Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 12, 2018 | Jun. 30, 2017 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PEI | ||
Entity Registrant Name | PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | ||
Entity Central Index Key | 77,281 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 70,372,236 | ||
Entity Public Float | $ 800 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
INVESTMENTS IN REAL ESTATE, at cost: | ||
Operating properties | $ 3,180,212 | $ 3,196,529 |
Construction in progress | 113,609 | 97,575 |
Land held for development | 5,881 | 5,910 |
Total investments in real estate | 3,299,702 | 3,300,014 |
Accumulated depreciation | (1,111,007) | (1,060,845) |
Net investments in real estate | 2,188,695 | 2,239,169 |
INVESTMENTS IN PARTNERSHIPS, at equity: | 216,823 | 168,608 |
OTHER ASSETS: | ||
Cash and cash equivalents | 15,348 | 9,803 |
Tenant and other receivables (net of allowance for doubtful accounts of $7,248 and $6,236 at December 31, 2017 and 2016, respectively) | 38,166 | 39,026 |
Intangible assets (net of accumulated amortization of $13,117 and $11,064 at December 31, 2017 and 2016, respectively) | 17,693 | 19,746 |
Deferred costs and other assets, net | 112,046 | 93,800 |
Assets held for sale | 0 | 46,680 |
Total assets | 2,588,771 | 2,616,832 |
LIABILITIES: | ||
Mortgage loans payable | 1,056,084 | 1,222,859 |
Term Loans | 547,758 | 397,043 |
2013 Revolving Facility | 53,000 | 147,000 |
Tenants’ deposits and deferred rent | 11,446 | 13,262 |
Distributions in excess of partnership investments | 97,868 | 61,833 |
Fair value of derivative instruments | 20 | 1,520 |
Liabilities on assets held for sale | 0 | 2,658 |
Accrued expenses and other liabilities | 61,604 | 68,251 |
Total liabilities | 1,827,780 | 1,914,426 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
EQUITY: | ||
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 69,983 issued and outstanding shares at December 31, 2017 and 69,553 shares at December 31, 2016 | 69,983 | 69,553 |
Capital contributed in excess of par | 1,663,966 | 1,481,787 |
Accumulated other comprehensive loss | 7,226 | 1,622 |
Distributions in excess of net income | (1,117,290) | (997,789) |
Total equity – Pennsylvania Real Estate Investment Trust | 624,039 | 555,254 |
Noncontrolling interest | 136,952 | 147,152 |
Total equity | 760,991 | 702,406 |
Total liabilities and equity | 2,588,771 | 2,616,832 |
Series A Preferred Shares[Member] | ||
EQUITY: | ||
Preferred shares, value | 0 | 46 |
Total equity | 0 | 46 |
Series B Preferred Shares [Member] | ||
EQUITY: | ||
Preferred shares, value | 35 | 35 |
Total equity | 35 | 35 |
Series C Preferred Stock [Member] | ||
EQUITY: | ||
Preferred shares, value | 69 | 0 |
Total equity | 69 | 0 |
Series D Preferred Stock [Member] | ||
EQUITY: | ||
Preferred shares, value | 50 | 0 |
Total equity | $ 50 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Tenant and other receivables, allowance for doubtful accounts | $ 7,059,000 | $ 6,236,000 |
Intangible assets, accumulated amortization | $ 13,117,000 | $ 11,064,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 69,983 | 69,197 |
Common stock, shares outstanding | 69,983 | 69,197 |
Series A Preferred Shares[Member] | ||
Preferred shares, par value | $ 0.01 | |
Preferred shares, authorized | 25,000,000 | |
Preferred shares, issued | 4,600,000 | |
Preferred shares, outstanding | 4,600,000 | |
Liquidation preference | $ 115,000,000 | |
Series B Preferred Shares [Member] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 25,000,000 | 25,000,000 |
Preferred shares, issued | 3,450,000 | 3,450,000 |
Preferred shares, outstanding | 3,450,000 | 3,450,000 |
Liquidation preference | $ 86,250,000 | $ 86,250,000 |
Series C Preferred Stock [Member] | ||
Preferred shares, par value | $ 0.01 | |
Preferred shares, authorized | 25,000,000 | |
Preferred shares, issued | 6,900,000 | |
Preferred shares, outstanding | 6,900,000 | |
Liquidation preference | $ 172,500,000 | |
Series D Preferred Stock [Member] | ||
Preferred shares, par value | $ 0.01 | |
Preferred shares, authorized | 25,000,000 | |
Preferred shares, issued | 5,000,000 | |
Preferred shares, outstanding | 5,000,000 | |
Liquidation preference | $ 120,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate revenue: | |||
Base rent | $ 230,898 | $ 252,115 | $ 271,957 |
Expense reimbursements | 109,454 | 118,880 | 125,505 |
Percentage rent | 4,366 | 5,245 | 5,724 |
Lease termination revenue | 2,760 | 4,460 | 2,014 |
Other real estate revenue | 14,046 | 13,897 | 14,997 |
Total real estate revenue | 361,524 | 394,597 | 420,197 |
Other income | 5,966 | 5,349 | 5,214 |
Total revenue | 367,490 | 399,946 | 425,411 |
Property operating expenses: | |||
CAM and real estate taxes | (111,275) | (124,690) | (133,912) |
Utilities | (16,151) | (17,053) | (19,674) |
Other | (12,879) | (14,475) | (16,461) |
Cost of Real Estate Revenue | 140,305 | 156,218 | 170,047 |
Depreciation and amortization | (128,822) | (126,669) | (142,647) |
Other expenses: | |||
Impairment of assets | 55,793 | 62,603 | 140,318 |
General and administrative expenses | (36,736) | (35,269) | (34,836) |
Provision for employee separation expense | (1,299) | (1,355) | (2,087) |
Project costs and other expenses | (768) | (1,700) | (6,108) |
Interest expense, net | (58,430) | (70,724) | (81,096) |
Project costs and other expenses | (422,153) | (454,538) | (577,139) |
Total operating expenses | 307,930 | 321,211 | 355,725 |
Loss before equity in income of partnerships and gains on sales of real estate and non operating real estate | (54,663) | (54,592) | (151,728) |
Equity in income of partnerships | 14,367 | 18,477 | 9,540 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,539 | ||
Gain on sale of real estate by equity method investee | (361) | 23,022 | 12,362 |
Net loss attributable to PREIT | (29,344) | (11,348) | (116,683) |
Less: preferred share dividends | (27,845) | (15,848) | (15,848) |
Preferred Stock Redemption Premium | (4,103) | ||
Net loss attributable to PREIT common shareholders | (61,292) | (27,196) | (132,531) |
Net loss | (32,848) | (12,713) | (129,567) |
Net Income (Loss) Attributable to Noncontrolling Interest | (3,504) | (1,365) | (12,884) |
Preferred dividends | (27,845) | (15,848) | (15,848) |
Noncontrolling interest | 3,504 | 1,365 | 12,884 |
Dividends on restricted shares | (372) | (322) | (315) |
Net loss used to calculate earnings per share – basic and diluted | $ (61,664) | $ (27,518) | $ (132,846) |
Basic and diluted loss per share | |||
Loss from continuing operations (in dollars per share) | $ (0.89) | $ (0.40) | $ (1.93) |
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.89) | $ (0.40) | |
Weighted average shares outstanding – basic | 69,364 | 69,086 | 68,740 |
Weighted average shares outstanding – diluted | 69,364 | 69,086 | 68,740 |
Gain Loss On Sale Of Real Estate | $ 1,270 | $ 380 | $ 259 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net loss attributable to Common Shareholders, diluted | 93 | 191 | 485 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Comprehensive loss: | |||
Net loss | $ (32,848) | $ (12,713) | $ (129,567) |
Unrealized gain on derivatives | 5,415 | 6,007 | 690 |
Amortization of losses on settled swaps, net of gains | 859 | 503 | 1,337 |
Total comprehensive loss | (26,574) | (6,203) | (127,540) |
Less: Comprehensive loss attributable to noncontrolling interest | 2,834 | 670 | 12,666 |
Comprehensive loss attributable to PREIT | $ (23,740) | $ (5,533) | $ (114,874) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Shares of Beneficial Interest, $1.00 Par [Member] | Capital Contributed in Excess of Par [Member] | Accumulated Other Comprehensive (Income) Loss [Member] | Distributions in Excess of Net Income [Member] | Non- controlling interest [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member]Distributions in Excess of Net Income [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member]Distributions in Excess of Net Income [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member]Distributions in Excess of Net Income [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member]Distributions in Excess of Net Income [Member] |
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.8438 | $ 2.0625 | ||||||||||||
Beginning Balance at Dec. 31, 2014 | $ 844,737 | $ 68,801 | $ 1,474,183 | $ (6,002) | $ (721,605) | $ 29,279 | $ 35 | $ 46 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net loss | (129,567) | (116,683) | (12,884) | |||||||||||
Other comprehensive income | 2,027 | 1,809 | 218 | |||||||||||
Shares issued upon redemption of Operating Partnership units | 0 | (34) | (675) | 709 | ||||||||||
Shares issued under employee and trustee compensation plans, net of shares retired | (4,383) | 362 | (4,745) | |||||||||||
Amortization of deferred compensation | 6,284 | 6,284 | ||||||||||||
Distributions paid to common shareholders | (58,085) | (58,085) | ||||||||||||
Distributions paid to preferred shareholders | (15,848) | (6,361) | (9,487) | |||||||||||
Noncontrolling interests: | ||||||||||||||
Distributions paid to Operating Partnership unit holders | (5,703) | (5,703) | ||||||||||||
Operating Partnership Units Issued As Consideration For Acquisition | 145,188 | 145,188 | ||||||||||||
Contributions from noncontrolling interest, net | (20) | (20) | ||||||||||||
Ending Balance at Dec. 31, 2015 | 784,630 | 69,197 | 1,476,397 | (4,193) | (912,221) | 155,369 | $ 35 | $ 46 | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.8438 | $ 2.0625 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net loss | (12,713) | (11,348) | (1,365) | |||||||||||
Other comprehensive income | 6,510 | 5,815 | 695 | |||||||||||
Shares issued upon redemption of Operating Partnership units | 0 | (26) | (574) | 600 | ||||||||||
Shares issued under employee and trustee compensation plans, net of shares retired | (889) | 330 | (1,219) | |||||||||||
Amortization of deferred compensation | 6,035 | 6,035 | ||||||||||||
Distributions paid to common shareholders | (58,372) | (58,372) | ||||||||||||
Distributions paid to preferred shareholders | (15,848) | $ (6,361) | $ (9,487) | $ (9,487) | ||||||||||
Noncontrolling interests: | ||||||||||||||
Distributions paid to Operating Partnership unit holders | (6,991) | (6,991) | ||||||||||||
Contributions from noncontrolling interest, net | 44 | 44 | ||||||||||||
Ending Balance at Dec. 31, 2016 | 702,406 | 69,553 | 1,481,787 | 1,622 | (997,789) | 147,152 | $ 35 | $ 0 | $ 0 | $ 46 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.8438 | $ 1.5900 | $ 0.448785 | $ 1.701575 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net loss | (32,848) | (29,344) | (3,504) | |||||||||||
Other comprehensive income | 6,274 | 5,604 | 670 | |||||||||||
Stock Issued During Period, Value, New Issues | 286,848 | 286,729 | $ 69 | $ 50 | ||||||||||
Proceeds from (Repurchase of) Redeemable Preferred Stock | (115,000) | (110,851) | $ (46) | |||||||||||
Shares issued upon redemption of Operating Partnership units | (39) | (375) | (414) | |||||||||||
Shares issued under employee and trustee compensation plans, net of shares retired | 608 | 391 | 217 | |||||||||||
Amortization of deferred compensation | 5,709 | 5,709 | ||||||||||||
Distributions paid to common shareholders | (58,651) | (58,651) | ||||||||||||
Distributions paid to preferred shareholders | (27,845) | $ (6,361) | $ (6,361) | (10,971) | $ (10,971) | (2,244) | $ (2,244) | (7,827) | $ (7,827) | |||||
Noncontrolling interests: | ||||||||||||||
Distributions paid to Operating Partnership unit holders | (6,970) | (6,970) | ||||||||||||
Contributions from noncontrolling interest, net | 18 | 18 | ||||||||||||
Ending Balance at Dec. 31, 2017 | $ 760,991 | $ 69,983 | $ 1,663,966 | $ 7,226 | $ (1,117,290) | $ 136,952 | $ 35 | $ 69 | $ 50 | $ 0 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions paid to common shareholders | $ 0.84 | $ 0.84 | $ 0.80 |
Distributions paid to Operating Partnership unit holders | 0.84 | 0.84 | 0.80 |
Series B Preferred Stock [Member] | |||
Distributions paid to preferred shareholders | 1.8438 | $ 1.8438 | $ 1.8438 |
Series C Preferred Stock [Member] | |||
Distributions paid to preferred shareholders | 1.5900 | ||
Series D Preferred Stock [Member] | |||
Distributions paid to preferred shareholders | $ 0.448785 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Statement of Cash Flows [Abstract] | |||
Net loss | $ (32,848) | $ (12,713) | $ (129,567) |
Depreciation | 119,441 | 125,426 | 132,347 |
Amortization | 12,057 | 3,981 | 12,907 |
Straight-line rent adjustments | 2,686 | 2,602 | 1,874 |
Provision for doubtful accounts | 1,763 | 1,357 | 2,510 |
Amortization of deferred compensation | 5,709 | 6,035 | 6,284 |
Loss on hedge ineffectiveness | 0 | 143 | 512 |
Gain on sales of interests in real estate and non-operating real estate, net | 7,448 | 23,402 | 12,621 |
Equity in income of partnerships in excess of distributions | 3,200 | 3,705 | 2,312 |
Amortization of historic tax credits | 1,768 | 1,768 | 1,589 |
Impairment of assets and expensed project costs | 55,793 | 62,603 | 140,790 |
Net change in other assets | 5,652 | (4,566) | (5,337) |
Net change in other liabilities | (4,752) | (12,312) | (17,063) |
Net cash provided by operating activities | 136,409 | 147,609 | 135,661 |
Cash proceeds from sales of real estate investments | 77,778 | 154,758 | 52,956 |
Proceeds from Sale of Equity Method Investments | 30,265 | ||
Proceeds from (Payments for) Other Financing Activities | 35,221 | ||
Investments in consolidated real estate acquisitions | 0 | 0 | 319,986 |
Additions to construction in progress | 116,550 | 88,161 | 30,684 |
Investments in real estate improvements | 51,949 | 49,942 | 52,790 |
Additions to leasehold improvements | 683 | 522 | 486 |
Investments in partnerships | 73,434 | 14,910 | 25,046 |
Capitalized leasing costs | 6,066 | 6,101 | 6,255 |
Increase in cash escrows | (1,457) | 473 | 1,996 |
Cash distributions from partnerships in excess of equity in income | 5,682 | 7,322 | 5,188 |
Net cash (used in) provided by investing activities | (98,279) | 1,971 | (379,099) |
Proceeds from Issuance of Preferred Stock and Preference Stock | 286,847 | ||
Proceeds from Issuance of Unsecured Debt | 0 | 0 | 120,000 |
Net borrowings from 2013 Revolving Facility | (56,000) | (82,000) | (215,000) |
Proceeds from mortgage loans | 0 | 139,000 | 272,044 |
Repayment of mortgage loans | 150,000 | 280,327 | 272,650 |
Principal installments on mortgage loans | 17,945 | 17,868 | 20,761 |
Payment of deferred financing costs | 71 | 3,337 | 3,754 |
Common shares issued | 2,085 | 1,288 | 1,393 |
Dividends paid to common shareholders | 58,651 | 58,372 | 58,085 |
Dividends paid to preferred shareholders | 27,403 | 15,848 | 15,848 |
Distributions paid to Operating Partnership unit holders and noncontrolling interest | 6,970 | 6,991 | 5,703 |
Value of shares issued under equity incentive plans, net of shares retired | 1,477 | 2,177 | 5,776 |
Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value | (115,000) | ||
Net cash (used in) provided by financing activities | (32,585) | (162,632) | 225,860 |
Net change in cash and cash equivalents | 5,545 | (13,052) | (17,578) |
Cash and cash equivalents | $ 15,348 | $ 9,803 | $ 22,855 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT”), a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2017 , our portfolio consisted of a total of 29 properties located in 10 states and operating in nine states, including 21 shopping malls, four other retail properties and four development or redevelopment properties. We have one property under redevelopment classified as “retail” (redevelopment of The Gallery at Market East into Fashion District Philadelphia). This redevelopment is expected to open in 2018 and stabilize in 2020. Three properties in our portfolio are classified as under development, however we do not currently have any activity occurring at these properties. In 2017, we sold three of our wholly owned mall properties. We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of December 31, 2017 , held an 89.4% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the Operating Partnership’s partnership agreement, each of its limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue date of the OP Units, and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of December 31, 2017 , the total amount that would have been distributed would have been $98.4 million , which is calculated using our December 31, 2017 closing share price on the New York Stock Exchange of $11.89 multiplied by the number of outstanding OP Units held by limited partners, which was 8,272,636 as of December 31, 2017 . We provide management, leasing and real estate development services through two of our subsidiaries: PREIT Services, LLC (“PREIT Services”), which generally develops and manages properties that we consolidate for financial reporting purposes, and PREIT-RUBIN, Inc. (“PRI”), which generally develops and manages properties that we do not consolidate for financial reporting purposes, including properties owned by partnerships in which we own an interest, and properties that are owned by third parties in which we do not have an interest. PREIT Services and PRI are consolidated. PRI is a taxable REIT subsidiary, as defined by federal tax laws, which means that it is able to offer additional services to tenants without jeopardizing our continuing qualification as a REIT under federal tax law. We evaluate operating results and allocate resources on a property-by-property basis, and do not distinguish or evaluate our consolidated operations on a geographic basis. Due to the nature of our operating properties, which involve retail shopping, we have concluded that our individual properties have similar economic characteristics and meet all other aggregation criteria. Accordingly, we have aggregated our individual properties into one reportable segment. In addition, no single tenant accounts for 10% or more of our consolidated revenue, and none of our properties are located outside the United States. Consolidation We consolidate our accounts and the accounts of the Operating Partnership and other controlled subsidiaries, and we reflect the remaining interest in such entities as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The operating partnership meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is also an obligation of the Operating Partnership. Partnership Investments We account for our investments in partnerships that we do not control using the equity method of accounting. These investments, each of which represents a 25% to 50% noncontrolling ownership interest at December 31, 2017 , are recorded initially at our cost, and subsequently adjusted for our share of net equity in income and cash contributions and distributions. We do not control any of these equity method investees for the following reasons: • Except for two properties that we co-manage with our partner, the other entities are managed on a day-to-day basis by one of our other partners as the managing general partner in each of the respective partnerships. In the case of the co-managed properties, all decisions in the ordinary course of business are made jointly. • The managing general partner is responsible for establishing the operating and capital decisions of the partnership, including budgets, in the ordinary course of business. • All major decisions of each partnership, such as the sale, refinancing, expansion or rehabilitation of the property, require the approval of all partners. • Voting rights and the sharing of profits and losses are in proportion to the ownership percentages of each partner. We do not have a direct legal claim to the assets, liabilities, revenues or expenses of the unconsolidated partnerships beyond our rights as an equity owner, in the event of any liquidation of such entity, and our rights as a tenant in common owner of certain unconsolidated properties. We record the earnings from the unconsolidated partnerships using the equity method of accounting in the consolidated statements of operations in the caption entitled “Equity in income of partnerships,” rather than consolidating the results of the unconsolidated partnerships with our results. Changes in our investments in these entities are recorded in the consolidated balance sheet caption entitled “Investment in partnerships, at equity.” In the case of deficit investment balances, such amounts are recorded in “Distributions in excess of partnership investments.” We hold legal title to a property owned by one of our unconsolidated partnerships through a tenancy in common arrangement. For this property, such legal title is held by us and another entity, and each has an undivided interest in title to the property. With respect to this property, under the applicable agreement between us and the other entity with an ownership interest, we and such other entity have joint control because decisions regarding matters such as the sale, refinancing, expansion or rehabilitation of the property require the approval of both us and the other entity owning an interest in the property. Hence, we account for this property like our other unconsolidated partnerships using the equity method of accounting. The balance sheet items arising from the properties appear under the caption “Investments in partnerships, at equity.” For further information regarding our unconsolidated partnerships, see note 3. Statements of Cash Flows We consider all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents. At December 31, 2017 and 2016 , cash and cash equivalents totaled $15.3 million and $9.8 million , respectively, and included tenant security deposits of $2.4 million and $3.1 million , respectively. Cash paid for interest was $55.4 million , $67.9 million and $76.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, net of amounts capitalized of $7.6 million , $3.2 million and $1.9 million , respectively. Significant Non-Cash Transactions During 2017, a $ 150.0 million paydown of the 2013 Revolving Facility was made, which was directly paid from an additional borrowing from our 2014 7-Year Term Loan, and is considered to be a non-cash transaction. In connection with our acquisition of Springfield Town Center in March 2015, we issued 6,250,000 OP Units with a value of $145.2 million as partial consideration for the purchase. In our statement of cash flows, we report cash flows on our revolving facilities on a net basis. Aggregate borrowings on our revolving facilities were $309.0 million , $290.0 million and $310.0 million , and aggregate repayments were $403.0 million , $208.0 million and $245.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Accrued construction costs decreased by $8.3 million in the year ended December 31, 2017 , increased by $13.4 million in the year ended December 31, 2016 and decreased by $1.6 million in the year ended December 31, 2015 , representing non-cash changes in construction in progress. Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. We believe that our most significant and subjective accounting estimates and assumptions are those relating to asset impairment, fair value and accounts receivable reserves. Our management makes complex or subjective assumptions and judgments in applying its critical accounting policies. In making these judgments and assumptions, our management considers, among other factors, events and changes in property, market and economic conditions, estimated future cash flows from property operations, and the risk of loss on specific accounts or amounts. Revenue Recognition We derive over 95% of our revenue from tenant rent and other tenant-related activities. Tenant rent includes base rent (recorded on a straight-line basis), percentage rent, expense reimbursements (such as reimbursements of costs of common area maintenance (“CAM”), real estate taxes and utilities), and the amortization of above-market and below-market lease intangibles (as described below under “Intangible Assets”) and straight-line rent. We record base rent on a straight-line basis, which means that the monthly base rent revenue according to the terms of our leases with our tenants is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. When tenants vacate prior to the end of their lease, we accelerate amortization of any related unamortized straight-line rent balances, and unamortized above-market and below-market intangible balances are amortized as a decrease or increase to real estate revenue, respectively. The straight-line rent adjustment increased revenue by $2.7 million , $2.6 million and $2.0 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. The straight-line rent receivable balances included in tenant and other receivables on the accompanying consolidated balance sheet as of December 31, 2017 and 2016 were $25.4 million and $23.7 million , respectively. Percentage rent represents rental revenue that the tenant pays based on a percentage of its sales, either as a percentage of its total sales or as a percentage of sales over a certain threshold. In the latter case, we do not record percentage rent until the sales threshold has been reached. Revenue for rent received from tenants prior to their due dates is deferred until the period to which the rent applies. In addition to base rent, certain lease agreements contain provisions that require tenants to reimburse a fixed or pro rata share of certain CAM costs, real estate taxes and utilities. Tenants generally make monthly expense reimbursement payments based on a budgeted amount determined at the beginning of the year. During the year, our income increases or decreases based on actual expense levels and changes in other factors that influence the reimbursement amounts, such as occupancy levels. As of December 31, 2017 and 2016 , our tenant accounts receivable included accrued income of $3.1 million and $2.3 million , respectively, because actual reimbursable expense amounts eligible to be billed to tenants under applicable contracts exceeded amounts actually billed. Certain lease agreements contain co-tenancy clauses that can change the amount of rent or the type of rent that tenants are required to pay, or, in some cases, can allow a tenant to terminate their lease, in the event that certain events take place, such as a decline in property occupancy levels below certain defined levels or the vacating of an anchor store. Co-tenancy clauses do not generally have any retroactive effect when they are triggered. The effect of co-tenancy clauses is applied on a prospective basis to recognize the new rent that is in effect. Payments made to tenants as inducements to enter into a lease are treated as deferred costs that are amortized as a reduction of rental revenue over the term of the related lease. Lease termination fee revenue is recognized in the period when a termination agreement is signed, collectibility is assured, and we are no longer obligated to provide space to the tenant. In the event that a tenant is in bankruptcy when the termination agreement is signed, termination fee income is deferred and recognized when it is received. We also generate revenue by providing management services to third parties, including property management, brokerage, leasing and development. Management fees generally are a percentage of managed property revenue or cash receipts. Leasing fees are earned upon the consummation of new leases. Development fees are earned over the time period of the development activity and are recognized on the percentage of completion method. These activities are collectively included in “Other income” in the consolidated statements of operations. Fair Value Fair value accounting applies to reported balances that are required or permitted to be measured at fair value under relevant accounting authority. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, these accounting requirements establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs might include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. We utilize the fair value hierarchy in our accounting for derivatives (Level 2) and financial instruments (Level 2) and in our reviews for impairment of real estate assets (Level 3) and goodwill (Level 3). Financial Instruments Carrying amounts reported on the consolidated balance sheet for cash and cash equivalents, tenant and other receivables, accrued expenses, other liabilities and the 2013 Revolving Facility approximate fair value due to the short-term nature of these instruments. Most of our variable rate debt is subject to interest rate derivative instruments that have effectively fixed the interest rates on the underlying debt. The estimated fair value for fixed rate debt, which is calculated for disclosure purposes, is based on the borrowing rates available to us for fixed rate mortgage loans with similar terms and maturities. Impairment of Assets Real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the property might not be recoverable, which is referred to as a “triggering event.” In connection with our review of our long-lived assets for impairment, we utilize qualitative and quantitative factors in order to estimate fair value. The significant qualitative factors that we use include age and condition of the property, market conditions in the property’s trade area, competition with other shopping centers within the property’s trade area and the creditworthiness and performance of the property’s tenants. The significant quantitative factors that we use include historical and forecasted financial and operating information relating to the property, such as net operating income, occupancy statistics, vacancy projections and tenants’ sales levels. Our fair value assumptions relating to real estate assets are within Level 3 of the fair value hierarchy. If there is a triggering event in relation to a property to be held and used, we will estimate the aggregate future cash flows, net of estimated capital expenditures, to be generated by the property, undiscounted and without interest charges. In addition, this estimate may consider a probability weighted cash flow estimation approach when alternative courses of action to recover the carrying amount of a long-lived asset are under consideration or when a range of possible values is estimated. The determination of undiscounted cash flows requires significant estimates by our management, including the expected course of action at the balance sheet date that would lead to such cash flows. Subsequent changes in estimated undiscounted cash flows arising from changes in the anticipated action to be taken with respect to the property could affect the determination of whether an impairment exists, and the effects of such changes could materially affect our net income. If the estimated undiscounted cash flows are less than the carrying value of the property, the carrying value is written down to its fair value. In determining the estimated undiscounted cash flows of the properties that are being analyzed for impairment of assets, we take the sum of the estimated undiscounted cash flows, generally assuming a holding period of 10 years, plus a terminal value calculated using the estimated net operating income in the eleventh year and terminal capitalization rates, which in 2017 ranged from 5.8% to 13.0% , in 2016 ranged from 5.0% to 10.0% and in 2015 ranged from 4.5% to 15.5% . As further detailed in note 2, in 2017, 2016 and 2015, as a result of our analysis, we determined that four , five and seven properties, respectively, had incurred impairment of assets. Assessment of our ability to recover certain lease related costs must be made when we have a reason to believe that a tenant might not be able to perform under the terms of the lease as originally expected. This requires us to make estimates as to the recoverability of such costs. An other-than-temporary impairment of an investment in an unconsolidated joint venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is recorded as a reduction to income. We conduct an annual review of our goodwill balances for impairment to determine whether an adjustment to the carrying value of goodwill is required. We have determined the fair value of our properties and the amount of goodwill that is associated with certain of our properties, and we have concluded that goodwill was not impaired as of December 31, 2017 . Fair value is determined by applying a capitalization rate to our estimate of projected income at those properties. We also consider qualitative factors such as property sales performance, market position and current and future operating results. This amount is compared to the aggregate of the property basis and the goodwill that has been assigned to that property. If the fair value is less than the property basis and the goodwill, we evaluate whether impairment has occurred. Real Estate Land, buildings, fixtures and tenant improvements are recorded at cost and stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations or replacements, which improve or extend the life of an asset, are capitalized and depreciated over their estimated useful lives. For financial reporting purposes, properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 20-40 years Land improvements 15 years Furniture/fixtures 3-10 years Tenant improvements Lease term We are required to make subjective assessments as to the useful lives of our real estate assets for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those assets based on various factors, including industry standards, historical experience and the condition of the asset at the time of acquisition. These assessments affect our annual net income. If we were to determine that a different estimated useful life was appropriate for a particular asset, it would be depreciated over the newly estimated useful life, and, other things being equal, result in changes in annual depreciation expense and annual net income. Gains from sales of real estate properties and interests in partnerships generally are recognized using the full accrual method, provided that various criteria are met relating to the terms of sale and any subsequent involvement by us with the properties sold. Real Estate Acquisitions We account for our property acquisitions by allocating the purchase price of a property to the property’s assets based on management’s estimates of their fair value. Debt assumed in connection with property acquisitions is recorded at fair value at the acquisition date, and any resulting premium or discount is amortized through interest expense over the remaining term of the debt, resulting in a non-cash decrease (in the case of a premium) or increase (in the case of a discount) in interest expense. The determination of the fair value of intangible assets requires significant estimates by management and considers many factors, including our expectations about the underlying property, the general market conditions in which the property operates and conditions in the economy. The judgment and subjectivity inherent in such assumptions can have a significant effect on the magnitude of the intangible assets or the changes to such assets that we record. Intangible Assets Our intangible assets on the accompanying consolidated balance sheets as of December 31, 2017 and 2016 each included $5.2 million (in each case, net of $1.1 million of amortization expense recognized prior to January 1, 2002) of goodwill recognized in connection with the acquisition of The Rubin Organization in 1997. Changes in the carrying amount of goodwill for the three years ended December 31, 2017 were as follows: (in thousands of dollars) Basis Accumulated Amortization Total Balance, January 1, 2015 $ 6,735 $ (1,073 ) $ 5,662 Goodwill divested (137 ) — (137 ) Goodwill impaired (276 ) — (276 ) Balance, December 31, 2015 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2016 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2017 $ 6,322 $ (1,073 ) $ 5,249 In 2015, we recognized an impairment loss of goodwill of $0.3 million in connection with the impairment review of Palmer Park Mall. Also in 2015, we divested goodwill of $0.1 million in connection with the sale of Springfield Park (see note 3). We allocate a portion of the purchase price of a property to intangible assets. Our methodology for this allocation includes estimating an “as-if vacant” fair value of the physical property, which is allocated to land, building and improvements. The difference between the purchase price and the “as-if vacant” fair value is allocated to intangible assets. There are three categories of intangible assets to be considered: (i) value of in-place leases, (ii) above- and below-market value of in-place leases and (iii) customer relationship value. The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases, as well as the value associated with lost rental revenue during the assumed lease-up period. The value of in-place leases is amortized as real estate amortization over the remaining lease term. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimates of fair market lease rates for comparable in-place leases, based on factors such as historical experience, recently executed transactions and specific property issues, measured over a period equal to the remaining non-cancelable term of the lease. Above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases, including any below-market optional renewal periods, and are included in “Accrued expenses and other liabilities” in the consolidated balance sheets. We allocate purchase price to customer relationship intangibles based on management’s assessment of the fair value of such relationships. The following table presents our intangible assets and liabilities, net of accumulated amortization, as of December 31, 2017 and 2016 : (in thousands of dollars) As of December 31, 2017 As of December 31, 2016 Value of in-place lease intangibles, net $ 12,369 $ 14,369 Above-market lease intangibles, net 75 128 Subtotal 12,444 14,497 Goodwill, net 5,249 5,249 Total intangible assets $ 17,693 $ 19,746 Below-market lease intangibles, net $ (636 ) $ (901 ) Amortization of in-place lease intangibles was $2.0 million , $2.4 million and $1.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Net amortization of above-market and below-market lease intangibles increased revenue by $0.1 million , $0.1 million and $0.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In the normal course of business, our intangible assets will amortize in the next five years and thereafter as follows: (in thousands of dollars) For the Year Ending December 31, Value of In-Place Lease Intangibles Above/(Below) Market Leases, net 2018 1,768 (69 ) 2019 1,742 (89 ) 2020 1,708 (109 ) 2021 1,580 (86 ) 2022 1,445 (54 ) 2023+ and thereafter 4,126 (154 ) Total $ 12,369 $ (561 ) Assets Classified as Held for Sale The determination to classify an asset as held for sale requires significant estimates by us about the property and the expected market for the property, which are based on factors including recent sales of comparable properties, recent expressions of interest in the property, financial metrics of the property and the physical condition of the property. We must also determine if it will be possible under those market conditions to sell the property for an acceptable price within one year. When assets are identified by our management as held for sale, we discontinue depreciating the assets and estimate the sales price, net of selling costs, of such assets. We generally consider operating properties to be held for sale when they meet criteria such as whether the sale transaction has been approved by the appropriate level of management and there are no known material contingencies relating to the sale such that the sale is probable and is expected to qualify for recognition as a completed sale within one year. If the expected net sales price of the asset that has been identified as held for sale is less than the net book value of the asset, the asset is written down to fair value less the cost to sell. Assets and liabilities related to assets classified as held for sale are presented separately in the consolidated balance sheet. If we determine that a property no longer meets the held-for-sale criteria, we reclassify the property’s assets and liabilities to their original locations on the consolidated balance sheet and record depreciation and amortization expense for the period that the property was in held-for-sale status. In June 2017, we determined that Valley View Mall in LaCrosse, Wisconsin met the criteria to classify it as held for sale. Effective December 31, 2017, we determined that it did not meet the held-for-sale criteria because we are no longer actively marketing the property, so we no longer believe that it is likely that we will complete a sale of the property within one year. In the fourth quarter of 2017, we recorded depreciation and amortization expense of $1.0 million for the period that Valley View Mall was classified as held for sale. Capitalization of Costs Costs incurred in relation to development and redevelopment projects for interest, property taxes and insurance are capitalized only during periods in which activities necessary to prepare the property for its intended use are in progress. Costs incurred for such items after the property is substantially complete and ready for its intended use are charged to expense as incurred. Capitalized costs, as well as tenant inducement amounts and internal and external commissions, are recorded in construction in progress. We capitalize a portion of development department employees’ compensation and benefits related to time spent involved in development and redevelopment projects. We capitalize payments made to obtain options to acquire real property. Other related costs that are incurred before acquisition that are expected to have ongoing value to the project are capitalized if the acquisition of the property is probable. If the property is acquired, other expenses related to the acquisition are recorded to project costs and other expenses. When it is probable that the property will not be acquired, capitalized pre-acquisition costs are charged to expense. We capitalize salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases with third-party tenants. The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Development/Redevelopment: Salaries and benefits $ 1,296 $ 1,138 $ 1,001 Real estate taxes $ 1,03 |
REAL ESTATE ACTIVITIES
REAL ESTATE ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE ACTIVITIES | REAL ESTATE ACTIVITIES Investments in real estate as of December 31, 2017 and 2016 were comprised of the following: As of December 31, (in thousands of dollars) 2017 2016 Buildings, improvements and construction in progress $ 2,808,622 $ 2,794,213 Land, including land held for development 491,080 505,801 Total investments in real estate 3,299,702 3,300,014 Accumulated depreciation (1,111,007 ) (1,060,845 ) Net investments in real estate $ 2,188,695 $ 2,239,169 Impairment of Assets During the years ended December 31, 2017 , 2016 , and 2015 , we recorded asset impairment losses of $55.8 million , $62.6 million and $140.3 million , respectively. Such impairment losses are recorded in “Impairment of assets” for the years ended 2017 , 2016 and 2015 . The assets that incurred impairment losses and the amount of such losses are as follows: For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Logan Valley Mall $ 38,720 $ — $ — Valley View Mall 15,521 — — Gainesville land 1,275 — — Sunrise Plaza land 226 — — White Clay Point land — 20,786 — Beaver Valley Mall — 18,055 — Washington Crown Center — 14,117 — Crossroads Mall — 9,038 — Office building located at Voorhees Town Center — 607 — Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall — — 63,904 Voorhees Town Center — — 39,242 Lycoming Mall — — 28,345 Uniontown Mall — — 7,394 Palmer Park Mall — — 1,383 Other 51 — 50 Total Impairment of Assets $ 55,793 $ 62,603 $ 140,318 Logan Valley Mall In 2017, we recorded an aggregate loss on impairment of assets on Logan Valley Mall, in Altoona, Pennsylvania of $38.7 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. We sold Logan Valley Mall in August 2017. Valley View Mall In 2017, we recorded a loss on impairment of assets on Valley View Mall, in La Crosse, Wisconsin of $15.5 million in connection with our decision to market the property for sale. In connection with this decision, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon our estimates, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. Our fair value analysis was based on an estimated capitalization rate of approximately 12% for Valley View Mall, which was determined using management’s assessment of property operating performance and general market conditions. Gainesville land In 2017, we recorded a loss on impairment of assets on a land parcel located in Gainesville, Florida of $1.3 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. Sunrise Plaza land In 2017, we recorded a loss on impairment of assets on a land parcel located at Sunrise Plaza in Forked River, New Jersey of $0.2 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. White Clay Point land In 2016, we recorded a loss on impairment of assets on White Clay Point land, in New Garden Township, Pennsylvania of $20.8 million . In connection with our decision to market the property, which we concluded was a triggering event, we conducted an analysis of possible impairment at this property. We determined that the estimated proceeds from a potential sale of the property, would likely be less than the carrying value of the property, and recorded a loss on impairment of assets. Beaver Valley Mall In 2016, we recorded a loss on impairment of assets on Beaver Valley Mall, in Monaca, Pennsylvania of $18.1 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was classified as “held for sale” as of December 31, 2016. The property was sold in January 2017. Washington Crown Center In 2016, we recorded a loss on impairment of assets on Washington Crown Center, in Washington, Pennsylvania of $14.1 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in August 2016. Crossroads Mall In 2016, we recorded a loss on impairment of assets on Crossroads Mall, in Beckley, West Virginia of $9.0 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was classified as “held for sale” as of December 31, 2016. The property was sold in January 2017. Office building located at Voorhees Town Center In 2016, we recorded a loss on impairment of assets on an office building located in Voorhees, New Jersey of $0.6 million in connection with negotiations with a the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in September 2016. Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall In 2015, we recorded aggregate losses on impairment of assets on Gadsden Mall in Gadsden, Alabama, New River Valley Mall in Christiansburg, Virginia and Wiregrass Commons Mall in Dothan, Alabama of $63.9 million in connection with negotiations with a prospective buyer of the properties. As a result of these negotiations, we determined that the holding period for the properties was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at these properties. Based upon the purchase and sale agreement with the prospective buyer of the properties and subsequent further negotiations, we determined that the estimated aggregate undiscounted cash flows, net of estimated capital expenditures, for Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall were less than the aggregate carrying value of the properties, and recorded a loss on impairment of assets. The properties were sold in March 2016. Voorhees Town Center In 2015, we recorded a loss on impairment of assets on Voorhees Town Center in Voorhees, New Jersey of $39.2 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period for the property was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at this property. Based upon the purchase and sale agreement with the buyer of the property, we determined that the estimated undiscounted cash flows, net of estimated capital expenditures, for Voorhees Town Center were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in October 2015. Lycoming Mall In 2015, we recorded aggregate losses on impairment of assets on Lycoming Mall in Pennsdale, Pennsylvania of $28.3 million in connection with negotiations with a prospective buyer of the property. In connection with these negotiations, we determined that the holding period for the property was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at this property. Based upon the initial purchase and sale agreement with the prospective buyer of the property, as well as a subsequent purchase and sale agreement, we determined that the estimated undiscounted cash flows, net of estimated capital expenditures, for Lycoming Mall were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in March 2016. Uniontown Mall In 2015, we recorded aggregate losses on impairment of assets on Uniontown Mall in Uniontown, Pennsylvania of $7.4 million . In connection with negotiations with the buyer of the property, we had determined that the holding period for the property was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at this property. Based upon the original purchase and sale agreement with the buyer of the property and subsequent further negotiations, we determined that the estimated undiscounted cash flows, net of estimated capital expenditures, for Uniontown Mall were less than the carrying value of the property, and recorded both an initial loss on impairment of assets and a subsequent additional loss on impairment of assets. The property was sold in August 2015. Palmer Park Mall In 2015, we recorded a loss on impairment of assets on Palmer Park Mall in Easton, Pennsylvania of $1.4 million . In connection with negotiations with the buyer of the property, we had determined that the holding period for the property was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at this property. Based upon the purchase and sale agreement with the buyer of the property and subsequent further negotiations, we determined that the estimated undiscounted cash flows, net of estimated capital expenditures, for Palmer Park Mall were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in February 2016. Acquisitions In 2017, we purchased vacant anchor stores from Macy’s located at Moorestown Mall, Valley View Mall and Valley Mall for an aggregate of $13.9 million . We executed a lease with a replacement tenant for the Valley View Mall location and this tenant opened in September 2017. We also have replacement tenants for the Moorestown Mall and Valley Mall former anchors and currently have redevelopment activities at these locations. In connection with the March 2015 acquisition of Springfield Town Center, the previous owner of the property is potentially entitled to receive consideration (the “Earnout”) under the terms of the Contribution Agreement which will be calculated as of March 31, 2018. As of December 31, 2017, the estimated value of the Earnout is zero . Dispositions The table below presents our dispositions since January 1, 2015 . Proceeds from property sales were used for general corporate purposes, repayment of mortgage loans that secured the properties (if applicable) and repayment of then-outstanding amounts on our Credit Agreements (see note 4), unless otherwise noted. Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain/ (Loss) (in millions of dollars) 2017 Activity: January Beaver Valley Mall, Monaca, Pennsylvania Mall 15.6 % $ 24.2 $ — Crossroads Mall, Beckley, West Virginia Mall 15.5 % 24.8 — August Logan Valley Mall, Altoona, Pennsylvania Mall 16.5 % 33.2 — 2016 Activity: February Palmer Park Mall, Easton, Pennsylvania Mall 13.6 % 18.0 0.1 March Gadsden Mall, Gadsden, Alabama; New River Valley Mall, Christiansburg, Virginia; and Wiregrass Commons Mall, Dothan, Alabama (1) Three Malls (single combined transaction) 17.4 % 66.0 1.6 Lycoming Mall Pennsdale, Pennsylvania Mall 18.0 % 26.4 0.3 June Street retail located on Walnut and Chestnut Streets, Philadelphia, Pennsylvania Street Retail 3.2 % 45.0 20.3 August Washington Crown Center, Washington, Pennsylvania Mall 14.5 % 20.0 (0.1 ) 2015 Activity: August Uniontown Mall, Uniontown, Pennsylvania Mall 17.5 % 23.0 — October Voorhees Town Center, Voorhees, New Jersey Mall 10.3 % 13.4 — (1) In connection with this transaction, we issued a mortgage loan to the buyer for $17.0 million , which is recorded in “Deferred costs and other assets, net” on our consolidated balance sheet. The mortgage loan is secured by Wiregrass Commons Mall, bears interest at a fixed rate of 6.00% per annum and has a maturity of April 2026 . As of December 31, 2017, the balance of the mortgage loan was $16.5 million . Dispositions – Other Activity In 2017, we sold three non operating parcels located at Beaver Valley Mall, Exton Square Mall and Valley Mall for an aggregate of $6.4 million and recorded aggregate gains of $1.3 million on these parcels. In 2016, we sold an office building adjacent to Voorhees Town Center, three non operating parcels and one operating parcel located at Beaver Valley Mall, Francis Scott Key Mall, Monroe Retail Center and Sunrise Plaza for aggregate of $9.3 million , and recorded aggregate gains of $0.9 million . In 2015, we sold two operating parcels and one non operating parcel for an aggregate sales price of $5.1 million . We recorded net gains on sales of real estate of $0.6 million on these transactions. Development Activities As of December 31, 2017 and 2016 , we had capitalized amounts related to construction and development activities. The following table summarizes certain capitalized construction and development information for our consolidated properties as of December 31, 2017 and 2016 : As of December 31, (in thousands of dollars) 2017 2016 Construction in progress $ 113,609 $ 97,575 Land held for development 5,881 5,910 Deferred costs and other assets 2,182 2,752 Total capitalized construction and development activities $ 121,672 $ 106,237 |
INVESTMENTS IN PARTNERSHIPS
INVESTMENTS IN PARTNERSHIPS | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN PARTNERSHIPS | INVESTMENTS IN PARTNERSHIPS The following table presents summarized financial information of our equity investments in unconsolidated partnerships as of December 31, 2017 and 2016 : As of December 31, (in thousands of dollars) 2017 2016 ASSETS: Investments in real estate, at cost: Retail properties $ 612,689 $ 649,960 Construction in progress 293,102 160,699 Total investments in real estate 905,791 810,659 Accumulated depreciation (202,424 ) (207,987 ) Net investments in real estate 703,367 602,672 Cash and cash equivalents 26,158 27,643 Deferred costs and other assets, net 34,345 37,705 Total assets 763,870 668,020 LIABILITIES AND PARTNERS’ EQUITY: Mortgage loans 513,139 445,224 Other liabilities 37,971 23,945 Total liabilities 551,110 469,169 Net equity 212,760 198,851 Partners’ share 106,886 101,045 Company’s share 105,874 97,806 Excess investment (1) 13,081 8,969 Net investments and advances $ 118,955 $ 106,775 Investment in partnerships, at equity $ 216,823 $ 168,608 Distributions in excess of partnership investments (97,868 ) (61,833 ) Net investments and advances $ 118,955 $ 106,775 (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.” We record distributions from our equity investments up to an amount equal to the equity in income of partnerships as cash from operating activities. Amounts in excess of our share of the income in the equity investments are treated as a return of partnership capital and recorded as cash from investing activities. The following table summarizes our share of equity in income of partnerships for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Real estate revenue $ 115,118 $ 117,912 $ 105,813 Expenses: Property operating expenses (33,273 ) (33,597 ) (39,134 ) Interest expense (25,251 ) (21,573 ) (21,021 ) Depreciation and amortization (24,872 ) (23,326 ) (25,718 ) Total expenses (83,396 ) (78,496 ) (85,873 ) Net income 31,722 39,416 19,940 Less: Partners’ share (17,607 ) (21,137 ) (10,128 ) Company’s share 14,115 18,279 9,812 Amortization of excess investment 252 198 (272 ) Equity in income of partnerships $ 14,367 $ 18,477 $ 9,540 Dispositions In September 2017, a partnership in which we hold a 50% ownership share sold its condominium interest in 801 Market Street in Philadelphia, Pennsylvania for $61.5 million . The partnership recorded a gain on sale of $13.1 million , of which our share is $6.5 million . The partnership distributed to us proceeds of $30.3 million in connection with this transaction in September 2017, which is recorded in gain on sale of real estate by equity method investee in the accompanying consolidated statement of operations. In July 2015, we sold our entire 50% interests in the Springfield Park shopping center in Springfield, Pennsylvania for $20.2 million , representing a capitalization rate of 7.0% , and recognized a gain of $12.0 million . In connection with our interest in the property, we had an ongoing obligation to sublet approximately 10,100 square feet of space at the property, which we transferred as part of the transaction. In connection with the sale, a mortgage loan of approximately $9.0 million , of which our share was 50% , was assumed by the buyer of our interests. We divested $0.1 million of goodwill in connection with this transaction. We used the net proceeds from the transaction for general corporate purposes. See note 10 regarding the related party aspect of this transaction. Term Loan In January 2018, we along with Macerich, our partner in the Fashion District Philadelphia redevelopment project, entered into a $250.0 million term loan (the “FDP Term Loan”). The initial term of the FDP Term Loan is five years and bears interest at a variable rate of 2.00% over LIBOR. PREIT and Macerich have secured the FDP Term Loan by pledging their respective equity interests of 50% each in the entities that own Fashion District Philadelphia. The initial draw on the FDP Term Loan was $150.0 million , and we received $73.0 million as a distribution of our share of the draw in January 2018. The project intends to withdraw the remaining $100.0 million available under the FDP Term Loan during 2018 to fund capital expenditures for this redevelopment project. Mortgage Loans of Unconsolidated Properties Mortgage loans, which are secured by seven of the unconsolidated properties (including one property under development), are due in installments over various terms extending to the year 2025 . Five of the mortgage loans bear interest at a fixed interest rate and two of the mortgage loans bear interest at a variable interest rate. The balances of the fixed interest rate mortgage loans have interest rates that range from 4.06% to 5.56% and had a weighted average interest rate of 4.56% at December 31, 2017 . The balances of the variable interest rate mortgage loans have interest rates that range from 2.76% to 4.19% and had a weighted average interest rate of 2.95% at December 31, 2017 . The weighted average interest rate of all unconsolidated mortgage loans was 4.39% at December 31, 2017 . The liability under each mortgage loan is limited to the unconsolidated partnership that owns the particular property. Our proportionate share, based on our respective partnership interest, of principal payments due in the next five years and thereafter is as follows: Company’s Proportionate Share (in thousands of dollars) For the Year Ending December 31, Principal Amortization Balloon Payments Total Property Total 2018 $ 3,798 $ 24,232 $ 28,030 $ 99,650 2019 4,107 — 4,107 8,215 2020 4,287 79,789 84,076 168,151 2021 4,040 38,160 42,200 84,401 2022 3,738 — 3,738 7,476 2023 and thereafter 13,720 59,801 73,521 147,040 Total principal payments $ 33,690 $ 201,982 $ 235,672 514,933 Less: Unamortized debt issuance costs 1,794 Carrying value of mortgage notes payable $ 513,139 The following table presents the mortgage loans secured by the unconsolidated properties entered into since January 1, 2016: Financing Date Property Amount Financed or Extended (in millions of dollars) Stated Interest Rate Maturity 2018 Activity: February Pavilion at Market East (1) $8.3 LIBOR plus 2.85% February 2021 2017 Activity: October Lehigh Valley Mall (2)(3) $200.0 Fixed 4.06% November 2027 (1) We own a 40% partnership interest in Pavilion at Market East and our share of this mortgage loan is $3.3 million. (2) The proceeds were used to repay the existing $124.6 million mortgage loan plus accrued interest. We own a 50% partnership interest in Lehigh Valley Mall and our share of this mortgage loan is $100.0 million. (3) We received $35.3 million of proceeds as a distribution in connection with the financing. In connection with this new mortgage loan financing, the unconsolidated entity recorded $3.1 million of prepayment penalty and accelerated the amortization of $0.1 million of unamortized financing costs in the fourth quarter of 2017. Significant Unconsolidated Subsidiary We have a 50% partnership interest in Lehigh Valley Associates LP, the owner of Lehigh Valley Mall, which met the definition of a significant unconsolidated subsidiary in the year ended December 31, 2016. Lehigh Valley Mall did not meet the definition of a significant subsidiary as of or for the years ended December 31, 2017 or 2015. Summarized financial information as of or for the years ended December 31, 2017, 2016 and 2015 for this property, which is accounted for by the equity method, is as follows: As of or for the years ended December 31, (in thousands of dollars) 2017 2016 2015 Total assets $ 43,850 $ 49,264 $ 49,919 Mortgage payable 199,451 126,520 128,883 Revenue 34,945 36,923 36,497 Property operating expenses 9,038 8,659 9,599 Interest expense 10,907 7,570 7,708 Net income 11,389 17,264 15,844 PREIT’s share of equity in income of partnership 5,695 8,632 7,922 |
FINANCING ACTIVITY
FINANCING ACTIVITY | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
FINANCING ACTIVITY | FINANCING ACTIVITY Credit Agreements We have entered into four credit agreements (collectively, as amended, the “Credit Agreements”), as further discussed and defined below: (1) the 2013 Revolving Facility, (2) the 2014 7-Year Term Loan, (3) the 2014 5-Year Term Loan, and (4) the 2015 5-Year Term Loan. The 2014 7-Year Term Loan, the 2014 5-Year Term Loan and the 2015 5-Year Term Loan are collectively referred to as the “Term Loans.” As of December 31, 2017 , the Company had borrowed $550.0 million under the Term Loans and $53.0 million under the 2013 Revolving Facility. The carrying value of the Term Loans on our consolidated balance sheet includes $2.2 million of unamortized debt issuance costs. Following recent property sales, the net operating income (“NOI”) from the Company’s remaining unencumbered properties is at a level such that within the Unencumbered Debt Yield covenant (as described below) under the Credit Agreements, the maximum unsecured amount that was available to the Company as of December 31, 2017 was $144.5 million . Following the $53.0 million repayment of the 2013 Revolving Facility in January 2018, the maximum unsecured amount that is available to be borrowed by the Company under the Credit Agreements is $197.5 million . Interest expense and the deferred financing fee amortization related to the Credit Agreements for the years ended December 31, 2017 , 2016 and 2015 was as follows: For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 2013 Revolving Facility: Interest expense $ 2,463 $ 3,209 $ 2,914 Deferred financing amortization 796 795 1,187 Accelerated financing fee — — 193 Term Loans: Interest expense 14,935 12,262 8,965 Deferred financing amortization 759 619 396 2013 Revolving Facility, as amended In April 2013, PREIT, PREIT Associates and PRI (collectively, the “Borrower” or “we”) entered into a credit agreement (as amended, the “2013 Revolving Facility”) with Wells Fargo Bank, National Association, and the other financial institutions signatory thereto, for a $400.0 million senior unsecured revolving credit facility. In December 2013, we amended the 2013 Revolving Facility to make certain terms of the 2013 Revolving Facility consistent with the terms of the 2014 Term Loans (as defined below). In June 2015, we further amended the 2013 Revolving Facility to lower the interest rates in the applicable pricing grid, modify one covenant and to extend the Termination Date to June 26, 2018. All capitalized terms used in this note 4 and not otherwise defined herein have the meanings ascribed to such terms in the 2013 Revolving Facility. Pursuant to the June 2015 amendment, the initial maturity of the 2013 Revolving Facility is June 26, 2018, and the Borrower has options for two one-year extensions of the initial maturity date, subject to certain conditions and to the payment of extension fees of 0.15% and 0.20% of the Facility Amount for the first and second options, respectively. We expect to exercise the first of these one-year extension options or negotiate an extension of the maturity date during the first half of 2018. Subject to the terms of the Credit Agreements, the Borrower has the option to increase the maximum amount available under the 2013 Revolving Facility, through an accordion option, from $400.0 million to as much as $600.0 million , in increments of $5.0 million (with a minimum increase of $25.0 million ), based on Wells Fargo Bank’s ability to obtain increases in Revolving Commitments from the current lenders or Revolving Commitments from new lenders. No increase to the maximum amount available under the 2013 Revolving Facility has been exercised by the Borrower. Term Loans 2015 5-Year Term Loan In June 2015, the Borrower entered into a five year term loan agreement (the “2015 5-Year Term Loan”) with Wells Fargo Bank, National Association, PNC Bank, National Association and the other financial institutions signatory thereto, for a $150.0 million senior unsecured five year term loan facility. The maturity date of the 2015 5-Year Term Loan is June 2020. At closing, the Borrower borrowed the entire $150.0 million under the 2015 5-Year Term Loan, and used the proceeds to repay $150.0 million of the then outstanding balance under the Borrower’s 2013 Revolving Facility. 2014 Term Loans In January 2014, the Borrower entered into two unsecured term loans in the initial aggregate amount of $250.0 million , comprised of: (1) a 5 Year Term Loan Agreement (the “2014 5-Year Term Loan”) with Wells Fargo Bank, National Association, U.S. Bank National Association and the other financial institutions signatory thereto, for a $150.0 million senior unsecured 5 year term loan facility; and (2) a 7 Year Term Loan Agreement (the “2014 7-Year Term Loan” and, together with the 2014 5-Year Term Loan, the “2014 Term Loans”) with Wells Fargo Bank, National Association, Capital One, National Association and the other financial institutions signatory thereto, for a $100.0 million senior unsecured 7 year term loan facility. In May 2017, we borrowed an additional $150.0 million on the 2014 7-Year Term Loan, which was used to repay borrowings under the 2013 Revolving Facility. The carrying value of the Term Loans on our consolidated balance sheet is net of $2.4 million of unamortized debt issuance costs. In June 2016, the Borrower entered into an Amendment (the “Amendment”) to the 2014 7-Year Term Loan. The Amendment increased potential borrowing under the 2014 7-Year Term Loan from $100.0 million to $250.0 million, and expanded the accordion feature of the 2014 7-Year Term Loan from up to $200.0 million to up to $400.0 million. Among other things, the Amendment lowered the interest rates in the applicable pricing grid and extended the maturity date from January 7, 2021 to December 29, 2021. Pursuant to the Amendment, amounts borrowed under the 2014 7-Year Term Loan bear interest at a rate between 1.35% and 1.90% per annum, depending on PREIT’s leverage, in excess of LIBOR, which is a reduction from the former range of 1.80% to 2.35%. In June 2015, the Borrower entered into an amendment to each of the 2014 Term Loans under which PREIT is required to maintain, on a consolidated basis, minimum Unencumbered Debt Yield of 11.0%, versus 12.0% previously, consistent with the amendment to the covenant in the 2013 Revolving Facility, and the provision of the 2015 5-Year Term Loan. The cross-default provisions in the 2014 Term Loans were also amended to add the 2015 5-Year Term Loan. Subject to the terms of the Credit Agreements, the Borrower has the option to increase the maximum amount available under the 2014 Term Loans, through an accordion option (subject to certain conditions), in increments of $5.0 million (with a minimum increase of $25.0 million ), based on Wells Fargo Bank’s ability to obtain increases in commitments from the current lenders or from new lenders. The 2014 5-Year Term Loan may be increased from $150.0 million to as much as $300.0 million , and the 2014 7-Year Term Loan may be increased from $200.0 million to as much as $400.0 million , as set forth in the Amendment discussed above. Identical covenants and common provisions contained in the Credit Agreements Each of the Credit Agreements contains certain affirmative and negative covenants and other provisions, which are identical to those contained in the other Credit Agreements, and which are described in detail below. The 2015 5-Year Term Loan also contains an additional covenant that prohibits us prior to receiving an investment grade credit rating, if any, from allowing the amount of the Gross Asset Value attributable to assets directly owned by PREIT, PREIT Associates, PRI and the guarantors to be less than 95% of Gross Asset Value excluding assets owned by Excluded Subsidiaries or Unconsolidated Affiliates. Amounts borrowed under the Credit Agreements bear interest at the rate specified below per annum, depending on PREIT’s leverage, in excess of LIBOR, unless and until the Borrower receives an investment grade credit rating and provides notice to the Administrative Agent (the “Rating Date”), after which alternative rates would apply. In determining PREIT’s leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is 6.50% for each Property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months, and (b) 7.50% for any other Property. The 2013 Revolving Facility is subject to a facility fee, which is currently 0.25% , depending on leverage, and is recorded in interest expense in the consolidated statements of operations. In the event that we seek and obtain an investment grade credit rating, alternative facility fees would apply. Applicable Margin (above LIBOR) Level Ratio of Total Liabilities 2013 Revolving Facility 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan 1 Less than 0.450 to 1.00 1.20% 1.35% 1.35% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 (1) 1.25% 1.45% 1.45% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% 1.60% 1.60% 1.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90% 1.90% 1.90% (1) The rate in effect at December 31, 2017. The Borrower may prepay any of the Credit Agreements at any time without premium or penalty, subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings. The Borrower must repay the entire principal amount outstanding under the 2013 Revolving Facility at the end of its term, as the term may be extended. The Credit Agreements contain certain affirmative and negative covenants that are identical, including, without limitation, requirements that PREIT maintain, on a consolidated basis: (1) minimum Tangible Net Worth of not less than 75% of the Company’s tangible net worth on December 31, 2012, plus 75% of the Net Proceeds of all Equity Issuances effected at any time after December 31, 2012; (2) maximum ratio of Total Liabilities to Gross Asset Value of 0.60 :1, provided that it will not be a Default if the ratio exceeds 0.60 :1 but does not exceed 0.625 :1, for more than two consecutive quarters on more than two occasions during the term; (3) minimum ratio of Adjusted EBITDA to Fixed Charges of 1.50 :1 (4) minimum Unencumbered Debt Yield of 11.0% ; (5) minimum Unencumbered NOI to Unsecured Interest Expense of 1.75 :1; (6) maximum ratio of Secured Indebtedness to Gross Asset Value of 0.60 :1; (7) maximum Investments in unimproved real estate and predevelopment costs not in excess of 5.0% of Gross Asset Value; (8) maximum Investments in Persons other than Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates not in excess of 5.0% of Gross Asset Value; (9) maximum Mortgages in favor of the Borrower or any other Subsidiary not in excess of 5.0% of Gross Asset Value; (10) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) not in excess of 10.0% of Gross Asset Value; (11) maximum Investments in Consolidation Exempt Entities not in excess of 25.0% of Gross Asset Value; (12) maximum Projects Under Development not in excess of 15.0% of Gross Asset Value; (13) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) and (11) and (12) not in excess of 35.0% of Gross Asset Value; (14) Distributions may not exceed (A) with respect to our preferred shares, the amounts required by the terms of the preferred shares, and (B) with respect to our common shares, the greater of (i) 95.0% of Funds From Operations and (ii) 110% of REIT taxable income for a fiscal year; and (15) PREIT may not permit the amount of the Gross Asset Value attributable to assets directly owned by PREIT, PREIT Associates, PRI and the guarantors to be less than 95% of Gross Asset Value excluding assets owned by Excluded Subsidiaries or Unconsolidated Affiliates. These covenants and restrictions limit PREIT’s ability to incur additional indebtedness, grant liens on assets and enter into negative pledge agreements, merge, consolidate or sell all or substantially all of its assets and enter into certain transactions with affiliates. The Credit Agreements are subject to customary events of default and are cross-defaulted with one another. As of December 31, 2017, the Borrower was in compliance with all such financial covenants. PREIT and the subsidiaries of PREIT that either (1) account for more than 2.5% of adjusted Gross Asset Value (other than an Excluded Subsidiary), (2) own or lease an Unencumbered Property, (3) own, directly or indirectly, a subsidiary described in (2), or (4) with respect to the Term Loans, are guarantors under the 2013 Revolving Facility, as amended, will serve as guarantors for funds borrowed under the Credit Agreements. In the event that we seek and obtain an investment grade credit rating, if any, PREIT may request that a subsidiary guarantor be released, unless such guarantor becomes obligated in respect of the debt of the Borrower or another subsidiary or owns Unencumbered Property or incurs recourse debt. Upon the expiration of any applicable cure period following an event of default, the lenders may declare all of the obligations in connection with the Credit Agreements immediately due and payable, and the Commitments of the lenders to make further loans under the 2013 Revolving Facility and the 2014 Term Loans will terminate. Upon the occurrence of a voluntary or involuntary bankruptcy proceeding of PREIT, PREIT Associates, PRI, any Material Subsidiary, any subsidiary that owns or leases an Unencumbered Property or certain other subsidiaries, all outstanding amounts will automatically become immediately due and payable and the Commitments of the lenders to make further loans will automatically terminate. Consolidated Mortgage Loans Our consolidated mortgage loans, which are secured by 11 of our consolidated properties, are due in installments over various terms extending to the year 2025 . Eight of these mortgage loans bear interest at fixed interest rates that range from 3.88% to 5.95% and had a weighted average interest rate of 4.28% at December 31, 2017 . Three of our mortgage loans bear interest at variable rates and had a weighted average interest rate of 3.60% at December 31, 2017 . The weighted average interest rate of all consolidated mortgage loans was 4.12% at December 31, 2017 . Mortgage loans for properties owned by unconsolidated partnerships are accounted for in “Investments in partnerships, at equity” and “Distributions in excess of partnership investments,” and are not included in the table below. The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our consolidated mortgage loans of our consolidated properties as of December 31, 2017 : (in thousands of dollars) For the Year Ending December 31, Principal Amortization Balloon Payments Total 2018 $ 18,487 $ 68,469 (1) $ 86,956 2019 19,517 — 19,517 2020 19,791 27,161 46,952 2021 19,162 178,600 197,762 2022 14,163 410,739 424,902 2023 and thereafter 18,705 264,645 283,350 Total principal payments $ 109,825 $ 949,614 1,059,439 Less: Unamortized debt issuance costs 3,355 Carrying value of mortgage notes payable $ 1,056,084 (1) This balloon payments represents the principal balance of a mortgage loan that is secured by Francis Scott Key Mall, in Frederick, Maryland, which was refinanced in January 2018 (see below). The estimated fair values of our consolidated mortgage loans based on year-end interest rates and market conditions at December 31, 2017 and 2016 are as follows: 2017 2016 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Consolidated mortgage loans (1) $ 1,056.1 $ 1,029.7 $ 1,222.9 $ 1,189.6 (1) The carrying value of consolidated mortgage loans has been reduced by unamortized debt issuance costs of $3.4 million and $4.5 million as of December 31, 2017 and 2016 , respectively. The consolidated mortgage loans contain various customary default provisions. As of December 31, 2017 , we were not in default on any of the consolidated mortgage loans. Mortgage Loan Activity The following table presents the mortgage loans we have entered into or extended since January 1, 2016 relating to our consolidated properties: Financing Date Property Amount Financed or Extended (in millions of dollars) Stated Interest Rate Maturity 2018 Activity: January Francis Scott Key (1) $ 68.5 LIBOR plus 2.60% January 19, 2022 2016 Activity: March Viewmont Mall (2) 9.0 LIBOR plus 2.35% March 2021 April Woodland Mall (3) 130.0 LIBOR plus 2.00% April 2021 (1) The $68.5 million mortgage loan’s maturity date was extended to January 2022, and has a one-year extension option that would further extend the maturity date to January 2023. (2) The mortgage was increased by $9.0 million to $57.0 million , and the interest rate was lowered to LIBOR plus 2.35% and the maturity date was extended to March 2021 . (3) The proceeds from the new mortgage loan were used to pay down a portion of the Credit Facility borrowings that were used to repay the previous $141.2 million mortgage loan plus accrued interest. Interest only payments. Other Mortgage Loan Activity In March 2017, we repaid a $150.6 million mortgage loan plus accrued interest secured by The Mall at Prince Georges in Hyattsville, Maryland using $110.0 million from our 2013 Revolving Facility and the balance from available working capital. In March 2016, we repaid a $79.3 million mortgage loan plus accrued interest secured by Valley Mall in Hagerstown, Maryland using $50.0 million from our 2013 Revolving Facility and the balance from available working capital. In March 2016, we repaid a $32.8 million mortgage loan plus accrued interest secured by Lycoming Mall in Pennsdale, Pennsylvania in connection with the March 2016 sale of the property using proceeds from the sale and available working capital. In March 2016, we repaid a $28.1 million mortgage loan plus accrued interest secured by New River Valley Mall in Christiansburg, Virginia in connection with the March 2016 sale of the property using proceeds from the sale. |
EQUITY OFFERING (Notes)
EQUITY OFFERING (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
2017 Preferred Share Offering [Abstract] | |
Equity Offering [Text Block] | EQUITY OFFERINGS Preferred Share Offerings In January 2017, we issued 6,900,000 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) in a public offering at $25.00 per share. We received net proceeds from the offering of approximately $166.3 million after deducting payment of the underwriting discount of $5.4 million ( $0.7875 per Series C Preferred Share) and offering expenses of $0.8 million . We used a portion of the net proceeds from this offering to repay all $117.0 million of then-outstanding borrowings under the 2013 Revolving Facility. In September and October 2017, we issued an aggregate of 5,000,000 6.875% Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”) in a public offering at $25.00 per share, including 200,000 shares that were issued pursuant to the underwriter’s exercise of an overallotment option. We received aggregate net proceeds from the offering of approximately $120.5 million after deducting payment of the underwriting discount of $4.0 million ( $0.7875 per Series D Preferred Share) and offering expenses of $0.5 million . We used the net proceeds from the offering of our Series D Preferred Shares to redeem all of our then outstanding 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) and for general corporate purposes. We may not redeem the Series C Preferred Shares and the Series D Preferred Shares before January 27, 2022 and September 15, 2022, respectively, except to preserve our status as a REIT or upon the occurrence of a Change of Control, as defined in the Trust Agreement addendums designating the Series C Preferred Shares and Series D Preferred Shares. On and after January 27, 2022 for the Series C Preferred Shares and September 15, 2022 for the Series D Preferred Shares, we may redeem any or all of the Series C Preferred Shares or Series D Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. In addition, upon the occurrence of a Change of Control, we may redeem any or all of the Series C Preferred Shares or Series D Preferred Shares for cash within 120 days after the first date on which such Change of Control occurred, at $25.00 per share plus any accrued and unpaid dividends. The Series C Preferred Shares and Series D Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption provisions, and will remain outstanding indefinitely unless we redeem or otherwise repurchase them or they are converted. Preferred Share Redemption On October 12, 2017 (the “Redemption Date”), the Company redeemed all 4,600,000 of its Series A Preferred Shares remaining issued and outstanding as of the Redemption Date, for $115.0 million (the redemption price of $25.00 per share) plus accrued and unpaid dividends of $0.7 million (the amount equal to all accrued and unpaid dividends on the Series A Preferred Shares (whether or not declared) from September 15, 2017 up to but excluding the Redemption Date). The Series A Preferred Shares were initially issued in April 2012. As a result of this redemption, the $4.1 million excess of the redemption price over the carrying amount of the Series A Preferred Shares was deducted from Net income (loss) attributed to PREIT common shareholders in the fourth quarter of 2017. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES In the normal course of business, we are exposed to financial market risks, including interest rate risk on our interest bearing liabilities. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of financial instruments such as derivatives. We do not use financial instruments for trading or speculative purposes. Cash Flow Hedges of Interest Rate Risk Our outstanding derivatives have been designated under applicable accounting authority as cash flow hedges. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in “Accumulated other comprehensive income (loss)” and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. To the extent these instruments are ineffective as cash flow hedges, changes in the fair value of these instruments are recorded in “Interest expense, net.” We recognize all derivatives at fair value as either assets or liabilities in the accompanying consolidated balance sheets. Our derivative assets are recorded in “Deferred costs and other assets” and our derivative liabilities are recorded in “Fair value of derivative instruments.” Amounts reported in “Accumulated other comprehensive income (loss)” that are related to derivatives will be reclassified to “Interest expense, net” as interest payments are made on our corresponding debt. During the next twelve months, we estimate that $2.0 million will be reclassified as a decrease to interest expense in connection with derivatives. Interest Rate Swaps As of December 31, 2017 , we had entered into 30 interest rate swap agreements with a weighted average interest swap rate of 1.35% on a notional amount of $749.6 million maturing on various dates through December 2021 , and one forward starting interest rate swap agreement with a base interest rate of 1.42% on a notional amount of $48.0 million , which became effective starting January 2018 and will mature in February 2021 . Also in January 2018 , we entered into an interest rate swap agreement with an interest swap rate of 2.41% on a notional amount of $64.8 million with an effective date of February 1, 2018 and an expiration date of December 1, 2021 . We entered into these interest rate swap agreements in order to hedge the interest payments associated with our issuances of variable interest rate long term debt. We have assessed the effectiveness of these interest rate swap agreements as hedges at inception and do so on a quarterly basis. As of December 31, 2017 , we considered these interest rate swap agreements to be highly effective as cash flow hedges. The interest rate swap agreements are net settled monthly. In the years ended December 31, 2016 and 2015 , we recorded net losses on hedge ineffectiveness of $0.1 million and $0.5 million , respectively. In 2016, in connection with the sale of, and repayment of, the mortgage loan secured by Lycoming Mall, we recorded a net loss on hedge ineffectiveness of $0.1 million . Following our July 2014 repayment of the $25.8 million mortgage loan secured by 801 Market Street, Philadelphia, Pennsylvania, we anticipated that we would not have sufficient 1-month LIBOR based interest payments to meet the entire swap notional amount related to two of our swaps, and we estimated that this condition would exist until approximately March 2015, when we planned to incur variable rate debt as part of the consideration for Springfield Town Center. These swaps, with an aggregate notional amount of $40.0 million , did not qualify for ongoing hedge accounting for the period from July 2014 to March 2015 as a result of the unrealized forecasted transactions. We recognized mark-to-market interest expense on these two swaps of $0.5 million for the period from January 2015 to March 31, 2015. Accumulated other comprehensive income (loss) as of December 31, 2017 includes a net loss of $0.7 million relating to forward-starting swaps that we cash settled in prior years that are being amortized over 10 year periods commencing on the closing dates of the debt instruments that are associated with these settled swaps. The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments at December 31, 2017 and 2016 . The notional values provide an indication of the extent of our involvement in these instruments, but do not represent exposure to credit, interest rate or market risks. (in millions of dollars) Notional Value Fair Value at December 31, 2017 (1) Fair Value at December 31, 2016 (1) Interest Rate Effective Date Maturity Date Interest Rate Swaps 28.1 N/A $ — 1.38 % January 2, 2017 48.0 $ — (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 — (0.1 ) 1.12 % January 1, 2018 30.0 — (0.3 ) 1.78 % January 2, 2019 25.0 — 0.3 0.7 % January 2, 2019 20.0 — (0.2 ) 1.78 % January 2, 2019 20.0 — (0.2 ) 1.78 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 20.0 0.1 — 1.16 % January 2, 2019 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.24 % June 26, 2020 9.0 0.2 0.2 1.19 % February 1, 2021 35.0 1.1 0.9 1.01 % March 1, 2021 35.0 1.1 0.9 1.02 % March 1, 2021 20.0 0.6 0.5 1.01 % March 1, 2021 20.0 0.6 0.5 1.02 % March 1, 2021 20.0 0.6 0.5 1.02 % March 1, 2021 50.0 0.7 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 Forward Starting Swap 48.0 0.9 N/A 1.42 % January 2, 2018 February 1, 2021 $ 9.7 $ 3.6 (1) As of December 31, 2017 and December 31, 2016 , derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy and we do not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3). The table below presents the effect of our derivative financial instruments on our consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, Consolidated Statements of Operations Location 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 4.0 $ 1.5 $ (2.4 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) 2.3 5.1 5.0 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) — (0.1 ) (0.5 ) Interest expense Credit-Risk-Related Contingent Features We have agreements with some of our derivative counterparties that contain a provision pursuant to which, if our entity that originated such derivative instruments defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2017 , we were not in default on any of our derivative obligations. We have an agreement with a derivative counterparty that incorporates the loan covenant provisions of our loan agreement with a lender affiliated with the derivative counterparty. Failure to comply with the loan covenant provisions would result in our being in default on any derivative instrument obligations covered by the agreement. As of December 31, 2017 , the fair value of derivatives in a liability position, which excludes accrued interest but includes any adjustment for nonperformance risk related to these agreements, was less than $0.1 million . If we had breached any of the default provisions in these agreements as of December 31, 2017 , we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of less than $0.1 million . We had not breached any of these provisions as of December 31, 2017 . |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS 401(k) Plan We maintain a 401(k) Plan (the “401(k) Plan”) in which substantially all of our employees are eligible to participate. The 401(k) Plan permits eligible participants, as defined in the 401(k) Plan agreement, to defer up to 30% of their compensation, and we, at our discretion, may match a specified percentage of the employees’ contributions. Our and our employees’ contributions are fully vested, as defined in the 401(k) Plan agreement. Our contributions to the 401(k) Plan were $0.9 million , $1.0 million and $1.1 million for the years ended December 31, 2017 , 2016 and 2015 respectively. Supplemental Retirement Plans We maintain Supplemental Retirement Plans (the “Supplemental Plans”) covering certain senior management employees. Expenses under the provisions of the Supplemental Plans were $0.3 million , $0.4 million , and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Employee Share Purchase Plan We maintain a share purchase plan through which our employees may purchase common shares at a 15% discount to the fair market value (as defined therein). In the years ended December 31, 2017 , 2016 and 2015 , approximately 38,000 , 24,000 and 25,000 shares, respectively, were purchased for total consideration of $0.4 million , $0.5 million and $0.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We recorded expense of $0.1 million in each of the years ended December 31, 2017 , 2016 and 2015 , related to the share purchase plan. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Share Based Compensation Plans As of December 31, 2017 , we make share based compensation awards using our Second Amended and Restated 2003 Equity Incentive Plan, which is a share based compensation plan that was approved by our shareholders in 2012 (the “2003 Equity Incentive Plan”). Previously, we maintained five other plans pursuant to which we granted equity awards in various forms. Certain restricted shares and certain options granted under these previous plans remain subject to restrictions or remain outstanding and exercisable, respectively. In addition, we previously maintained two plans pursuant to which we granted options to our non-employee trustees. We recognize expense in connection with share based awards to employees and trustees by valuing all share based awards at their fair value on the date of grant, and then expensing them over the applicable vesting period. For the years ended December 31, 2017 , 2016 and 2015 , we recorded aggregate compensation expense for share based awards of $5.7 million (including a net reversal of $0.2 million of amortization relating to employee separation), $6.0 million (including $0.3 million of accelerated amortization relating to employee separation) and $6.3 million , (including $0.2 million of accelerated amortization related to employee separation), respectively, in connection with the equity incentive programs described below. There was no income tax benefit recognized in the income statement for share based compensation arrangements. For the years ended December 31, 2017 , 2016 and 2015 , we capitalized compensation costs related to share based awards of $0.1 million , $0.2 million , and $0.2 million , respectively 2003 Equity Incentive Plan Subject to any future adjustments for share splits and similar events, the total remaining number of common shares that may be issued to employees or trustees under our 2003 Equity Incentive Plan (pursuant to options, restricted shares, shares issuable pursuant to current or future RSU Programs, or otherwise) was 677,384 as of December 31, 2017 . The share based awards described in this footnote were all made under the 2003 Equity Incentive Plan. Restricted Shares The aggregate fair value of the restricted shares that we granted to our employees in 2017 , 2016 and 2015 was $4.0 million , $4.3 million and $4.0 million , respectively. As of December 31, 2017 , there was $4.0 million of total unrecognized compensation cost related to unvested share based compensation arrangements granted under the 2003 Equity Incentive Plan. The cost is expected to be recognized over a weighted average period of 0.8 years . The total fair value of shares vested during the years ended December 31, 2017 , 2016 and 2015 was $3.9 million , $3.6 million and $3.7 million , respectively. A summary of the status of our unvested restricted shares as of December 31, 2017 and changes during the years ended December 31, 2017 , 2016 and 2015 is presented below: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2015 438,049 $ 19.11 Shares granted 195,255 23.38 Shares vested (282,125 ) 17.12 Shares forfeited (8,849 ) 21.32 December 31, 2015 342,330 $ 23.13 Shares granted 264,989 19.27 Shares vested (206,480 ) 20.77 Shares forfeited (14,427 ) 19.60 December 31, 2016 386,412 $ 21.88 Shares granted 336,296 14.95 Shares vested (238,859 ) 19.56 Shares forfeited (34,427 ) 18.00 December 31, 2017 449,422 $ 16.85 Restricted Shares Subject to Time Based Vesting In 2017 , 2016 and 2015 , we made grants of restricted shares subject to time based vesting. The awarded shares vest over periods of one to three years, typically in equal annual installments, provided the recipient is our employee on the vesting date. For all grantees, the shares generally vest immediately upon death or disability. Recipients are entitled to receive an amount equal to the dividends on the shares prior to vesting. We granted a total of 245,950 , 230,429 and 169,131 restricted shares subject to time based vesting to our employees in 2017 , 2016 and 2015 , respectively. The weighted average grant date fair values of time based restricted shares was $16.43 per share in 2017 , $18.67 per share in 2016 and $23.55 per share in 2015 . Compensation cost relating to time based restricted share awards is recorded ratably over the respective vesting periods. We recorded $3.9 million (including $0.2 million of accelerated amortization relating to employee separation), $3.3 million (including $0.2 million of accelerated amortization relating to employee separation) and $3.9 million (including $0.2 million of accelerated amortization relating to employee separation) of compensation expense related to time based restricted shares for the years ended December 31, 2017 , 2016 and 2015 , respectively. On January 19, 2018, the Company granted 392,697 time-based restricted shares to employees with a grant date fair value of $4.3 million that vest over periods of two to three years in annual installments. We will record future compensation expense in connection with the vesting of existing time based restricted share awards to employees as follows (including restricted shares issued in 2018): (in thousands of dollars) For the Year Ending December 31, Future Compensation Expense 2018 $ 3,960 2019 2,776 2020 1,420 2021 151 Total $ 8,307 Restricted Share Unit Programs In 2017 , 2016 , 2015 , 2014 and 2013, our Board of Trustees established the 2017-2019 RSU program, 2016-2018 RSU program, 2015-2017 RSU Program, the 2014-2016 RSU Program, and the 2013-2015 RSU Program, respectively (the “RSU Programs”). Under the RSU Programs, we may make awards in the form of market based performance-contingent restricted share units, or RSUs. The RSUs represent the right to earn common shares in the future depending on our performance in terms of total return to shareholders (as defined in the RSU Programs) for applicable three year periods or a shorter period ending upon the date of a change in control of the Company (each, a “Measurement Period”) relative to the total return to shareholders, as defined, for the applicable Measurement Period of companies comprising an index of real estate investment trusts (the “Index REITs”). Dividends are deemed credited to the participants’ RSU accounts and are applied to “acquire” more RSUs for the account of the participants at the 20 -day average price per common share ending on the dividend payment date. If earned, awards will be paid in common shares in an amount equal to the applicable percentage of the number of RSUs in the participant’s account at the end of the applicable Measurement Period. The aggregate fair values of the RSU awards in 2017 , 2016 and 2015 were determined using a Monte Carlo simulation probabilistic valuation model, and are presented in the table below. The table also sets forth the assumptions used in the Monte Carlo simulations used to determine the aggregate fair values of the RSU awards in 2017 , 2016 and 2015 by grant date: (in thousands of dollars, except per share data) RSUs and assumptions by Grant Date February 27, 2017 February 23, 2016 February 24, 2015 RSUs granted 140,490 127,421 94,014 Aggregate fair value of shares granted $ 1,620 $ 1,914 $ 2,074 Weighted average fair value per share $ 11.53 $ 15.02 $ 22.06 Volatility 25.8 % 25.3 % 25.3 % Risk free interest rate 1.42 % 0.90 % 0.97 % PREIT Stock Beta compared to Dow Jones US Real Estate Index 0.706 1.184 1.221 Compensation cost relating to the RSU awards is expensed ratably over the applicable three year vesting period. We recorded $1.3 million (including a reversal of $0.4 million of amortization relating to employee separation), $1.8 million (including $0.3 million of accelerated amortization relating to employee separation), and $1.8 million of compensation expense related to the RSU Programs for the years ended December 31, 2017 , 2016 and 2015 , respectively. We will record future aggregate compensation expense of $1.6 million related to the existing awards under the RSU Programs (not including the effect of the 2018 RSUs described below, the valuation for which has not yet been determined) . For the years ended December 31, 2017 and 2016, no shares were issued from the 2015-2017 and 2014-2016 RSU programs because the required criteria were not met. For the year ended December 31, 2015, the number of shares issued to employees resulting from the measurement of the 2013-2015 RSU program was 134,733 . On January 19, 2018, the Board of Trustees established the 2018-2020 RSU program, and the Company granted 231,227 RSUs to employees (the “2018 RSUs”) with an aggregate fair value of $3.1 million . The 2018 RSUs have a three-year measurement period that ends on December 31, 2020 or a shorter period ending upon the change in control of the Company. Restricted Shares Awarded to Non-Employee Trustees As part of the compensation we pay to our non-employee trustees for their service, we grant restricted shares subject to time based vesting. The awarded shares vest over a one-year period. These annual awards are made under the 2003 Equity Incentive Plan. We granted a total of 64,358 , 34,560 , and 26,124 restricted shares subject to time based vesting to our non-employee trustees in 2017, 2016, and 2015, respectively. The aggregate fair value of the restricted shares in 2017 , 2016 and 2015 was $0.7 million , $0.8 million and $0.6 million , respectively. We recorded $0.5 million , $0.6 million and $0.6 million of compensation expense related to time based vesting of non-employee trustee restricted share awards in 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , there was $0.6 million of total unrecognized compensation expense related to unvested restricted share grants to non-employee trustees. The total fair value of shares granted to non-employee trustees that vested was $0.8 million , $0.8 million , and $1.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In 2018, we will record compensation expense of $0.6 million in connection with the vesting of existing non-employee trustee restricted share awards. Options Outstanding Options, when granted, are typically granted with an exercise price equal to the fair market value of the underlying shares on the date of the grant. The options vest and are exercisable over periods determined by us, but in no event later than ten years from the grant date. We have six plans under which we have historically granted options. We have not granted any options to our employees since 2003. From 2003 to 2013, we only made option grants to non-employee trustees on the date they became trustees in accordance with past practice (under the 2003 Equity Incentive Plan). No options were granted to non-employee trustees since 2013. In 2013, the Board of Trustees determined that it would no longer grant options to new non-employee trustees. The following table presents the changes in the number of options outstanding from January 1, 2015 through December 31, 2017 : Options outstanding at January 1, 2015 15,000 Options forfeited (weighted average exercise price of $38.00) (5,000 ) Options outstanding at December 31, 2015 10,000 Options forfeited — Options outstanding at December 31, 2016 10,000 Options forfeited — Options outstanding at December 31, 2017 (1) 10,000 Outstanding exercisable options at December 31, 2017 Options 10,000 Average exercise price per share $ 16.63 Aggregate exercise price (2) $ 166 Intrinsic value of options outstanding (2) — (1) The weighted average remaining contractual life of these outstanding options is 4.86 years (weighted average exercise price of $16.63 per share and an aggregate exercise price of $0.2 million ). (2) Amounts in thousands of dollars. The following table summarizes information relating to all options outstanding as of December 31, 2017 : Options Outstanding and Exercisable as of December 31, 2017 Number of Shares Exercise Price (Per Share) Weighted Average Remaining Life (Years) 5,000 $ 12.87 4.4 5,000 $ 20.40 5.3 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS General In 2016 and 2015 , we provided management, leasing and development services for properties owned by partnerships and other entities in which certain of our officers or current or former trustees or members of their immediate family and affiliated entities have indirect ownership interests. As of December 31, 2016, we no longer manage any of these properties. Total revenue earned by PRI for such services was $0.3 million and $0.8 million for the years ended December 31, 2016 and 2015 , respectively. Office Lease We lease our principal executive offices from Bellevue Associates, an entity that is owned by Ronald Rubin, one of our trustees, collectively with members of his immediate family and affiliated entities. Total rent expense under this lease was $1.3 million , $1.4 million and $1.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Springfield Park Disposition As disclosed in note 3, we sold our entire 50% interest in Springfield Park shopping center in Springfield, Pennsylvania in July 2015. The buyer, Rubin Retail Acquisitions, L.P., is an entity controlled by Ronald Rubin, a Trustee of PREIT. In accordance with PREIT’s Related Party Transactions Policy, a Special Committee consisting exclusively of independent members of PREIT’s Board of Trustees considered and approved the terms of the transaction. The disinterested members of PREIT’s Board of Trustees also approved the transaction. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contractual Obligations As of December 31, 2017 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $110.4 million in the form of tenant allowances and contracts with general service providers and other professional service providers. In addition, our operating partnership, PREIT Associates, has jointly and severally guaranteed the obligations of the joint venture we formed with Macerich to develop Fashion District Philadelphia to commence and complete a comprehensive redevelopment of that property costing not less than $300.0 million within 48 months after commencement of construction, which was March 14, 2016. As of December 31, 2017, we expect to meet this obligation. Employment Agreements Two officers of the Company currently have employment agreements with terms that renew automatically each year for additional one -year terms. These employment agreements provided for aggregate base compensation for the year ended December 31, 2017 of $1.2 million, subject to increases as approved by the Executive Compensation and Human Resources Committee of our Board of Trustees in future years, as well as additional incentive compensation. Provision for Employee Separation Expense We recorded $1.3 million , $1.4 million and $2.1 million of employee separation expense in 2017 , 2016 and 2015 , respectively, in connection with the termination of certain employees. As of December 31, 2017, $1.1 million of these amounts were accrued and unpaid. Other In 2015, in connection with the acquisition of Springfield Town Center in Springfield, Virginia, we recorded a contingent liability representing the estimated fair value of additional consideration that the seller would potentially be eligible to receive (the “Earnout”). As of December 31, 2015, the estimated fair value of the Earnout was $8.6 million . In September 2016, based on revised leasing assumptions and other factors, we revised our estimate and determined that the entire contingent liability associated with the Earnout should be eliminated. The change in the estimated fair value of this contingent liability is recorded as a component of depreciation and amortization expense in the accompanying consolidated statement of operations. Legal Actions In the normal course of business, we have and might become involved in legal actions relating to the ownership and operation of our properties and the properties we manage for third parties. In management’s opinion, the resolutions of any such pending legal actions are not expected to have a material adverse effect on our consolidated financial position or results of operations. Environmental We are aware of certain environmental matters at some of our properties. We have, in the past, performed remediation of such environmental matters, and are not aware of any significant remaining potential liability relating to these environmental matters. We might be required in the future to perform testing relating to these matters. We do not expect these matters to have any significant impact on our liquidity or results of operations. However, we can provide no assurance that the amounts reserved will be adequate to cover further environmental costs. We have insurance coverage for certain environmental claims up to $25.0 million per occurrence and up to $25.0 million in the aggregate. Tax Protection Agreements In connection with the acquisition of Springfield Town Center on March 31, 2015, PREIT Associates, L.P. agreed to provide tax protection to Vornado Realty, L.P. ("VRLP") in the event of the future taxable sale or disposition of the property. The tax protection is in an amount equal to VRLP's pre-existing tax protection to Meshulam Riklis ("MR"), the original contributor of the property, plus documented out-of-pocket reasonable costs and expenses. Tax protection ends when VRLP's liability under the MR tax protection agreement ceases, which will be either (a) upon the death of MR or (b) upon the execution of an amendment releasing VRLP from any liability to MR in the event of a sale or disposition of the property. There were no other tax protection agreements in effect as of December 31, 2017 . |
HISTORIC TAX CREDITS
HISTORIC TAX CREDITS | 12 Months Ended |
Dec. 31, 2017 | |
Historic Tax Credits [Abstract] | |
HISTORIC TAX CREDITS | HISTORIC TAX CREDITS In the second quarter of 2012, we closed a transaction with a Counterparty (the “Counterparty”) related to the historic rehabilitation of an office building located at 801 Market Street in Philadelphia, Pennsylvania (the “Project”). The Project has two stages of development. The Counterparty contributed a total of $5.5 million of equity to the first stage of the project through December 31, 2013, and $5.8 million to the second stage of the project through September 30, 2014, and we recorded these contributions in “Accrued expenses and other liabilities” as of December 31, 2014. In exchange for its contributions into the Project, the Counterparty received substantially all of the historic rehabilitation tax credits associated with the Project as a distribution. The Counterparty does not have a material interest in the underlying economics of the Project. The transaction also includes a put/call option whereby we might be obligated or entitled to repurchase the Counterparty’s ownership interest in the Project at a stated value of $1.7 million . We believe that the put option will be exercised by the Counterparty, and an amount attributed to that option is included in the recorded balance of “Accrued expenses and other liabilities.” Based on the contractual arrangements that obligate us to deliver tax credits and provide other guarantees to the Counterparty and that entitle us, through fee arrangements, to receive substantially all available cash flow from the Project, we concluded that the Project should be consolidated. We also concluded that capital contributions received from the Counterparty are, in substance, consideration that we received in exchange for the put option and our obligation to deliver tax credits to the Counterparty. The Counterparty’s contributions, other than the amounts allocated to the put option, are classified as “Accrued expenses and other liabilities” and recognized as “Other income” in the consolidated financial statements as our obligation to deliver tax credits is relieved. The tax credits are subject to a five year credit recapture period, as defined in the Internal Revenue Code of 1986, as amended, beginning one year after the completion of the Project, of which the first stage was completed in the second quarter of 2012, and the second stage was completed in the second quarter of 2013. Our obligation to the Counterparty with respect to the tax credits is ratably relieved annually in the third quarter of each year, upon the expiration of each portion of the recapture period and the satisfaction of other revenue recognition criteria. In each of the third quarters of 2017, 2016 and 2015, we recognized $0.9 million , related to the fifth (and final), fourth and third recapture periods of the first stage, and $1.0 million $1.0 million and $1.2 million and $1.0 million , respectively, related to the fourth, third and second recapture periods of the second stage, of the contribution received from the Counterparty, as “Other income” in the consolidated statements of operations. We also recorded $0.2 million , $0.2 million and $0.3 million of priority returns earned by the Counterparty during each of the third quarters 2017, 2016 and 2015, respectively. In aggregate, we recorded net income of $1.8 million to “Other income” in each of the consolidated statements of operations in connection with the Project in 2017, 2016 and 2015, respectively. Pursuant to terms customarily found in such agreements, we have agreed to indemnify the Counterparty for its contributions, penalties and interest in the event all or a portion of the historic tax credits are disallowed. |
SUMMARY OF QUARTERLY RESULTS (U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following presents a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : (in thousands of dollars, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (1) Total Total revenue $ 89,264 $ 89,250 $ 89,211 $ 99,765 $ 367,490 Net (loss) income (2)(3) (486 ) (53,277 ) 12,300 8,615 (32,848 ) Net (loss attributable) income available to PREIT (2)(3) (434 ) (47,608 ) 10,995 7,703 (29,344 ) Basic and diluted (loss) earnings per share (0.10 ) (0.79 ) 0.05 (0.05 ) (0.89 ) |
SCHEDULE III INVESTMENTS IN REA
SCHEDULE III INVESTMENTS IN REAL ESTATE | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III INVESTMENTS IN REAL ESTATE | SCHEDULE III PENNSYLVANIA REAL ESTATE INVESTMENT TRUST INVESTMENTS IN REAL ESTATE As of December 31, 2017 (in thousands of dollars) Initial Cost of Land Initial Cost of Building & Improvements Cost of Improvements Net of Retirements and Impairment Charges Balance of Land and Land Held for Develop- ment Balance of Building & Improvements and Construction in Progress Accumulated Depreciation Balance Current Encumbrance (1) Date of Acquisition/ Construction Life of Depre- ciation Capital City Mall $ 11,642 $ 65,575 $ 49,835 $ 11,684 $ 115,368 $ 43,437 $ 59,980 2003 40 Cherry Hill Mall 29,938 185,611 264,074 48,608 431,015 229,299 281,237 2003 40 Cumberland Mall 8,711 43,889 29,885 9,842 72,643 25,478 45,205 2005 40 Dartmouth Mall 7,015 28,328 40,919 7,004 69,258 37,209 61,125 1998 40 Exton Square Mall 21,460 121,326 45,127 26,299 161,614 53,683 — 2003 40 Francis Scott Key Mall 9,786 47,526 42,545 9,440 90,417 37,827 68,469 2003 40 Jacksonville Mall 9,974 47,802 29,759 9,974 77,561 35,988 — 2003 40 Magnolia Mall 9,279 44,165 44,663 15,933 82,174 44,339 — 1998 40 Monroe Land 1,177 — — 1,177 — — — 2006 10 Moorestown Mall 11,368 62,995 87,548 11,368 150,543 58,869 — 2003 40 Patrick Henry Mall 16,075 86,643 51,380 16,397 137,701 65,052 92,398 2003 40 Plymouth Meeting Mall 29,265 58,388 109,234 29,958 166,929 81,344 — 2003 40 The Mall at Prince Georges 13,065 57,686 56,723 13,066 114,408 54,591 — 1998 40 Springfield Town Center 119,912 353,551 17,547 119,912 371,098 36,204 — 2015 40 Springhills land 21,555 9,827 (13,428 ) 17,834 120 — — 2006 N/A Sunrise Plaza land 395 — (29 ) 366 — — — 2005 N/A Swedes Square land 189 — 36 225 — — — 2004 N/A Valley Mall 13,187 60,658 50,800 15,591 109,054 43,131 — 2003 40 Valley View Mall 9,880 46,817 (2,144 ) 9,077 45,476 10,108 28,623 2003 40 Viewmont Mall 12,505 61,519 45,676 12,725 106,975 40,593 57,000 2003 40 Willow Grove Park 26,748 131,189 86,228 36,188 207,977 96,756 163,224 2003 40 White Clay Point land 31,000 11,803 (28,803 ) 10,914 3,086 — — 2005 N/A Woodland Mall 35,540 124,504 73,883 44,196 189,731 69,121 127,200 2005 40 Wyoming Valley Mall 14,153 73,035 31,588 13,302 105,474 47,978 74,978 2003 40 Investment In Real Estate $ 463,819 $ 1,722,837 $ 1,113,046 $ 491,080 $ 2,808,622 $ 1,111,007 $ 1,059,439 (1) Represents mortgage principal balances outstanding as of December 31, 2017, and does not include unamortized debt costs with an aggregate balance of $3.4 million . The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,174.7 million and $2,284.0 million , respectively, at December 31, 2017 and $3,303.2 million and $2,380.8 million , respectively, at December 31, 2016 . The changes in total real estate and accumulated depreciation for the years ended December 31, 2017 , 2016 and 2015 are as follows: (in thousands of dollars) Total Real Estate Assets: For the Year Ended December 31, 2017 2016 2015 Balance, beginning of year $ 3,300,014 $ 3,367,889 $ 3,285,404 Improvements and development 502,077 116,575 69,486 Acquisitions 2,613 27,234 476,516 Impairment of assets (89,101 ) (74,391 ) (195,111 ) Dispositions (402,783 ) (61,360 ) (71,172 ) Write-off of fully depreciated assets (13,118 ) (5,125 ) (13,100 ) Reclassification to held for sale — (70,808 ) (184,134 ) Balance, end of year $ 3,299,702 $ 3,300,014 $ 3,367,889 Balance, end of year – held for sale $ — $ 70,808 $ 184,134 (in thousands of dollars) Accumulated Depreciation: For the Year Ended December 31, 2017 2016 2015 Balance, beginning of year $ 1,060,845 $ 1,015,647 $ 1,061,051 Depreciation expense 118,485 124,433 131,102 Impairment of assets (39,264 ) (35,998 ) (60,461 ) Dispositions (15,941 ) (11,538 ) (37,519 ) Write-off of fully depreciated assets (13,118 ) (5,125 ) (13,100 ) Reclassification to held for sale — (26,574 ) (65,426 ) Balance, end of year $ 1,111,007 $ 1,060,845 $ 1,015,647 Balance, end of year – held for sale $ — $ 26,574 $ — |
ORGANIZATION AND SUMMARY OF S23
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT”), a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2017 , our portfolio consisted of a total of 29 properties located in 10 states and operating in nine states, including 21 shopping malls, four other retail properties and four development or redevelopment properties. We have one property under redevelopment classified as “retail” (redevelopment of The Gallery at Market East into Fashion District Philadelphia). This redevelopment is expected to open in 2018 and stabilize in 2020. Three properties in our portfolio are classified as under development, however we do not currently have any activity occurring at these properties. In 2017, we sold three of our wholly owned mall properties. We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of December 31, 2017 , held an 89.4% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the Operating Partnership’s partnership agreement, each of its limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue date of the OP Units, and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of December 31, 2017 , the total amount that would have been distributed would have been $98.4 million , which is calculated using our December 31, 2017 closing share price on the New York Stock Exchange of $11.89 multiplied by the number of outstanding OP Units held by limited partners, which was 8,272,636 as of December 31, 2017 . We provide management, leasing and real estate development services through two of our subsidiaries: PREIT Services, LLC (“PREIT Services”), which generally develops and manages properties that we consolidate for financial reporting purposes, and PREIT-RUBIN, Inc. (“PRI”), which generally develops and manages properties that we do not consolidate for financial reporting purposes, including properties owned by partnerships in which we own an interest, and properties that are owned by third parties in which we do not have an interest. PREIT Services and PRI are consolidated. PRI is a taxable REIT subsidiary, as defined by federal tax laws, which means that it is able to offer additional services to tenants without jeopardizing our continuing qualification as a REIT under federal tax law. We evaluate operating results and allocate resources on a property-by-property basis, and do not distinguish or evaluate our consolidated operations on a geographic basis. Due to the nature of our operating properties, which involve retail shopping, we have concluded that our individual properties have similar economic characteristics and meet all other aggregation criteria. Accordingly, we have aggregated our individual properties into one reportable segment. In addition, no single tenant accounts for 10% or more of our consolidated revenue, and none of our properties are located outside the United States. Consolidation We consolidate our accounts and the accounts of the Operating Partnership and other controlled subsidiaries, and we reflect the remaining interest in such entities as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Partnership Investments | Partnership Investments We account for our investments in partnerships that we do not control using the equity method of accounting. These investments, each of which represents a 25% to 50% noncontrolling ownership interest at December 31, 2017 , are recorded initially at our cost, and subsequently adjusted for our share of net equity in income and cash contributions and distributions. We do not control any of these equity method investees for the following reasons: • Except for two properties that we co-manage with our partner, the other entities are managed on a day-to-day basis by one of our other partners as the managing general partner in each of the respective partnerships. In the case of the co-managed properties, all decisions in the ordinary course of business are made jointly. • The managing general partner is responsible for establishing the operating and capital decisions of the partnership, including budgets, in the ordinary course of business. • All major decisions of each partnership, such as the sale, refinancing, expansion or rehabilitation of the property, require the approval of all partners. • Voting rights and the sharing of profits and losses are in proportion to the ownership percentages of each partner. |
Statements of Cash Flows | Statements of Cash Flows We consider all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents. At December 31, 2017 and 2016 , cash and cash equivalents totaled $15.3 million and $9.8 million , respectively, and included tenant security deposits of $2.4 million and $3.1 million , respectively. Cash paid for interest was $55.4 million , $67.9 million and $76.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, net of amounts capitalized of $7.6 million , $3.2 million and $1.9 million , respectively. |
Significant Non-Cash Transactions | Significant Non-Cash Transactions During 2017, a $ 150.0 million paydown of the 2013 Revolving Facility was made, which was directly paid from an additional borrowing from our 2014 7-Year Term Loan, and is considered to be a non-cash transaction. In connection with our acquisition of Springfield Town Center in March 2015, we issued 6,250,000 OP Units with a value of $145.2 million as partial consideration for the purchase. In our statement of cash flows, we report cash flows on our revolving facilities on a net basis. Aggregate borrowings on our revolving facilities were $309.0 million , $290.0 million and $310.0 million , and aggregate repayments were $403.0 million , $208.0 million and $245.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Accrued construction costs decreased by $8.3 million in the year ended December 31, 2017 , increased by $13.4 million in the year ended December 31, 2016 and decreased by $1.6 million in the year ended December 31, 2015 , representing non-cash changes in construction in progress. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. We believe that our most significant and subjective accounting estimates and assumptions are those relating to asset impairment, fair value and accounts receivable reserves. Our management makes complex or subjective assumptions and judgments in applying its critical accounting policies. In making these judgments and assumptions, our management considers, among other factors, events and changes in property, market and economic conditions, estimated future cash flows from property operations, and the risk of loss on specific accounts or amounts. |
Revenue Recognition | Revenue Recognition We derive over 95% of our revenue from tenant rent and other tenant-related activities. Tenant rent includes base rent (recorded on a straight-line basis), percentage rent, expense reimbursements (such as reimbursements of costs of common area maintenance (“CAM”), real estate taxes and utilities), and the amortization of above-market and below-market lease intangibles (as described below under “Intangible Assets”) and straight-line rent. We record base rent on a straight-line basis, which means that the monthly base rent revenue according to the terms of our leases with our tenants is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. When tenants vacate prior to the end of their lease, we accelerate amortization of any related unamortized straight-line rent balances, and unamortized above-market and below-market intangible balances are amortized as a decrease or increase to real estate revenue, respectively. The straight-line rent adjustment increased revenue by $2.7 million , $2.6 million and $2.0 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. The straight-line rent receivable balances included in tenant and other receivables on the accompanying consolidated balance sheet as of December 31, 2017 and 2016 were $25.4 million and $23.7 million , respectively. Percentage rent represents rental revenue that the tenant pays based on a percentage of its sales, either as a percentage of its total sales or as a percentage of sales over a certain threshold. In the latter case, we do not record percentage rent until the sales threshold has been reached. Revenue for rent received from tenants prior to their due dates is deferred until the period to which the rent applies. In addition to base rent, certain lease agreements contain provisions that require tenants to reimburse a fixed or pro rata share of certain CAM costs, real estate taxes and utilities. Tenants generally make monthly expense reimbursement payments based on a budgeted amount determined at the beginning of the year. During the year, our income increases or decreases based on actual expense levels and changes in other factors that influence the reimbursement amounts, such as occupancy levels. As of December 31, 2017 and 2016 , our tenant accounts receivable included accrued income of $3.1 million and $2.3 million , respectively, because actual reimbursable expense amounts eligible to be billed to tenants under applicable contracts exceeded amounts actually billed. Certain lease agreements contain co-tenancy clauses that can change the amount of rent or the type of rent that tenants are required to pay, or, in some cases, can allow a tenant to terminate their lease, in the event that certain events take place, such as a decline in property occupancy levels below certain defined levels or the vacating of an anchor store. Co-tenancy clauses do not generally have any retroactive effect when they are triggered. The effect of co-tenancy clauses is applied on a prospective basis to recognize the new rent that is in effect. Payments made to tenants as inducements to enter into a lease are treated as deferred costs that are amortized as a reduction of rental revenue over the term of the related lease. Lease termination fee revenue is recognized in the period when a termination agreement is signed, collectibility is assured, and we are no longer obligated to provide space to the tenant. In the event that a tenant is in bankruptcy when the termination agreement is signed, termination fee income is deferred and recognized when it is received. We also generate revenue by providing management services to third parties, including property management, brokerage, leasing and development. Management fees generally are a percentage of managed property revenue or cash receipts. Leasing fees are earned upon the consummation of new leases. Development fees are earned over the time period of the development activity and are recognized on the percentage of completion method. These activities are collectively included in “Other income” in the consolidated statements of operations. |
Fair Value | Fair Value Fair value accounting applies to reported balances that are required or permitted to be measured at fair value under relevant accounting authority. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, these accounting requirements establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs might include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. We utilize the fair value hierarchy in our accounting for derivatives (Level 2) and financial instruments (Level 2) and in our reviews for impairment of real estate assets (Level 3) and goodwill (Level 3). |
Financial Instruments | Financial Instruments Carrying amounts reported on the consolidated balance sheet for cash and cash equivalents, tenant and other receivables, accrued expenses, other liabilities and the 2013 Revolving Facility approximate fair value due to the short-term nature of these instruments. Most of our variable rate debt is subject to interest rate derivative instruments that have effectively fixed the interest rates on the underlying debt. The estimated fair value for fixed rate debt, which is calculated for disclosure purposes, is based on the borrowing rates available to us for fixed rate mortgage loans with similar terms and maturities. |
Impairment of Assets | Impairment of Assets Real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the property might not be recoverable, which is referred to as a “triggering event.” In connection with our review of our long-lived assets for impairment, we utilize qualitative and quantitative factors in order to estimate fair value. The significant qualitative factors that we use include age and condition of the property, market conditions in the property’s trade area, competition with other shopping centers within the property’s trade area and the creditworthiness and performance of the property’s tenants. The significant quantitative factors that we use include historical and forecasted financial and operating information relating to the property, such as net operating income, occupancy statistics, vacancy projections and tenants’ sales levels. Our fair value assumptions relating to real estate assets are within Level 3 of the fair value hierarchy. If there is a triggering event in relation to a property to be held and used, we will estimate the aggregate future cash flows, net of estimated capital expenditures, to be generated by the property, undiscounted and without interest charges. In addition, this estimate may consider a probability weighted cash flow estimation approach when alternative courses of action to recover the carrying amount of a long-lived asset are under consideration or when a range of possible values is estimated. The determination of undiscounted cash flows requires significant estimates by our management, including the expected course of action at the balance sheet date that would lead to such cash flows. Subsequent changes in estimated undiscounted cash flows arising from changes in the anticipated action to be taken with respect to the property could affect the determination of whether an impairment exists, and the effects of such changes could materially affect our net income. If the estimated undiscounted cash flows are less than the carrying value of the property, the carrying value is written down to its fair value. In determining the estimated undiscounted cash flows of the properties that are being analyzed for impairment of assets, we take the sum of the estimated undiscounted cash flows, generally assuming a holding period of 10 years, plus a terminal value calculated using the estimated net operating income in the eleventh year and terminal capitalization rates, which in 2017 ranged from 5.8% to 13.0% , in 2016 ranged from 5.0% to 10.0% and in 2015 ranged from 4.5% to 15.5% . As further detailed in note 2, in 2017, 2016 and 2015, as a result of our analysis, we determined that four , five and seven properties, respectively, had incurred impairment of assets. Assessment of our ability to recover certain lease related costs must be made when we have a reason to believe that a tenant might not be able to perform under the terms of the lease as originally expected. This requires us to make estimates as to the recoverability of such costs. An other-than-temporary impairment of an investment in an unconsolidated joint venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is recorded as a reduction to income. We conduct an annual review of our goodwill balances for impairment to determine whether an adjustment to the carrying value of goodwill is required. We have determined the fair value of our properties and the amount of goodwill that is associated with certain of our properties, and we have concluded that goodwill was not impaired as of December 31, 2017 . Fair value is determined by applying a capitalization rate to our estimate of projected income at those properties. We also consider qualitative factors such as property sales performance, market position and current and future operating results. This amount is compared to the aggregate of the property basis and the goodwill that has been assigned to that property. If the fair value is less than the property basis and the goodwill, we evaluate whether impairment has occurred. |
Real Estate | Real Estate Land, buildings, fixtures and tenant improvements are recorded at cost and stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations or replacements, which improve or extend the life of an asset, are capitalized and depreciated over their estimated useful lives. For financial reporting purposes, properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 20-40 years Land improvements 15 years Furniture/fixtures 3-10 years Tenant improvements Lease term We are required to make subjective assessments as to the useful lives of our real estate assets for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those assets based on various factors, including industry standards, historical experience and the condition of the asset at the time of acquisition. These assessments affect our annual net income. If we were to determine that a different estimated useful life was appropriate for a particular asset, it would be depreciated over the newly estimated useful life, and, other things being equal, result in changes in annual depreciation expense and annual net income. Gains from sales of real estate properties and interests in partnerships generally are recognized using the full accrual method, provided that various criteria are met relating to the terms of sale and any subsequent involvement by us with the properties sold. Real Estate Acquisitions We account for our property acquisitions by allocating the purchase price of a property to the property’s assets based on management’s estimates of their fair value. Debt assumed in connection with property acquisitions is recorded at fair value at the acquisition date, and any resulting premium or discount is amortized through interest expense over the remaining term of the debt, resulting in a non-cash decrease (in the case of a premium) or increase (in the case of a discount) in interest expense. The determination of the fair value of intangible assets requires significant estimates by management and considers many factors, including our expectations about the underlying property, the general market conditions in which the property operates and conditions in the economy. The judgment and subjectivity inherent in such assumptions can have a significant effect on the magnitude of the intangible assets or the changes to such assets that we record. |
Intangible Assets | Intangible Assets Our intangible assets on the accompanying consolidated balance sheets as of December 31, 2017 and 2016 each included $5.2 million (in each case, net of $1.1 million of amortization expense recognized prior to January 1, 2002) of goodwill recognized in connection with the acquisition of The Rubin Organization in 1997. Changes in the carrying amount of goodwill for the three years ended December 31, 2017 were as follows: (in thousands of dollars) Basis Accumulated Amortization Total Balance, January 1, 2015 $ 6,735 $ (1,073 ) $ 5,662 Goodwill divested (137 ) — (137 ) Goodwill impaired (276 ) — (276 ) Balance, December 31, 2015 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2016 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2017 $ 6,322 $ (1,073 ) $ 5,249 In 2015, we recognized an impairment loss of goodwill of $0.3 million in connection with the impairment review of Palmer Park Mall. Also in 2015, we divested goodwill of $0.1 million in connection with the sale of Springfield Park (see note 3). We allocate a portion of the purchase price of a property to intangible assets. Our methodology for this allocation includes estimating an “as-if vacant” fair value of the physical property, which is allocated to land, building and improvements. The difference between the purchase price and the “as-if vacant” fair value is allocated to intangible assets. There are three categories of intangible assets to be considered: (i) value of in-place leases, (ii) above- and below-market value of in-place leases and (iii) customer relationship value. The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases, as well as the value associated with lost rental revenue during the assumed lease-up period. The value of in-place leases is amortized as real estate amortization over the remaining lease term. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimates of fair market lease rates for comparable in-place leases, based on factors such as historical experience, recently executed transactions and specific property issues, measured over a period equal to the remaining non-cancelable term of the lease. Above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases, including any below-market optional renewal periods, and are included in “Accrued expenses and other liabilities” in the consolidated balance sheets. We allocate purchase price to customer relationship intangibles based on management’s assessment of the fair value of such relationships. The following table presents our intangible assets and liabilities, net of accumulated amortization, as of December 31, 2017 and 2016 : (in thousands of dollars) As of December 31, 2017 As of December 31, 2016 Value of in-place lease intangibles, net $ 12,369 $ 14,369 Above-market lease intangibles, net 75 128 Subtotal 12,444 14,497 Goodwill, net 5,249 5,249 Total intangible assets $ 17,693 $ 19,746 Below-market lease intangibles, net $ (636 ) $ (901 ) Amortization of in-place lease intangibles was $2.0 million , $2.4 million and $1.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Net amortization of above-market and below-market lease intangibles increased revenue by $0.1 million , $0.1 million and $0.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In the normal course of business, our intangible assets will amortize in the next five years and thereafter as follows: (in thousands of dollars) For the Year Ending December 31, Value of In-Place Lease Intangibles Above/(Below) Market Leases, net 2018 1,768 (69 ) 2019 1,742 (89 ) 2020 1,708 (109 ) 2021 1,580 (86 ) 2022 1,445 (54 ) 2023+ and thereafter 4,126 (154 ) Total $ 12,369 $ (561 ) |
Assets Held for Sale and Discontinued Operations | Assets Classified as Held for Sale The determination to classify an asset as held for sale requires significant estimates by us about the property and the expected market for the property, which are based on factors including recent sales of comparable properties, recent expressions of interest in the property, financial metrics of the property and the physical condition of the property. We must also determine if it will be possible under those market conditions to sell the property for an acceptable price within one year. When assets are identified by our management as held for sale, we discontinue depreciating the assets and estimate the sales price, net of selling costs, of such assets. We generally consider operating properties to be held for sale when they meet criteria such as whether the sale transaction has been approved by the appropriate level of management and there are no known material contingencies relating to the sale such that the sale is probable and is expected to qualify for recognition as a completed sale within one year. If the expected net sales price of the asset that has been identified as held for sale is less than the net book value of the asset, the asset is written down to fair value less the cost to sell. Assets and liabilities related to assets classified as held for sale are presented separately in the consolidated balance sheet. If we determine that a property no longer meets the held-for-sale criteria, we reclassify the property’s assets and liabilities to their original locations on the consolidated balance sheet and record depreciation and amortization expense for the period that the property was in held-for-sale status. In June 2017, we determined that Valley View Mall in LaCrosse, Wisconsin met the criteria to classify it as held for sale. Effective December 31, 2017, we determined that it did not meet the held-for-sale criteria because we are no longer actively marketing the property, so we no longer believe that it is likely that we will complete a sale of the property within one year. In the fourth quarter of 2017, we recorded depreciation and amortization expense of $1.0 million for the period that Valley View Mall was classified as held for sale. |
Capitalization of Costs | Capitalization of Costs Costs incurred in relation to development and redevelopment projects for interest, property taxes and insurance are capitalized only during periods in which activities necessary to prepare the property for its intended use are in progress. Costs incurred for such items after the property is substantially complete and ready for its intended use are charged to expense as incurred. Capitalized costs, as well as tenant inducement amounts and internal and external commissions, are recorded in construction in progress. We capitalize a portion of development department employees’ compensation and benefits related to time spent involved in development and redevelopment projects. We capitalize payments made to obtain options to acquire real property. Other related costs that are incurred before acquisition that are expected to have ongoing value to the project are capitalized if the acquisition of the property is probable. If the property is acquired, other expenses related to the acquisition are recorded to project costs and other expenses. When it is probable that the property will not be acquired, capitalized pre-acquisition costs are charged to expense. We capitalize salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases with third-party tenants. The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Development/Redevelopment: Salaries and benefits $ 1,296 $ 1,138 $ 1,001 Real estate taxes $ 1,035 $ 246 $ 4 Interest $ 7,620 $ 3,191 $ 1,883 Leasing: Salaries, commissions and benefits $ 6,066 $ 6,101 $ 6,255 |
Tenant Receivables | Receivables We make estimates of the collectibility of our tenant receivables related to tenant rent including base rent, straight-line rent, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, including straight-line rent receivable, historical bad debts, customer creditworthiness and current economic and industry trends, when evaluating the adequacy of the allowance for doubtful accounts. The receivables analysis places particular emphasis on past-due accounts and considers the nature and age of the receivables, the payment history and financial condition of the payor, the basis for any disputes or negotiations with the payor, and other information that could affect collectibility. In addition, with respect to tenants in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectibility of the related receivable. In some cases, the time required to reach an ultimate resolution of these claims can exceed one year. For straight-line rent, the collectibility analysis considers the probability of collection of the unbilled deferred rent receivable, given our experience regarding such amounts. |
Income Taxes | Income Taxes We have elected to qualify as a real estate investment trust, or REIT, under Sections 856-860 of the Internal Revenue Code of 1986, as amended, and intend to remain so qualified. In some instances, we follow methods of accounting for income tax purposes that differ from generally accepted accounting principles. Earnings and profits, which determine the taxability of distributions to shareholders, will differ from net income or loss reported for financial reporting purposes due to differences in cost basis, differences in the estimated useful lives used to compute depreciation, and differences between the allocation of our net income or loss for financial reporting purposes and for tax reporting purposes. The following table summarizes the aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate as of December 31, 2017 and 2016 : (in millions of dollars) As of December 31, 2017 As of December 31, 2016 Aggregate cost basis for federal income tax purposes $ 3,174.7 $ 3,303.2 Aggregate depreciated basis for federal income tax purposes $ 2,284.0 $ 2,380.8 We could be subject to a federal excise tax computed on a calendar year basis if we were not in compliance with the distribution provisions of the Internal Revenue Code. We have, in the past, distributed a substantial portion of our taxable income in the subsequent fiscal year and might also follow this policy in the future. No provision for excise tax was made for the years ended December 31, 2017 , 2016 and 2015 , as no excise tax was due in those years. The per share distributions paid to common shareholders had the following components for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, 2017 2016 2015 Ordinary income $ — $ — $ — Non-dividend distributions 0.84 0.84 0.84 Per-share distributions $ 0.84 $ 0.84 $ 0.84 The per share distributions paid to Series A, Series B, Series C and Series D preferred shareholders had the following components for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, 2017 2016 2015 Series A Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.70 2.06 2.06 $ 1.70 $ 2.06 $ 2.06 Series B Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.84 1.84 1.84 $ 1.84 $ 1.84 $ 1.84 Series C Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.59 — — $ 1.59 $ — $ — Series D Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 0.45 — — $ 0.45 $ — $ — We follow accounting requirements that prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more likely than not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the “more likely than not” recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon settlement to determine the amount of benefit to recognize in the consolidated financial statements. PRI is subject to federal, state and local income taxes. We had a nominal federal income tax provision in the year ended December 31, 2017, and no provision or benefit for federal or state income taxes in the years ended, December 31, 2016 and 2015 . We had net deferred tax assets of $18.0 million and $25.6 million for the years ended December 31, 2017 and 2016 , respectively. The deferred tax assets are primarily the result of net operating losses. A valuation allowance has been established for the full amount of the net deferred tax assets, since it is more likely than not that these assets will not be realized because we anticipate that the net operating losses that we have historically experienced at our taxable REIT subsidiaries will continue to occur. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain financing. Such costs are amortized to interest expense over the terms of the related indebtedness. Interest expense is determined in a manner that approximates the effective interest method in the case of costs associated with mortgage loans, or on a straight line basis in the case of costs associated with our 2013 Revolving Facility and Term Loans (see note 4). |
Derivatives | Derivatives In the normal course of business, we are exposed to financial market risks, including interest rate risk on our interest-bearing liabilities. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. We do not use derivative financial instruments for trading or speculative purposes. Currently, we use interest rate swaps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs. Derivative financial instruments are recorded on the consolidated balance sheet as assets or liabilities based on the fair value of the instrument. Changes in the fair value of derivative financial instruments are recognized currently in earnings, unless the derivative financial instrument meets the criteria for hedge accounting. If the derivative financial instruments meet the criteria for a cash flow hedge, the gains and losses in the fair value of the instrument are deferred in other comprehensive income. Gains and losses on a cash flow hedge are reclassified into earnings when the forecasted transaction affects earnings. A contract that is designated as a hedge of an anticipated transaction that is no longer likely to occur is immediately recognized in earnings. The anticipated transaction to be hedged must expose us to interest rate risk, and the hedging instrument must reduce the exposure and meet the requirements for hedge accounting. We must formally designate the instrument as a hedge and document and assess the effectiveness of the hedge at inception and on a quarterly basis. Interest rate hedges that are designated as cash flow hedges are designed to mitigate the risks associated with future cash outflows on debt. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. As of December 31, 2017 , we have assessed the significance of the effect of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Operating Partnership Unit Redemptions | Operating Partnership Unit Redemptions Shares issued upon redemption of OP Units are recorded at the book value of the OP Units surrendered. |
Share-Based Compensation Expense | Share-Based Compensation Expense Share based payments to employees and non-employee trustees, including grants of restricted shares and share options, are valued at fair value on the date of grant, and are expensed over the applicable vesting period. |
Earnings Per Share | Earnings Per Share The difference between basic weighted average shares outstanding and diluted weighted average shares outstanding is the dilutive effect of common share equivalents. Common share equivalents consist primarily of shares that are issued under employee share compensation programs and outstanding share options whose exercise price is less than the average market price of our common shares during these periods. |
New Accounting Developments | New Accounting Developments In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company adopted ASU 2017-12 on January 1, 2018. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect that future property acquisitions will generally qualify as asset acquisitions under the standard, which requires the capitalization of acquisition costs to the underlying assets. The Company adopted this new guidance effective January 1, 2017. This new guidance did not have a significant impact on our financial statements. In November 2016 the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , which provides guidance on the presentation of restricted cash or restricted cash equivalents within the statement of cash flows. Accordingly, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard effective January 1, 2018. The adoption of ASU No. 2016-18 will change the presentation of the statement of cash flows for the Company and we will utilize a retrospective transition method for each period presented within financial statements for periods subsequent to the date of adoption. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in the practice of how certain transactions are classified in the statement of cash flows, including classification guidance for distributions received from equity method investments. The standard requires the use of the retrospective transition method. The Company adopted this guidance effective January 1, 2017. This new guidance did not have a significant impact on the Company’s financial statements. In March 2016, the FASB issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows. The Company adopted this guidance effective January 1, 2017. This new guidance did not have a significant impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, including fixed common area maintenance arrangements, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02; such costs totaled approximately $5.3 million and $5.1 million for the years ended December 31, 2017 and 2016, respectively. We will adopt ASU 2016-02 on January 1, 2019 using the modified retrospective approach required by the standard. We are currently evaluating the ultimate impact that the adoption of the new standard will have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In March 2016, the FASB issued ASU No 2016-08, which updates Topic 606 to clarify principal versus agent considerations (reporting revenue gross versus net). The types of our revenues that will be impacted by the new standard include management, development and leasing fee revenues for services performed for third-party owned properties and for certain of our joint ventures, , and certain billings to tenants for reimbursement of property operating expenses and marketing expenses. We expect that the amount and timing of the revenues that are impacted by this standard will be generally consistent with our current measurement and pattern of recognition. We do not expect the adoption of this new standard to have a significant impact on our consolidated financial statements. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this pronouncement. We adopted the standard effective January 1, 2018 using the modified retrospective approach, which requires a cumulative adjustment as of the date of the adoption, if applicable. We did not record any such cumulative adjustment in connection with the implementation of the new pronouncement. In February 2017, the FASB issued ASU 2017-05, Other Income- Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance. ASU 2017-05 focuses on recognizing gains and losses from the transfer of nonfinancial assets with noncustomers. It provides guidance as to the definition of an “in substance nonfinancial asset,” and provides guidance for sales of real estate, including partial sales. The Company adopted this new guidance effective January 1, 2018. We do not expect this new guidance to have a significant impact on our financial statements other than in future partial sale transactions, should they occur. |
ORGANIZATION AND SUMMARY OF S24
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We have elected to qualify as a real estate investment trust, or REIT, under Sections 856-860 of the Internal Revenue Code of 1986, as amended, and intend to remain so qualified. In some instances, we follow methods of accounting for income tax purposes that differ from generally accepted accounting principles. Earnings and profits, which determine the taxability of distributions to shareholders, will differ from net income or loss reported for financial reporting purposes due to differences in cost basis, differences in the estimated useful lives used to compute depreciation, and differences between the allocation of our net income or loss for financial reporting purposes and for tax reporting purposes. |
ORGANIZATION AND SUMMARY OF S25
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | |
Summary of Estimated Useful Lives of Assets | Real Estate Land, buildings, fixtures and tenant improvements are recorded at cost and stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations or replacements, which improve or extend the life of an asset, are capitalized and depreciated over their estimated useful lives. For financial reporting purposes, properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 20-40 years Land improvements 15 years Furniture/fixtures 3-10 years Tenant improvements Lease term |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three years ended December 31, 2017 were as follows: (in thousands of dollars) Basis Accumulated Amortization Total Balance, January 1, 2015 $ 6,735 $ (1,073 ) $ 5,662 Goodwill divested (137 ) — (137 ) Goodwill impaired (276 ) — (276 ) Balance, December 31, 2015 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2016 6,322 (1,073 ) 5,249 Goodwill divested — — — Balance, December 31, 2017 $ 6,322 $ (1,073 ) $ 5,249 |
Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization | The following table presents our intangible assets and liabilities, net of accumulated amortization, as of December 31, 2017 and 2016 : (in thousands of dollars) As of December 31, 2017 As of December 31, 2016 Value of in-place lease intangibles, net $ 12,369 $ 14,369 Above-market lease intangibles, net 75 128 Subtotal 12,444 14,497 Goodwill, net 5,249 5,249 Total intangible assets $ 17,693 $ 19,746 Below-market lease intangibles, net $ (636 ) $ (901 ) |
Summary of Intangible Assets Amortized in Next Five Years | In the normal course of business, our intangible assets will amortize in the next five years and thereafter as follows: (in thousands of dollars) For the Year Ending December 31, Value of In-Place Lease Intangibles Above/(Below) Market Leases, net 2018 1,768 (69 ) 2019 1,742 (89 ) 2020 1,708 (109 ) 2021 1,580 (86 ) 2022 1,445 (54 ) 2023+ and thereafter 4,126 (154 ) Total $ 12,369 $ (561 ) |
Schedule of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest | The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Development/Redevelopment: Salaries and benefits $ 1,296 $ 1,138 $ 1,001 Real estate taxes $ 1,035 $ 246 $ 4 Interest $ 7,620 $ 3,191 $ 1,883 Leasing: Salaries, commissions and benefits $ 6,066 $ 6,101 $ 6,255 |
Schedule of Aggregate Cost Basis and Depreciated Basis for Federal Income Tax Purposes of Investment in Real Estate | (in millions of dollars) As of December 31, 2017 As of December 31, 2016 Aggregate cost basis for federal income tax purposes $ 3,174.7 $ 3,303.2 Aggregate depreciated basis for federal income tax purposes $ 2,284.0 $ 2,380.8 |
Schedule of Distributions Paid to Shareholders | The per share distributions paid to common shareholders had the following components for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, 2017 2016 2015 Ordinary income $ — $ — $ — Non-dividend distributions 0.84 0.84 0.84 Per-share distributions $ 0.84 $ 0.84 $ 0.84 |
Series A And Series B Preferred Shares [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Schedule of Distributions Paid to Shareholders | The per share distributions paid to Series A, Series B, Series C and Series D preferred shareholders had the following components for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, 2017 2016 2015 Series A Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.70 2.06 2.06 $ 1.70 $ 2.06 $ 2.06 Series B Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.84 1.84 1.84 $ 1.84 $ 1.84 $ 1.84 Series C Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 1.59 — — $ 1.59 $ — $ — Series D Preferred Share Dividends Ordinary income $ — $ — $ — Non-dividend distributions 0.45 — — $ 0.45 $ — $ — |
REAL ESTATE ACTIVITIES (Tables)
REAL ESTATE ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in real estate as of December 31, 2017 and 2016 were comprised of the following: As of December 31, (in thousands of dollars) 2017 2016 Buildings, improvements and construction in progress $ 2,808,622 $ 2,794,213 Land, including land held for development 491,080 505,801 Total investments in real estate 3,299,702 3,300,014 Accumulated depreciation (1,111,007 ) (1,060,845 ) Net investments in real estate $ 2,188,695 $ 2,239,169 |
Impairment of Assets | During the years ended December 31, 2017 , 2016 , and 2015 , we recorded asset impairment losses of $55.8 million , $62.6 million and $140.3 million , respectively. Such impairment losses are recorded in “Impairment of assets” for the years ended 2017 , 2016 and 2015 . The assets that incurred impairment losses and the amount of such losses are as follows: For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Logan Valley Mall $ 38,720 $ — $ — Valley View Mall 15,521 — — Gainesville land 1,275 — — Sunrise Plaza land 226 — — White Clay Point land — 20,786 — Beaver Valley Mall — 18,055 — Washington Crown Center — 14,117 — Crossroads Mall — 9,038 — Office building located at Voorhees Town Center — 607 — Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall — — 63,904 Voorhees Town Center — — 39,242 Lycoming Mall — — 28,345 Uniontown Mall — — 7,394 Palmer Park Mall — — 1,383 Other 51 — 50 Total Impairment of Assets $ 55,793 $ 62,603 $ 140,318 Logan Valley Mall In 2017, we recorded an aggregate loss on impairment of assets on Logan Valley Mall, in Altoona, Pennsylvania of $38.7 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. We sold Logan Valley Mall in August 2017. Valley View Mall In 2017, we recorded a loss on impairment of assets on Valley View Mall, in La Crosse, Wisconsin of $15.5 million in connection with our decision to market the property for sale. In connection with this decision, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon our estimates, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. Our fair value analysis was based on an estimated capitalization rate of approximately 12% for Valley View Mall, which was determined using management’s assessment of property operating performance and general market conditions. Gainesville land In 2017, we recorded a loss on impairment of assets on a land parcel located in Gainesville, Florida of $1.3 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. Sunrise Plaza land In 2017, we recorded a loss on impairment of assets on a land parcel located at Sunrise Plaza in Forked River, New Jersey of $0.2 million in connection with negotiations with the potential buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. White Clay Point land In 2016, we recorded a loss on impairment of assets on White Clay Point land, in New Garden Township, Pennsylvania of $20.8 million . In connection with our decision to market the property, which we concluded was a triggering event, we conducted an analysis of possible impairment at this property. We determined that the estimated proceeds from a potential sale of the property, would likely be less than the carrying value of the property, and recorded a loss on impairment of assets. Beaver Valley Mall In 2016, we recorded a loss on impairment of assets on Beaver Valley Mall, in Monaca, Pennsylvania of $18.1 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was classified as “held for sale” as of December 31, 2016. The property was sold in January 2017. Washington Crown Center In 2016, we recorded a loss on impairment of assets on Washington Crown Center, in Washington, Pennsylvania of $14.1 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in August 2016. Crossroads Mall In 2016, we recorded a loss on impairment of assets on Crossroads Mall, in Beckley, West Virginia of $9.0 million in connection with negotiations with the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was classified as “held for sale” as of December 31, 2016. The property was sold in January 2017. Office building located at Voorhees Town Center In 2016, we recorded a loss on impairment of assets on an office building located in Voorhees, New Jersey of $0.6 million in connection with negotiations with a the buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets. The property was sold in September 2016. |
Dispositions of Assets for Discontinued Operations | The table below presents our dispositions since January 1, 2015 . Proceeds from property sales were used for general corporate purposes, repayment of mortgage loans that secured the properties (if applicable) and repayment of then-outstanding amounts on our Credit Agreements (see note 4), unless otherwise noted. Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain/ (Loss) (in millions of dollars) 2017 Activity: January Beaver Valley Mall, Monaca, Pennsylvania Mall 15.6 % $ 24.2 $ — Crossroads Mall, Beckley, West Virginia Mall 15.5 % 24.8 — August Logan Valley Mall, Altoona, Pennsylvania Mall 16.5 % 33.2 — 2016 Activity: February Palmer Park Mall, Easton, Pennsylvania Mall 13.6 % 18.0 0.1 March Gadsden Mall, Gadsden, Alabama; New River Valley Mall, Christiansburg, Virginia; and Wiregrass Commons Mall, Dothan, Alabama (1) Three Malls (single combined transaction) 17.4 % 66.0 1.6 Lycoming Mall Pennsdale, Pennsylvania Mall 18.0 % 26.4 0.3 June Street retail located on Walnut and Chestnut Streets, Philadelphia, Pennsylvania Street Retail 3.2 % 45.0 20.3 August Washington Crown Center, Washington, Pennsylvania Mall 14.5 % 20.0 (0.1 ) 2015 Activity: August Uniontown Mall, Uniontown, Pennsylvania Mall 17.5 % 23.0 — October Voorhees Town Center, Voorhees, New Jersey Mall 10.3 % 13.4 — (1) In connection with this transaction, we issued a mortgage loan to the buyer for $17.0 million , which is recorded in “Deferred costs and other assets, net” on our consolidated balance sheet. The mortgage loan is secured by Wiregrass Commons Mall, bears interest at a fixed rate of 6.00% per annum and has a maturity of April 2026 . As of December 31, 2017, the balance of the mortgage loan was $16.5 million . |
Summary of Capitalized Construction and Development Information | The following table summarizes certain capitalized construction and development information for our consolidated properties as of December 31, 2017 and 2016 : As of December 31, (in thousands of dollars) 2017 2016 Construction in progress $ 113,609 $ 97,575 Land held for development 5,881 5,910 Deferred costs and other assets 2,182 2,752 Total capitalized construction and development activities $ 121,672 $ 106,237 |
INVESTMENTS IN PARTNERSHIPS (Ta
INVESTMENTS IN PARTNERSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Share of Equity in Income of Partnerships | The following table summarizes our share of equity in income of partnerships for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, (in thousands of dollars) 2017 2016 2015 Real estate revenue $ 115,118 $ 117,912 $ 105,813 Expenses: Property operating expenses (33,273 ) (33,597 ) (39,134 ) Interest expense (25,251 ) (21,573 ) (21,021 ) Depreciation and amortization (24,872 ) (23,326 ) (25,718 ) Total expenses (83,396 ) (78,496 ) (85,873 ) Net income 31,722 39,416 19,940 Less: Partners’ share (17,607 ) (21,137 ) (10,128 ) Company’s share 14,115 18,279 9,812 Amortization of excess investment 252 198 (272 ) Equity in income of partnerships $ 14,367 $ 18,477 $ 9,540 |
Schedule of Principal Payments Based On Respective Partnership Interest | Our proportionate share, based on our respective partnership interest, of principal payments due in the next five years and thereafter is as follows: Company’s Proportionate Share (in thousands of dollars) For the Year Ending December 31, Principal Amortization Balloon Payments Total Property Total 2018 $ 3,798 $ 24,232 $ 28,030 $ 99,650 2019 4,107 — 4,107 8,215 2020 4,287 79,789 84,076 168,151 2021 4,040 38,160 42,200 84,401 2022 3,738 — 3,738 7,476 2023 and thereafter 13,720 59,801 73,521 147,040 Total principal payments $ 33,690 $ 201,982 $ 235,672 514,933 Less: Unamortized debt issuance costs 1,794 Carrying value of mortgage notes payable $ 513,139 |
Summary of Equity Investments | The following table presents summarized financial information of our equity investments in unconsolidated partnerships as of December 31, 2017 and 2016 : As of December 31, (in thousands of dollars) 2017 2016 ASSETS: Investments in real estate, at cost: Retail properties $ 612,689 $ 649,960 Construction in progress 293,102 160,699 Total investments in real estate 905,791 810,659 Accumulated depreciation (202,424 ) (207,987 ) Net investments in real estate 703,367 602,672 Cash and cash equivalents 26,158 27,643 Deferred costs and other assets, net 34,345 37,705 Total assets 763,870 668,020 LIABILITIES AND PARTNERS’ EQUITY: Mortgage loans 513,139 445,224 Other liabilities 37,971 23,945 Total liabilities 551,110 469,169 Net equity 212,760 198,851 Partners’ share 106,886 101,045 Company’s share 105,874 97,806 Excess investment (1) 13,081 8,969 Net investments and advances $ 118,955 $ 106,775 Investment in partnerships, at equity $ 216,823 $ 168,608 Distributions in excess of partnership investments (97,868 ) (61,833 ) Net investments and advances $ 118,955 $ 106,775 (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.” |
Summary of Mortgage Loans Secured by Our Unconsolidated Properties | The following table presents the mortgage loans secured by the unconsolidated properties entered into since January 1, 2016: Financing Date Property Amount Financed or Extended (in millions of dollars) Stated Interest Rate Maturity 2018 Activity: February Pavilion at Market East (1) $8.3 LIBOR plus 2.85% February 2021 2017 Activity: October Lehigh Valley Mall (2)(3) $200.0 Fixed 4.06% November 2027 (1) We own a 40% partnership interest in Pavilion at Market East and our share of this mortgage loan is $3.3 million. (2) The proceeds were used to repay the existing $124.6 million mortgage loan plus accrued interest. We own a 50% partnership interest in Lehigh Valley Mall and our share of this mortgage loan is $100.0 million. (3) We received $35.3 million of proceeds as a distribution in connection with the financing. In connection with this new mortgage loan financing, the unconsolidated entity recorded $3.1 million of prepayment penalty and accelerated the amortization of $0.1 million of unamortized financing costs in the fourth quarter of 2017. Significant Unconsolidated Subsidiary We have a 50% partnership interest in Lehigh Valley Associates LP, the owner of Lehigh Valley Mall, which met the definition of a significant unconsolidated subsidiary in the year ended December 31, 2016. Lehigh Valley Mall did not meet the definition of a significant subsidiary as of or for the years ended December 31, 2017 or 2015. Summarized financial information as of or for the years ended December 31, 2017, 2016 and 2015 for this property, which is accounted for by the equity method, is as follows: As of or for the years ended December 31, (in thousands of dollars) 2017 2016 2015 Total assets $ 43,850 $ 49,264 $ 49,919 Mortgage payable 199,451 126,520 128,883 Revenue 34,945 36,923 36,497 Property operating expenses 9,038 8,659 9,599 Interest expense 10,907 7,570 7,708 Net income 11,389 17,264 15,844 PREIT’s share of equity in income of partnership 5,695 8,632 7,922 |
FINANCING ACTIVITY (Tables)
FINANCING ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |
Schedule of Long-term Debt Instruments | Applicable Margin (above LIBOR) Level Ratio of Total Liabilities 2013 Revolving Facility 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan 1 Less than 0.450 to 1.00 1.20% 1.35% 1.35% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 (1) 1.25% 1.45% 1.45% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% 1.60% 1.60% 1.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90% 1.90% 1.90% |
Carrying And Fair Values of Mortgage Loans | The estimated fair values of our consolidated mortgage loans based on year-end interest rates and market conditions at December 31, 2017 and 2016 are as follows: 2017 2016 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Consolidated mortgage loans (1) $ 1,056.1 $ 1,029.7 $ 1,222.9 $ 1,189.6 |
Mortgage Loan Activity | The following table presents the mortgage loans we have entered into or extended since January 1, 2016 relating to our consolidated properties: Financing Date Property Amount Financed or Extended (in millions of dollars) Stated Interest Rate Maturity 2018 Activity: January Francis Scott Key (1) $ 68.5 LIBOR plus 2.60% January 19, 2022 2016 Activity: March Viewmont Mall (2) 9.0 LIBOR plus 2.35% March 2021 April Woodland Mall (3) 130.0 LIBOR plus 2.00% April 2021 (1) The $68.5 million mortgage loan’s maturity date was extended to January 2022, and has a one-year extension option that would further extend the maturity date to January 2023. (2) The mortgage was increased by $9.0 million to $57.0 million , and the interest rate was lowered to LIBOR plus 2.35% and the maturity date was extended to March 2021 . (3) The proceeds from the new mortgage loan were used to pay down a portion of the Credit Facility borrowings that were used to repay the previous $141.2 million mortgage loan plus accrued interest. Interest only payments. |
Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Timing of Principal Payments and Terms of Mortgage Loans | The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our consolidated mortgage loans of our consolidated properties as of December 31, 2017 : (in thousands of dollars) For the Year Ending December 31, Principal Amortization Balloon Payments Total 2018 $ 18,487 $ 68,469 (1) $ 86,956 2019 19,517 — 19,517 2020 19,791 27,161 46,952 2021 19,162 178,600 197,762 2022 14,163 410,739 424,902 2023 and thereafter 18,705 264,645 283,350 Total principal payments $ 109,825 $ 949,614 1,059,439 Less: Unamortized debt issuance costs 3,355 Carrying value of mortgage notes payable $ 1,056,084 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments at December 31, 2017 and 2016 . The notional values provide an indication of the extent of our involvement in these instruments, but do not represent exposure to credit, interest rate or market risks. (in millions of dollars) Notional Value Fair Value at December 31, 2017 (1) Fair Value at December 31, 2016 (1) Interest Rate Effective Date Maturity Date Interest Rate Swaps 28.1 N/A $ — 1.38 % January 2, 2017 48.0 $ — (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 — (0.1 ) 1.12 % January 1, 2018 30.0 — (0.3 ) 1.78 % January 2, 2019 25.0 — 0.3 0.7 % January 2, 2019 20.0 — (0.2 ) 1.78 % January 2, 2019 20.0 — (0.2 ) 1.78 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 20.0 — (0.2 ) 1.79 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 25.0 0.2 0.1 1.16 % January 2, 2019 20.0 0.1 — 1.16 % January 2, 2019 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.23 % June 26, 2020 20.0 0.4 0.2 1.24 % June 26, 2020 9.0 0.2 0.2 1.19 % February 1, 2021 35.0 1.1 0.9 1.01 % March 1, 2021 35.0 1.1 0.9 1.02 % March 1, 2021 20.0 0.6 0.5 1.01 % March 1, 2021 20.0 0.6 0.5 1.02 % March 1, 2021 20.0 0.6 0.5 1.02 % March 1, 2021 50.0 0.7 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 25.0 0.3 N/A 1.75 % December 29, 2021 Forward Starting Swap 48.0 0.9 N/A 1.42 % January 2, 2018 February 1, 2021 $ 9.7 $ 3.6 (1) As of December 31, 2017 and December 31, 2016 , derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy and we do not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3). |
Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations | The table below presents the effect of our derivative financial instruments on our consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 : For the Year Ended December 31, Consolidated Statements of Operations Location 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 4.0 $ 1.5 $ (2.4 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) 2.3 5.1 5.0 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) — (0.1 ) (0.5 ) Interest expense |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Unvested Restricted Shares | A summary of the status of our unvested restricted shares as of December 31, 2017 and changes during the years ended December 31, 2017 , 2016 and 2015 is presented below: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2015 438,049 $ 19.11 Shares granted 195,255 23.38 Shares vested (282,125 ) 17.12 Shares forfeited (8,849 ) 21.32 December 31, 2015 342,330 $ 23.13 Shares granted 264,989 19.27 Shares vested (206,480 ) 20.77 Shares forfeited (14,427 ) 19.60 December 31, 2016 386,412 $ 21.88 Shares granted 336,296 14.95 Shares vested (238,859 ) 19.56 Shares forfeited (34,427 ) 18.00 December 31, 2017 449,422 $ 16.85 |
Assumptions Used in Monte Carlo Simulations Used to Determine Aggregate Fair Values | The table also sets forth the assumptions used in the Monte Carlo simulations used to determine the aggregate fair values of the RSU awards in 2017 , 2016 and 2015 by grant date: (in thousands of dollars, except per share data) RSUs and assumptions by Grant Date February 27, 2017 February 23, 2016 February 24, 2015 RSUs granted 140,490 127,421 94,014 Aggregate fair value of shares granted $ 1,620 $ 1,914 $ 2,074 Weighted average fair value per share $ 11.53 $ 15.02 $ 22.06 Volatility 25.8 % 25.3 % 25.3 % Risk free interest rate 1.42 % 0.90 % 0.97 % PREIT Stock Beta compared to Dow Jones US Real Estate Index 0.706 1.184 1.221 |
Schedule of Changes in Number of Options Outstanding | The following table presents the changes in the number of options outstanding from January 1, 2015 through December 31, 2017 : Options outstanding at January 1, 2015 15,000 Options forfeited (weighted average exercise price of $38.00) (5,000 ) Options outstanding at December 31, 2015 10,000 Options forfeited — Options outstanding at December 31, 2016 10,000 Options forfeited — Options outstanding at December 31, 2017 (1) 10,000 Outstanding exercisable options at December 31, 2017 Options 10,000 Average exercise price per share $ 16.63 Aggregate exercise price (2) $ 166 Intrinsic value of options outstanding (2) — (1) The weighted average remaining contractual life of these outstanding options is 4.86 years (weighted average exercise price of $16.63 per share and an aggregate exercise price of $0.2 million ). (2) Amounts in thousands of dollars. |
Summary of Information Relating to All Options Outstanding | The following table summarizes information relating to all options outstanding as of December 31, 2017 : Options Outstanding and Exercisable as of December 31, 2017 Number of Shares Exercise Price (Per Share) Weighted Average Remaining Life (Years) 5,000 $ 12.87 4.4 5,000 $ 20.40 5.3 |
Time based restricted share awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Future Compensation Expense | We will record future compensation expense in connection with the vesting of existing time based restricted share awards to employees as follows (including restricted shares issued in 2018): (in thousands of dollars) For the Year Ending December 31, Future Compensation Expense 2018 $ 3,960 2019 2,776 2020 1,420 2021 151 Total $ 8,307 |
Non-employee trustee [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Future Compensation Expense | e will record compensation expense of $0.6 million in connection with the vesting of existing non-employee trustee restricted share awards. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leased Assets [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future lease payments due in each of the next five years and thereafter are as follows: (in thousands of dollars) For the Year Ending December 31, Operating Leases Ground Leases 2018 $ 2,075 $ 1,021 2019 1,762 1,184 2020 346 1,384 2021 149 1,584 2022 15 1,584 2023 and thereafter — 42,300 $ 4,347 $ 49,057 |
Leases Disclosure [Text Block] | LEASES As Lessor Our retail properties are leased to tenants under operating leases with various expiration dates ranging through 2037. Future minimum rent under noncancelable operating leases with terms greater than one year at our consolidated properties is as follows: (in thousands of dollars) For the Year Ending December 31, 2018 $ 191,313 2019 172,239 2020 150,072 2021 131,732 2022 114,916 2023 and thereafter 364,705 $ 1,124,977 The total future minimum rent as presented does not include amounts that may be received as tenant reimbursements for certain operating costs or contingent amounts that may be received as percentage rent. As Lessee We have operating leases for our corporate office space (see note 10) and for various computer, office and mall equipment. Furthermore, we are the lessee under third-party ground leases for portions of the land at Springfield Town Center and at Plymouth Meeting Mall. Total amounts expensed relating to such leases were $2.5 million , $2.4 million and $2.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We account for ground rent and operating lease expense on a straight line basis. Minimum future lease payments due in each of the next five years and thereafter are as follows: (in thousands of dollars) For the Year Ending December 31, Operating Leases Ground Leases 2018 $ 2,075 $ 1,021 2019 1,762 1,184 2020 346 1,384 2021 149 1,584 2022 15 1,584 2023 and thereafter — 42,300 $ 4,347 $ 49,057 |
Schedule Of Future Minimum Lease Payments Receivable On Noncancelable Operating Leases [Table Text Block] | Our retail properties are leased to tenants under operating leases with various expiration dates ranging through 2037. Future minimum rent under noncancelable operating leases with terms greater than one year at our consolidated properties is as follows: (in thousands of dollars) For the Year Ending December 31, 2018 $ 191,313 2019 172,239 2020 150,072 2021 131,732 2022 114,916 2023 and thereafter 364,705 $ 1,124,977 |
SUMMARY OF QUARTERLY RESULTS 32
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Financial Information | The following presents a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : (in thousands of dollars, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (1) Total Total revenue $ 89,264 $ 89,250 $ 89,211 $ 99,765 $ 367,490 Net (loss) income (2)(3) (486 ) (53,277 ) 12,300 8,615 (32,848 ) Net (loss attributable) income available to PREIT (2)(3) (434 ) (47,608 ) 10,995 7,703 (29,344 ) Basic and diluted (loss) earnings per share (0.10 ) (0.79 ) 0.05 (0.05 ) (0.89 ) (in thousands of dollars, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (1) Total Total revenue $ 101,972 $ 94,253 $ 98,860 $ 104,861 $ 399,946 Net income (loss) (2)(3) 1,929 9,169 2,916 (26,727 ) (12,713 ) Net income (loss) attributable to PREIT (3) 1,721 8,187 2,604 (23,860 ) (11,348 ) Basic and diluted (loss) earnings per share (0.03 ) 0.06 (0.02 ) (0.40 ) (0.40 ) |
Organization And Summary Of S33
Organization And Summary Of Significant Accounting Policies (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015USD ($) | Dec. 31, 2017USD ($)PropertySegmentState$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Provision for excise tax | $ 0 | $ 0 | $ 0 | |||
Impairment Of Assets | 55,793,000 | 62,603,000 | 140,318,000 | |||
Line of credit facilities gross borrowings | 309,000,000 | 290,000,000 | 310,000,000 | |||
Line of credit facilities gross repayments | $ 403,000,000 | 208,000,000 | 245,000,000 | |||
Number of properties | Property | 29 | |||||
Number of states where the properties located | State | 10 | |||||
Number of states where the properties operated | State | 9 | |||||
Interest in the Operating Partnership | 89.40% | |||||
Amount available for distribution | $ 98,400,000 | |||||
Closing share price | $ / shares | $ 11.89 | |||||
Number of outstanding OP units held by limited partners | shares | 8,272,636 | |||||
Number of reportable segment | Segment | 1 | |||||
Percentage of consolidated revenue having no single tenants | 10.00% | |||||
Cash and cash equivalents | $ 15,348,000 | 9,803,000 | 22,855,000 | $ 40,433,000 | ||
Tenant security deposits | 2,400,000 | 3,100,000 | ||||
Cash paid for interest including interest of discontinued operations | 55,400,000 | 67,900,000 | 76,500,000 | |||
Capitalized interest | 7,600,000 | 3,200,000 | 1,900,000 | |||
Accrued construction costs | $ (8,300,000) | 13,400,000 | (1,600,000) | |||
Revenue from tenant rent and other tenant-related activities | 95.00% | |||||
Straight line rent adjustments | $ 2,700,000 | 2,600,000 | 2,000,000 | |||
Straight-line rent receivable | 25,400,000 | 23,700,000 | ||||
Account receivable included in accrued income | $ 38,166,000 | 39,026,000 | ||||
Holding period of properties | 10 years | |||||
Goodwill | $ 5,249,000 | 5,249,000 | 5,249,000 | $ 5,662,000 | ||
Goodwill divested | 0 | |||||
Amortization of above-market and below-market lease intangibles | 300,000 | |||||
Income tax benefit recognition criteria percentage threshold, minimum | 50.00% | |||||
Net deferred tax assets | $ 18,000,000 | 25,600,000 | ||||
Income Tax Expense (Benefit) | 0 | 0 | $ 0 | |||
Deferred Costs, Leasing, Gross | 5,100,000 | |||||
Accrued Income Receivable [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Account receivable included in accrued income | $ 3,100,000 | $ 2,300,000 | ||||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Partnership investment, ownership interest | 25.00% | |||||
Fair Value Input Terminal Capitalization Rate | 5.80% | 5.00% | 4.50% | |||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Partnership investment, ownership interest | 50.00% | |||||
Fair Value Input Terminal Capitalization Rate | 13.00% | 10.00% | 15.50% | |||
Metroplex Shopping Center [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of properties | Property | 21 | |||||
Power Center [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of properties | Property | 4 | |||||
Development Properties [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of properties | Property | 4 | |||||
Mall [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of properties sold | State | 3 | |||||
Value of in-place lease intangibles [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of in-place lease intangibles | $ 2,000,000 | $ 2,400,000 | $ 1,900,000 | |||
Above/(Below) Market Leases [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of above-market and below-market lease intangibles | 100,000 | 100,000 | ||||
Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment Of Assets | $ 63,904,000 | |||||
Springfield Town Center [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other significant noncash transaction, consideration given, OP Units | 6,250,000 | |||||
Other Significant Noncash Transaction, Value of Consideration Given | $ 145,200,000 | |||||
Wiregrass Commons [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Loans Receivable with Fixed Rates of Interest | 16,500,000 | $ 17,000,000 | ||||
Loans Receivable, Gross, Commercial, Mortgage | 6.00% | |||||
Interest Income, Other | 1,000,000 | 700,000 | ||||
Mortgage Loan [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Debt Issuance Costs, Net | 3,400,000 | $ 4,500,000 | ||||
Term Loans [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Debt Issuance Costs, Net | $ 2,200,000 |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies (Summary of Estimated Useful Lives of Assets) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Tenant improvements | Lease term |
Buildings [Member] | Minimum [Member] | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Buildings | 20 years |
Buildings [Member] | Maximum [Member] | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Buildings | 40 years |
Land improvements [Member] | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Buildings | 15 years |
Furniture/fixtures [Member] | Minimum [Member] | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Buildings | 3 years |
Furniture/fixtures [Member] | Maximum [Member] | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |
Buildings | 10 years |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies (Changes in Carrying Amount of Goodwill) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill divested | $ 0 | ||||
Goodwill [Roll Forward] | |||||
Basis, Balance, beginning of period | $ 6,322 | $ 6,735 | |||
Basis, Changes in Goodwill | 0 | (137) | |||
Basis, Balance, end of period | 6,322 | 6,322 | |||
Accumulated Amortization, Balance, beginning of period | 1,073 | 1,073 | |||
Accumulated Amortization, Balance, end of period | 1,073 | 1,073 | |||
Goodwill | $ 5,249 | 5,249 | $ 5,249 | $ 5,662 | |
Goodwill, Impairment Loss | (276) | ||||
Palmer Park Mall [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, Impairment Loss | $ (300) | ||||
Springfield Park [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill divested | $ 100 |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets [Line Items] | ||||
Subtotal | $ 12,444 | $ 14,497 | ||
Goodwill | 5,249 | 5,249 | $ 5,249 | $ 5,662 |
Total intangible assets | 17,693 | 19,746 | ||
Below-market lease intangibles | (636) | (901) | ||
Value of in-place lease intangibles [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Subtotal | 12,369 | 14,369 | ||
Above-market lease intangibles [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Subtotal | $ 75 | $ 128 |
Organization and Summary of S37
Organization and Summary of Significant Accounting Policies (Summary of Intangible Assets Amortized in Next Five Years) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Value of in-place lease intangibles [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | $ (12,369) |
Value of in-place lease intangibles [Member] | 2014 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (1,768) |
Value of in-place lease intangibles [Member] | 2015 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (1,742) |
Value of in-place lease intangibles [Member] | 2016 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (1,708) |
Value of in-place lease intangibles [Member] | 2019 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (1,580) |
Value of in-place lease intangibles [Member] | 2018 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (1,445) |
Value of in-place lease intangibles [Member] | Year six and thereafter [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (4,126) |
Above/(Below) Market Leases [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (561) |
Above/(Below) Market Leases [Member] | 2014 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (69) |
Above/(Below) Market Leases [Member] | 2015 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (89) |
Above/(Below) Market Leases [Member] | 2016 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (109) |
Above/(Below) Market Leases [Member] | 2019 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (86) |
Above/(Below) Market Leases [Member] | 2018 [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | (54) |
Above/(Below) Market Leases [Member] | Year six and thereafter [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Amortization of intangible assets | $ (154) |
Organization and Summary of S38
Organization and Summary of Significant Accounting Policies (Schedule of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Salaries and benefits | $ 1,296 | $ 1,138 | $ 1,001 |
Real Estate Taxes Capitalized | 1,035 | 246 | 4 |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 7,620 | 3,191 | 1,883 |
Salaries, commissions and benefits | $ 6,066 | $ 6,101 | $ 6,255 |
Organization and Summary of S39
Organization and Summary of Significant Accounting Policies (Schedule of Aggregate Cost Basis and Depreciated Basis for Federal Income Tax Purposes of Investment in Real Estate) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Aggregate cost basis for federal income tax purposes | $ 3,174.7 | $ 3,303.2 |
Aggregate depreciated basis for federal income tax purposes | $ 2,284 | $ 2,380.8 |
Organization and Summary of S40
Organization and Summary of Significant Accounting Policies (Schedule of Distributions Paid to Shareholders) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Component Of Operating Cost And Expense [Line Items] | |||
Ordinary income | $ 0 | $ 0 | |
Non-dividend distributions | $ 0.84 | 0.84 | 0.84 |
Distribution paid to shareholders | 0.84 | 0.84 | 0.84 |
Series A Preferred Shares[Member] | |||
Component Of Operating Cost And Expense [Line Items] | |||
Non-dividend distributions | 1.70 | 2.06 | 2.06 |
Distribution paid to shareholders | 1.70 | 2.06 | 2.06 |
Series B Preferred Shares [Member] | |||
Component Of Operating Cost And Expense [Line Items] | |||
Non-dividend distributions | 1.84 | 1.84 | 1.84 |
Distribution paid to shareholders | 1.84 | $ 1.84 | $ 1.84 |
Series C Preferred Stock [Member] | |||
Component Of Operating Cost And Expense [Line Items] | |||
Non-dividend distributions | 1.59 | ||
Distribution paid to shareholders | 1.59 | ||
Series D Preferred Stock [Member] | |||
Component Of Operating Cost And Expense [Line Items] | |||
Non-dividend distributions | 0.45 | ||
Distribution paid to shareholders | $ 0.45 |
ORGANIZATION AND SUMMARY OF S41
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Impairment of Assets (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Maximum [Member] | |||
Real Estate [Line Items] | |||
Fair Value Input Terminal Capitalization Rate | 13.00% | 10.00% | 15.50% |
Minimum [Member] | |||
Real Estate [Line Items] | |||
Fair Value Input Terminal Capitalization Rate | 5.80% | 5.00% | 4.50% |
ORGANIZATION AND SUMMARY OF S42
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Assets classified as held for sale (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Employment Agreements [Abstract] | |
Depreciation Expense on Reclassified Assets | $ 1 |
Real Estate Activities (Investm
Real Estate Activities (Investments in Real Estate) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Buildings, improvements and construction in progress | $ 2,808,622 | $ 2,794,213 |
Land, including land held for development | 491,080 | 505,801 |
Total investments in real estate | 3,299,702 | 3,300,014 |
Accumulated depreciation | (1,111,007) | (1,060,845) |
Net investments in real estate | $ 2,188,695 | $ 2,239,169 |
Real Estate Activities (Impairm
Real Estate Activities (Impairment of Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment Of Assets [Line Items] | |||
Impairment of Assets | $ 55,793 | $ 62,603 | $ 140,318 |
Logan Valley Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 38,720 | ||
Valley View Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | $ 15,521 | ||
Fair Value Input Terminal Capitalization Rate | 12.00% | ||
Springhills [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | $ 1,275 | ||
White Clay Point [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 20,786 | ||
Sunrise Plaza Land [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 226 | ||
Beaver Valley Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 18,055 | ||
Washington Crown Center [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 14,117 | ||
Crossroads Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 9,038 | ||
Voorhees office building [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | $ 607 | ||
Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 63,904 | ||
Voorhees Town Center [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 39,242 | ||
Lycoming Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 28,345 | ||
Uniontown Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 7,394 | ||
Palmer Park Mall [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | 1,383 | ||
Other [Member] | |||
Impairment Of Assets [Line Items] | |||
Impairment of Assets | $ 51 | $ 50 |
Real Estate Activities (Narrati
Real Estate Activities (Narrative) (Detail) - USD ($) $ in Thousands | Jul. 28, 2014 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||||||||||||||
Sale Price | $ 61,500 | |||||||||||||||
Impairment Of Assets | $ 55,793 | $ 62,603 | $ 140,318 | |||||||||||||
Gain or loss on sale of real estate | $ 800 | $ 20,900 | $ 2,000 | $ 38,000 | 1,270 | 380 | 259 | |||||||||
Income recognized from grant | $ 7,703 | $ 10,995 | $ (47,608) | $ (434) | $ (23,860) | [1] | $ 2,604 | $ 8,187 | $ 1,721 | (29,344) | (11,348) | (116,683) | ||||
Repayment of mortgage loans | $ 25,800 | $ 150,000 | 280,327 | 272,650 | ||||||||||||
Voorhees Town Center [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Impairment Of Assets | $ 39,242 | |||||||||||||||
Parcel And Land Improvements [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Sale Price | 5,100 | |||||||||||||||
Land, Buildings and Improvements [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Gain/ (Loss) | $ 600 | |||||||||||||||
[1] | Fourth Quarter revenue includes a significant portion of annual percentage rent as most percentage rent minimum sales levels are met in the fourth quarter. |
Real Estate Activities (Disposi
Real Estate Activities (Dispositions of Assets) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017 | Jan. 31, 2017 | Aug. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Oct. 31, 2015 | Aug. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disposals [Line Items] | |||||||||
Proceeds from Sale of Land Held-for-use | $ 6,400,000 | ||||||||
Gain (Loss) on Sale of Properties | 1,300,000 | ||||||||
Sale Price | $ 61,500,000 | ||||||||
Voorhees office building [Member] | |||||||||
Disposals [Line Items] | |||||||||
Sale Price | 9,300,000 | ||||||||
Gain/ (Loss) | 900,000 | ||||||||
Parcel And Land Improvements [Member] | |||||||||
Disposals [Line Items] | |||||||||
Sale Price | $ 5,100,000 | ||||||||
Wiregrass Commons [Member] | |||||||||
Disposals [Line Items] | |||||||||
Loans Receivable with Fixed Rates of Interest | $ 17,000,000 | $ 16,500,000 | |||||||
Beaver Valley Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 15.60% | ||||||||
Sale Price | $ 24,200,000 | ||||||||
Gain/ (Loss) | $ 0 | ||||||||
Crossroads Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 15.50% | ||||||||
Sale Price | $ 24,800,000 | ||||||||
Gain/ (Loss) | $ 0 | ||||||||
Logan Valley Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 16.50% | ||||||||
Sale Price | $ 33,200,000 | ||||||||
Gain/ (Loss) | $ 0 | ||||||||
Palmer Park Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 13.60% | ||||||||
Sale Price | $ 18,000,000 | ||||||||
Gain/ (Loss) | $ 100,000 | ||||||||
Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 17.40% | ||||||||
Sale Price | $ 66,000,000 | ||||||||
Gain/ (Loss) | $ 1,600,000 | ||||||||
Lycoming Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 18.00% | ||||||||
Sale Price | $ 26,400,000 | ||||||||
Gain/ (Loss) | $ 300,000 | ||||||||
Walnut and Chestnut Street Retail [Member] | Walnut and Chestnut Street Retail [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 3.20% | ||||||||
Sale Price | $ 45,000,000 | ||||||||
Gain/ (Loss) | $ 20,300,000 | ||||||||
Washington Crown Center [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 14.50% | ||||||||
Uniontown Mall [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 17.50% | ||||||||
Sale Price | $ 20,000,000 | $ 23,000,000 | |||||||
Gain/ (Loss) | $ (100,000) | $ 0 | |||||||
Voorhees Town Center [Member] | Mall [Member] | |||||||||
Disposals [Line Items] | |||||||||
Capitalization Rate | 10.30% | ||||||||
Sale Price | $ 13,400,000 | ||||||||
Gain/ (Loss) | $ 0 |
Real Estate Activities (Dispo47
Real Estate Activities (Dispositions of Assets for Discontinued Operations)(Detail) - USD ($) $ in Millions | 3 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | |
Disposals [Line Items] | |||||||
Impairment losses | $ 0.1 | $ 1.8 | $ 53.9 | $ 0.6 | $ 9.9 | $ 14.1 | |
Wiregrass Commons [Member] | |||||||
Disposals [Line Items] | |||||||
Loans Receivable with Fixed Rates of Interest | $ 17 | $ 16.5 | |||||
Loans Receivable, Gross, Commercial, Mortgage | 6.00% |
Real Estate Activities (Detail)
Real Estate Activities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Capitalized Costs [Line Items] | ||
Construction in progress | $ 113,609 | $ 97,575 |
Land held for development | 5,881 | 5,910 |
Deferred costs and other assets, net | 112,046 | 93,800 |
Capitalized Construction and Development Activities [Member] | ||
Real Estate Capitalized Costs [Line Items] | ||
Construction in progress | 113,609 | 97,575 |
Land held for development | 5,881 | 5,910 |
Deferred costs and other assets, net | 2,182 | 2,752 |
Total capitalized construction and development activities | $ 121,672 | $ 106,237 |
REAL ESTATE ACTIVITIES Real Est
REAL ESTATE ACTIVITIES Real Estate Activities (Acquisition) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Real Estate | $ 13,900,000 | ||
Deferred costs and other assets, net | 112,046,000 | $ 93,800,000 | |
Present value of additional consideration | $ 0 | $ 8,600,000 |
Impairment of Assets (Details)
Impairment of Assets (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | |||
Impairment Of Assets [Line Items] | |||
Fair Value Input Terminal Capitalization Rate | 5.80% | 5.00% | 4.50% |
Investments in Partnerships (Su
Investments in Partnerships (Summary of Equity Investments) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in real estate, at cost: | ||
Retail properties | $ 612,689 | $ 649,960 |
Construction in progress | 293,102 | 160,699 |
Total investments in real estate | 905,791 | 810,659 |
Accumulated depreciation | (202,424) | (207,987) |
Net investments in real estate | 703,367 | 602,672 |
Cash and cash equivalents | 26,158 | 27,643 |
Deferred costs and other assets, net | 34,345 | 37,705 |
Total assets | 763,870 | 668,020 |
LIABILITIES AND PARTNERS' EQUITY (DEFICIT): | ||
Mortgage loans | 513,139 | 445,224 |
Other liabilities | 37,971 | 23,945 |
Total liabilities | 551,110 | 469,169 |
Net deficit | 212,760 | 198,851 |
Partners' share | 106,886 | 101,045 |
Company's share | 105,874 | 97,806 |
Excess investment | 13,081 | 8,969 |
Net investments and advances | 118,955 | 106,775 |
Investment in partnerships, at equity | 216,823 | 168,608 |
Distributions in excess of partnership investments | $ (97,868) | $ (61,833) |
Investments in Partnerships (52
Investments in Partnerships (Summary of Share of Equity in Income of Partnerships) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Real estate revenue | $ 115,118 | $ 117,912 | $ 105,813 |
Expenses: | |||
Operating expenses | (33,273) | (33,597) | (39,134) |
Interest expense | (25,251) | (21,573) | (21,021) |
Depreciation and amortization | (24,872) | (23,326) | (25,718) |
Total expenses | (83,396) | (78,496) | (85,873) |
Net income | 31,722 | 39,416 | 19,940 |
Less: Partners' share | (17,607) | (21,137) | (10,128) |
Company's share | 14,115 | 18,279 | 9,812 |
Amortization of excess investment | 252 | 198 | (272) |
Equity in income of partnerships | $ 14,367 | $ 18,477 | $ 9,540 |
Investments in Partnerships (Na
Investments in Partnerships (Narrative) (Detail) - Property | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Line Items] | ||
Number of fixed rate mortgage loans payable | 5 | |
Number of variable rate mortgage loans payable | 2 | |
Leigh Valley Associates, LP | ||
Mortgage Loans on Real Estate [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Property under development | 1 | |
Weighted average interest rate of all partnership mortgage loans | 4.39% | |
Fixed Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Mortgage | 4.56% | |
Variable Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Mortgage | 2.95% | |
Subsequent Event [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan due date | 2,025 | |
Minimum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Minimum [Member] | Fixed Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument, Interest Rate During Period | 4.06% | |
Minimum [Member] | Variable Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.76% | |
Maximum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Maximum [Member] | Fixed Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument, Interest Rate During Period | 5.56% | |
Maximum [Member] | Variable Interest Rate [Member] | Mortgage Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument, Interest Rate During Period | 4.19% |
Investments in Partnerships (Sc
Investments in Partnerships (Schedule of Principal Payments Based On Respective Partnership Interest) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | $ 33,690 | |
Balloon Payments | 201,982 | |
Total | 235,672 | |
Property Total | 514,933 | |
Equity method investments unamortized debt costs | 1,794 | |
Secured Debt Equity Method Investments Net | 513,139 | $ 445,224 |
2014 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 3,798 | |
Balloon Payments | 24,232 | |
Total | 28,030 | |
Property Total | 99,650 | |
2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 4,107 | |
Balloon Payments | 0 | |
Total | 4,107 | |
Property Total | 8,215 | |
2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 4,287 | |
Balloon Payments | 79,789 | |
Total | 84,076 | |
Property Total | 168,151 | |
2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 4,040 | |
Balloon Payments | 38,160 | |
Total | 42,200 | |
Property Total | 84,401 | |
2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 3,738 | |
Balloon Payments | 0 | |
Total | 3,738 | |
Property Total | 7,476 | |
2019 and Thereafter [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principal Amortization | 13,720 | |
Balloon Payments | 59,801 | |
Total | 73,521 | |
Property Total | $ 147,040 |
Investment Partnership (Summary
Investment Partnership (Summary of Equity Method Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Total assets | $ 763,870 | $ 668,020 | |
Leigh Valley Associates, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 43,850 | 49,264 | $ 49,919 |
Mortgage payable | 199,451 | 126,520 | 128,883 |
Revenue | 34,945 | 36,923 | 36,497 |
Property operating expenses | 9,038 | 8,659 | 9,599 |
Interest expense | 10,907 | 7,570 | 7,708 |
Net income | 11,389 | 17,264 | 15,844 |
PREIT’s share of equity in income of partnership | $ 5,695 | $ 8,632 | $ 7,922 |
Investments in Partnerships (56
Investments in Partnerships (Summary of Mortgage Loans Secured by Our Unconsolidated Properties) (Detail) | Feb. 01, 2018USD ($) | Jul. 28, 2014USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 13, 2017USD ($) |
Partnership Mortgage Loan Activity [Line Items] | |||||||
Repayment of mortgage loans | $ 25,800,000 | $ 150,000,000 | $ 280,327,000 | $ 272,650,000 | |||
Mortgage loans payable | $ 1,056,084,000 | $ 1,222,859,000 | |||||
Number Of Properties Securing Mortgage Debt | Property | 7 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 144,500,000 | ||||||
Lehigh Valley Associates, LP [Member] | |||||||
Partnership Mortgage Loan Activity [Line Items] | |||||||
Repayment of mortgage loans | $ 124,600,000 | ||||||
Mortgage loans payable | $ 200 | ||||||
Stated Interest Rate | 4.06% | ||||||
Debt Instrument, Maturity Date | Nov. 1, 2027 | ||||||
Proceeds from Equity Method Investment, Distribution | $ 35,300,000 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 3,100,000 | ||||||
Accelerated amortization expense | $ 100,000 | ||||||
Subsequent Event [Member] | |||||||
Partnership Mortgage Loan Activity [Line Items] | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 197,500,000 | ||||||
Subsequent Event [Member] | Pavilion at Market East [Member] | |||||||
Partnership Mortgage Loan Activity [Line Items] | |||||||
Mortgage loans payable | $ 8.3 | ||||||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||||||
Subsequent Event [Member] | Pavilion at Market East [Member] | LIBOR [Member] | |||||||
Partnership Mortgage Loan Activity [Line Items] | |||||||
Stated Interest Rate | 2.85% |
INVESTMENTS IN PARTNERSHIPS Sal
INVESTMENTS IN PARTNERSHIPS Sale of Partnership Investments (Details) - USD ($) $ in Thousands | Jul. 02, 2015 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2015 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||||
Sale Price | $ 61,500 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 200 | $ 6,700 | $ 6,539 | |||
Gain (Loss) on Disposition of Assets | $ 13,100 | |||||
Gallery At Market East [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 30,300 | |||||
Springfield Park [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Goodwill, Written off Related to Sale of Business Unit | $ 100 | |||||
Proceeds from Divestiture of Real Estate Partnership | 20,200 | |||||
Capitalization Rate | 7.00% | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 12,000 | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 9,000 |
INVESTMENTS IN PARTNERSHIPS Sig
INVESTMENTS IN PARTNERSHIPS Significant Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Assets | $ 763,870 | $ 668,020 | |
Leigh Valley Associates, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investment, Summarized Financial Information, Assets | $ 43,850 | 49,264 | $ 49,919 |
Equity Method Investment, Summarized Financial Information, Mortgages Payable | 199,451 | 126,520 | 128,883 |
Equity Method Investment, Summarized Financial Information, Revenue | 34,945 | 36,923 | 36,497 |
Equity Method Investment, Summarized Financial Information, Property Operating Expenses | 9,038 | 8,659 | 9,599 |
Equity Method Investment, Summarized Financial Information, Interest Expense | 10,907 | 7,570 | 7,708 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 11,389 | 17,264 | 15,844 |
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership | $ 5,695 | $ 8,632 | $ 7,922 |
INVESTMENTS IN PARTNERSHIPS Ter
INVESTMENTS IN PARTNERSHIPS Term Loan (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2018 | Mar. 31, 2018 | Feb. 01, 2018 | Jan. 22, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 144.5 | ||||
Subsequent Event [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 197.5 | ||||
Subsequent Event [Member] | Fashion District Philadelphia [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Long-term debt | $ 250 | ||||
Proceeds from (Repayments of) Long-term Debt and Capital Securities | $ 150 | ||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 73 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 100 |
Financing Activity (Narrative)
Financing Activity (Narrative) (Detail) | Jan. 08, 2014USD ($)loan | Jan. 31, 2018USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($)MortgagesloanExtension | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 01, 2018USD ($) | Apr. 30, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
2013 Revolving Facility | $ 53,000,000 | $ 147,000,000 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 144,500,000 | |||||||
Percentage Of Gross Asset Value | 2.50% | |||||||
Debt Instrument, Covenant Compliance | As of December 31, 2017, the Borrower was in compliance with all such financial covenants. | |||||||
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ (100,000) | (500,000) | ||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Net | $ 2,200,000 | |||||||
Mortgage Loans on Real Estate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.12% | |||||||
Number of real estate properties used as collateral | Mortgages | 11 | |||||||
Number of loans with fixed interest rates | loan | 8 | |||||||
Mortgage Loans on Real Estate [Member] | Fixed Rate Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.28% | |||||||
Mortgage Loans on Real Estate [Member] | Variable Rate Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.60% | |||||||
Number of real estate properties used as collateral | Mortgages | 3 | |||||||
Minimum [Member] | Mortgage Loans on Real Estate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, minimum | 3.88% | |||||||
Maximum [Member] | Mortgage Loans on Real Estate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, minimum | 5.95% | |||||||
Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 197,500,000 | |||||||
Repayments of Unsecured Debt | $ 53,000,000 | |||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of financing costs | $ 759,000 | 619,000 | $ 396,000 | |||||
Long-term debt | 550,000,000 | |||||||
Interest expense | $ 14,935,000 | 12,262,000 | 8,965,000 | |||||
2013 Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Unsecured Debt | $ 150,000,000 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||
2013 Revolving Credit Facility [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Less than 0.450 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.20% | |||||||
2013 Revolving Credit Facility [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
2013 Revolving Credit Facility [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.30% | |||||||
2013 Revolving Credit Facility [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.55% | |||||||
2013 Revolving Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 53,000,000 | |||||||
2013 Revolving Facility [Member] | Wells Fargo Bank, NA [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 400,000,000 | $ 400,000,000 | ||||||
Interest expense | 2,463,000 | 3,209,000 | ||||||
Amortization of financing costs | $ 796,000 | $ 795,000 | 1,187,000 | |||||
Accelerated amortization expense | 193,000 | |||||||
Number of one year extensions | Extension | 2 | |||||||
Accordion option, potential maximum borrowing capacity | $ 600,000,000 | |||||||
Accordion option, minimum incremental increase | 5,000,000 | |||||||
Accordion option, minimum increase | $ 25,000,000 | |||||||
Interest expense | $ 2,914,000 | |||||||
2013 Revolving Facility [Member] | Wells Fargo Bank, NA [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term extension fee | 0.15% | |||||||
2013 Revolving Facility [Member] | Wells Fargo Bank, NA [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term extension fee | 0.20% | |||||||
2015 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 150,000,000 | |||||||
2015 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Less than 0.450 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.35% | |||||||
2015 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.45% | |||||||
2015 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.60% | |||||||
2015 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.90% | |||||||
2014 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 150,000,000 | $ 150,000,000 | ||||||
2014 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Less than 0.450 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.35% | |||||||
2014 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.45% | |||||||
2014 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.60% | |||||||
2014 Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.90% | |||||||
7 Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Less than 0.450 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.35% | |||||||
7 Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.45% | |||||||
7 Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.60% | |||||||
7 Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | LIBOR [Member] | Equal to or greater than 0.550 to 1.00 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.90% | |||||||
7 Year Term Loan [Member] | Wells Fargo Bank, NA and Capital One, NA [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion option, potential maximum borrowing capacity | $ 400,000,000 | |||||||
Line of Credit Facility, Accordion Option, Potential Minimum Borrowing Capacity | 200,000,000 | |||||||
Accordion option, minimum incremental increase | 5,000,000 | |||||||
Face amount | $ 100,000,000 | |||||||
Term | 7 years | |||||||
Five Year Term Loan [Member] | Wells Fargo Bank, NA and US Bank N [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion option, potential maximum borrowing capacity | $ 300,000,000 | |||||||
Accordion option, minimum incremental increase | $ 25,000,000 | |||||||
Term | 5 years | |||||||
Credit Agreements [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Covenant Description | The Credit Agreements contain certain affirmative and negative covenants which are identical, including, without limitation, requirements that PREIT maintain, on a consolidated basis: (1) minimum Tangible Net Worth of not less than 75% of the Company’s tangible net worth on December 31, 2012, plus 75% of the Net Proceeds of all Equity Issuances effected at any time after December 31, 2012; (2) maximum ratio of Total Liabilities to Gross Asset Value of 0.60:1, provided that it will not be a Default if the ratio exceeds 0.60:1 but does not exceed 0.625:1, for more than two consecutive quarters on more than two occasions during the term; (3) minimum ratio of Adjusted EBITDA to Fixed Charges of 1.50:1 (4) minimum Unencumbered Debt Yield of 11.0%; (5) minimum Unencumbered NOI to Unsecured Interest Expense of 1.75:1; (6) maximum ratio of Secured Indebtedness to Gross Asset Value of 0.60:1; (7) maximum Investments in unimproved real estate and predevelopment costs not in excess of 5.0% of Gross Asset Value; (8) maximum Investments in Persons other than Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates not in excess of 5.0% of Gross Asset Value; (9) maximum Mortgages in favor of the Borrower or any other Subsidiary not in excess of 5.0% of Gross Asset Value; (10) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) not in excess of 10.0% of Gross Asset Value; (11) maximum Investments in Consolidation Exempt Entities not in excess of 25.0% of Gross Asset Value; (12) maximum Projects Under Development not in excess of 15.0% of Gross Asset Value; (13) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) and (11) and (12) not in excess of 35.0% of Gross Asset Value; (14) Distributions may not exceed (A) with respect to our preferred shares, the amounts required by the terms of the preferred shares, and (B) with respect to our common shares, the greater of (i) 95.0% of Funds From Operations and (ii) 110% of REIT taxable income for a fiscal year; and (15) PREIT may not permit the amount of the Gross Asset Value attributable to assets directly owned by PREIT, PREIT Associates, PRI and the guarantors to be less than 95% of Gross Asset Value excluding assets owned by Excluded Subsidiaries or Unconsolidated Affiliates. | |||||||
Percentage of distribution related to FFO | 95.00% | |||||||
Minimum tangible net worth | 75.00% | |||||||
Net proceeds of equity issuance | 75.00% | |||||||
Ratio of total liabilities to gross asset value | 0.60 | |||||||
Maximum secured indebtedness | 0.60 | |||||||
Unencumbered debt yield | 11.00% | |||||||
Maximum investments in unimproved real estate and predevelopments costs | 5.00% | |||||||
Maximum investments in persons other than subsidiaries, consolidated affiliates and unconsolidated affiliates | 5.00% | |||||||
Maximum mortgages in favor of the borrower or any other subsidiary | 5.00% | |||||||
Maximum aggregate value of investments to gross asset value | 35.00% | |||||||
Maximum investments in consolidation exempt entities to gross asset value | 25.00% | |||||||
Maximum projects under development to gross asset value | 15.00% | |||||||
REIT taxable income distributions | 110.00% | |||||||
Aggregate of Consolidation Exempt Entities and Projects to Gross Asset Value | 95.00% | |||||||
Credit Agreements [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Ratio of total liabilities to gross asset value | 0.60 | |||||||
Unencumbered Adjusted Property Level Net Operating Income To Unsecured Interest Expense | 1.75 | |||||||
Fixed Charge Coverage Ratio | 1.50 | |||||||
Credit Agreements [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Ratio of total liabilities to gross asset value | 0.625 | |||||||
Two Thousand Fourteen Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cost per square foot of property developed | $ 500 | |||||||
Number of loan entered during period | loan | 2 | |||||||
Face amount | $ 250,000,000 | |||||||
Two Thousand Fourteen Term Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalization rate used to calculate Gross Asset Value | 6.50% | |||||||
Two Thousand Fourteen Term Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalization rate used to calculate Gross Asset Value | 7.50% |
Financing Activity (Timing of P
Financing Activity (Timing of Principal Payments and Terms of Mortgage Loans) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total | ||
Mortgage loans payable | $ 1,056,084 | $ 1,222,859 |
Consolidated Properties [Member] | ||
Principal Amortization | ||
2,014 | 18,487 | |
2,015 | 19,517 | |
2,016 | 19,791 | |
2,017 | 19,162 | |
2,018 | 14,163 | |
2023 and thereafter | 18,705 | |
Total | 109,825 | |
Balloon Payments | ||
2,014 | 68,469 | |
2,015 | 0 | |
2,016 | 27,161 | |
2,017 | 410,739 | |
2,018 | 178,600 | |
2023 and thereafter | 264,645 | |
Total | 949,614 | |
Total | ||
2,014 | 86,956 | |
2,015 | 19,517 | |
2,016 | 46,952 | |
2,017 | 197,762 | |
2,018 | 424,902 | |
2023 and thereafter | 283,350 | |
Total | 1,059,439 | |
Mortgage Loan [Member] | ||
Total | ||
Debt Issuance Costs, Net | $ 3,400 | $ 4,500 |
Financing Activity (Carrying an
Financing Activity (Carrying and Fair Values of Mortgage Loans) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Mortgage loans, Carrying Value | $ 1,056,084 | $ 1,222,859 |
Mortgage loans, Fair Value | $ 1,029,700 | $ 1,189,600 |
Financing Activity (Mortgage Lo
Financing Activity (Mortgage Loan Activity) (Detail) - USD ($) $ in Thousands | Jan. 19, 2018 | Mar. 31, 2017 | Apr. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loan Activity [Line Items] | ||||||
Mortgage loans payable | $ 1,056,084 | $ 1,222,859 | ||||
Mortgage Loan [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Debt Issuance Costs, Net | 3,400 | $ 4,500 | ||||
Woodland Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 130,000 | |||||
Repayments of First Mortgage Bond | $ 141,200 | |||||
Woodland Mall [Member] | LIBOR [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Stated Interest Rate | 2.00% | |||||
Mall At Prince Georges [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Repayments of First Mortgage Bond | $ 150,600 | |||||
Revolving Facility Debt Used to Repay Mortgage Debt | $ 110,000 | |||||
Francis Scott Key Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 68,500 | |||||
Lycoming Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Repayments of First Mortgage Bond | 32,800 | |||||
Viewmont Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 9,000 | |||||
Mortgage loans payable | $ 57,000 | |||||
Debt Instrument, Maturity Date | Mar. 31, 2021 | |||||
Viewmont Mall [Member] | LIBOR [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Stated Interest Rate | 2.35% | |||||
Valley Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Repayments of First Mortgage Bond | $ 79,300 | |||||
Revolving Facility Debt Used to Repay Mortgage Debt | 50,000 | |||||
New River Valley Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Repayments of First Mortgage Bond | $ 28,100 | |||||
Subsequent Event [Member] | Francis Scott Key Mall [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 68,500 | |||||
Subsequent Event [Member] | Francis Scott Key Mall [Member] | LIBOR [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Stated Interest Rate | 2.60% | |||||
Interest Rate Swap Member Forward Starting [Member] | Subsequent Event [Member] | ||||||
Mortgage Loan Activity [Line Items] | ||||||
Debt Instrument, Maturity Date | Jan. 19, 2022 |
EQUITY OFFERING 2017 Preferred
EQUITY OFFERING 2017 Preferred Share Offering (Details) - USD ($) | Oct. 12, 2017 | Oct. 04, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Oct. 13, 2017 | Sep. 11, 2017 | Jan. 27, 2017 |
Class of Stock [Line Items] | |||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||
Convertible Preferred Stock, Settlement Terms | We may not redeem the Series C Preferred Shares and the Series D Preferred Shares before January 27, 2022 and September 15, 2022, respectively, except to preserve our status as a REIT or upon the occurrence of a Change of Control, as defined in the Trust Agreement addendums designating the Series C Preferred Shares and Series D Preferred Shares. On and after January 27, 2022 for the Series C Preferred Shares and September 15, 2022 for the Series D Preferred Shares, we may redeem any or all of the Series C Preferred Shares or Series D Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. In addition, upon the occurrence of a Change of Control, we may redeem any or all of the Series C Preferred Shares or Series D Preferred Shares for cash within 120 days after the first date on which such Change of Control occurred, at $25.00 per share plus any accrued and unpaid dividends. The Series C Preferred Shares and Series D Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption provisions, and will remain outstanding indefinitely unless we redeem or otherwise repurchase them or they are converted. | ||||||
Stock Redeemed or Called During Period, Shares | 4,600,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Underwriting Discount On Public Offering | $ 5,400,000 | ||||||
Preferred Stock, Shares Issued | 6,900,000 | 6,900,000 | |||||
Underwriting Discount Per Share On Public Offering | $ 0.7875 | ||||||
Equity offering expenses | $ 800,000 | ||||||
Repayments of Debt | $ 117 | ||||||
Shares Issued, Price Per Share | $ 25 | ||||||
Proceeds from Issuance or Sale of Equity | $ 166,300,000 | ||||||
Series D Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Underwriting Discount On Public Offering | $ 4,000,000 | ||||||
Preferred Stock, Shares Issued | 5,000,000 | 5,000,000 | |||||
Underwriting Discount Per Share On Public Offering | $ 0.7875 | ||||||
Equity offering expenses | $ 500,000 | ||||||
Shares Issued, Price Per Share | $ 25 | ||||||
Proceeds from Issuance or Sale of Equity | $ 120,500,000 |
EQUITY OFFERING Preferred Share
EQUITY OFFERING Preferred Share Redemption (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 12, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Oct. 13, 2017 |
Preferred Share Redemption [Abstract] | ||||
Stock Redeemed or Called During Period, Value | $ 115,000 | |||
Preferred Stock, Redemption Price Per Share | $ 25 | |||
Dividends Payable | $ 700 | |||
Preferred Stock Redemption Premium | $ 4,100 | $ 4,103 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Detail) $ in Thousands | Jan. 23, 2018USD ($) | Jul. 28, 2014USD ($) | Sep. 30, 2016 | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Derivative Instruments [Line Items] | |||||||
Estimate increase to interest expense | $ 2,000 | ||||||
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (100) | $ (500) | |||||
Repayment of mortgage loans | $ 25,800 | 150,000 | 280,327 | $ 272,650 | |||
Interest expense, mark to market | $ 500 | ||||||
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) | 700 | ||||||
Fair value of derivatives in a net liability position | (100) | ||||||
Termination value | (100) | ||||||
Lycoming Mall [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (100) | ||||||
Interest Expense [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | 0 | 100 | 500 | ||||
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) | $ 2,300 | $ 5,100 | $ 5,000 | ||||
Interest rate swap [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Number of derivative, interest rate swap agreement | Agreement | 30 | ||||||
Derivative, Weighted average interest rate | 1.35% | ||||||
Derivative, notional amount | $ 749,600 | ||||||
Period of amortization | 10 years | ||||||
Interest Rate Swap Member Forward Starting [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Number of derivative, interest rate swap agreement | 1 | ||||||
Derivative, Weighted average interest rate | 1.42% | ||||||
Derivative, notional amount | $ 48,000 | ||||||
Derivative, Maturity Date | Feb. 1, 2021 | ||||||
Interest Rate Swap Member Forward Starting [Member] | Subsequent Event [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Derivative, Weighted average interest rate | 2.41% | ||||||
Derivative, notional amount | $ 64,800 | ||||||
DerivativeEffectiveDate | Feb. 1, 2018 | ||||||
Derivative, Maturity Date | Dec. 1, 2021 | ||||||
Derivative, Inception Date | Jan. 23, 2018 | ||||||
Interest Rate Swap Twelve [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Derivative, Maturity Date | Jan. 2, 2019 | ||||||
Interest Rate Swap Eleven and Twelve [Member] | |||||||
Derivative Instruments [Line Items] | |||||||
Derivative Liability, Notional Amount, Ineffective | $ 40,000 |
Derivatives (Fair Value of Deri
Derivatives (Fair Value of Derivative Instruments) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [1] | $ 9.7 | $ 3.6 |
Interest Rate Swap Twenty Seven [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 25 | ||
Derivative, Fair value | [1] | $ 0.3 | |
Derivative, Interest Rate | 1.7525% | ||
Derivative, Maturity Date | Dec. 29, 2021 | ||
Interest Rate Swap Twenty Eight [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.3 | |
Derivative, Interest Rate | 1.7525% | ||
Derivative, Maturity Date | Dec. 29, 2021 | ||
Interest Rate Swap Twenty Nine [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.3 | |
Derivative, Interest Rate | 1.7525% | ||
Derivative, Maturity Date | Dec. 29, 2021 | ||
Prior year interest rate swap one [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 28.1 | ||
Derivative, Fair value | [1] | 0 | |
Derivative, Interest Rate | 1.38% | ||
Interest Rate Swap One [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 48 | ||
Derivative, Fair value | [1] | $ 0 | (0.1) |
Derivative, Interest Rate | 1.12% | ||
Derivative, Maturity Date | Jan. 1, 2018 | ||
Interest Rate Swap Two [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 7.6 | ||
Derivative, Fair value | [1] | $ 0 | $ 0 |
Derivative, Interest Rate | 1.00% | ||
Derivative, Maturity Date | Jan. 1, 2018 | Jan. 2, 2017 | |
Interest Rate Swap Three [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 55 | ||
Derivative, Fair value | [1] | $ 0 | $ (0.1) |
Derivative, Interest Rate | 1.12% | ||
Derivative, Maturity Date | Jan. 1, 2018 | ||
Interest Rate Swap Four [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 30 | ||
Derivative, Fair value | [1] | $ 0 | (0.3) |
Derivative, Interest Rate | 1.78% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Five [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0 | 0.3 |
Derivative, Interest Rate | 0.70% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Seven [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0 | (0.2) |
Derivative, Interest Rate | 1.78% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Six [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0 | (0.2) |
Derivative, Interest Rate | 1.78% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Eight [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0 | (0.2) |
Derivative, Interest Rate | 1.79% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Nine [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0 | (0.2) |
Derivative, Interest Rate | 1.79% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Ten [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0 | (0.2) |
Derivative, Interest Rate | 1.79% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Eleven [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.2 | 0.1 |
Derivative, Interest Rate | 1.16% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Twelve [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.2 | 0.1 |
Derivative, Interest Rate | 1.16% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Thirteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.2 | 0.1 |
Derivative, Interest Rate | 1.16% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Fourteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.1 | 0 |
Derivative, Interest Rate | 1.16% | ||
Derivative, Maturity Date | Jan. 2, 2019 | ||
Interest Rate Swap Fifteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.4 | 0.2 |
Derivative, Interest Rate | 1.233% | ||
Derivative, Maturity Date | Jun. 26, 2020 | ||
Interest Rate Swap Sixteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.4 | 0.2 |
Derivative, Interest Rate | 1.233% | ||
Derivative, Maturity Date | Jun. 26, 2020 | ||
Interest Rate Swap Seventeen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.4 | 0.2 |
Derivative, Interest Rate | 1.233% | ||
Derivative, Maturity Date | Jun. 26, 2020 | ||
Interest Rate Swap Eighteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ (0.4) | 0.2 |
Derivative, Interest Rate | 1.233% | ||
Derivative, Maturity Date | Jun. 26, 2020 | ||
Interest Rate Swap Nineteen [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.4 | 0.2 |
Derivative, Interest Rate | 1.24% | ||
Derivative, Maturity Date | Jun. 26, 2020 | ||
Interest Rate Swap Twenty [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 9 | ||
Derivative, Fair value | [1] | $ 0.2 | 0.2 |
Derivative, Interest Rate | 1.19% | ||
Derivative, Maturity Date | Feb. 1, 2021 | ||
Interest Rate Swap Twenty One [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 35 | ||
Derivative, Fair value | [1] | $ 1.1 | 0.9 |
Derivative, Interest Rate | 1.01% | ||
Derivative, Maturity Date | Mar. 1, 2021 | ||
Interest Rate Swap Twenty Two [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 35 | ||
Derivative, Fair value | [1] | $ 1.1 | 0.9 |
Derivative, Interest Rate | 1.02% | ||
Derivative, Maturity Date | Mar. 1, 2021 | ||
Interest Rate Swap Twenty Three [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.6 | 0.5 |
Derivative, Interest Rate | 1.01% | ||
Derivative, Maturity Date | Mar. 1, 2021 | ||
Interest Rate Swap Twenty Four [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.6 | 0.5 |
Derivative, Interest Rate | 1.02% | ||
Derivative, Maturity Date | Mar. 1, 2021 | ||
Interest Rate Swap Twenty Five [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 20 | ||
Derivative, Fair value | [1] | $ 0.6 | $ 0.5 |
Derivative, Interest Rate | 1.02% | ||
Derivative, Maturity Date | Mar. 1, 2021 | ||
Interest Rate Swap Twenty Six [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 50 | ||
Derivative, Fair value | [1] | $ 0.7 | |
Derivative, Interest Rate | 1.7525% | ||
Derivative, Maturity Date | Dec. 29, 2021 | ||
Interest Rate Forward Starting Swap One [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Fair value | [1] | $ 0.9 | |
DerivativeEffectiveDate | Jan. 2, 2018 | ||
Derivative, Maturity Date | Feb. 1, 2021 | ||
Interest Rate Swap Thirty [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 25 | ||
Derivative, Fair value | [1] | $ 0.3 | |
Derivative, Interest Rate | 1.7525% | ||
Derivative, Maturity Date | Dec. 29, 2021 | ||
[1] | As of December 31, 2017 and December 31, 2016, derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy and we do not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3). |
Derivatives (Effect of Derivati
Derivatives (Effect of Derivative Financial Instruments on Our Consolidated Statements of Operations) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss recognized in Other Comprehensive Income (Loss) on derivatives | $ 4 | $ 1.5 | |
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | $ (2.4) | ||
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) | (0.7) | ||
Gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | 0.1 | 0.5 | |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) | (2.3) | (5.1) | (5) |
Gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ 0 | $ (0.1) | $ (0.5) |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Benefit Plans [Line Items] | |||
Percentage of defined plan agreement | 30.00% | ||
Contributions to plan | $ 0.9 | $ 1 | $ 1.1 |
Supplemental Retirement Plans expenses | $ 0.3 | $ 0.4 | $ 0.4 |
Employee Share Purchase Plan [Member] | |||
Benefit Plans [Line Items] | |||
Common stock purchase at a discount | 15.00% | ||
Number of common shares purchased | 38,000 | 24,000 | 25,000 |
Shares purchase consideration | $ 0.5 | $ 0.5 | $ 0.5 |
Expenses recorded to the share purchase plan | $ 0.1 | $ 0.1 | $ 0.1 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||||
Feb. 27, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 100 | $ 200 | $ 200 | |||
Aggregate fair value of restricted shares | 4,000 | 4,300 | 4,000 | |||
Unrecognized compensation cost related to unvested share based compensation | $ 4,000 | |||||
Weighted average period | 10 months | |||||
Fair value of shares vested | $ 3,900 | 3,600 | $ 3,700 | |||
Number of days for acquisition of RSUs | 20 days | |||||
Aggregate fair value of awards | $ 700 | 800 | $ 600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 134,733 | ||||
Unrecognized compensation expense | $ 600 | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Future compensation expense | $ 600 | |||||
Restricted Shares Awarded to Non-Employee Trustees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate compensation expense | 5,700 | 6,000 | $ 6,300 | |||
Accrued amortization relating to employee separation | $ 200 | 300 | 200 | |||
2003 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total remaining number of common shares to be issued | 677,384 | |||||
Time Based Vesting [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate compensation expense | $ 3,900 | $ 3,300 | $ 3,900 | |||
Number of awards granted | 245,950 | 230,429 | 169,131 | |||
Common share per share on the date of grant | $ 16.43 | $ 18.67 | $ 23.55 | |||
Accelerated amortization relating to employee separation | $ 200 | $ 200 | $ 200 | |||
Time Based Vesting [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares vest over period | 1 year | |||||
Time Based Vesting [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares vest over period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate compensation expense | $ 1,300 | $ 1,800 | 1,800 | |||
Number of awards granted | 94,014 | 140,490 | 127,421 | |||
Accelerated amortization relating to employee separation | $ 400 | $ 300 | ||||
Aggregate fair value of awards | $ 1,620 | $ 1,914 | $ 2,074 | |||
Aggregate fair values of RSU awards per share | $ 11.53 | $ 15.02 | $ 22.06 | |||
Future compensation expense | $ 1,600 | |||||
Non Employee Trustee Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate compensation expense | 500 | $ 600 | 600 | |||
Fair value of shares granted to non-employee trustees | $ 800 | $ 800 | $ 1,100 |
Share Based Compensation (Sched
Share Based Compensation (Schedule of Unvested Restricted Shares) (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 19, 2018 | Feb. 27, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 134,733 | |||
Weighted Average Grant Date Fair Value | |||||
Aggregate Fair Value Of Restricted Shares Granted To Employees On Grant Date | $ 4 | $ 4.3 | $ 4 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated amortization expense | $ 0.4 | $ 0.3 | |||
Shares | |||||
Shares granted | 94,014 | 140,490 | 127,421 | ||
Restricted Stock [Member] | |||||
Shares | |||||
Unvested at January 1 (in shares) | 386,412 | 342,330 | 438,049 | ||
Shares granted | 336,296 | 264,989 | 195,255 | ||
Shares vested | (238,859) | (206,480) | (282,125) | ||
Shares forfeited | (34,427) | (14,427) | (8,849) | ||
Unvested at December 31 (in shares) | 449,422 | 386,412 | 342,330 | ||
Weighted Average Grant Date Fair Value | |||||
Unvested at January 1 (in dollars per share) | $ 21.88 | $ 23.13 | $ 19.11 | ||
Shares granted (in dollars per share) | 14.95 | 19.27 | 23.38 | ||
Shares vested (in dollars per share) | 19.56 | 20.77 | 17.12 | ||
Shares forfeited (in dollars per share) | 18 | 19.60 | 21.32 | ||
Unvested at December 31 (in dollars per share) | $ 16.85 | $ 21.88 | $ 23.13 | ||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 392,697 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 231,227 | ||||
Weighted Average Grant Date Fair Value | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 4.3 |
Share Based Compensation (Summa
Share Based Compensation (Summary of Future Compensation Expense in Connection With Vesting of Existing Time Based Restricted Share Awards) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 8,307 | |
Restricted Stock [Member] | Year One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 3,960 | |
Restricted Stock [Member] | Year Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 2,776 | |
Restricted Stock [Member] | Year Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 1,420 | |
Restricted Stock [Member] | 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 151 | |
Subsequent Event [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Future compensation expense | $ 600 |
Share Based Compensation (Assum
Share Based Compensation (Assumptions Used in Monte Carlo Simulations Used to Determine Aggregate Fair Values) (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 27, 2013shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | |
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
Aggregate Fair Value Of Awards On Grant Date | $ 700 | $ 800 | $ 600 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
RSUs granted | shares | 94,014 | 140,490 | 127,421 | ||
Aggregate Fair Value Of Awards On Grant Date | $ 1,620 | $ 1,914 | $ 2,074 | ||
Aggregate Fair Value Per Share Based On Monte Carlo Simulation | $ / shares | $ 11.53 | $ 15.02 | $ 22.06 | ||
Volatility | 25.30% | 25.80% | 25.30% | ||
Risk free interest rate | 0.90% | 1.42% | 0.97% | ||
PREIT Stock Beta compared to Dow Jones US Real Estate Index | 1.184 | 0.706 | 1.221 |
Share Based Compensation (Sch74
Share Based Compensation (Schedule of Changes in Number of Options Outstanding) (Detail) - 2003 Equity Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options forfeited | 0 | 0 | (5,000) | |
Options outstanding at December 31 | 10,000 | 10,000 | 10,000 | 15,000 |
Outstanding exercisable options at December 31, 2013 Options | 10,000 | |||
Average exercise price per share | $ 16.63 | |||
Aggregate exercise price | $ 166 | |||
Intrinsic value of options outstanding | $ 0 |
Share Based Compensation (Sch75
Share Based Compensation (Schedule of Changes in Number of Options Outstanding)(Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average remaining contractual life of outstanding options | 4 years 10 months 8 days |
Weighted average exercise price per share of outstanding options | $ / shares | $ 16.63 |
Average exercise price of outstanding options | $ | $ 0.2 |
Share Based Compensation (Sum76
Share Based Compensation (Summary of Information Relating to All Options Outstanding) (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
$12.87-$18.99 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares | shares | 5,000 |
Weighted Average Exercise Price (Per Share) | $ / shares | $ 12.87 |
Weighted Average Remaining Life (Years) | 4 years 5 months |
$19.00-$28.99 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares | shares | 5,000 |
Weighted Average Exercise Price (Per Share) | $ / shares | $ 20.40 |
Weighted Average Remaining Life (Years) | 5 years 3 months |
SHARE BASED COMPENSATION Restri
SHARE BASED COMPENSATION Restricted Share Units Awarded (Details) - USD ($) $ in Millions | Jan. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 134,733 | |
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 231,227 | ||
Interest Rate Swap Member Forward Starting [Member] | Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock or Unit Expense | $ 3.1 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Rent Payments Receivable under Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,075 |
Operating Leases, Future Minimum Payments Receivable, Current | 191,313 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 172,239 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 150,072 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 131,732 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 114,916 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 364,705 |
Operating Leases, Future Minimum Payments Receivable | 1,124,977 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 1,021 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,762 |
Capital Leases, Future Minimum Payments Due in Two Years | 1,184 |
Operating Leases, Future Minimum Payments, Due in Three Years | 346 |
Capital Leases, Future Minimum Payments Due in Three Years | 1,384 |
Operating Leases, Future Minimum Payments, Due in Four Years | 149 |
Capital Leases, Future Minimum Payments Due in Four Years | 1,584 |
Operating Leases, Future Minimum Payments, Due in Five Years | 15 |
Capital Leases, Future Minimum Payments Due in Five Years | 1,584 |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 |
Capital Leases, Future Minimum Payments Due Thereafter | 42,300 |
Operating Leases, Future Minimum Payments Due | 4,347 |
Capital Leases, Future Minimum Payments Due | $ 49,057 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 2.5 | $ 2.4 | $ 2.5 |
Leases - Summary of Minimum F80
Leases - Summary of Minimum Future Capital and Operating Leases Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,075 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 1,021 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,762 |
Capital Leases, Future Minimum Payments Due in Two Years | 1,184 |
Operating Leases, Future Minimum Payments, Due in Three Years | 346 |
Capital Leases, Future Minimum Payments Due in Three Years | 1,384 |
Operating Leases, Future Minimum Payments, Due in Four Years | 149 |
Capital Leases, Future Minimum Payments Due in Four Years | 1,584 |
Operating Leases, Future Minimum Payments, Due in Five Years | 15 |
Capital Leases, Future Minimum Payments Due in Five Years | 1,584 |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 |
Capital Leases, Future Minimum Payments Due Thereafter | 42,300 |
Operating Leases, Future Minimum Payments Due | 4,347 |
Capital Leases, Future Minimum Payments Due | $ 49,057 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |||
Revenue earned | $ 0.3 | $ 0.8 | |
Total rent expense | $ 1.3 | $ 1.4 | $ 1.3 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Officers$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Employee Separation Expenses [Line Items] | |||
Unaccrued contractual and other commitments | $ 110,400 | ||
Number Of Officers In Employment Contract | Officers | 2 | ||
Aggregate base compensation | $ 1,200 | ||
Provision For Employee Separation Expenses | 1,299 | $ 1,355 | $ 2,087 |
Employee Termination Expenses | 1,300 | $ 1,400 | $ 2,100 |
Severance Costs | 1,100 | ||
Environmental insurance coverage claims per occurrence | 25,000 | ||
Environmental insurance coverage claims aggregate | $ 25,000 | ||
Restricted Stock [Member] | |||
Employee Separation Expenses [Line Items] | |||
RSUs granted | shares | 336,296 | 264,989 | 195,255 |
Grant date fair value (in dollars per share) | $ / shares | $ 14.95 | $ 19.27 | $ 23.38 |
Officer [Member] | |||
Employee Separation Expenses [Line Items] | |||
Renewal of agreements term | 1 year | ||
Credit Agreements [Member] | |||
Employee Separation Expenses [Line Items] | |||
Ratio of total liabilities to gross asset value | 0.60 | ||
Credit Agreements [Member] | Minimum [Member] | |||
Employee Separation Expenses [Line Items] | |||
Ratio of total liabilities to gross asset value | 0.60 | ||
Credit Agreements [Member] | Maximum [Member] | |||
Employee Separation Expenses [Line Items] | |||
Ratio of total liabilities to gross asset value | 0.625 |
COMMITMENTS AND CONTINGENCIES S
COMMITMENTS AND CONTINGENCIES Springfield Town Center Acquisition (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Significant Pending Acquisition [Line Items] | |||
Present value of additional consideration | $ 0 | $ 8,600,000 | |
Project costs and other expenses | $ (768,000) | $ (1,700,000) | $ (6,108,000) |
Historic Tax Credits (Narrative
Historic Tax Credits (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||||
Interest and other income | $ 1.8 | $ 1.8 | $ 1.8 | |||
Phase II Counterparty [Member] | ||||||
Income Taxes [Line Items] | ||||||
Counterparty contribution of equity | $ 5.8 | |||||
Amount paid in cash | $ 5.5 | 1.7 | ||||
Priority Return Expense | 0.2 | 0.2 | 0.3 | |||
Interest and Other Income | $ 1.8 | |||||
Phase II(i) Counterparty [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax Credit Amortization Income | 0.9 | |||||
Phase II(ii) Counterparty [Member] | ||||||
Income Taxes [Line Items] | ||||||
Interest and other income | $ 1 | $ 1.2 | $ 1 |
Summary of Quarterly Results -
Summary of Quarterly Results - Summary of Unaudited Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Impairment losses | $ 100 | $ 1,800 | $ 53,900 | $ 600 | $ 9,900 | $ 14,100 | |||||||||
Total revenue | 99,765 | [1] | 89,211 | 89,250 | 89,264 | $ 104,861 | [1] | 98,860 | 94,253 | $ 101,972 | $ 367,490 | $ 399,946 | |||
Net loss | 8,615 | [1] | 12,300 | (53,277) | (486) | (26,727) | [1] | 2,916 | 9,169 | 1,929 | (32,848) | (12,713) | $ (129,567) | ||
Net income (loss) attributable to PREIT | $ 7,703 | [1] | $ 10,995 | $ (47,608) | $ (434) | $ (23,860) | [1] | $ 2,604 | $ 8,187 | $ 1,721 | $ (29,344) | $ (11,348) | (116,683) | ||
Net loss per share - basic and diluted (in dollars per share) | $ (0.05) | $ 0.05 | $ (0.79) | $ (0.10) | $ (0.40) | [1] | $ (0.02) | $ 0.06 | $ (0.03) | $ (0.89) | $ (0.40) | ||||
Gain Loss On Sale Of Real Estate | $ 800 | $ 20,900 | $ 2,000 | $ 38,000 | $ 1,270 | $ 380 | $ 259 | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 200 | $ 6,700 | $ 6,539 | ||||||||||||
[1] | Fourth Quarter revenue includes a significant portion of annual percentage rent as most percentage rent minimum sales levels are met in the fourth quarter. |
Summary of Quarterly Results 86
Summary of Quarterly Results - Summary of Unaudited Quarterly Financial Information(Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Results Of Operations [Line Items] | |||||||||||
Impairment losses | $ 100 | $ 1,800 | $ 53,900 | $ 600 | $ 9,900 | $ 14,100 | |||||
Gain Loss On Sale Of Real Estate | $ 800 | $ 20,900 | $ 2,000 | $ 38,000 | $ 1,270 | $ 380 | $ 259 |
Schedule - Summary of Real Esta
Schedule - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate cost basis for federal income tax purposes | $ 3,174,700 | $ 3,303,200 | ||
Initial Cost of Land | 463,819 | |||
Initial Cost of Building & Improvements | 1,722,837 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 1,113,046 | |||
Balance of Land and Land Held for Develop- ment | 491,080 | |||
Balance of Building & Improvements and Construction in Progress | 2,808,622 | |||
Accumulated Depreciation Balance | 1,111,007 | 1,060,845 | $ 1,015,647 | $ 1,061,051 |
Current Encumbrance(1) | 1,059,439 | |||
Real estate, federal income tax depreciated basis | 2,284,000 | 2,380,800 | ||
Capital City Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | 11,642 | |||
Initial Cost of Building & Improvements | 65,575 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 49,835 | |||
Balance of Land and Land Held for Develop- ment | 11,684 | |||
Balance of Building & Improvements and Construction in Progress | 115,368 | |||
Accumulated Depreciation Balance | 43,437 | |||
Current Encumbrance(1) | $ 59,980 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Cherry Hill Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 29,938 | |||
Initial Cost of Building & Improvements | 185,611 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 264,074 | |||
Balance of Land and Land Held for Develop- ment | 48,608 | |||
Balance of Building & Improvements and Construction in Progress | 431,015 | |||
Accumulated Depreciation Balance | 229,299 | |||
Current Encumbrance(1) | $ 281,237 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Cumberland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 8,711 | |||
Initial Cost of Building & Improvements | 43,889 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 29,885 | |||
Balance of Land and Land Held for Develop- ment | 9,842 | |||
Balance of Building & Improvements and Construction in Progress | 72,643 | |||
Accumulated Depreciation Balance | 25,478 | |||
Current Encumbrance(1) | $ 45,205 | |||
Date of Acquisition/ Construction | 2,005 | |||
Life of Depre- ciation | 40 years | |||
Dartmouth Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 7,015 | |||
Initial Cost of Building & Improvements | 28,328 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 40,919 | |||
Balance of Land and Land Held for Develop- ment | 7,004 | |||
Balance of Building & Improvements and Construction in Progress | 69,258 | |||
Accumulated Depreciation Balance | 37,209 | |||
Current Encumbrance(1) | $ 61,125 | |||
Date of Acquisition/ Construction | 1,998 | |||
Life of Depre- ciation | 40 years | |||
Exton Square Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 21,460 | |||
Initial Cost of Building & Improvements | 121,326 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 45,127 | |||
Balance of Land and Land Held for Develop- ment | 26,299 | |||
Balance of Building & Improvements and Construction in Progress | 161,614 | |||
Accumulated Depreciation Balance | 53,683 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Francis Scott Key Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 9,786 | |||
Initial Cost of Building & Improvements | 47,526 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 42,545 | |||
Balance of Land and Land Held for Develop- ment | 9,440 | |||
Balance of Building & Improvements and Construction in Progress | 90,417 | |||
Accumulated Depreciation Balance | 37,827 | |||
Current Encumbrance(1) | $ 68,469 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Jacksonville Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 9,974 | |||
Initial Cost of Building & Improvements | 47,802 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 29,759 | |||
Balance of Land and Land Held for Develop- ment | 9,974 | |||
Balance of Building & Improvements and Construction in Progress | 77,561 | |||
Accumulated Depreciation Balance | 35,988 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Magnolia Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 9,279 | |||
Initial Cost of Building & Improvements | 44,165 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 44,663 | |||
Balance of Land and Land Held for Develop- ment | 15,933 | |||
Balance of Building & Improvements and Construction in Progress | 82,174 | |||
Accumulated Depreciation Balance | 44,339 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 1,998 | |||
Life of Depre- ciation | 40 years | |||
Monroe Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 1,177 | |||
Initial Cost of Building & Improvements | 0 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 0 | |||
Balance of Land and Land Held for Develop- ment | 1,177 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,006 | |||
Monroe Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Balance of Building & Improvements and Construction in Progress | $ 0 | |||
Accumulated Depreciation Balance | $ 0 | |||
Life of Depre- ciation | 10 years | |||
Moorestown Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 11,368 | |||
Initial Cost of Building & Improvements | 62,995 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 87,548 | |||
Balance of Land and Land Held for Develop- ment | 11,368 | |||
Balance of Building & Improvements and Construction in Progress | 150,543 | |||
Accumulated Depreciation Balance | 58,869 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Patrick Henry Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 16,075 | |||
Initial Cost of Building & Improvements | 86,643 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 51,380 | |||
Balance of Land and Land Held for Develop- ment | 16,397 | |||
Balance of Building & Improvements and Construction in Progress | 137,701 | |||
Accumulated Depreciation Balance | 65,052 | |||
Current Encumbrance(1) | $ 92,398 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Plymouth Meeting Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 29,265 | |||
Initial Cost of Building & Improvements | 58,388 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 109,234 | |||
Balance of Land and Land Held for Develop- ment | 29,958 | |||
Balance of Building & Improvements and Construction in Progress | 166,929 | |||
Accumulated Depreciation Balance | 81,344 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Mall At Prince Georges [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 13,065 | |||
Initial Cost of Building & Improvements | 57,686 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 56,723 | |||
Balance of Land and Land Held for Develop- ment | 13,066 | |||
Balance of Building & Improvements and Construction in Progress | 114,408 | |||
Accumulated Depreciation Balance | 54,591 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 1,998 | |||
Life of Depre- ciation | 40 years | |||
Springfield Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 119,912 | |||
Initial Cost of Building & Improvements | 353,551 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 17,547 | |||
Balance of Land and Land Held for Develop- ment | 119,912 | |||
Balance of Building & Improvements and Construction in Progress | 371,098 | |||
Accumulated Depreciation Balance | 36,204 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,015 | |||
Life of Depre- ciation | 40 years | |||
Sunrise Plaza Land [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 395 | |||
Initial Cost of Building & Improvements | 0 | |||
Cost of Improvements Net of Retirements and Impairment Charges | (29) | |||
Balance of Land and Land Held for Develop- ment | 366 | |||
Balance of Building & Improvements and Construction in Progress | 0 | |||
Accumulated Depreciation Balance | 0 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,005 | |||
Life of Depre- ciation | 0 years | |||
Swedes Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 189 | |||
Initial Cost of Building & Improvements | 0 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 36 | |||
Balance of Land and Land Held for Develop- ment | 225 | |||
Balance of Building & Improvements and Construction in Progress | 0 | |||
Accumulated Depreciation Balance | 0 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,004 | |||
Life of Depre- ciation | 0 years | |||
Valley Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 13,187 | |||
Initial Cost of Building & Improvements | 60,658 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 50,800 | |||
Balance of Land and Land Held for Develop- ment | 15,591 | |||
Balance of Building & Improvements and Construction in Progress | 109,054 | |||
Accumulated Depreciation Balance | 43,131 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Valley View Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 9,880 | |||
Initial Cost of Building & Improvements | 46,817 | |||
Cost of Improvements Net of Retirements and Impairment Charges | (2,144) | |||
Balance of Land and Land Held for Develop- ment | 9,077 | |||
Balance of Building & Improvements and Construction in Progress | 45,476 | |||
Accumulated Depreciation Balance | 10,108 | |||
Current Encumbrance(1) | $ 28,623 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Viewmont Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 12,505 | |||
Initial Cost of Building & Improvements | 61,519 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 45,676 | |||
Balance of Land and Land Held for Develop- ment | 12,725 | |||
Balance of Building & Improvements and Construction in Progress | 106,975 | |||
Accumulated Depreciation Balance | 40,593 | |||
Current Encumbrance(1) | $ 57,000 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Willow Grove Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 26,748 | |||
Initial Cost of Building & Improvements | 131,189 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 86,228 | |||
Balance of Land and Land Held for Develop- ment | 36,188 | |||
Balance of Building & Improvements and Construction in Progress | 207,977 | |||
Accumulated Depreciation Balance | 96,756 | |||
Current Encumbrance(1) | $ 163,224 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
Woodland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 35,540 | |||
Initial Cost of Building & Improvements | 124,504 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 73,883 | |||
Balance of Land and Land Held for Develop- ment | 44,196 | |||
Balance of Building & Improvements and Construction in Progress | 189,731 | |||
Accumulated Depreciation Balance | 69,121 | |||
Current Encumbrance(1) | $ 127,200 | |||
Date of Acquisition/ Construction | 2,005 | |||
Life of Depre- ciation | 40 years | |||
Wyoming Valley Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 14,153 | |||
Initial Cost of Building & Improvements | 73,035 | |||
Cost of Improvements Net of Retirements and Impairment Charges | 31,588 | |||
Balance of Land and Land Held for Develop- ment | 13,302 | |||
Balance of Building & Improvements and Construction in Progress | 105,474 | |||
Accumulated Depreciation Balance | 47,978 | |||
Current Encumbrance(1) | $ 74,978 | |||
Date of Acquisition/ Construction | 2,003 | |||
Life of Depre- ciation | 40 years | |||
White Clay Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 31,000 | |||
Initial Cost of Building & Improvements | 11,803 | |||
Cost of Improvements Net of Retirements and Impairment Charges | (28,803) | |||
Balance of Land and Land Held for Develop- ment | 10,914 | |||
Balance of Building & Improvements and Construction in Progress | 3,086 | |||
Accumulated Depreciation Balance | 0 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,005 | |||
Life of Depre- ciation | 0 years | |||
Springhills [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | $ 21,555 | |||
Initial Cost of Building & Improvements | 9,827 | |||
Cost of Improvements Net of Retirements and Impairment Charges | (13,428) | |||
Balance of Land and Land Held for Develop- ment | 17,834 | |||
Balance of Building & Improvements and Construction in Progress | 120 | |||
Accumulated Depreciation Balance | 0 | |||
Current Encumbrance(1) | $ 0 | |||
Date of Acquisition/ Construction | 2,006 | |||
Life of Depre- ciation | 0 years | |||
Mortgage Loan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt Issuance Costs, Net | $ 3,400 | $ 4,500 |
Schedule (Narrative) (Detail)
Schedule (Narrative) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Real estate, federal income tax cost basis | $ 3,174.7 | $ 3,303.2 |
Real estate, federal income tax depreciated basis | $ 2,284 | $ 2,380.8 |
Schedule - Summary of Changes i
Schedule - Summary of Changes in Total Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||
Schedule III, Real Estate Accumulated Depreciation, Held For Sale | $ 0 | $ 0 | $ 26,574 | |||
SEC Schedule III, Real Estate, Gross, Held for Sale | 184,134 | 0 | 70,808 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, beginning of year | $ 3,300,014 | $ 3,367,889 | 3,285,404 | |||
Improvements and development | 502,077 | 116,575 | 69,486 | |||
Acquisitions | 2,613 | 27,234 | 476,516 | |||
Impairment of assets | (89,101) | (74,391) | (195,111) | |||
Dispositions | (402,783) | (61,360) | (71,172) | |||
Write-off of fully depreciated assets | (13,118) | (5,125) | (13,100) | |||
Reclassification to held for sale | 0 | (70,808) | 0 | (70,808) | $ (184,134) | |
Balance, end of year | 3,299,702 | 3,300,014 | 3,367,889 | |||
Balance, end of year – held for sale | 0 | (70,808) | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, beginning of year | 1,060,845 | 1,015,647 | 1,061,051 | |||
Depreciation expense | 118,485 | 124,433 | 131,102 | |||
Impairment of assets | (39,264) | (35,998) | (60,461) | |||
Dispositions | (15,941) | (11,538) | (37,519) | |||
Write-off of fully depreciated assets | (13,118) | (5,125) | (13,100) | |||
Reclassification to held for sale | 0 | (26,574) | (65,426) | |||
Balance, end of year | $ 1,111,007 | $ 1,060,845 | $ 1,015,647 | |||
Balance, end of year – held for sale | $ 0 | $ (26,574) | $ (65,426) |