Member] | Fixed-Rate Mortgages [Member] | Term Loan Three [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2022
Unsecured revolving credit facility	$ 50,000,000
Weighted average contractual interest rate	3.00%
Continuing Operations [Member] | Fixed-Rate Mortgages [Member] | Term Loan Four [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2022
Unsecured revolving credit facility	$ 50,000,000
Weighted average contractual interest rate	2.80%
Continuing Operations [Member] | Fixed-Rate Mortgages [Member] | Term Loan Five [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 30, 2023
Unsecured revolving credit facility	$ 100,000,000
Weighted average contractual interest rate	3.20%
Continuing Operations [Member] | Fixed-Rate Mortgages [Member] | Term Loan Six [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2024
Unsecured revolving credit facility	$ 75,000,000
Weighted average contractual interest rate	3.30%
Continuing Operations [Member] | Variable Rate Mortgage | Revolving Credit Facility [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2021
Unsecured revolving credit facility	$ 109,500,000
Weighted average contractual interest rate	3.10%
Continuing Operations [Member] | Variable Rate Mortgage | Term Loan [Member] | Unsecured credit facility [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2022
Unsecured revolving credit facility	$ 50,000,000
Weighted average contractual interest rate	3.10%

Mortgage Loans Payable and Cr35

Mortgage Loans Payable and Credit Facility (Schedule of Debt Related to Continuing Operations) (Parenthetical) (Details)	Sep. 08, 2017	Mar. 31, 2018
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility extension allowed period	1 year	1 year
Term Loan Four [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Expiration period		2019-02
Effective interest rate		3.20%
Term Loan Six [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Expiration period		2020-02
Effective interest rate		3.70%

Mortgage Loans Payable and Cr36

Mortgage Loans Payable and Credit Facility (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)contract	Dec. 31, 2017USD ($)contract
Derivatives Fair Value [Line Items]
Count | contract		1
Fair value | $		$ 511,000
Maturity dates		2,021
Cash Flow Hedging, Count 7 [Member]
Derivatives Fair Value [Line Items]
Count | contract	7
Fair value | $	$ 11,742,000
Cash Flow Hedging, Count 7 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates	2,019
Cash Flow Hedging, Count 7 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates	2,024
Cash Flow Hedging, Count 6 [Member]
Derivatives Fair Value [Line Items]
Count | contract		6
Fair value | $		$ 6,394,000
Cash Flow Hedging, Count 6 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2,019
Cash Flow Hedging, Count 6 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2,024

Mortgage Loans Payable and Cr37

Mortgage Loans Payable and Credit Facility (Effect of Derivative Financial Instruments On Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Designation/Cash Flow [Member] | Interest Rate Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Net amount of Gain (loss) recognized in other comprehensive (loss) income (effective portion)	$ 5,752,000	$ 474,000
Continuing Operations [Member]
Derivative Instruments Gain Loss [Line Items]
Net amount of (Loss) recognized in other comprehensive (loss)income reclassified into earnings (effective portion)	$ (138,000)	$ (866,000)

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 11, 2018	Jan. 12, 2018	Mar. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Preferred stock, shares authorized			12,500,000
Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends payable, date declared	Apr. 11, 2018
Common stock, dividends declared	$ 0.05
Dividends payable, date to be paid	May 21, 2018
Dividends payable, date of record	May 11, 2018
Series B [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized			1,450,000	3,450,000
Preferred stock redeemed, shares		2,000,000
Redemption price per share		$ 25
Redemption price plus accrued and unpaid dividends amount		$ 50
Series B [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.453125
Series C [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized			6,450,000	6,450,000
Series C [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.406250

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Preferred stock, shares authorized	12,500,000
Preferred stock	$ 159,541,000	$ 207,508,000
Series B [Member]
Class Of Stock [Line Items]
Par value	$ 0.01
Liquidation value	$ 25
Preferred stock, shares authorized	1,450,000	3,450,000
Shares issued	1,450,000	3,450,000
Shares outstanding	1,450,000	3,450,000
Preferred stock	$ 34,767,000	$ 82,734,000
Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Par value	$ 0.01
Liquidation value	$ 25
Preferred stock, shares authorized	6,450,000	6,450,000
Shares issued	5,000,000	5,000,000
Shares outstanding	5,000,000	5,000,000
Preferred stock	$ 124,774,000	$ 124,774,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Dividends) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class Of Stock [Line Items]
Common stock	$ 0.050	$ 0.050
Series B [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	0.453	$ 0.453
Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.406

Shareholders' Equity (Schedul41

Shareholders' Equity (Schedule Of Dividends) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2018
Series B [Member]
Class Of Stock [Line Items]
Dividend rate percentage	7.25%
Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Dividend rate percentage	6.50%

Revenues (Schedule Of Rental Re

Revenues (Schedule Of Rental Revenues) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues [Abstract]
Base rents	$ 27,159,000	$ 27,140,000
Percentage rent	88,000	203,000
Straight-line rents	245,000	241,000
Amortization of intangible lease liabilities, net	669,000	639,000
Total rents	$ 28,161,000	$ 28,223,000

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) $ in Millions	1 Months Ended
	Apr. 30, 2018USD ($)
Subsequent Event [Member]
Lessor Lease Description [Line Items]
Payment accepted on termination of lease prior to contractual expiration	$ 4.3

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation [Abstract]
Expense relating to share grants	$ 1,081,000	$ 979,000
Amounts capitalized	(107,000)	(46,000)
Total charged to operations	$ 974,000	$ 933,000

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - 2017 Plan [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under Stock Incentive Plan	3,400,000
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	596,000
Weighted-average grant date fair value per share | $ / shares	$ 4.94

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	Aug. 01, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding		4,000,000	3,700,000
Anti-dilutive common stock shares excluded from earnings per share amount				5,750,000
Weighted average number of OP units outstanding		347,000	351,000
Forward Sales Agreements [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Settlement date of agreements	Aug. 1, 2017

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
(Loss) income from continuing operations	$ (16,620,000)	$ 11,945,000
Preferred stock dividends	(2,799,000)	(3,602,000)
Preferred stock redemptions costs	(3,507,000)
Net (income) attributable to noncontrolling interests	(48,000)	(169,000)
Net earnings allocated to unvested shares	(217,000)	(356,000)
Net (loss) income attributable to vested common shares	$ (23,191,000)	$ 7,818,000
Weighted average number of vested common shares outstanding	87,623,000	81,734,000
Net (loss) income per common share attributable to common shareholders, basic and diluted	$ (0.26)	$ 0.10