Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Trading Symbol | CDR | |
Entity Registrant Name | CEDAR REALTY TRUST, INC. | |
Entity Central Index Key | 0000761648 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 89,024,507 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land | $ 291,869,000 | $ 295,734,000 |
Buildings and improvements | 1,209,739,000 | 1,212,948,000 |
Real estate, gross | 1,501,608,000 | 1,508,682,000 |
Less accumulated depreciation | (366,470,000) | (361,969,000) |
Real estate, net | 1,135,138,000 | 1,146,713,000 |
Real estate held for sale | 13,151,000 | 11,592,000 |
Cash and cash equivalents | 25,000 | 1,977,000 |
Receivables | 23,322,000 | 21,977,000 |
Other assets and deferred charges, net | 50,743,000 | 40,642,000 |
TOTAL ASSETS | 1,222,379,000 | 1,222,901,000 |
LIABILITIES AND EQUITY | ||
Mortgage loan payable | 47,083,000 | 47,315,000 |
Capital lease obligation | 5,381,000 | 5,387,000 |
Unsecured revolving credit facility | 102,000,000 | 100,000,000 |
Unsecured term loans | 472,309,000 | 472,132,000 |
Accounts payable and accrued liabilities | 40,551,000 | 26,142,000 |
Unamortized intangible lease liabilities | 12,564,000 | 13,209,000 |
Total liabilities | 679,888,000 | 664,185,000 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 159,541,000 | 159,541,000 |
Common stock ($.06 par value, 150,000,000 shares authorized, 89,037,000 and 90,436,000 shares, issued and outstanding, respectively) | 5,342,000 | 5,426,000 |
Treasury stock (3,093,000 and 2,971,000 shares, respectively, at cost) | (16,550,000) | (16,572,000) |
Additional paid-in capital | 869,529,000 | 875,565,000 |
Cumulative distributions in excess of net income | (480,502,000) | (475,726,000) |
Accumulated other comprehensive income | 1,782,000 | 7,191,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 539,142,000 | 555,425,000 |
Noncontrolling interests: | ||
Minority interests in consolidated joint ventures | (7,000) | (112,000) |
Limited partners' OP Units | 3,356,000 | 3,403,000 |
Total noncontrolling interests | 3,349,000 | 3,291,000 |
Total equity | 542,491,000 | 558,716,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,222,379,000 | $ 1,222,901,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 89,037,000 | 90,436,000 |
Common stock, shares outstanding | 89,037,000 | 90,436,000 |
Treasury stock, shares | 3,093,000 | 2,971,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUES | ||
Total revenues | $ 36,883,000 | $ 37,568,000 |
EXPENSES | ||
Operating, maintenance and management | 7,967,000 | 7,794,000 |
Real estate and other property-related taxes | 5,210,000 | 5,079,000 |
General and administrative | 4,798,000 | 4,494,000 |
Depreciation and amortization | 10,129,000 | 10,054,000 |
Total expenses | 28,104,000 | 27,421,000 |
OTHER | ||
Gain on sale | 101,000 | |
Impairment charges | (21,396,000) | |
Total other | 101,000 | (21,396,000) |
OPERATING INCOME (LOSS) | 8,880,000 | (11,249,000) |
NON-OPERATING INCOME AND EXPENSES | ||
Interest expense | (5,891,000) | (5,371,000) |
Total non-operating income and expenses | (5,891,000) | (5,371,000) |
NET INCOME (LOSS) | 2,989,000 | (16,620,000) |
Net (income) loss attributable to noncontrolling interests: | ||
Minority interests in consolidated joint ventures | (105,000) | (135,000) |
Limited partners' interest in Operating Partnership | (2,000) | 87,000 |
Total net (income) attributable to noncontrolling interests | 107,000 | 48,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 2,882,000 | (16,668,000) |
Preferred stock dividends | (2,688,000) | (2,799,000) |
Preferred stock redemption costs | (3,507,000) | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 194,000 | $ (22,974,000) |
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED) | $ 0 | $ (0.26) |
Weighted average number of common shares - basic and diluted | 86,580,000 | 87,623,000 |
Rental Revenues [Member] | ||
REVENUES | ||
Total revenues | $ 36,592,000 | $ 37,447,000 |
Other [Member] | ||
REVENUES | ||
Total revenues | $ 291,000 | $ 121,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,989,000 | $ (16,620,000) |
Other comprehensive income - unrealized (loss) gain on change in fair value of cash flow hedges | (5,442,000) | 5,890,000 |
Comprehensive (loss) | (2,453,000) | (10,730,000) |
Comprehensive (income) attributable to noncontrolling interests | (74,000) | (70,000) |
Comprehensive (loss) attributable to Cedar Realty Trust, Inc. | $ (2,527,000) | $ (10,800,000) |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | Restated [Member] | Restated [Member]Limited Partners' Interest In Operating Partnership [Member] | Preferred Stock [Member] | Preferred Stock [Member]Restated [Member] | Common Stock [Member] | Common Stock [Member]Restated [Member] | Treasury Stock, At Cost [Member] | Treasury Stock, At Cost [Member]Restated [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Restated [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Cumulative Distributions In Excess Of Net Income [Member]Restated [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member]Restated [Member] | Cedar Realty Trust, Inc. [Member] | Cedar Realty Trust, Inc. [Member]Restated [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Minority Interests In Consolidated Joint Ventures [Member]Restated [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Restated [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 (loss) on change in fair value of cash 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 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Prior period adjustment - adoption of lease accounting standard | Accounting Standards Update 2016-02 [Member] | (515,000) | (515,000) | (515,000) | |||||||||||||||||||
Balance at Dec. 31, 2018 | 558,716,000 | 3,403,000 | $ 558,201,000 | $ 3,403,000 | $ 159,541,000 | $ 159,541,000 | $ 5,426,000 | $ 5,426,000 | (16,572,000) | $ (16,572,000) | 875,565,000 | $ 875,565,000 | (475,726,000) | $ (476,241,000) | 7,191,000 | $ 7,191,000 | 555,425,000 | $ 554,910,000 | (112,000) | $ (112,000) | 3,291,000 | $ 3,291,000 |
Balance, shares at Dec. 31, 2018 | 6,450,000 | 6,450,000 | 90,436,000 | 90,436,000 | ||||||||||||||||||
Net (loss) income | 2,989,000 | 2,000 | 2,882,000 | 2,882,000 | 105,000 | 107,000 | ||||||||||||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | (5,442,000) | (33,000) | (5,409,000) | (5,409,000) | (33,000) | |||||||||||||||||
Share-based compensation, net | 753,000 | $ 39,000 | 22,000 | 692,000 | 753,000 | |||||||||||||||||
Share-based compensation, net, shares | 650,000 | |||||||||||||||||||||
Common stock sales, net of issuance expenses | 5,000 | 5,000 | 5,000 | |||||||||||||||||||
Common stock sales, net of issuance expenses, shares | 1,000 | |||||||||||||||||||||
Common stock repurchases | (6,844,000) | $ (123,000) | (6,721,000) | (6,844,000) | ||||||||||||||||||
Common stock repurchases. Shares | (2,050,000) | |||||||||||||||||||||
Preferred stock dividends | (2,688,000) | (2,688,000) | (2,688,000) | |||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | (4,483,000) | (28,000) | (4,455,000) | (4,455,000) | (28,000) | |||||||||||||||||
Reallocation adjustment of limited partners' interest | 12,000 | (12,000) | (12,000) | 12,000 | ||||||||||||||||||
Balance at Mar. 31, 2019 | $ 542,491,000 | $ 3,356,000 | $ 159,541,000 | $ 5,342,000 | $ (16,550,000) | $ 869,529,000 | $ (480,502,000) | $ 1,782,000 | $ 539,142,000 | $ (7,000) | $ 3,349,000 | |||||||||||
Balance, shares at Mar. 31, 2019 | 6,450,000 | 89,037,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 2,989,000 | $ (16,620,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Gain on sale | (101,000) | |
Impairment charges | 21,396,000 | |
Straight-line rents and expenses, net | (166,000) | (245,000) |
Provision for doubtful accounts | 50,000 | 502,000 |
Depreciation and amortization | 10,129,000 | 10,054,000 |
Amortization of intangible lease liabilities, net | (591,000) | (669,000) |
Expense relating to share-based compensation, net | 1,015,000 | 974,000 |
Amortization of premium on mortgage loan payable | (32,000) | |
Amortization of deferred financing costs | 330,000 | 292,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Rents and other receivables | (1,573,000) | (2,831,000) |
Prepaid expenses and other | (1,521,000) | (2,656,000) |
Accounts payable and accrued liabilities | (1,394,000) | (97,000) |
Net cash provided by operating activities | 9,167,000 | 10,068,000 |
INVESTING ACTIVITIES | ||
Expenditures for real estate improvements | (8,768,000) | (6,277,000) |
Net proceeds from sales of real estate | 9,912,000 | |
Net cash provided by / (used in) investing activities | 1,144,000 | (6,277,000) |
FINANCING ACTIVITIES | ||
Repayments under revolving credit facility | (2,000,000) | (6,500,000) |
Advances under revolving credit facility | 4,000,000 | 61,000,000 |
Mortgage repayments | (253,000) | (753,000) |
Noncontrolling interests: | ||
Distributions to limited partners | (28,000) | (17,000) |
Redemptions of preferred stock | (50,016,000) | |
Common stock sales less issuance expenses, net | 5,000 | 1,000 |
Common stock repurchases | (6,844,000) | |
Preferred stock dividends | (2,688,000) | (3,212,000) |
Distributions to common shareholders | (4,455,000) | (4,595,000) |
Net cash (used in) financing activities | (12,263,000) | (4,092,000) |
Net (decrease) in cash, cash equivalents and restricted cash | (1,952,000) | (301,000) |
Cash, cash equivalents and restricted cash at beginning of year | 1,977,000 | 7,219,000 |
Cash, cash equivalents and restricted cash at end of period | 25,000 | 6,918,000 |
Reconciliation to consolidated balance sheets: | ||
Cash and cash equivalents | 25,000 | 3,004,000 |
Restricted cash | 3,914,000 | |
Cash, cash equivalents and restricted cash at end of period | $ 25,000 | $ 6,918,000 |
Business and Organization
Business and Organization | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019, the Company owned and managed a portfolio of 56 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, 2019, the Company owned a 99.4% general and limited partnership interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at March 31, 2019) 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 553,000 OP Units outstanding at March 31, 2019 are economically equivalent to shares of 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. Unless specifically noted otherwise, all references to OP Units exclude limited partnership units held by the Company. 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, 2019 | |
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 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, 2018. 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, 2019 2018 Supplemental disclosure of cash activities: Cash paid for interest $ 5,745,000 $ 5,303,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 258,000 358,000 Recently-Adopted Accounting Pronouncements In February 2016, the FASB issued guidance amending 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, effective for annual and interim reporting periods beginning on or after December 15, 2018, 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 continue to be accounted for pursuant to existing guidance for operating leases. Based on the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee, the newly adopted guidance resulted in the recognition of (1) right-of-use assets of $14.6 million included in other assets and deferred charges, net, and (2) right-of-use liabilities of $14.6 million included in accounts payable and accrued liabilities, on the Company’s consolidated balance sheet. Additionally, the guidance requires 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. During the three months ended March 31, 2019, the Company expensed $0.7 million of leasing costs which would have previously been capitalized. The FASB provided lessors with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections are required to provide additional disclosures. The FASB provided an additional (and optional) transition method that allows entities to initially apply the guidance at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company applied both these practical expedients upon adoption. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. As permitted by the standard upon adoption, the Company recorded a $0.5 million prior-period adjustment to opening equity which the Company has reflected in the consolidated statement of equity for the three months ended March 31, 2019. In addition, the Company is also the lessee under various ground lease arrangements. The Company is not required to reassess the classification of existing ground leases where it is the lessee and therefore these leases will continue to be accounted for as operating leases. The guidance, effective January 1, 2019, did not have a material effect in the accounting for the Company’s lease revenues as lessee. In the event the Company modifies existing ground leases or enters into new ground leases after adoption of the new standard, such leases may be classified as finance leases. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Disposition On February 15, 2019, the Company sold Maxatawny Marketplace, located in Maxatawny, Pennsylvania. The sales price for the property was $10.3 million, which resulted in a gain on sale of $0.1 million, which has been included in continuing operations in the accompanying consolidated statement of operations. Real Estate Held for Sale As of March 31, 2019, Carll’s Corner, located in Bridgeton, New Jersey, Fort Washington Center, located in Fort Washington, Pennsylvania, and Suffolk Plaza, located in Suffolk, Virginia, have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 loan was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with a similar term and maturity. As of March 31, 2019 and December 31, 2018, the fair value of the Company’s fixed rate mortgage loan payable, which was determined to be Level 3 within the valuation hierarchy, was $45.3 million and $44.4 million, respectively; the carrying value of such loan was $47.1 million and $47.3 million, respectively. As of March 31, 2019 and December 31, 2018, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. In addition, the fair value of the Company’s mortgage note receivable and capital lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of March 31, 2019 and December 31, 2018, respectively. 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, 2019, 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, 2019 and December 31, 2018, respectively: March 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 701,000 $ — $ — $ 701,000 Deferred compensation liabilities (b) $ 699,000 $ — $ — $ 699,000 Interest rate swaps asset (a) $ — $ 4,688,000 $ — $ 4,688,000 Interest rate swaps liability (b) $ — $ 2,853,000 $ — $ 2,853,000 December 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 616,000 $ — $ — $ 616,000 Deferred compensation liabilities (b) $ 610,000 $ — $ — $ 610,000 Interest rate swaps asset (a) $ — $ 8,871,000 $ — $ 8,871,000 Interest rate swaps liability (b) $ — $ 1,576,000 $ — $ 1,576,000 (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. As of March 31, 2019, one retail property, totaling $1.8 million, was determined to be Level 3 asset under the hierarchy, and was measured at fair value less cost to sell on a non-recurring basis using an income capitalization approach, consisting of a capitalization rate of 8.5%. In addition, real estate held for sale on the consolidated balance sheet as of March 31, 2019 includes the carrying values of two properties which were below their fair values. |
Mortgage Loans Payable and Cred
Mortgage Loans Payable and Credit Facility | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable and Credit Facility | Note 5. Mortgage Loans Payable and Credit Facility Debt and capital lease obligations are composed of the following at March 31, 2019: March 31, 2019 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 47,429,000 3.9% Capital lease obligation Sep 2050 5,688,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 102,000,000 3.8% Term loan Sep 2022 50,000,000 4.0% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (d) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 75,000,000 3.7% Term loan Jul 2025 75,000,000 4.6% 630,117,000 3.6% Unamortized issuance costs (3,344,000 ) $ 626,773,000 (a) Effective April 1, 2019, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 basis points (“bps”) (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year extension at the Company’s option. (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“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. (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 3.2%, based on the Company’s leverage ratio at March 31, 2019. Unsecured Revolving Credit Facility and Term Loans As of March 31, 2019, the Company had $105.2 million available for additional borrowings under its revolving 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 LIBOR plus 135 bps to 195 bps (135 bps at March 31, 2019) and interest on borrowings under the term loan component can range from LIBOR plus 130 to 190 bps (130 bps at March 31, 2019), each based on the Company’s leverage. Effective April 1, 2019, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s 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, 2019, 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, 2019, the Company had $4.7 million included in other assets and deferred charges, net, in addition to $2.9 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), 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 $1.7 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, 2019 and December 31, 2018: March 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 4,688,000 2020-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 3 $ 2,853,000 2021-2025 Accounts payable and accrued liabilities December 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 8,871,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 2 $ 1,576,000 2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at March 31, 2019 and December 31, 2018 were $425.0 million and $425.0 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, 2019 and 2018, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2019 2018 Qualifying Interest rate swaps $ (4,877,000 ) $ 5,752,000 Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2019 2018 Continuing Operations $ 565,000 $ (138,000 ) As of March 31, 2019 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, 2019 | |
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. The Company is the lessee under several ground lease and its executive office lease agreements. In accordance with the adoption of the new lease accounting standard (see Note 2 – “Recently-Adopted Accounting Pronouncements”), the Company recorded right-of-use assets and related lease liabilities for these leases as of January 1, 2019. As of March 31, 2019, the Company’s weighted average remaining lease term is approximately 31.7 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.6%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.4 million and $0.2 million for the three months ended March 31, 2019 and 2018, respectively. The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements to the right-of-use liabilities as of March 31, 2019: 2019 - remaining $ 1,242,000 2020 1,095,000 2021 956,000 2022 955,000 2023 956,000 Thereafter 30,467,000 Total undiscounted future minimum lease payments 35,671,000 Future minimum lease payments, discount (21,254,000 ) Right-of-use liabilities $ 14,417,000 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 December 31, 2018 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 124,774,000 Common Stock On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorized the Company to purchase up to $30.0 million of the Company’s common stock in the open market or through private transactions, subject to market conditions, from time to time, through December 18, 2019. During the three months ended March 31, 2019, the Company repurchased approximately 2,050,000 shares at a weighted average price per share of $3.34. Since approval of the plan on December 18, 2018, the Company has repurchased a total of 2,823,000 shares at a weighted average price per share of $3.25. Dividends The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2019 2018 Common stock $ 0.050 $ 0.050 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ 0.406 On April 15, 2019, 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 20, 2019 to shareholders of record on May 10, 2019. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Revenues | Note 8. Revenues Rental revenues for the three months ended March 31, 2019 and 2018, respectively, comprise the following: Three months ended March 31, 2019 2018 Base rents $ 26,401,000 $ 27,159,000 Expense recoveries 9,194,000 9,286,000 Percentage rent 182,000 88,000 Straight-line rents 224,000 245,000 Amortization of intangible lease liabilities, net 591,000 669,000 Total rents $ 36,592,000 $ 37,447,000 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018, respectively: Three months ended March 31, 2019 2018 Expense relating to share/unit grants $ 1,097,000 $ 1,081,000 Amounts capitalized (82,000 ) (107,000 ) Total charged to operations $ 1,015,000 $ 974,000 The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company’s shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares available for issuance under the plan by 2.0 million shares, to a new total of 6.0 million shares. Upon approval of the amendment, 2.4 million shares remained available for grants pursuant to the 2017 Plan. During the three months ended March 31, 2019, there were 522,000 restricted shares issued, with a weighted average grant date fair value of $3.22 per share. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities 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, 2019 and 2018, the Company had 2.8 million and 4.0 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2019 and 2018: Three months ended March 31, 2019 2018 Numerator Net income (loss) $ 2,989,000 $ (16,620,000 ) Preferred stock dividends (2,688,000 ) (2,799,000 ) Preferred stock redemptions costs - (3,507,000 ) Net (income) loss attributable to noncontrolling interests (107,000 ) (48,000 ) Net earnings allocated to unvested shares (144,000 ) (217,000 ) Net income (loss) attributable to vested common shares $ 50,000 $ (23,191,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,580,000 87,623,000 Net income (loss) per common share attributable to common shareholders, basic and diluted $ 0.00 $ (0.26 ) 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 the three months ended March 31, 2019, no restricted stock units would have been issuable under the Company’s President and CEO market performance-based equity award had the measurement period ended on March 31, 2019; therefore this market performance-based equity award had no impact in calculation diluted EPS. Net income/loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstanding were 553,000 and 347,000 for the three months ended March 31, 2019 and 2018, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from April 1, 2019 through the date of filing this Quarterly Report on Form 10-Q. There were no events or transactions that occurred that would require adjustment to, or disclosure in, the Company’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 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, 2018. 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 February 2016, the FASB issued guidance amending 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, effective for annual and interim reporting periods beginning on or after December 15, 2018, 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 continue to be accounted for pursuant to existing guidance for operating leases. Based on the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee, the newly adopted guidance resulted in the recognition of (1) right-of-use assets of $14.6 million included in other assets and deferred charges, net, and (2) right-of-use liabilities of $14.6 million included in accounts payable and accrued liabilities, on the Company’s consolidated balance sheet. Additionally, the guidance requires 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. During the three months ended March 31, 2019, the Company expensed $0.7 million of leasing costs which would have previously been capitalized. The FASB provided lessors with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections are required to provide additional disclosures. The FASB provided an additional (and optional) transition method that allows entities to initially apply the guidance at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company applied both these practical expedients upon adoption. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. As permitted by the standard upon adoption, the Company recorded a $0.5 million prior-period adjustment to opening equity which the Company has reflected in the consolidated statement of equity for the three months ended March 31, 2019. In addition, the Company is also the lessee under various ground lease arrangements. The Company is not required to reassess the classification of existing ground leases where it is the lessee and therefore these leases will continue to be accounted for as operating leases. The guidance, effective January 1, 2019, did not have a material effect in the accounting for the Company’s lease revenues as lessee. In the event the Company modifies existing ground leases or enters into new ground leases after adoption of the new standard, such leases may be classified as finance leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Three months ended March 31, 2019 2018 Supplemental disclosure of cash activities: Cash paid for interest $ 5,745,000 $ 5,303,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 258,000 358,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018, respectively: March 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 701,000 $ — $ — $ 701,000 Deferred compensation liabilities (b) $ 699,000 $ — $ — $ 699,000 Interest rate swaps asset (a) $ — $ 4,688,000 $ — $ 4,688,000 Interest rate swaps liability (b) $ — $ 2,853,000 $ — $ 2,853,000 December 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 616,000 $ — $ — $ 616,000 Deferred compensation liabilities (b) $ 610,000 $ — $ — $ 610,000 Interest rate swaps asset (a) $ — $ 8,871,000 $ — $ 8,871,000 Interest rate swaps liability (b) $ — $ 1,576,000 $ — $ 1,576,000 (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. |
Mortgage Loans Payable and Cr_2
Mortgage Loans Payable and Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Capital Lease Obligations Related to Continuing Operations | Debt and capital lease obligations are composed of the following at March 31, 2019: March 31, 2019 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 47,429,000 3.9% Capital lease obligation Sep 2050 5,688,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 102,000,000 3.8% Term loan Sep 2022 50,000,000 4.0% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (d) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 75,000,000 3.7% Term loan Jul 2025 75,000,000 4.6% 630,117,000 3.6% Unamortized issuance costs (3,344,000 ) $ 626,773,000 (a) Effective April 1, 2019, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 basis points (“bps”) (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year extension at the Company’s option. (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“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. (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 3.2%, based on the Company’s leverage ratio at March 31, 2019. |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at March 31, 2019 and December 31, 2018: March 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 4,688,000 2020-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 3 $ 2,853,000 2021-2025 Accounts payable and accrued liabilities December 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 8,871,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 2 $ 1,576,000 2025 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, 2019 and 2018, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2019 2018 Qualifying Interest rate swaps $ (4,877,000 ) $ 5,752,000 Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2019 2018 Continuing Operations $ 565,000 $ (138,000 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities | The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements to the right-of-use liabilities as of March 31, 2019: 2019 - remaining $ 1,242,000 2020 1,095,000 2021 956,000 2022 955,000 2023 956,000 Thereafter 30,467,000 Total undiscounted future minimum lease payments 35,671,000 Future minimum lease payments, discount (21,254,000 ) Right-of-use liabilities $ 14,417,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Dividends | The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2019 2018 Common stock $ 0.050 $ 0.050 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ 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, 2019 December 31, 2018 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 124,774,000 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Schedule of Rental Revenues | Rental revenues for the three months ended March 31, 2019 and 2018, respectively, comprise the following: Three months ended March 31, 2019 2018 Base rents $ 26,401,000 $ 27,159,000 Expense recoveries 9,194,000 9,286,000 Percentage rent 182,000 88,000 Straight-line rents 224,000 245,000 Amortization of intangible lease liabilities, net 591,000 669,000 Total rents $ 36,592,000 $ 37,447,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018, respectively: Three months ended March 31, 2019 2018 Expense relating to share/unit grants $ 1,097,000 $ 1,081,000 Amounts capitalized (82,000 ) (107,000 ) Total charged to operations $ 1,015,000 $ 974,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018: Three months ended March 31, 2019 2018 Numerator Net income (loss) $ 2,989,000 $ (16,620,000 ) Preferred stock dividends (2,688,000 ) (2,799,000 ) Preferred stock redemptions costs - (3,507,000 ) Net (income) loss attributable to noncontrolling interests (107,000 ) (48,000 ) Net earnings allocated to unvested shares (144,000 ) (217,000 ) Net income (loss) attributable to vested common shares $ 50,000 $ (23,191,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,580,000 87,623,000 Net income (loss) per common share attributable to common shareholders, basic and diluted $ 0.00 $ (0.26 ) |
Business and Organization (Deta
Business and Organization (Details) | 3 Months Ended |
Mar. 31, 2019propertyshares | |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | |
Number of properties | property | 56 |
Company's interest in Operating Partnership | 99.40% |
OP units outstanding | shares | 553,000 |
Cedar Realty Trust Partnership L.P [Member] | |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | |
Limited partners' interest in Operating Partnership | 0.60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Supplemental Consolidated Statements of Cash Flows Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental disclosure of cash activities: | ||
Cash paid for interest | $ 5,745,000 | $ 5,303,000 |
Supplemental disclosure of non-cash activities: | ||
Capitalization of interest and financing costs | $ 258,000 | $ 358,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use asset | $ 14,600,000 | |
Operating lease, right-of-use liability | 14,417,000 | |
Operating lease cost | 700,000 | |
Total revenues | 36,883,000 | $ 37,568,000 |
Adjustment to opening equity prior period | 500,000 | |
Rents [Member] | Accounting Standards Update 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total revenues | 28,200,000 | |
Expense Recoveries [Member] | Accounting Standards Update 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total revenues | $ 9,300,000 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use liability | $ 14,600,000 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | Feb. 15, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Real Estate Properties [Line Items] | |||
Total revenues | $ 36,883,000 | $ 37,568,000 | |
Gain on sale of real estate | $ 101,000 | ||
Maxatawny Marketplace [Member] | |||
Real Estate Properties [Line Items] | |||
Total revenues | $ 10,300,000 | ||
Type of Revenue [Extensible List] | us-gaap:RealEstateMember | ||
Gain on sale of real estate | $ 100,000 | ||
Location | Maxatawny, Pennsylvania | ||
Carll's Corner [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Bridgeton, New Jersey | ||
Fort Washington [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Fort Washington, Pennsylvania | ||
Suffolk Plaza [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Suffolk, Virginia |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of fixed rate mortgage loans payable | $ 45,300,000 | $ 44,400,000 |
Carrying value of fixed rate mortgage payable | $ 47,100,000 | 47,300,000 |
Number of properties | property | 56 | |
Real estate held for sale | $ 13,151,000 | $ 11,592,000 |
Real Estate Held for Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of properties | property | 2 | |
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 | 1 | |
Real estate held for sale | $ 1,800,000 | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member] | Measurement Input Cap Rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rates | 8.50% |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 701,000 | $ 616,000 |
Deferred compensation liabilities | 699,000 | 610,000 |
Interest rate swaps asset | 4,688,000 | 8,871,000 |
Interest rate swaps liability | 2,853,000 | 1,576,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 701,000 | 616,000 |
Deferred compensation liabilities | 699,000 | 610,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps asset | 4,688,000 | 8,871,000 |
Interest rate swaps liability | $ 2,853,000 | $ 1,576,000 |
Mortgage Loans Payable and Cr_3
Mortgage Loans Payable and Credit Facility (Schedule of Debt and Capital Lease Obligations Related to Continuing Operations) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 47,083,000 | $ 47,315,000 |
Credit facilities | 102,000,000 | $ 100,000,000 |
Unamortized issuance costs | 3,344,000 | |
Continuing Operations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | 630,117,000 | |
Total debt | $ 626,773,000 | |
Weighted average contractual interest rate | 3.60% | |
Continuing Operations [Member] | Capital Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2050 | |
Total debt gross | $ 5,688,000 | |
Weighted average contractual interest rate | 5.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2026 | |
Mortgage loans payable | $ 47,429,000 | |
Weighted average contractual interest rate | 3.90% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Two [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Feb. 28, 2021 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 3.60% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Three [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Feb. 28, 2022 | |
Credit facilities | $ 50,000,000 | |
Weighted average contractual interest rate | 3.00% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Four [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2022 | |
Credit facilities | $ 50,000,000 | |
Weighted average contractual interest rate | 2.80% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Five [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2023 | |
Credit facilities | $ 100,000,000 | |
Weighted average contractual interest rate | 3.20% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Six [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2024 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 3.70% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Seven [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jul. 31, 2025 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 4.60% | |
Continuing Operations [Member] | Variable-Rate Mortgage [Member] | Revolving Credit Facility [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2021 | |
Credit facilities | $ 102,000,000 | |
Weighted average contractual interest rate | 3.80% | |
Continuing Operations [Member] | Variable-Rate Mortgage [Member] | Term Loan [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2022 | |
Credit facilities | $ 50,000,000 | |
Weighted average contractual interest rate | 4.00% |
Mortgage Loans Payable and Cr_4
Mortgage Loans Payable and Credit Facility (Schedule of Debt and Capital Lease Obligations Related to Continuing Operations) (Parenthetical) (Details) | Apr. 01, 2019 | Sep. 08, 2017 | Mar. 31, 2019 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.35% | ||
Line of credit facility extension allowed period | 1 year | 1 year | |
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.35% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.95% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.14% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Minimum [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.10% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Maximum [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.15% | ||
Term Loan Six [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Expiration period | 2020-02 | ||
Effective interest rate | 3.20% |
Mortgage Loans Payable and Cr_5
Mortgage Loans Payable and Credit Facility (Narrative) (Details) - USD ($) | Apr. 01, 2019 | Sep. 08, 2017 | Mar. 31, 2019 | Dec. 31, 2018 |
Line Of Credit Facility [Line Items] | ||||
Other assets and deferred charges, net | $ 50,743,000 | $ 40,642,000 | ||
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings | 1,700,000 | |||
Interest Rate Swap [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate swaps liability | 2,900,000 | |||
Derivative, notional amount | 425,000,000 | $ 425,000,000 | ||
Cash Flow Hedging, Count 3 [Member] | Interest Rate Swap [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Other assets and deferred charges, net | 4,700,000 | |||
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] | ||||
Credit facility borrowing capacity | $ 105,200,000 | |||
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 | |||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Subsequent Event [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 0.14% | |||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Minimum [Member] | Subsequent Event [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 0.10% | |||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 0.15% | |||
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 Cr_6
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, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | |
Derivatives Fair Value [Line Items] | ||
Count | contract | 3 | 2 |
Fair value | $ | $ 2,853,000 | $ 1,576,000 |
Maturity dates | 2025 | |
Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2021 | |
Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2025 | |
Cash Flow Hedging, Count 7 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 5 | |
Fair value | $ | $ 4,688,000 | |
Cash Flow Hedging, Count 7 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2020 | |
Cash Flow Hedging, Count 7 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2024 | |
Cash Flow Hedging, Count 6 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 7 | |
Fair value | $ | $ 8,871,000 | |
Cash Flow Hedging, Count 6 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2019 | |
Cash Flow Hedging, Count 6 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2024 |
Mortgage Loans Payable and Cr_7
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, 2019 | Mar. 31, 2018 | |
Designation/Cash Flow [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Net amount of (Loss) gain recognized in other comprehensive (loss) income (effective portion) | $ (4,877,000) | $ 5,752,000 |
Continuing Operations [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Net amount of Gain (loss) recognized in other comprehensive (loss)income reclassified into earnings (effective portion) | $ 565,000 | $ (138,000) |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Weighted average remaining lease term | 31 years 8 months 12 days | |
Weighted average discount rate | 5.60% | |
Rent expense | $ 0.4 | $ 0.2 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities) (Details) | Mar. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 - remaining | $ 1,242,000 |
2020 | 1,095,000 |
2021 | 956,000 |
2022 | 955,000 |
2023 | 956,000 |
Thereafter | 30,467,000 |
Total undiscounted future minimum lease payments | 35,671,000 |
Future minimum lease payments, discount | (21,254,000) |
Right-of-use liabilities | $ 14,417,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 15, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 18, 2018 |
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 12,500,000 | |||
Common stock repurchase, authorized | $ 30 | |||
Common stock repurchase, shares | 2,050,000 | |||
Common stock repurchase, weighted average price per share | $ 3.34 | |||
Additional number of common stock shares repurchased | 2,823,000 | |||
Additional common stock repurchased, weighted average price per share | $ 3.25 | |||
Subsequent Event [Member] | ||||
Class Of Stock [Line Items] | ||||
Dividends payable, date declared | Apr. 15, 2019 | |||
Common stock, dividends declared | $ 0.05 | |||
Dividends payable, date to be paid | May 20, 2019 | |||
Dividends payable, date of record | May 10, 2019 | |||
Series B [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 1,450,000 | 1,450,000 | ||
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, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 12,500,000 | |
Preferred stock | $ 159,541,000 | $ 159,541,000 |
Series B [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 1,450,000 | 1,450,000 |
Shares issued | 1,450,000 | 1,450,000 |
Shares outstanding | 1,450,000 | 1,450,000 |
Preferred stock | $ 34,767,000 | $ 34,767,000 |
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, 2019 | Mar. 31, 2018 | |
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 |
Dividend rate percentage | 7.25% | 7.25% |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Cumulative Redeemable Preferred Stock | $ 0.406 | $ 0.406 |
Dividend rate percentage | 6.50% | 6.50% |
Revenues (Schedule of Rental Re
Revenues (Schedule of Rental Revenues) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues [Abstract] | ||
Base rents | $ 26,401,000 | $ 27,159,000 |
Expense recoveries | 9,194,000 | 9,286,000 |
Percentage rent | 182,000 | 88,000 |
Straight-line rents | 224,000 | 245,000 |
Amortization of intangible lease liabilities, net | 591,000 | 669,000 |
Total rents | $ 36,592,000 | $ 37,447,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation [Abstract] | ||
Expense relating to share/unit grants | $ 1,097,000 | $ 1,081,000 |
Amounts capitalized | (82,000) | (107,000) |
Total charged to operations | $ 1,015,000 | $ 974,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - 2017 Plan [Member] - $ / shares | May 01, 2019 | Apr. 30, 2019 | Mar. 31, 2019 |
Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for grant under Stock Incentive Plan | 2,400,000 | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issued | 522,000 | ||
Weighted-average grant date fair value per share | $ 3.22 | ||
Restricted Stock Awards [Member] | Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issued | 6,000,000 | 2,000,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average nonvested restricted shares outstanding | 2,800,000 | 4,000,000 |
Weighted average number of OP units outstanding | 553,000 | 347,000 |
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares issuable under Stock incentive plan | 0 |
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, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 2,989,000 | $ (16,620,000) |
Preferred stock dividends | (2,688,000) | (2,799,000) |
Preferred stock redemptions costs | (3,507,000) | |
Net (income) loss attributable to noncontrolling interests | (107,000) | (48,000) |
Net earnings allocated to unvested shares | (144,000) | (217,000) |
Net income (loss) attributable to vested common shares | $ 50,000 | $ (23,191,000) |
Weighted average number of vested common shares outstanding, basic and diluted | 86,580,000 | 87,623,000 |
Net income (loss) per common share attributable to common shareholders, basic and diluted | $ 0 | $ (0.26) |