Cedar Realty Trust (CDR-PB) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Document Information [Line Items]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Central Index Key	0000761648
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		89,328,176
Entity File Number	001-31817
Entity Tax Identification Number	42-1241468
Entity Address, Address Line One	44 South Bayles Avenue
Entity Address, City or Town	Port Washington
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11050-3765
City Area Code	516
Local Phone Number	767-6492
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CDR
Title of 12(b) Security	Common Stock, $0.06 par value
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CDRpB
Title of 12(b) Security	7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CDRpC
Title of 12(b) Security	6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 290,530,000	$ 293,456,000
Buildings and improvements	1,227,478,000	1,221,750,000
Real estate, gross	1,518,008,000	1,515,206,000
Less accumulated depreciation	(411,041,000)	(389,861,000)
Real estate, net	1,106,967,000	1,125,345,000
Real estate held for sale	16,980,000	13,230,000
Cash and cash equivalents	68,233,000	2,747,000
Receivables	22,990,000	22,164,000
Other assets and deferred charges, net	38,928,000	42,139,000
TOTAL ASSETS	1,254,098,000	1,205,625,000
LIABILITIES AND EQUITY
Mortgage loan payable	45,882,000	46,370,000
Finance lease obligation	5,353,000	5,364,000
Unsecured revolving credit facility	176,900,000	106,000,000
Unsecured term loans	473,195,000	472,841,000
Accounts payable and accrued liabilities	61,664,000	50,502,000
Unamortized intangible lease liabilities	9,602,000	10,473,000
Total liabilities	772,596,000	691,550,000
Commitments and contingencies
Equity:
Preferred stock	159,541,000	159,541,000
Common stock ($0.06 par value, 150,000,000 shares authorized, 89,330,000 and 89,020,000 shares, issued and outstanding, respectively)	5,360,000	5,341,000
Treasury stock (2,962,000 and 3,068,000 shares, respectively, at cost)	(15,248,000)	(16,311,000)
Additional paid-in capital	873,550,000	872,724,000
Cumulative distributions in excess of net income	(522,805,000)	(503,725,000)
Accumulated other comprehensive (loss)	(22,518,000)	(7,009,000)
Total Cedar Realty Trust, Inc. shareholders' equity	477,880,000	510,561,000
Noncontrolling interests:
Minority interests in consolidated joint ventures	751,000	435,000
Limited partners' OP Units	2,871,000	3,079,000
Total noncontrolling interests	3,622,000	3,514,000
Total equity	481,502,000	514,075,000
TOTAL LIABILITIES AND EQUITY	$ 1,254,098,000	$ 1,205,625,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	89,330,000	89,020,000
Common stock, shares outstanding	89,330,000	89,020,000
Treasury stock, shares	2,962,000	3,068,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Total revenues	$ 28,620,000	$ 35,660,000	$ 71,105,000	$ 72,543,000
EXPENSES
Operating, maintenance and management	5,508,000	6,162,000	13,229,000	14,129,000
Real estate and other property-related taxes	4,978,000	5,087,000	10,100,000	10,297,000
General and administrative	3,906,000	5,418,000	8,908,000	10,216,000
Depreciation and amortization	14,426,000	10,346,000	28,173,000	20,475,000
Total expenses	28,818,000	27,013,000	60,410,000	55,117,000
OTHER
Gain on sales		2,841,000		2,942,000
Impairment charges	(133,000)		(7,607,000)
Total other	(133,000)	2,841,000	(7,607,000)	2,942,000
OPERATING (LOSS) INCOME	(331,000)	11,488,000	3,088,000	20,368,000
NON-OPERATING INCOME AND EXPENSES
Interest expense	(5,678,000)	(5,944,000)	(11,195,000)	(11,835,000)
Total non-operating income and expenses	(5,678,000)	(5,944,000)	(11,195,000)	(11,835,000)
NET (LOSS) INCOME	(6,009,000)	5,544,000	(8,107,000)	8,533,000
Net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures	(140,000)	(144,000)	(316,000)	(249,000)
Limited partners' interest in Operating Partnership	52,000	(17,000)	80,000	(19,000)
Total net (income) attributable to noncontrolling interests	88,000	161,000	236,000	268,000
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	(6,097,000)	5,383,000	(8,343,000)	8,265,000
Preferred stock dividends	(2,688,000)	(2,688,000)	(5,376,000)	(5,376,000)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (8,785,000)	$ 2,695,000	$ (13,719,000)	$ 2,889,000
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$ (0.10)	$ 0.03	$ (0.16)	$ 0.03
Weighted average number of common shares - basic and diluted	86,509,000	86,260,000	86,439,000	86,420,000
Rental Revenues [Member]
REVENUES
Total revenues	$ 28,461,000	$ 35,309,000	$ 63,576,000	$ 71,901,000
Other [Member]
REVENUES
Total revenues	$ 159,000	$ 351,000	$ 7,529,000	$ 642,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (6,009,000)	$ 5,544,000	$ (8,107,000)	$ 8,533,000
Other comprehensive income - unrealized (loss) on change in fair value of cash flow hedges	(588,000)	(8,596,000)	(15,602,000)	(14,038,000)
Comprehensive (loss)	(6,597,000)	(3,052,000)	(23,709,000)	(5,505,000)
Comprehensive (income) attributable to noncontrolling interests	(85,000)	(108,000)	(143,000)	(182,000)
Comprehensive (loss) attributable to Cedar Realty Trust, Inc.	$ (6,682,000)	$ (3,160,000)	$ (23,852,000)	$ (5,687,000)

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]	Cumulative Effect, Period of Adoption, Adjustment [Member]Restated [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]	Cumulative Distributions In Excess Of Net Income [Member]Cumulative Effect, Period of Adoption, Adjustment [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]	Cedar Realty Trust, Inc. [Member]Cumulative Effect, Period of Adoption, Adjustment [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, 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
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
Unrealized gain (loss) on change in fair value of cash flow hedges	(14,038,000)
Balance at Jun. 30, 2019	533,407,000	3,295,000				$ 159,541,000		$ 5,341,000		(16,470,000)		870,582,000		(482,258,000)			(6,761,000)		529,975,000			137,000		3,432,000
Balance, shares at Jun. 30, 2019						6,450,000		89,025,000
Prior period adjustment - adoption of lease accounting standard | Accounting Standards Update 2016-02 [Member]					$ (515,000)											$ (515,000)					$ (515,000)
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
Net (loss) income	5,544,000	17,000												5,383,000					5,383,000			144,000		161,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(8,596,000)	(53,000)															(8,543,000)		(8,543,000)					(53,000)
Share-based compensation, net	1,132,000							$ (1,000)		80,000		1,053,000							1,132,000
Share-based compensation, net, shares								(13,000)
Common stock sales, net of issuance expenses	3,000											3,000							3,000
Common stock sales, net of issuance expenses, shares								1,000
Preferred stock dividends	(2,688,000)													(2,688,000)					(2,688,000)
Distributions to common shareholders/noncontrolling interests	(4,479,000)	(28,000)												(4,451,000)					(4,451,000)					(28,000)
Reallocation adjustment of limited partners' interest		3,000										(3,000)							(3,000)					3,000
Balance at Jun. 30, 2019	533,407,000	3,295,000				$ 159,541,000		$ 5,341,000		(16,470,000)		870,582,000		(482,258,000)			(6,761,000)		529,975,000			137,000		3,432,000
Balance, shares at Jun. 30, 2019						6,450,000		89,025,000
Balance at Dec. 31, 2019	514,075,000	3,079,000				$ 159,541,000		$ 5,341,000		(16,311,000)		872,724,000		(503,725,000)			(7,009,000)		510,561,000			435,000		3,514,000
Balance, shares at Dec. 31, 2019						6,450,000		89,020,000
Net (loss) income	(2,098,000)	(28,000)												(2,246,000)					(2,246,000)			176,000		148,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(15,014,000)	(90,000)															(14,924,000)		(14,924,000)					(90,000)
Share-based compensation, net	866,000							$ 19,000		1,006,000		(159,000)							866,000
Share-based compensation, net, shares								305,000
Common stock sales, net of issuance expenses	5,000											5,000							5,000
Common stock sales, net of issuance expenses, shares								2,000
Preferred stock dividends	(2,688,000)													(2,688,000)					(2,688,000)
Distributions to common shareholders/noncontrolling interests	(4,495,000)	(27,000)												(4,468,000)					(4,468,000)					(27,000)
Reallocation adjustment of limited partners' interest		(5,000)										5,000							5,000					(5,000)
Balance at Mar. 31, 2020	490,651,000	2,929,000				$ 159,541,000		$ 5,360,000		(15,305,000)		872,575,000		(513,127,000)			(21,933,000)		487,111,000			611,000		3,540,000
Balance, shares at Mar. 31, 2020						6,450,000		89,327,000
Balance at Dec. 31, 2019	514,075,000	3,079,000				$ 159,541,000		$ 5,341,000		(16,311,000)		872,724,000		(503,725,000)			(7,009,000)		510,561,000			435,000		3,514,000
Balance, shares at Dec. 31, 2019						6,450,000		89,020,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(15,602,000)
Balance at Jun. 30, 2020	481,502,000	2,871,000				$ 159,541,000		$ 5,360,000		(15,248,000)		873,550,000		(522,805,000)			(22,518,000)		477,880,000			751,000		3,622,000
Balance, shares at Jun. 30, 2020						6,450,000		89,330,000
Balance at Mar. 31, 2020	490,651,000	2,929,000				$ 159,541,000		$ 5,360,000		(15,305,000)		872,575,000		(513,127,000)			(21,933,000)		487,111,000			611,000		3,540,000
Balance, shares at Mar. 31, 2020						6,450,000		89,327,000
Net (loss) income	(6,009,000)	(52,000)												(6,097,000)					(6,097,000)			140,000		88,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(588,000)	(3,000)															(585,000)		(585,000)					(3,000)
Share-based compensation, net	1,030,000									57,000		973,000							1,030,000
Common stock sales, net of issuance expenses	4,000											4,000							4,000
Common stock sales, net of issuance expenses, shares								3,000
Preferred stock dividends	(2,688,000)													(2,688,000)					(2,688,000)
Distributions to common shareholders/noncontrolling interests	(898,000)	(5,000)												(893,000)					(893,000)					(5,000)
Reallocation adjustment of limited partners' interest		2,000										(2,000)							(2,000)					2,000
Balance at Jun. 30, 2020	$ 481,502,000	$ 2,871,000				$ 159,541,000		$ 5,360,000		$ (15,248,000)		$ 873,550,000		$ (522,805,000)			$ (22,518,000)		$ 477,880,000			$ 751,000		$ 3,622,000
Balance, shares at Jun. 30, 2020						6,450,000		89,330,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (6,009,000)	$ 5,544,000	$ (8,107,000)	$ 8,533,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on sales		(2,841,000)		(2,942,000)
Impairment charges	133,000		7,607,000
Straight-line rents and expenses, net			1,000,000	(249,000)
Provision for doubtful accounts			641,000	231,000
Depreciation and amortization	14,426,000	10,346,000	28,173,000	20,475,000
Amortization of intangible lease liabilities, net	(307,000)	(631,000)	(766,000)	(1,222,000)
Expense relating to share-based compensation, net			1,986,000	2,043,000
Amortization of deferred financing costs			617,000	651,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables			(2,635,000)	138,000
Prepaid expenses and other			(40,000)	1,239,000
Accounts payable and accrued liabilities			(3,958,000)	(505,000)
Net cash provided by operating activities			24,518,000	28,392,000
INVESTING ACTIVITIES
Expenditures for real estate improvements			(18,644,000)	(15,174,000)
Net proceeds from sales of real estate				18,651,000
Acquisition of real estate				(9,083,000)
Net cash (used in) investing activities			(18,644,000)	(5,606,000)
FINANCING ACTIVITIES
Repayments under revolving credit facility			(12,100,000)	(16,000,000)
Advances under revolving credit facility			83,000,000	15,000,000
Mortgage repayments			(528,000)	(508,000)
Noncontrolling interests:
Distributions to limited partners			(32,000)	(56,000)
Common stock sales less issuance expenses, net			9,000	8,000
Common stock repurchases				(6,844,000)
Preferred stock dividends			(5,376,000)	(5,376,000)
Distributions to common shareholders			(5,361,000)	(8,906,000)
Net cash provided by / (used in) financing activities			59,612,000	(22,682,000)
Net increase in cash, cash equivalents and restricted cash			65,486,000	104,000
Cash, cash equivalents and restricted cash at beginning of year			2,747,000	1,977,000
Cash, cash equivalents and restricted cash at end of period	68,233,000	2,081,000	68,233,000	2,081,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	68,233,000	2,081,000	68,233,000	2,081,000
Cash, cash equivalents and restricted cash at end of period	$ 68,233,000	$ 2,081,000	$ 68,233,000	$ 2,081,000

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the Company owned and managed a portfolio of 55 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 June 30, 2020, 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 June 30, 2020) is represented by partnership units in the Operating Partnership (“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 537,000 OP Units outstanding at June 30, 2020 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	6 Months Ended
	Jun. 30, 2020
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, 2019. 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 Six months ended June 30, 2020 2019 Supplemental disclosure of cash activities: Cash paid for interest $ 11,669,000 $ 11,693,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,224,000 702,000 Recognition of right-of-use assets and related lease liabilities 703,000 14,205,000 Recently Issued and Adopted Accounting Pronouncements 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 applies to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. During November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted in accordance with ASU No. 2016-02, Leases (Topic 842). The guidance requires 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 is also 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 was effective January 1, 2020 and the guidance did not have a material effect on the Company’s consolidated financial statements. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. There were no lease concessions granted as a result of COVID-19 during the quarter ended March 31, 2020. During the quarter ended June 30, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. During the three months ended June 30, 2020, the Company has entered into lease modifications that deferred approximately $2.0 million, of which $1.8 million relates to deferrals that the Company continued to recognize rental income. In addition, during the three months ended June 30, 2020, the Company has entered into agreements that waived approximately $0.4 million of rent.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate	Note 3. Real Estate Development Asset On July 23, 2020, the Company entered into a commercial lease agreement (the “Lease”) with the Government of the District of Columbia (“District”), for the lease by the District of office space in a new 6-story building to be constructed by the Company at Senator Square. The building is planned to house the new office headquarters for the District of Columbia’s Department of General Services’ (“DGS”) 700-member workforce. The term of the Lease is 20 years and 10 months, to commence upon substantial completion and delivery to DGS. The Company anticipates commencement of construction to occur in the first quarter of 2021 and currently estimates that the space will be delivered during the end of the fourth quarter 2022. Upon completion of the building, the District will be obligated to pay initial annual net rent of approximately $5.4 million per year, subject to a 2.5% annual escalator on each anniversary of rent commencement, plus certain operating costs, property taxes and amortization of tenant improvements together totaling approximately an additional $8.1 million per year, for an aggregate total annual rent of approximately $13.5 million. The Lease provides for a free rent period of 10 months immediately following rent commencement. The Lease also provides the District with a tenant credit of approximately $6.8 million to be applied, at the District’s election, against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of the tenant improvement allowance. Pursuant to the Lease, the landlord will contribute up to $155 per rentable square foot toward the cost of tenant improvements, to be amortized over 240 months . In addition, the Lease provides that the Company will contribute $ 9.38 per rentable square foot in additional tenant improvement allowance between the 10th and 12th Lease years, upon the District’s timely election. The obligations of the District under the Lease are subject to annual budget appropriation. Real Estate Held for Sale As of June 30, 2020, Carll’s Corner, located in Bridgeton, New Jersey, Metro Square, located in Owings Mills, Maryland, Suffolk Plaza, located in Suffolk, Virginia, and The Commons, located in Dubois Pennsylvania, have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. On January 31, 2020, the Company agreed to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration at Metro Square. As a result of this termination, revenues for the six months ended June 30, 2020, included approximately $7.1 million of other income. Further, on July 9, 2020, the Company sold this property for $4.3 million. During the six months ended June 30, 2020, the Company recorded impairment charges of $7.6 million in relation to properties classified as real estate held for sale, which are included in continuing operations in the accompanying consolidated statement of operations. 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	6 Months Ended
	Jun. 30, 2020
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, 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 June 30, 2020 and December 31, 2019, the fair value of the Company’s fixed rate mortgage loan payable, which was determined to be Level 3 within the valuation hierarchy, was $46.5 million and $46.6 million, respectively; the carrying value of such loan was $45.9 million and $46.4 million, respectively. As of June 30, 2020 and December 31, 2019, 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 finance lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of June 30, 2020 and December 31, 2019, respectively. The valuations 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 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 June 30, 2020, 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. 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 June 30, 2020 and December 31, 2019, respectively: June 30, 2020 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 775,000 $ — $ — $ 775,000 Deferred compensation liabilities (b) $ 781,000 $ — $ — $ 781,000 Interest rate swaps liability (b) $ — $ 22,652,000 $ — $ 22,652,000 December 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 823,000 $ — $ — $ 823,000 Deferred compensation liabilities (b) $ 824,000 $ — $ — $ 824,000 Interest rate swaps asset (a) $ — $ 136,000 $ — $ 136,000 Interest rate swaps liability (b) $ — $ 7,180,000 $ — $ 7,180,000 (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 June 30, 2020, real estate held for sale on the consolidated balance sheet consisted of (1) one retail property, totaling $2.0 million, which 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 a direct capitalization approach, consisting of a capitalization rate of 8.5%, (2) one retail property, totaling $5.6 million, which 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 a discounted cash flow approach, consisting of a capitalization rate of 11.5% and a discount rate of 8.0%, (3) one property, totaling $4.0 million, which 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 a discounted cash flow approach, consisting of a capitalization rate of 9.5% and a discount rate of 11.0%, and (4) the carrying value of a property which is below its fair value.

Mortgage Loans Payable and Unse

Mortgage Loans Payable and Unsecured Credit Facility	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Mortgage Loans Payable and Unsecured Credit Facility	Note 5. Mortgage Loans Payable and Unsecured Credit Facility Debt and finance lease obligations are composed of the following at June 30, 2020: June 30, 2020 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 46,167,000 3.9% Finance lease obligation Sep 2050 5,649,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 176,900,000 2.4% Term loan Sep 2022 50,000,000 2.6% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.7% Term loan Feb 2022 50,000,000 3.1% Term loan Sep 2022 50,000,000 3.3% Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% 703,716,000 3.3% Unamortized issuance costs (2,386,000 ) $ 701,330,000 (a) During the third quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities will increase 15 basis points (“bps”) as a result of an increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year (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. Unsecured Revolving Credit Facility and Term Loans On August 4, 2020, the Company amended its existing $300 million unsecured credit facility and term loans. After such amendments, the Company’s financial ratios and borrowing base are now all computed using trailing four quarters as opposed to the current quarter annualized and interest rate swaps that are a hedge of existing debt are now excluded from the definition of debt. The $300 million unsecured credit facility 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 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. 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. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income for the trailing twelve months, as defined in the agreements. As of the date of filing this Quarterly Report on Form 10-Q, the Company had $ 106.9 million outstanding and $ 74.5 available for additional borrowings under its revolving credit facility, and was in compliance with all financial covenants. However, the COVID-19 pandemic may negatively impact the Company’s future ability to remain compliant with all financial covenants, including the ability to generate sufficient unencumbered property adjusted net operating income to support current borrowings. Derivative Financial Instruments The fair values of the interest rate swaps applicable to the unsecured term loans discussed above are included in other assets and deferred charges, net, and accounts payable and accrued liabilities on the consolidated balance sheet at June 30, 2020. 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 $7.7 million of accumulated other comprehensive loss will be reclassified as a decrease to earnings within the next twelve months. The following is a summary of the derivative financial instruments held by the Company at June 30, 2020 and December 31, 2019: June 30, 2020 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 22,652,000 2020-2025 Accounts payable and accrued liabilities December 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 136,000 2020-2023 Other assets and deferred charges, net Qualifying Interest rate swaps 6 $ 7,180,000 2021-2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at June 30, 2020 and December 31, 2019 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 and six months ended June 30, 2020 and 2019, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended June 30, Six months ended June 30, Cash flow Derivative 2020 2019 2020 2019 Qualifying Interest rate swaps $ (2,226,000 ) $ (8,077,000 ) $ (17,590,000 ) $ (12,954,000 ) Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended June 30, Six months ended June 30, Classification 2020 2019 2020 2019 Continuing Operations $ (1,638,000 ) $ 519,000 $ (1,988,000 ) $ 1,084,000 As of June 30, 2020 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	6 Months Ended
	Jun. 30, 2020
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. As of June 30, 2020, the Company’s weighted average remaining lease term is approximately 31.0 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.7%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.4 million and $0.4 million for the three months ended June 30, 2020 and 2019, respectively. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.9 million and $0.8 million for the six months ended June 30, 2020 and 2019, respectively. During the first quarter of 2020, COVID-19 began spreading globally, with the outbreak being classified as a pandemic by the World Health Organization on March 11, 2020 . The Company currently faces significant risks and uncertainties related to the adverse effect of the COVID-19 pandemic, which has created significant economic uncertainty and volatility. Certain tenants have announced temporary closures of their stores and have requested rent deferrals or forgiveness during this pandemic. COVID-19 could have a material and adverse effect on the Company’s financial condition, results of operations and cash flow which could result in (1) the Company’s tenants being unable to fully meet their obligations and to seek modification of their obligations, resulting in increases in uncollectible rents and a reduction in rental income, (2) difficulties in the Company’s future compliance with financial covenants in regards to its unsecured credit facilities, and (3) the recognition of impairments charges of the Company’s real estate. As a result of COVID-19, the Company has received numerous rent relief requests, most often in the form of rent deferrals. The Company has evaluated, and continues to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. During the quarter ended June 30, 2020, the Company collected 77% of contractual base rents and monthly tenant reimbursements The Company currently remains in active discussions and negotiations with its impacted tenants and anticipates the need to grant additional rent concessions or other lease-related relief, such as the deferral of lease payments for a period of time to be paid over the remaining term of the lease. The nature and financial impact of such additional rent relief is currently unknown as negotiations are in progress. The extent to which COVID-19 impacts the Company’s business, operations and financial results will depend on numerous evolving factors that the Company is not able to predict at this time.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 December 31, 2019 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 Dividends The following table provides a summary of dividends declared and paid per share: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Common stock $ 0.010 $ 0.050 $ 0.060 $ 0.100 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 0.906 $ 0.906 6.50% Series C Preferred Stock $ 0.406 $ 0.406 $ 0.813 $ 0.813 On July 20, 2020, the Company’s Board of Directors declared a dividend of $0.01 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 August 20, 2020 to shareholders of record on August 10, 2020.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2020
Revenues [Abstract]
Revenues	Note 8. Revenues Rental revenues for the three and six months ended June 30, 2020 and 2019, respectively, comprise the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Base rents $ 22,781,000 $ 26,352,000 $ 48,543,000 $ 52,753,000 Expense recoveries 6,328,000 7,950,000 14,883,000 17,144,000 Percentage rent 33,000 265,000 329,000 447,000 Straight-line rents (988,000 ) 111,000 (945,000 ) 335,000 Amortization of intangible lease liabilities, net 307,000 631,000 766,000 1,222,000 Total rents $ 28,461,000 $ 35,309,000 $ 63,576,000 $ 71,901,000 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. During 2020, the Company’s assessment has specifically included the impact of the COVID-19 pandemic, which represents a material risk to collectability. In the event that collectability with respect to any tenant changes the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. During the quarter ended June 30, 2020, the Company identified various tenants where collection was no longer considered probable. The determination to record revenue on a cash basis and write off any outstanding straight-line receivable from these various tenants reduced net income $1.2 million and $1.2 million for the three and six months ended June 30, 2020, respectively. In addition, during the three months ended June 30, 2020, $4.0 million of billed charges, consisting of rent and tenant reimbursements, were unpaid, and based on the Company’s determination to record revenue on a cash basis for these tenants, the $4.0 million was not recorded as revenue for the three months ended June 30, 2020.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share Based Compensation [Abstract]
Share-Based Compensation	N ote 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three and six months ended June 30, 2020 and 2019, respectively: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Expense relating to share/unit grants $ 1,031,000 $ 1,140,000 $ 2,108,000 $ 2,237,000 Amounts capitalized (59,000 ) (112,000 ) (122,000 ) (194,000 ) Total charged to operations $ 972,000 $ 1,028,000 $ 1,986,000 $ 2,043,000 During the six months ended June 30, 2020 there were 378,000 restricted shares issued, with a weighted average grant date fair value of $2.81 per share.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and 2019, the Company had 2.8 million and 2.8 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. For the six months ended June 30, 2020 and 2019, the Company had 2.9 million and 2.8 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 and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator Net (loss) income $ (6,009,000 ) $ 5,544,000 $ (8,107,000 ) $ 8,533,000 Preferred stock dividends (2,688,000 ) (2,688,000 ) (5,376,000 ) (5,376,000 ) Net (income) attributable to noncontrolling interests (88,000 ) (161,000 ) (236,000 ) (268,000 ) Net earnings allocated to unvested shares (28,000 ) (138,000 ) (182,000 ) (282,000 ) Net (loss) income attributable to vested common shares $ (8,813,000 ) $ 2,557,000 $ (13,901,000 ) $ 2,607,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,509,000 86,260,000 86,439,000 86,420,000 Net (loss) income per common share attributable to common shareholders, basic and diluted $ (0.10 ) $ 0.03 $ (0.16 ) $ 0.03 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 and six months ended June 30, 2020 and 2019, no restricted stock units (“RSU’s”) would have been issuable under the Company’s President and CEO market performance-based equity award had the measurement period ended on June 30, 2020, and 2019, respectively; 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 537,000 and 553,000 for the three months ended June 30, 2020 and 2019, respectively. The weighted average number of OP Units outstanding were 537,000 and 553,000 for the six months ended June 30, 2020 and 2019, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from July 1, 2020 through the date of filing this Quarterly Report on Form 10-Q. Other than those events disclosed in this report, there were no other 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)	6 Months Ended
	Jun. 30, 2020
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, 2019. 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	Supplemental Consolidated Statements of Cash Flows Information Six months ended June 30, 2020 2019 Supplemental disclosure of cash activities: Cash paid for interest $ 11,669,000 $ 11,693,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,224,000 702,000 Recognition of right-of-use assets and related lease liabilities 703,000 14,205,000
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements 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 applies to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. During November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted in accordance with ASU No. 2016-02, Leases (Topic 842). The guidance requires 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 is also 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 was effective January 1, 2020 and the guidance did not have a material effect on the Company’s consolidated financial statements. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. There were no lease concessions granted as a result of COVID-19 during the quarter ended March 31, 2020. During the quarter ended June 30, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. During the three months ended June 30, 2020, the Company has entered into lease modifications that deferred approximately $2.0 million, of which $1.8 million relates to deferrals that the Company continued to recognize rental income. In addition, during the three months ended June 30, 2020, the Company has entered into agreements that waived approximately $0.4 million of rent.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Supplemental Consolidated Statements of Cash Flows Information	Supplemental Consolidated Statements of Cash Flows Information Six months ended June 30, 2020 2019 Supplemental disclosure of cash activities: Cash paid for interest $ 11,669,000 $ 11,693,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,224,000 702,000 Recognition of right-of-use assets and related lease liabilities 703,000 14,205,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, respectively: June 30, 2020 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 775,000 $ — $ — $ 775,000 Deferred compensation liabilities (b) $ 781,000 $ — $ — $ 781,000 Interest rate swaps liability (b) $ — $ 22,652,000 $ — $ 22,652,000 December 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 823,000 $ — $ — $ 823,000 Deferred compensation liabilities (b) $ 824,000 $ — $ — $ 824,000 Interest rate swaps asset (a) $ — $ 136,000 $ — $ 136,000 Interest rate swaps liability (b) $ — $ 7,180,000 $ — $ 7,180,000 (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 Un_2

Mortgage Loans Payable and Unsecured Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations	Debt and finance lease obligations are composed of the following at June 30, 2020: June 30, 2020 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 46,167,000 3.9% Finance lease obligation Sep 2050 5,649,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 176,900,000 2.4% Term loan Sep 2022 50,000,000 2.6% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.7% Term loan Feb 2022 50,000,000 3.1% Term loan Sep 2022 50,000,000 3.3% Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% 703,716,000 3.3% Unamortized issuance costs (2,386,000 ) $ 701,330,000 (a) During the third quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities will increase 15 basis points (“bps”) as a result of an increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year (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.
Summary of Derivative Financial Instruments Held	The following is a summary of the derivative financial instruments held by the Company at June 30, 2020 and December 31, 2019: June 30, 2020 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 22,652,000 2020-2025 Accounts payable and accrued liabilities December 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 136,000 2020-2023 Other assets and deferred charges, net Qualifying Interest rate swaps 6 $ 7,180,000 2021-2025 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 and six months ended June 30, 2020 and 2019, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended June 30, Six months ended June 30, Cash flow Derivative 2020 2019 2020 2019 Qualifying Interest rate swaps $ (2,226,000 ) $ (8,077,000 ) $ (17,590,000 ) $ (12,954,000 ) Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended June 30, Six months ended June 30, Classification 2020 2019 2020 2019 Continuing Operations $ (1,638,000 ) $ 519,000 $ (1,988,000 ) $ 1,084,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Dividends	The following table provides a summary of dividends declared and paid per share: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Common stock $ 0.010 $ 0.050 $ 0.060 $ 0.100 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 0.906 $ 0.906 6.50% Series C Preferred Stock $ 0.406 $ 0.406 $ 0.813 $ 0.813
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 June 30, 2020 December 31, 2019 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)	6 Months Ended
	Jun. 30, 2020
Revenues [Abstract]
Schedule of Rental Revenues	Rental revenues for the three and six months ended June 30, 2020 and 2019, respectively, comprise the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Base rents $ 22,781,000 $ 26,352,000 $ 48,543,000 $ 52,753,000 Expense recoveries 6,328,000 7,950,000 14,883,000 17,144,000 Percentage rent 33,000 265,000 329,000 447,000 Straight-line rents (988,000 ) 111,000 (945,000 ) 335,000 Amortization of intangible lease liabilities, net 307,000 631,000 766,000 1,222,000 Total rents $ 28,461,000 $ 35,309,000 $ 63,576,000 $ 71,901,000 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. During 2020, the Company’s assessment has specifically included the impact of the COVID-19 pandemic, which represents a material risk to collectability. In the event that collectability with respect to any tenant changes the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. During the quarter ended June 30, 2020, the Company identified various tenants where collection was no longer considered probable. The determination to record revenue on a cash basis and write off any outstanding straight-line receivable from these various tenants reduced net income $1.2 million and $1.2 million for the three and six months ended June 30, 2020, respectively. In addition, during the three months ended June 30, 2020, $4.0 million of billed charges, consisting of rent and tenant reimbursements, were unpaid, and based on the Company’s determination to record revenue on a cash basis for these tenants, the $4.0 million was not recorded as revenue for the three months ended June 30, 2020.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share Based Compensation [Abstract]
Schedule of Share-Based Compensation Information	The following tables set forth certain share-based compensation information for the three and six months ended June 30, 2020 and 2019, respectively: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Expense relating to share/unit grants $ 1,031,000 $ 1,140,000 $ 2,108,000 $ 2,237,000 Amounts capitalized (59,000 ) (112,000 ) (122,000 ) (194,000 ) Total charged to operations $ 972,000 $ 1,028,000 $ 1,986,000 $ 2,043,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator Net (loss) income $ (6,009,000 ) $ 5,544,000 $ (8,107,000 ) $ 8,533,000 Preferred stock dividends (2,688,000 ) (2,688,000 ) (5,376,000 ) (5,376,000 ) Net (income) attributable to noncontrolling interests (88,000 ) (161,000 ) (236,000 ) (268,000 ) Net earnings allocated to unvested shares (28,000 ) (138,000 ) (182,000 ) (282,000 ) Net (loss) income attributable to vested common shares $ (8,813,000 ) $ 2,557,000 $ (13,901,000 ) $ 2,607,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,509,000 86,260,000 86,439,000 86,420,000 Net (loss) income per common share attributable to common shareholders, basic and diluted $ (0.10 ) $ 0.03 $ (0.16 ) $ 0.03

Business and Organization (Deta

Business and Organization (Details)	6 Months Ended
	Jun. 30, 2020propertyshares
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | property	55
OP units outstanding | shares	537,000
Cedar Realty Trust Partnership L.P [Member]
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Company's interest in Operating Partnership	99.40%
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 ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental disclosure of cash activities:
Cash paid for interest	$ 11,669,000	$ 11,693,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	1,224,000	702,000
Recognition of right-of-use assets and related lease liabilities	$ 703,000	$ 14,205,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Lease rent deferred	$ 2
Lease rent deferrals continued to recognize rental income	1.8
Lease rent waived	$ 0.4

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details)	Jul. 23, 2020USD ($)Memberworkforce$ / ft²	Jul. 09, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Real Estate Properties [Line Items]
Total revenues			$ 28,620,000	$ 35,660,000	$ 71,105,000	$ 72,543,000
Impairment charges			$ 133,000		7,607,000
Contract Termination [Member]
Real Estate Properties [Line Items]
Impairment charges					7,600,000
Contract Termination [Member] | Other Income [Member]
Real Estate Properties [Line Items]
Total revenues					$ 7,100,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Proceeds from sale of property held-for-sale		$ 4,300,000
Commercial Lease Agreement [Member] | Development Asset [Member] | Government of the District of Columbia (“District”) [Member]
Real Estate Properties [Line Items]
Lease agreement entered date	Jul. 23, 2020
Number of member workforce planned to house new office headquarters | Memberworkforce	700
Term of lease	20 years 10 months
Lessor, operating lease not yet commenced, Description					The Company anticipates commencement of construction to occur in the first quarter of 2021 and currently estimates that the space will be delivered during the end of the fourth quarter 2022
Initial annual net rent amount to be paid upon completion of building	$ 5,400,000
Annual escalator percentage to be paid on each anniversary of rent commencement	2.50%
Operating costs, property taxes and amortization of tenant improvements	$ 8,100,000
Annual net rent amount to be paid upon completion of building	$ 13,500,000
Free rent period	10 months
Tenant credit against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of tenant improvement allowance	$ 6,800,000
Amortized over period	240 months
Commercial Lease Agreement [Member] | Development Asset [Member] | Government of the District of Columbia (“District”) [Member] | Between the 10th and 12th Lease Years [Member]
Real Estate Properties [Line Items]
Additional per rentable square foot tenant improvement allowance to be contributed | $ / ft²	9.38
Commercial Lease Agreement [Member] | Development Asset [Member] | Government of the District of Columbia (“District”) [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Landlord contribution to be made per rentable square foot toward cost of tenant improvements | $ / ft²	155

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate mortgage loans payable	$ 46,500,000	$ 46,600,000
Carrying value of fixed rate mortgage payable	$ 45,900,000	46,400,000
Number of properties | property	55
Real estate held for sale	$ 16,980,000	$ 13,230,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Direct 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	$ 2,000,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Direct Capitalization Approach [Member] | Measurement Input Cap Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	8.50%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $5.6 Million Retail Properties [Member] | Discounted Cash Flow 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	$ 5,600,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $5.6 Million Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Cap Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	11.50%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $5.6 Million Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	8.00%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $4.2 Million Retail Properties [Member] | Discounted Cash Flow 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	$ 4,000,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $4.2 Million Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Cap Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	9.50%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | $4.2 Million Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.00%

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	$ 775,000	$ 823,000
Deferred compensation liabilities	781,000	824,000
Interest rate swaps asset		136,000
Interest rate swaps liability	22,652,000	7,180,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	775,000	823,000
Deferred compensation liabilities	781,000	824,000
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps asset		136,000
Interest rate swaps liability	$ 22,652,000	$ 7,180,000

Mortgage Loans Payable and Un_3

Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage loans payable	$ 45,882,000	$ 46,370,000
Credit facilities	176,900,000	$ 106,000,000
Unamortized issuance costs	(2,386,000)
Continuing Operations [Member]
Debt Instrument [Line Items]
Total debt gross	703,716,000
Total debt	$ 701,330,000
Weighted average contractual interest rate	3.30%
Continuing Operations [Member] | Finance Lease Obligation [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2050
Total debt gross	$ 5,649,000
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	$ 46,167,000
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	3.70%
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	3.10%
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	3.30%
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	3.30%
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	3.80%
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	4.70%
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	$ 176,900,000
Weighted average contractual interest rate	2.40%
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	2.60%

Mortgage Loans Payable and Un_4

Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Expected increase in weighted average interest rate subject to increase in leverage ratio	0.15%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility extension allowed period	1 year

Mortgage Loans Payable and Un_5

Mortgage Loans Payable and Unsecured Credit Facility (Narrative) (Details) - USD ($)	Aug. 10, 2020	Aug. 04, 2020	Jun. 30, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Credit facilities			$ 176,900,000	$ 106,000,000
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings			7,700,000
Interest Rate Swap [Member]
Line Of Credit Facility [Line Items]
Derivative, notional amount			$ 425,000,000	$ 425,000,000
Subsequent Event [Member] | 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
Basis spread on borrowings variable rate			1.50%
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 74.5
Line of credit facility extension allowed period		1 year
Basis spread on borrowings variable rate	1.65%
Credit facilities	$ 106,900,000
Revolving Credit Facility [Member] | Subsequent Event [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.35%
Revolving Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.95%
Revolving Credit Facility [Member] | Subsequent Event [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
Term loan facility [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate			1.45%
Term loan facility [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.60%
Term loan facility [Member] | Subsequent Event [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.30%
Term loan facility [Member] | Subsequent Event [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate		1.90%
Term loan facility [Member] | Subsequent Event [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 Un_6

Mortgage Loans Payable and Unsecured Credit Facility (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Cash Flow Hedging, Count 7 [Member]
Derivatives Fair Value [Line Items]
Count | contract	7
Fair value | $	$ 22,652,000
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	2025
Cash Flow Hedging, Count 2 [Member]
Derivatives Fair Value [Line Items]
Count | contract		2
Fair value | $		$ 136,000
Cash Flow Hedging, Count 2 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2020
Cash Flow Hedging, Count 2 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2023
Cash Flow Hedging, Count 6 [Member]
Derivatives Fair Value [Line Items]
Count | contract		6
Fair value | $		$ 7,180,000
Cash Flow Hedging, Count 6 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2021
Cash Flow Hedging, Count 6 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2025

Mortgage Loans Payable and Un_7

Mortgage Loans Payable and Unsecured Credit Facility (Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Designation/Cash Flow [Member] | Interest Rate Swap [Member]
Derivative Instruments Gain Loss [Line Items]
(Loss) gain recognized in other comprehensive (loss) income (effective portion)	$ (2,226,000)	$ (8,077,000)	$ (17,590,000)	$ (12,954,000)
Continuing Operations [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion)	$ (1,638,000)	$ 519,000	$ (1,988,000)	$ 1,084,000

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Weighted average remaining lease term	31 years		31 years
Weighted average discount rate	5.70%		5.70%
Rent expense	$ 0.4	$ 0.4	$ 0.9	$ 0.8
Percentage of contractual base rents and monthly tenant reimbursements collected	77.00%
Lease rent deferred	$ 2		$ 2
Lease rent waived	$ 0.4
Weighted average payback period of deferred rent	10 months

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - $ / shares	Jul. 20, 2020	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, shares authorized		12,500,000
Series B [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		1,450,000	1,450,000
Series C [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		6,450,000	6,450,000
Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends payable, date declared	Jul. 20, 2020
Common stock, dividends declared	$ 0.01
Dividends payable, date to be paid	Aug. 20, 2020
Dividends payable, date of record	Aug. 10, 2020
Subsequent Event [Member] | Series B [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.453125
Subsequent Event [Member] | Series C [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.406250

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, shares authorized	12,500,000
Preferred stock	$ 159,541,000	$ 159,541,000
Series B Preferred Stock [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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class Of Stock [Line Items]
Common stock	$ 0.010	$ 0.050	$ 0.060	$ 0.100
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.453	$ 0.453	$ 0.906	$ 0.906
Dividend rate percentage	7.25%	7.25%	7.25%	7.25%
Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.406	$ 0.406	$ 0.813	$ 0.813
Dividend rate percentage	6.50%	6.50%	6.50%	6.50%

Revenues (Schedule of Rental Re

Revenues (Schedule of Rental Revenues) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues [Abstract]
Base rents	$ 22,781,000	$ 26,352,000	$ 48,543,000	$ 52,753,000
Expense recoveries	6,328,000	7,950,000	14,883,000	17,144,000
Percentage rent	33,000	265,000	329,000	447,000
Straight-line rents	(988,000)	111,000	(945,000)	335,000
Amortization of intangible lease liabilities, net	307,000	631,000	766,000	1,222,000
Total rents	$ 28,461,000	$ 35,309,000	$ 63,576,000	$ 71,901,000

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Revenues [Abstract]
Reduction of net income due to recording of revenue on cash basis and write off outstanding straight-line receivable	$ 1.2	$ 1.2
Unpaid billed charges of rent and tenant reimbursements	4
Unrecorded revenue from tenants	$ 4

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation [Abstract]
Expense relating to share/unit grants	$ 1,031,000	$ 1,140,000	$ 2,108,000	$ 2,237,000
Amounts capitalized	(59,000)	(112,000)	(122,000)	(194,000)
Total charged to operations	$ 972,000	$ 1,028,000	$ 1,986,000	$ 2,043,000

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - 2017 Plan [Member] - Restricted Stock Awards [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued | shares	378,000
Weighted-average grant date fair value per share | $ / shares	$ 2.81

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding	2,800,000	2,800,000	2,900,000	2,800,000
Weighted average number of OP units outstanding	537,000	553,000	537,000	553,000
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	0	0	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income	$ (6,009,000)	$ 5,544,000	$ (8,107,000)	$ 8,533,000
Preferred stock dividends	(2,688,000)	(2,688,000)	(5,376,000)	(5,376,000)
Net (income) attributable to noncontrolling interests	(88,000)	(161,000)	(236,000)	(268,000)
Net earnings allocated to unvested shares	(28,000)	(138,000)	(182,000)	(282,000)
Net (loss) income attributable to vested common shares	$ (8,813,000)	$ 2,557,000	$ (13,901,000)	$ 2,607,000
Weighted average number of vested common shares outstanding, basic and diluted	86,509,000	86,260,000	86,439,000	86,420,000
Net (loss) income per common share attributable to common shareholders, basic and diluted	$ (0.10)	$ 0.03	$ (0.16)	$ 0.03