Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'WEINGARTEN REALTY INVESTORS /TX/ | ' |
Entity Central Index Key | '0000828916 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 121,944,210 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rentals, net | $127,548 | $119,211 | $374,266 | $342,507 |
Other | 3,119 | 3,108 | 9,486 | 8,346 |
Total | 130,667 | 122,319 | 383,752 | 350,853 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 37,122 | 34,591 | 112,347 | 97,845 |
Operating | 25,530 | 25,191 | 74,213 | 69,048 |
Real estate taxes, net | 15,624 | 14,499 | 45,242 | 41,306 |
Impairment loss | 2,358 | 197 | 2,579 | 9,585 |
General and administrative | 5,966 | 6,417 | 18,818 | 21,101 |
Total | 86,600 | 80,895 | 253,199 | 238,885 |
Operating Income | 44,067 | 41,424 | 130,553 | 111,968 |
Interest Expense, net | -27,660 | -27,482 | -73,689 | -86,692 |
Interest and Other Income, net | 1,864 | 1,818 | 5,788 | 4,786 |
Gain on Sale of Real Estate Joint Venture and Partnership Interests | 7 | 0 | 11,599 | 5,562 |
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net | 5,125 | 4,905 | 14,467 | -6,715 |
Gain on Acquisition | 0 | 1,869 | 0 | 1,869 |
Benefit (Provision) for Income Taxes | 215 | -722 | 214 | -378 |
Income from Continuing Operations | 23,618 | 21,812 | 88,932 | 30,400 |
Operating Income from Discontinued Operations | 394 | 5,074 | 5,656 | 16,463 |
Gain on Sale of Property from Discontinued Operations | 38,214 | 14,826 | 116,226 | 49,724 |
Income from Discontinued Operations | 38,608 | 19,900 | 121,882 | 66,187 |
Gain on Sale of Property | 163 | 335 | 570 | 859 |
Net Income | 62,389 | 42,047 | 211,384 | 97,446 |
Less: Net Income Attributable to Noncontrolling Interests | -1,847 | -1,774 | -41,056 | -4,557 |
Net Income Adjusted for Noncontrolling Interests | 60,542 | 40,273 | 170,328 | 92,889 |
Dividends on Preferred Shares | -2,710 | -8,869 | -15,463 | -26,607 |
Redemption Costs of Preferred Shares | 0 | 0 | -17,944 | 0 |
Net Income Attributable to Common Shareholders | 57,832 | 31,404 | 136,921 | 66,282 |
Earnings Per Common Share - Basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.16 | $0.10 | $0.43 | $0.01 |
Income from discontinued operations | $0.32 | $0.16 | $0.70 | $0.54 |
Net income attributable to common shareholders | $0.48 | $0.26 | $1.13 | $0.55 |
Earnings Per Common Share - Diluted: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.16 | $0.10 | $0.43 | $0.01 |
Income from discontinued operations | $0.31 | $0.16 | $0.69 | $0.53 |
Net income attributable to common shareholders | $0.47 | $0.26 | $1.12 | $0.54 |
Comprehensive Income: | ' | ' | ' | ' |
Net Income | 62,389 | 42,047 | 211,384 | 97,446 |
Other Comprehensive Income: | ' | ' | ' | ' |
Net unrealized loss on investments, net of taxes | -34 | 0 | -34 | 0 |
Net unrealized gain (loss) on derivatives | -293 | -49 | 6,735 | -181 |
Amortization of loss on derivatives | 480 | 664 | 1,802 | 1,985 |
Retirement liability adjustment | 364 | 0 | 1,093 | 0 |
Total | 517 | 615 | 9,596 | 1,804 |
Comprehensive Income | 62,906 | 42,662 | 220,980 | 99,250 |
Comprehensive Income Attributable to Noncontrolling Interests | -1,847 | -1,774 | -41,056 | -4,557 |
Comprehensive Income Adjusted for Noncontrolling Interests | $61,059 | $40,888 | $179,924 | $94,693 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Property | $4,308,849 | $4,399,850 | ||
Accumulated Depreciation | -1,060,419 | -1,040,839 | ||
Property, net | 3,248,430 | [1] | 3,359,011 | [1] |
Investment in Real Estate Joint Ventures and Partnerships, net | 281,203 | 289,049 | ||
Total | 3,529,633 | 3,648,060 | ||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 84,142 | 89,776 | ||
Unamortized Debt and Lease Costs, net | 137,000 | 135,783 | ||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $10,199 in 2013 and $12,127 in 2012) | 76,828 | [1] | 79,540 | [1] |
Cash and Cash Equivalents | 51,730 | [1] | 19,604 | [1] |
Restricted Deposits and Mortgage Escrows | 57,468 | 44,096 | ||
Other, net | 181,746 | 167,925 | ||
Total Assets | 4,118,547 | 4,184,784 | ||
LIABILITIES AND EQUITY | ' | ' | ||
Debt, net | 2,293,898 | [1] | 2,204,030 | [1] |
Accounts Payable and Accrued Expenses | 116,985 | 119,699 | ||
Other, net | 113,375 | 120,900 | ||
Total Liabilities | 2,524,258 | 2,444,629 | ||
Commitments and Contingencies | 0 | 0 | ||
Shareholders' Equity: | ' | ' | ||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,940 in 2013 and 121,505 in 2012 | 3,683 | 3,663 | ||
Additional Paid-In Capital | 1,690,687 | 1,934,183 | ||
Net Income Less Than Accumulated Dividends | -310,568 | -335,980 | ||
Accumulated Other Comprehensive Loss | -15,147 | -24,743 | ||
Total Shareholders' Equity | 1,368,657 | 1,577,130 | ||
Noncontrolling Interests | 225,632 | 163,025 | ||
Total Equity | 1,594,289 | 1,740,155 | ||
Total Liabilities and Equity | 4,118,547 | 4,184,784 | ||
Consolidated Variable Interest Entities' Assets and Liabilities included in the above balances (See Note 17): | ' | ' | ||
Property, net | 210,134 | 226,685 | ||
Accrued Rent and Accounts Receivable, net | 5,870 | 8,095 | ||
Cash and Cash Equivalents | 13,640 | 11,706 | ||
Debt, net | $210,400 | $276,420 | ||
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Allowance for doubtful accounts | $10,199 | $12,127 |
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 | ' | ' |
Preferred Shares of Beneficial Interest; par value per share | $0.03 | $0.03 |
Preferred Shares of Beneficial Interest; shares authorized | 10,000 | 10,000 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,940 in 2013 and 121,505 in 2012 | ' | ' |
Common Shares of Beneficial Interest; par value per share | $0.03 | $0.03 |
Common Shares of Beneficial Interest; shares authorized | 275,000 | 275,000 |
Common Shares of Beneficial Interest; shares issued | 121,940 | 121,505 |
Common Shares of Beneficial Interest; shares outstanding | 121,940 | 121,505 |
6.75% Series D Preferred Shares [Member] | ' | ' |
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 | ' | ' |
Preferred Shares of Beneficial Interest; shares issued | 100 | 100 |
Preferred Shares of Beneficial Interest; shares outstanding | 0 | 100 |
Preferred Shares of Beneficial Interest; liquidation preference | 0 | 75,000 |
Preferred Shares of Beneficial Interest; dividend percentage | 6.75% | 6.75% |
6.5% Series F Preferred Shares [Member] | ' | ' |
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 | ' | ' |
Preferred Shares of Beneficial Interest; shares issued | 140 | 140 |
Preferred Shares of Beneficial Interest; shares outstanding | 60 | 140 |
Preferred Shares of Beneficial Interest; liquidation preference | $150,000 | $350,000 |
Preferred Shares of Beneficial Interest; dividend percentage | 6.50% | 6.50% |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows from Operating Activities: | ' | ' | |
Net Income | $211,384 | $97,446 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 116,216 | 110,300 | |
Amortization of deferred financing costs, net | -8,156 | 386 | |
Impairment loss | 2,815 | 15,410 | |
Equity in (earnings) losses of real estate joint ventures and partnerships, net | -14,467 | 6,715 | |
Gain on acquisition | 0 | -1,869 | |
Gain on sale of real estate joint venture and partnership interests | -11,599 | -5,562 | |
Gain on sale of property | -116,796 | -50,583 | |
Distributions of income from real estate joint ventures and partnerships, net | 2,623 | 2,160 | |
Changes in accrued rent and accounts receivable, net | -1,435 | 2,095 | |
Changes in other assets, net | -17,189 | -17,740 | |
Changes in accounts payable, accrued expenses and other liabilities, net | 1,488 | -7,021 | |
Other, net | 6,062 | 10,472 | |
Net cash provided by operating activities | 170,946 | 162,209 | |
Cash Flows from Investing Activities: | ' | ' | |
Acquisition of real estate and land | -58,173 | -196,801 | |
Development and capital improvements | -50,014 | -68,345 | |
Proceeds from sale of property and real estate equity investments, net | 267,655 | 480,502 | |
Change in restricted deposits and mortgage escrows | -13,461 | 50 | |
Notes receivable from real estate joint ventures and partnerships and other receivables: | ' | ' | |
Advances | -289 | -6,468 | |
Collections | 7,224 | 74,296 | |
Real estate joint ventures and partnerships: | ' | ' | |
Investments | -21,353 | -8,445 | |
Distributions of capital | 32,660 | 31,910 | |
Other, net | -7,086 | 0 | |
Net cash provided by investing activities | 157,163 | 306,699 | |
Cash Flows from Financing Activities: | ' | ' | |
Proceeds from issuance of debt | 324,584 | 0 | |
Principal payments of debt | -283,902 | -412,091 | |
Changes in unsecured credit facilities | 48,500 | 83,500 | |
Purchase of marketable securities in connection with the legal defeasance of debt | -5,823 | 0 | |
Proceeds from issuance of common shares of beneficial interest, net | 5,778 | 4,753 | |
Repurchase of preferred shares of beneficial interest | -275,000 | 0 | |
Common and preferred dividends paid | -126,269 | -130,105 | |
Debt issuance costs paid | -4,702 | -1,735 | |
Distributions to noncontrolling interests | -13,455 | -10,119 | |
Contributions from noncontrolling interests | 33,884 | 2,123 | |
Other, net | 422 | 213 | |
Net cash used in financing activities | -295,983 | -463,461 | |
Net increase in cash and cash equivalents | 32,126 | 5,447 | |
Cash and cash equivalents at January 1 | 19,604 | [1] | 13,642 |
Cash and cash equivalents at September 30 | 51,730 | [1] | 19,089 |
Interest paid during the period (net of amount capitalized of $1,724 and $2,394, respectively) | 85,594 | 98,024 | |
Income taxes paid during the period | $1,860 | $1,548 | |
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Capitalized interest paid | $1,724 | $2,394 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | Total | Preferred Shares Of Beneficial Interest [Member] | Common Shares Of Beneficial Interest [Member] | Additional Paid-In Capital [Member] | Net Income Less Than Accumulated Dividends [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | 6.75% Series D Preferred Shares [Member] | 6.75% Series D Preferred Shares [Member] | 6.75% Series D Preferred Shares [Member] | 6.75% Series D Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | |
In Thousands, unless otherwise specified | Preferred Shares Of Beneficial Interest [Member] | Additional Paid-In Capital [Member] | Net Income Less Than Accumulated Dividends [Member] | Preferred Shares Of Beneficial Interest [Member] | Additional Paid-In Capital [Member] | Net Income Less Than Accumulated Dividends [Member] | ||||||||||
Balance at Dec. 31, 2011 | $1,823,582 | $8 | $3,641 | $1,983,978 | ($304,504) | ($27,743) | $168,202 | ' | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 97,446 | ' | ' | ' | 92,889 | ' | 4,557 | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued under benefit plans | 11,503 | ' | 17 | 11,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends declared - common shares | [1] | -105,466 | ' | ' | ' | -105,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred shares | [2] | -24,639 | ' | ' | ' | -24,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -10,119 | ' | ' | ' | ' | ' | -10,119 | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions from noncontrolling interests | 2,123 | ' | ' | ' | ' | ' | 2,123 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income | 1,804 | ' | ' | ' | ' | 1,804 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other, net | 617 | ' | ' | 1,766 | -1,968 | ' | 819 | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance at Sep. 30, 2012 | 1,796,851 | 8 | 3,658 | 1,997,230 | -343,688 | -25,939 | 165,582 | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance at Dec. 31, 2012 | 1,740,155 | 7 | 3,663 | 1,934,183 | -335,980 | -24,743 | 163,025 | ' | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 211,384 | ' | ' | ' | 170,328 | ' | 41,056 | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption of preferred shares | ' | ' | ' | ' | ' | ' | ' | -75,000 | -3 | -72,755 | -2,242 | -200,000 | -2 | -184,296 | -15,702 | |
Shares issued under benefit plans | 12,493 | ' | 20 | 12,473 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends declared - common shares | [1] | -111,509 | ' | ' | ' | -111,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred shares | [2] | -14,760 | ' | ' | ' | -14,760 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -13,455 | ' | ' | ' | ' | ' | -13,455 | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions from noncontrolling interests | 33,884 | ' | ' | ' | ' | ' | 33,884 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income | 9,596 | ' | ' | ' | ' | 9,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other, net | 1,501 | ' | ' | 1,082 | -703 | ' | 1,122 | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance at Sep. 30, 2013 | $1,594,289 | $2 | $3,683 | $1,690,687 | ($310,568) | ($15,147) | $225,632 | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Common dividend per share was $.915 and $.870 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
[2] | Series D preferred dividend per share was $13.08 and $37.97 for the nine months ended September 30, 2013 and 2012, respectively. Series E preferred dividend per share was $130.31 for the nine months ended September 30, 2012. Series F preferred dividend per share was $119.62 and $121.88 for the nine months ended September 30, 2013 and 2012, respectively. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common dividend per share | $0.92 | $0.87 |
6.75% Series D Preferred Shares [Member] | ' | ' |
Preferred dividend per share | $13.08 | $37.97 |
6.95% Series E Preferred Shares [Member] | ' | ' |
Preferred dividend per share | $0 | $130.31 |
6.5% Series F Preferred Shares [Member] | ' | ' |
Preferred dividend per share | $119.62 | $121.88 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary Of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Business | ||||||||||||||||
Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT. | ||||||||||||||||
We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees for either joint ventures where we are partners or for other outside owners. | ||||||||||||||||
We operate a portfolio of neighborhood and community shopping centers, totaling approximately 50.4 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.2% of total rental revenues during the first nine months of 2013. Total revenues less operating expenses and real estate taxes from continuing operations ("net operating income from continuing operations") generated by our properties located in Houston and its surrounding areas was 20.0% of total net operating income from continuing operations for the nine months ended September 30, 2013, and an additional 7.8% of net operating income from continuing operations is generated from properties that are located in other parts of Texas. | ||||||||||||||||
Basis of Presentation | ||||||||||||||||
Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. | ||||||||||||||||
The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2012 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. | ||||||||||||||||
The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||
Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. | ||||||||||||||||
Restricted Deposits and Mortgage Escrows | ||||||||||||||||
Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. | ||||||||||||||||
Our restricted deposits and mortgage escrows consist of the following (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Restricted cash (1) | $ | 52,567 | $ | 36,944 | ||||||||||||
Mortgage escrows | 4,901 | 7,152 | ||||||||||||||
Total | $ | 57,468 | $ | 44,096 | ||||||||||||
_______________ | ||||||||||||||||
-1 | The increase between the periods presented is primarily attributable to $50.3 million placed in a qualified escrow account, less the use of $30.7 million for the purpose of completing like-kind exchange transactions. | |||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss by component consists of the following (in thousands): | ||||||||||||||||
Loss | (Gain) Loss | Defined | Total | |||||||||||||
on | on | Benefit | ||||||||||||||
Investments | Cash Flow | Pension | ||||||||||||||
Hedges | Plan | |||||||||||||||
Balance, December 31, 2012 | $ | — | $ | 7,489 | $ | 17,254 | $ | 24,743 | ||||||||
Change excluding amounts reclassified | 34 | (6,735 | ) | (103 | ) | (6,804 | ) | |||||||||
from accumulated other comprehensive income | ||||||||||||||||
Amounts reclassified from accumulated | — | (1,802 | ) | (1) | (990 | ) | (2) | (2,792 | ) | |||||||
other comprehensive income | ||||||||||||||||
Net other comprehensive income | 34 | (8,537 | ) | (1,093 | ) | (9,596 | ) | |||||||||
Balance, September 30, 2013 | $ | 34 | $ | (1,048 | ) | $ | 16,161 | $ | 15,147 | |||||||
_______________ | ||||||||||||||||
-1 | This reclassification component is included in interest expense (see Note 7 for additional information). | |||||||||||||||
-2 | This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information). | |||||||||||||||
Reclassifications | ||||||||||||||||
The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 and 12 for additional information). These items had no impact on previously reported net income, the consolidated balance sheet or cash flows. |
Newly_Issued_Accounting_Pronou
Newly Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Newly Issued Accounting Pronouncements [Abstract] | ' |
Newly Issued Accounting Pronouncements | ' |
Newly Issued Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU No. 2011-11 were effective for us on January 1, 2013, and were required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures. | |
In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which amends the scope of ASU No. 2011-11 to apply only to entities with derivatives accounted for in accordance with Accounting Standard Code 815. The provisions of ASU No. 2013-01 were effective for us on January 1, 2013, and were required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if it is required to be reclassified to net income in its entirety. For other reclassified amounts, an entity is required cross-reference to other disclosures that provide additional detail about those amounts. The provisions of ASU No. 2013-02 were effective for us on January 1, 2013, and have been applied prospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures. | |
In February 2013, the FASB issued ASU No. 2013-04, "Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 are effective for us on January 1, 2014, and are required to be applied retrospectively. We do not expect the adoption of this update to have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU amends current GAAP to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for net operating loss or other tax credit carryforwards when settlement is available under the tax law. The provisions of ASU 2013-11 are effective for us on January 1, 2014, and are required to be applied to all unrecognized tax benefits in existence. Retrospective application may be applied to prior reporting periods presented. We do not expect the adoption of this update to have a material impact on our consolidated financial statements. |
Property
Property | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Property | ' | |||||||
Property | ||||||||
Our property consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 878,652 | $ | 881,156 | ||||
Land held for development | 118,334 | 121,294 | ||||||
Land under development | 4,222 | 6,155 | ||||||
Buildings and improvements | 3,235,883 | 3,325,793 | ||||||
Construction in-progress | 71,758 | 65,452 | ||||||
Total | $ | 4,308,849 | $ | 4,399,850 | ||||
During the nine months ended September 30, 2013, we acquired two centers for approximately $73.1 million. | ||||||||
During the nine months ended September 30, 2013, we sold 18 centers and other property. Aggregate gross sales proceeds from these transactions approximated $219.0 million and generated gains of $116.8 million. See Note 20 for subsequent events. |
Investment_In_Real_Estate_Join
Investment In Real Estate Joint Ventures And Partnerships | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investment In Real Estate Joint Ventures And Partnerships | ' | |||||||||||||||
Investment in Real Estate Joint Ventures and Partnerships | ||||||||||||||||
We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the 2013 periods presented and 10% to 75% for the 2012 periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Combined Condensed Balance Sheets | ||||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,507,115 | $ | 1,631,694 | ||||||||||||
Accumulated depreciation | (284,101 | ) | (273,591 | ) | ||||||||||||
Property, net | 1,223,014 | 1,358,103 | ||||||||||||||
Other assets, net | 159,105 | 161,344 | ||||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Debt, net (primarily mortgages payable) | $ | 467,908 | $ | 468,841 | ||||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 102,390 | 109,931 | ||||||||||||||
Other liabilities, net | 35,083 | 34,157 | ||||||||||||||
Total | 605,381 | 612,929 | ||||||||||||||
Accumulated equity | 776,738 | 906,518 | ||||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Combined Condensed Statements of Operations | ||||||||||||||||
Revenues, net | $ | 40,804 | $ | 49,726 | $ | 124,064 | $ | 149,599 | ||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 11,343 | 15,071 | 34,922 | 46,688 | ||||||||||||
Interest, net | 7,131 | 8,956 | 22,091 | 27,003 | ||||||||||||
Operating | 7,298 | 9,069 | 20,859 | 26,265 | ||||||||||||
Real estate taxes, net | 4,739 | 6,322 | 14,335 | 18,719 | ||||||||||||
General and administrative | 187 | 420 | 637 | 1,006 | ||||||||||||
Provision for income taxes | 63 | 81 | 211 | 249 | ||||||||||||
Impairment loss | 59 | 283 | 1,887 | 96,781 | ||||||||||||
Total | 30,820 | 40,202 | 94,942 | 216,711 | ||||||||||||
Operating income (loss) | $ | 9,984 | $ | 9,524 | $ | 29,122 | $ | (67,112 | ) | |||||||
Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $5.9 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively, are generally amortized over the useful lives of the related assets. | ||||||||||||||||
Our real estate joint ventures and partnerships have determined that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. For the three and nine months ended September 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $.1 million and $1.9 million, respectively, on various properties that have been marketed and sold during the period. There was $.3 million and $96.8 million of impairment recorded for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.2 million and $1.5 million for the three months ended September 30, 2013 and 2012, respectively, and $3.8 million and $4.8 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
During 2013, the final two industrial properties in an unconsolidated joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, two shopping centers were sold, and the gross sales proceeds from the disposition of these four properties totaled $11.7 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements for approximately $8.9 million that we previously accounted for under the equity method. See Note 20 for subsequent events. | ||||||||||||||||
During 2013, we acquired a 51% unconsolidated real estate joint venture interest in a shopping center for approximately $16.5 million. | ||||||||||||||||
In August 2012, we acquired a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement for approximately $29.6 million that we had previously accounted for under the equity method and included the assumption of debt of $24.5 million. This transaction resulted in the consolidation of the property in our consolidated financial statements. | ||||||||||||||||
During 2012, our interest in 19 industrial properties held in unconsolidated joint ventures, in which we are a partner, were sold through either a direct sale by the joint venture or the sale of our interest. Gross sales proceeds, including the assumption of debt, from these transactions totaled $210.4 million. | ||||||||||||||||
In February 2012, we sold a 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt. |
Notes_Receivable_From_Real_Est
Notes Receivable From Real Estate Joint Ventures And Partnerships | 9 Months Ended |
Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' |
Notes Receivable From Real Estate Joint Ventures And Partnerships | ' |
Notes Receivable from Real Estate Joint Ventures and Partnerships | |
We have ownership interests in a number of real estate joint ventures and partnerships. Notes receivable from these entities bear interest ranging from approximately 2.9% to 10.0% at September 30, 2013 and 2.9% to 16.0% at December 31, 2012. These notes are due at various dates through 2017 and are generally secured by underlying real estate assets. | |
We believe these notes are fully collectible, and no allowance has been recorded. Interest income recognized on these notes was $.5 million and $.8 million for the three months ended September 30, 2013 and 2012, respectively, and $1.8 million and $2.2 million for the nine months ended September 30, 2013 and 2012, respectively. | |
In November 2012, a $16.1 million note matured and negotiations for repayment were entered into. Subsequent to September 30, 2013, the note was paid. See Note 20 for additional information. | |
In February 2012, we received $59.2 million in payment of our notes receivable from real estate joint ventures and partnerships, in conjunction with the sale of our 47.8% interest in an unconsolidated real estate joint venture. See Note 15 for additional information. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Our debt consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012 | $ | 2,083,363 | $ | 2,041,709 | ||||
Unsecured notes payable under credit facilities | 114,500 | 66,000 | ||||||
Debt service guaranty liability | 74,075 | 74,075 | ||||||
Obligations under capital leases | 21,000 | 21,000 | ||||||
Industrial revenue bonds payable to 2015 at 2.4% | 960 | 1,246 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
As to interest rate (including the effects of interest rate contracts): | ||||||||
Fixed-rate debt | $ | 2,013,253 | $ | 1,992,599 | ||||
Variable-rate debt | 280,645 | 211,431 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
As to collateralization: | ||||||||
Unsecured debt | $ | 1,499,297 | $ | 1,270,742 | ||||
Secured debt | 794,601 | 933,288 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
We maintain a $500 million unsecured revolving credit facility, which was last amended on April 18, 2013. This facility expires in April 2017, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At September 30, 2013, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million. | ||||||||
Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity. | ||||||||
The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured revolving credit facility: | ||||||||
Balance outstanding | $ | 100,000 | $ | 30,000 | ||||
Available balance | 397,821 | 467,571 | ||||||
Letter of credit outstanding under facility | 2,179 | 2,429 | ||||||
Variable interest rate (excluding facility fee) | 0.9 | % | 1.1 | % | ||||
Unsecured and uncommitted overnight facility: | ||||||||
Balance outstanding | $ | 14,500 | $ | 36,000 | ||||
Variable interest rate | 1.5 | % | 1.5 | % | ||||
Both facilities: | ||||||||
Maximum balance outstanding during the period | $ | 265,500 | $ | 303,100 | ||||
Weighted average balance | 79,060 | 157,447 | ||||||
Year-to-date weighted average interest rate (excluding facility fee) | 1.1 | % | 1.3 | % | ||||
Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040, as extended by the Sheridan Redevelopment Agency (“Agency”) in April 2011. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. For both periods ended at September 30, 2013 and December 31, 2012, we had $74.1 million outstanding for the debt service guaranty liability. | ||||||||
On March 22, 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares. In addition, $113.6 million of fixed-rate medium term notes matured during 2013 at a weighted average interest rate of 5.6%. See Note 20 for subsequent events. | ||||||||
Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At September 30, 2013 and December 31, 2012, the carrying value of such assets aggregated $1.3 billion and $1.5 billion, respectively. | ||||||||
Scheduled principal payments on our debt (excluding $114.5 million due under our credit facilities, $21.0 million of certain capital leases, $6.3 million fair value of interest rate contracts, $(2.4) million net premium/(discount) on debt, $2.4 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands): | ||||||||
2013 remaining | $ | 65,727 | ||||||
2014 | 468,858 | |||||||
2015 | 275,998 | |||||||
2016 | 249,283 | |||||||
2017 | 141,864 | |||||||
2018 | 64,157 | |||||||
2019 (1) | 153,380 | |||||||
2020 | 3,342 | |||||||
2021 | 2,278 | |||||||
2022 | 304,815 | |||||||
Thereafter | 348,264 | |||||||
Total | $ | 2,077,966 | ||||||
_______________ | ||||||||
-1 | Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option. | |||||||
Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We believe we were in compliance with our public debt and revolving credit facility covenants as of September 30, 2013. |
Derivatives_And_Hedging
Derivatives And Hedging | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivatives And Hedging | ' | |||||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||||||
The fair value of all our interest rate contracts is reported as follows (in thousands): | ||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
Balance Sheet | Amount | Balance Sheet | Amount | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Designated Hedges: | ||||||||||||||||||||||||
September 30, 2013 | Other Assets, net | $ | 12,844 | Other Liabilities, net | $ | 537 | ||||||||||||||||||
December 31, 2012 | Other Assets, net | 9,926 | Other Liabilities, net | 768 | ||||||||||||||||||||
The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands): | ||||||||||||||||||||||||
Gross Amounts Not | ||||||||||||||||||||||||
Offset in Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net Amount | |||||||||||||||||||
Amounts | Amounts | Amounts | Instruments | Collateral | ||||||||||||||||||||
Recognized | Offset in | Presented | Received | |||||||||||||||||||||
Balance | in Balance | |||||||||||||||||||||||
Sheet | Sheet | |||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Assets | $ | 12,844 | $ | — | $ | 12,844 | $ | — | $ | — | $ | 12,844 | ||||||||||||
Liabilities | 537 | — | 537 | — | — | 537 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Assets | 9,926 | — | 9,926 | — | — | 9,926 | ||||||||||||||||||
Liabilities | 768 | — | 768 | — | — | 768 | ||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $26.0 million and $26.5 million, respectively. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows. | ||||||||||||||||||||||||
Also, at September 30, 2013, we had three forward-starting contracts with an aggregate notional amount of $150.0 million hedging future fixed-rate debt issuances. These contracts are effective in January 2014, mature in January 2024 and fix the 10-year swap rates at 2.4%. Subsequent to September 30, 2013, we settled these forward-starting contracts. See Note 20 for additional information. | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the balance in accumulated other comprehensive gain (loss) relating to cash flow interest rate contracts was $1.0 million and $(7.5) million, respectively, and will be reclassified to net interest expense as interest payments are made on our fixed-rate debt. Within the next 12 months, a loss of approximately $2.0 million in accumulated other comprehensive loss is expected to be amortized to net interest expense related to settled interest rate contracts. | ||||||||||||||||||||||||
A summary of cash flow interest rate contract hedging activity is as follows (in thousands): | ||||||||||||||||||||||||
Derivatives Hedging | Amount of | Location of Gain | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||||||||
Relationships | (Gain) | (Loss) | (Loss) | (Loss) | (Loss) | |||||||||||||||||||
Loss | Reclassified from | Reclassified | Recognized in | Recognized in | ||||||||||||||||||||
Recognized | Accumulated | from | Income on | Income on | ||||||||||||||||||||
in Other | Other | Accumulated | Derivative | Derivative | ||||||||||||||||||||
Comprehensive | Comprehensive | Other | (Ineffective | (Ineffective | ||||||||||||||||||||
Income on | Loss into Income | Comprehensive | Portion and | Portion and | ||||||||||||||||||||
Derivative | Loss into | Amount | Amount Excluded | |||||||||||||||||||||
(Effective | Income | Excluded from | from | |||||||||||||||||||||
Portion) | (Effective | Effectiveness | Effectiveness | |||||||||||||||||||||
Portion) | Testing) | Testing) | ||||||||||||||||||||||
Three Months Ended | $ | 293 | Interest expense, | $ | (669 | ) | Interest expense, | $ | 189 | |||||||||||||||
30-Sep-13 | net | net | ||||||||||||||||||||||
Nine Months Ended | (6,735 | ) | Interest expense, | (1,991 | ) | Interest expense, | 189 | |||||||||||||||||
30-Sep-13 | net | net | ||||||||||||||||||||||
Three Months Ended | 49 | Interest expense, | (664 | ) | Interest expense, | — | ||||||||||||||||||
30-Sep-12 | net | net | ||||||||||||||||||||||
Nine Months Ended | 181 | Interest expense, | (1,985 | ) | Interest expense, | — | ||||||||||||||||||
30-Sep-12 | net | net | ||||||||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $117.1 million and $118.1 million, respectively, that were designated as fair value hedges and convert fixed interest payments at rates from 4.2% to 7.5% to variable interest payments ranging from .3% to 4.3%. We have determined that our fair value hedges are highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates. | ||||||||||||||||||||||||
A summary of the impact on net income for our interest rate contracts is as follows (in thousands): | ||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | Net Settlements | Amount of Gain | |||||||||||||||||||||
on | on | and Accruals | (Loss) | |||||||||||||||||||||
Contracts | Borrowings | on Contracts | Recognized in | |||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | $ | (482 | ) | $ | 482 | $ | 1,015 | $ | 1,015 | |||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (3,586 | ) | 3,586 | 3,065 | 3,065 | |||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Interest expense, net | 3 | (3 | ) | 1,001 | 1,001 | |||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Interest expense, net | 64 | (64 | ) | 3,001 | 3,001 | |||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | No ineffectiveness was recognized during the respective period. |
Preferred_Shares_Of_Beneficial
Preferred Shares Of Beneficial Interest | 9 Months Ended |
Sep. 30, 2013 | |
Class of Stock Disclosures [Abstract] | ' |
Preferred Shares Of Beneficial Interest | ' |
Preferred Shares of Beneficial Interest | |
We issued $150 million and $200 million of depositary shares on June 6, 2008 and January 30, 2007, respectively. Each depositary share represents one-hundredth of a Series F Cumulative Redeemable Preferred Share. The depositary shares are redeemable at our option, in whole or in part, for cash at a redemption price of $25 per depositary share, plus any accrued and unpaid dividends thereon. The depositary shares are not convertible or exchangeable for any of our other property or securities. The Series F Preferred Shares pay a 6.5% annual dividend and have a liquidation value of $2,500 per share. The Series F Preferred Shares issued in June 2008 were issued at a discount, resulting in an effective rate of 8.25%. | |
We exercised our option to redeem a portion of the Series F depositary shares totaling $200 million on June 5, 2013. Upon the redemption of these shares, a portion of the related original issuance costs totaling $15.7 million was reported as a deduction in arriving at net income attributable to common shareholders. The outstanding $150 million Series F Preferred Shares pay a 6.5% annual dividend and have a liquidation value of $2,500 per share. Of these outstanding shares, $64.3 million were issued at a discount and have an effective rate of 8.25%. | |
In April 2003, we issued $75 million of depositary shares with each share representing one-thirtieth of a Series D Cumulative Redeemable Preferred Share. The depositary shares were redeemed on March 18, 2013, at our option, for cash at a redemption price of $25 per depositary share or $75 million, plus accrued and unpaid dividends thereon. Upon the redemption of these shares, the related original issuance costs of $2.2 million were reported as a deduction in arriving at net income attributable to common shareholders. The Series D Preferred Shares paid a 6.75% annual dividend, had a liquidation value of $750 per share and were not convertible or exchangeable for any of our property or securities. |
Impairment
Impairment | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Asset Impairment Charges [Abstract] | ' | |||||||||||||||
Impairment | ' | |||||||||||||||
Impairment | ||||||||||||||||
The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 19 for additional fair value information) (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations: | ||||||||||||||||
Land held for development and undeveloped land (1) | $ | 2,358 | $ | — | $ | 2,358 | $ | — | ||||||||
Property marketed for sale or sold (2) | — | 197 | 56 | 2,977 | ||||||||||||
Investments in real estate joint ventures and partnerships (3) | — | — | — | 6,608 | ||||||||||||
Other | — | — | 165 | — | ||||||||||||
Total reported in continuing operations | 2,358 | 197 | 2,579 | 9,585 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Property held for sale or sold (4) | — | 139 | 236 | 5,825 | ||||||||||||
Total impairment charges | 2,358 | 336 | 2,815 | 15,410 | ||||||||||||
Other financial statement caption impacted by impairment: | ||||||||||||||||
Equity in earnings of real estate joint ventures | 29 | 57 | 395 | 19,946 | ||||||||||||
and partnerships, net | ||||||||||||||||
Net impact of impairment charges | $ | 2,387 | $ | 393 | $ | 3,210 | $ | 35,356 | ||||||||
_______________ | ||||||||||||||||
-1 | Impairment was prompted by changes in management's plans for these properties, recent comparable market transactions and/or a change in market conditions. | |||||||||||||||
-2 | These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations. | |||||||||||||||
-3 | Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures. | |||||||||||||||
-4 | Amounts reported were based on third party offers. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
For the nine months ended September 30, 2013, we sold 18 centers of which eight were located in Texas, three in North Carolina, two each in Florida and New Mexico and one each in California, Nevada and Tennessee. As of September 30, 2013, there were no properties classified as held for sale as the potential disposition of assets currently being marketed was not deemed probable. | ||||||||||||||||
During 2012, we sold 27 shopping centers, 54 industrial properties, and we assigned a 75% consolidated joint venture interest to our partner. Of these dispositions, 55 were located in Texas, six each in Florida and Georgia, three in North Carolina, two each in Colorado, Louisiana and Virginia and one each in Arizona, Illinois, Kansas, Maine, Oklahoma and Tennessee. As part of these 2012 dispositions, we sold, in May 2012, a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT. As of December 31, 2012, no properties were classified as held for sale. | ||||||||||||||||
Included in the Condensed Consolidated Balance Sheet at December 31, 2012 was $207.5 million of property and $72.0 million of accumulated depreciation related to the 18 centers that were sold during 2013. | ||||||||||||||||
The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues, net | $ | 2,043 | $ | 12,141 | $ | 15,795 | $ | 58,299 | ||||||||
Depreciation and amortization | (487 | ) | (2,350 | ) | (3,869 | ) | (12,455 | ) | ||||||||
Operating expenses | (427 | ) | (2,175 | ) | (2,973 | ) | (10,932 | ) | ||||||||
Real estate taxes, net | (152 | ) | (1,413 | ) | (1,414 | ) | (7,545 | ) | ||||||||
Impairment loss | — | (139 | ) | (236 | ) | (5,825 | ) | |||||||||
General and administrative | (1 | ) | (220 | ) | (13 | ) | (2,181 | ) | ||||||||
Interest, net | (434 | ) | (759 | ) | (1,373 | ) | (2,512 | ) | ||||||||
Provision for income taxes | (148 | ) | (11 | ) | (261 | ) | (386 | ) | ||||||||
Operating income from discontinued operations | 394 | 5,074 | 5,656 | 16,463 | ||||||||||||
Gain on sale of property from discontinued operations | 38,214 | 14,826 | 116,226 | 49,724 | ||||||||||||
Income from discontinued operations | $ | 38,608 | $ | 19,900 | $ | 121,882 | $ | 66,187 | ||||||||
We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Non-cash investing and financing activities are summarized as follows (in thousands): | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accrued property construction costs | $ | 9,662 | $ | 7,454 | ||||
Property acquisitions and investments in unconsolidated real estate joint | ||||||||
ventures: | ||||||||
Increase in property, net | 18,698 | 16,665 | ||||||
Decrease in notes receivable from real estate joint ventures and | (3,636 | ) | — | |||||
partnerships | ||||||||
Decrease in real estate joint ventures and partnerships - | (50 | ) | (3,825 | ) | ||||
investments | ||||||||
Increase in restricted deposits and mortgage escrows | — | 395 | ||||||
Increase in debt, net | 21,396 | 40,644 | ||||||
Increase in security deposits | 129 | 1,332 | ||||||
Increase in noncontrolling interests | — | 968 | ||||||
Sale of property and property interest: | ||||||||
Decrease in property, net | — | (2,855 | ) | |||||
Decrease in real estate joint ventures and partnerships - | — | (95 | ) | |||||
investments | ||||||||
Decrease in restricted deposits and mortgage escrows | — | (204 | ) | |||||
Decrease in debt, net due to debt assumption | — | (3,366 | ) | |||||
Decrease in security deposits | — | (11 | ) | |||||
Decrease in noncontrolling interests | — | (95 | ) | |||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 23,618 | $ | 21,812 | $ | 88,932 | $ | 30,400 | ||||||||
Gain on sale of property | 163 | 335 | 570 | 859 | ||||||||||||
Net income attributable to noncontrolling interests | (1,948 | ) | (1,505 | ) | (4,000 | ) | (3,726 | ) | ||||||||
Dividends on preferred shares | (2,710 | ) | (8,869 | ) | (15,463 | ) | (26,607 | ) | ||||||||
Redemption costs of preferred shares | — | — | (17,944 | ) | — | |||||||||||
Income from continuing operations attributable to | $ | 19,123 | $ | 11,773 | $ | 52,095 | $ | 926 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Discontinued Operations: | ||||||||||||||||
Income from discontinued operations | $ | 38,608 | $ | 19,900 | $ | 121,882 | $ | 66,187 | ||||||||
Net loss (income) attributable to noncontrolling interests | 101 | (269 | ) | (37,056 | ) | (831 | ) | |||||||||
Income from discontinued operations attributable to | $ | 38,709 | $ | 19,631 | $ | 84,826 | $ | 65,356 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 121,359 | 120,766 | 121,235 | 120,637 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options and awards | 1,172 | 1,078 | 1,206 | 1,016 | ||||||||||||
Weighted average shares outstanding - diluted | 122,531 | 121,844 | 122,441 | 121,653 | ||||||||||||
Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share options (1) | 1,929 | 2,359 | 1,929 | 2,359 | ||||||||||||
Operating partnership units | 1,555 | 1,582 | 1,555 | 1,583 | ||||||||||||
Total anti-dilutive securities | 3,484 | 3,941 | 3,484 | 3,942 | ||||||||||||
_______________ | ||||||||||||||||
-1 | Exclusion results as exercise prices were greater than the average market price for each respective period. |
Share_Options_And_Awards
Share Options And Awards | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Share Options And Awards | ' | ||||||
Share Options and Awards | |||||||
During 2013, we granted restricted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us. | |||||||
The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions: | |||||||
Nine Months Ended | |||||||
30-Sep-13 | |||||||
Minimum | Maximum | ||||||
Dividend yield | 0 | % | 3.9 | % | |||
Expected volatility | 13.2 | % | 29 | % | |||
Expected life (in years) | NA | 3 | |||||
Risk-free interest rate | 0.1 | % | 0.4 | % | |||
A summary of the status of unvested restricted share awards for the nine months ended September 30, 2013 is as follows: | |||||||
Unvested | Weighted | ||||||
Restricted | Average | ||||||
Share | Grant | ||||||
Awards | Date Fair | ||||||
Value | |||||||
Outstanding, January 1, 2013 | 496,571 | $ | 23.1 | ||||
Granted: | |||||||
Service-based awards | 102,456 | 29.71 | |||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center | 44,580 | 31.83 | |||||
Index | |||||||
Market-based awards relative to three-year absolute TSR | 44,580 | 37.49 | |||||
Trust manager awards | 25,623 | 35.23 | |||||
Vested | (130,136 | ) | 23.19 | ||||
Forfeited | (6,904 | ) | 26.65 | ||||
Outstanding, September 30, 2013 | 576,770 | $ | 26.54 | ||||
As of September 30, 2013 and December 31, 2012, there was approximately $4.7 million of total unrecognized compensation cost related to unvested restricted shares for both periods, which is expected to be amortized over a weighted average of 1.7 and 1.9 years, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Defined Benefit Plans: | ||||||||||||||||
We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 285 | $ | 266 | $ | 993 | $ | 1,048 | ||||||||
Interest cost | 344 | 319 | 1,197 | 1,257 | ||||||||||||
Expected return on plan assets | (545 | ) | (453 | ) | (1,898 | ) | (1,787 | ) | ||||||||
Prior service cost | — | (24 | ) | — | (94 | ) | ||||||||||
Recognized loss | 284 | 317 | 990 | 1,251 | ||||||||||||
Total | $ | 368 | $ | 425 | $ | 1,282 | $ | 1,675 | ||||||||
For the nine months ended September 30, 2013 and 2012, we contributed $1.8 million and $2.5 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2013. | ||||||||||||||||
Defined Contribution Plans: | ||||||||||||||||
Compensation expense related to our defined contribution plans was $.8 million and $.6 million for three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, we recognized compensation expense of $2.5 million and $2.4 million, respectively. |
Related_Parties
Related Parties | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related Parties | |
Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.2 million and $1.8 million outstanding as of September 30, 2013 and December 31, 2012, respectively. We also had accounts payable and accrued expenses of $5.7 million and $6.3 million outstanding as of September 30, 2013 and December 31, 2012, respectively. For the three months ended September 30, 2013 and 2012, we recorded joint venture fee income of $1.2 million and $1.5 million, respectively. For the nine months ended September 30, 2013 and 2012, we recorded joint venture fee income of $3.8 million and $4.8 million, respectively. | |
In 2013, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements to our partner for approximately $8.9 million. | |
In February 2012, we sold our 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt, generating a gain of $3.5 million. | |
In November 2012, we sold three unconsolidated joint venture interests, ranging from 20% to 50%, in nine industrial properties to our partner with gross sales proceeds totaling $20.9 million, which includes the assumption of our share of debt, generating a gain of $8.6 million. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
As of September 30, 2013, we participate in four real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina, Texas and Utah. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us in exchange for our common shares or an equivalent amount in cash. We may acquire any limited partnership interests that are put to the partnership, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the nine months ended September 30, 2013 and 2012. The aggregate redemption value of these interests was approximately $46 million and $42 million as of September 30, 2013 and December 31, 2012, respectively. | |
We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements. | |
As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. | |
While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. | |
During 2011, we filed a lawsuit against our joint venture partner in connection with a development project in Sheridan, Colorado for failure to perform on the joint venture’s past due intercompany note payable to us, which has been eliminated within our consolidated financial statements. We are also involved in one consolidated and two unconsolidated joint ventures with this partner. Subsequent to September 30, 2013, we completed negotiations with our partner and settled the lawsuit. See Note 20 for additional information. | |
As of September 30, 2013, we have entered into commitments aggregating $73.3 million comprised principally of construction contracts which are generally due in 12 to 36 months. | |
We are also involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Variable Interest Entities [Abstract] | ' | |||||||
Variable Interest Entities | ' | |||||||
Variable Interest Entities | ||||||||
Consolidated VIEs: | ||||||||
Two of our real estate joint ventures whose activities principally consist of owning and operating 28 neighborhood/community shopping centers in 2013 and 30 shopping centers in 2012, located in Florida, Georgia, North Carolina, Tennessee and Texas, were determined to be VIEs. Based on financing agreements that are guaranteed solely by us, we have determined that we are the primary beneficiary in both instances and have consolidated these joint ventures. | ||||||||
A summary of our consolidated VIEs is as follows (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Maximum Risk of Loss (1) | $ | 88,000 | $ | 111,305 | ||||
Assets held by VIEs | 236,211 | 257,374 | ||||||
Assets held as collateral for debt | 229,644 | 246,486 | ||||||
_______________ | ||||||||
-1 | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. | |||||||
Restrictions on the use of these assets are significant because they serve as collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls and unplanned capital expenditures. | ||||||||
Unconsolidated VIEs: | ||||||||
At September 30, 2013 and December 31, 2012, one and two unconsolidated real estate joint ventures, respectively, were determined to be a VIEs through the issuance of secured loans, since the lenders had the ability to make decisions that could have a significant impact on the success of the entities. A summary of our unconsolidated VIEs is as follows (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 11,502 | $ | 29,628 | ||||
Maximum Risk of Loss (2) | 11,679 | 32,990 | ||||||
_______________ | ||||||||
-1 | The carrying amount of the investments represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. | |||||||
-2 | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. The maximum risk of loss at December 31, 2012, includes $20.9 million of debt recorded in our Condensed Consolidated Balance Sheet due to its association with a tenancy-in-common arrangement. | |||||||
We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required. |
Business_Combinations
Business Combinations | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combinations | ' | |||||||
Business Combinations | ||||||||
During 2012, we acquired four shopping centers located in California, Georgia, Maryland and Texas, and we consolidated a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement related to a property in Louisiana. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands): | ||||||||
December 31, 2012 | ||||||||
Fair value of our equity interest before acquisition | $ | 3,825 | ||||||
Fair value of consideration transferred | 218,481 | (1) | ||||||
Amounts recognized for assets and liabilities assumed: | ||||||||
Assets: | ||||||||
Property | $ | 195,377 | ||||||
Unamortized debt and lease costs | 36,787 | |||||||
Restricted deposits and mortgage escrows | 395 | |||||||
Other, net | 3,742 | |||||||
Liabilities: | ||||||||
Debt, net | (46,923 | ) | (2) | |||||
Accounts payable and accrued expenses | (2,250 | ) | ||||||
Other, net | (5,899 | ) | ||||||
Total net assets | $ | 181,229 | ||||||
Acquisition costs (included in operating expenses) | $ | 1,391 | ||||||
Gain on acquisition | 1,869 | |||||||
_______________ | ||||||||
-1 | Includes assumption of debt totaling $37.8 million. | |||||||
-2 | Represents the fair value of debt, which includes $6.3 million that was previously recorded. | |||||||
The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts): | ||||||||
Pro Forma (1) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
Revenues | $ | 123,544 | $ | 360,501 | ||||
Net income | 42,041 | 97,052 | ||||||
Net income attributable to common shareholders | 31,398 | 65,888 | ||||||
Earnings per share – basic | 0.26 | 0.55 | ||||||
Earnings per share – diluted | 0.26 | 0.54 | ||||||
_______________ | ||||||||
-1 | There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Recurring Fair Value Measurements: | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | |||||||||||||||||||||
in Active | Other | Unobservable | September 30, | |||||||||||||||||||||
Markets for | Observable | Inputs | 2013 | |||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, grantor trusts | $ | 17,757 | $ | 17,757 | ||||||||||||||||||||
Investments, mutual funds | 7,034 | 7,034 | ||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 12,844 | 12,844 | |||||||||||||||||||||
Total | $ | 24,791 | $ | 12,844 | $ | — | $ | 37,635 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 537 | $ | 537 | ||||||||||||||||||||
Deferred compensation plan obligations | $ | 17,757 | 17,757 | |||||||||||||||||||||
Total | $ | 17,757 | $ | 537 | $ | — | $ | 18,294 | ||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | |||||||||||||||||||||
in Active | Other | Unobservable | December 31, | |||||||||||||||||||||
Markets for | Observable | Inputs | 2012 | |||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, grantor trusts | $ | 16,030 | $ | 16,030 | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9,926 | 9,926 | |||||||||||||||||||||
Total | $ | 16,030 | $ | 9,926 | $ | — | $ | 25,956 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 768 | $ | 768 | ||||||||||||||||||||
Deferred compensation plan obligations | $ | 16,030 | 16,030 | |||||||||||||||||||||
Total | $ | 16,030 | $ | 768 | $ | — | $ | 16,798 | ||||||||||||||||
Nonrecurring Fair Value Measurements: | ||||||||||||||||||||||||
Property Impairments | ||||||||||||||||||||||||
Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. | ||||||||||||||||||||||||
Investments in Real Estate Joint Ventures and Partnerships Impairments | ||||||||||||||||||||||||
The fair value of our investment in partially owned real estate joint ventures and partnerships is estimated by management based on a number of factors, including the performance of each investment, the life and other terms of the investment, holding periods, market conditions, cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals and bona fide purchase offers in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. We recognize an impairment loss if we determine the fair value of an investment is less than its carrying amount and that loss in value is other than temporary. | ||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis at September 30, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value | Total Gains | ||||||||||||||||||||
in Active | Other | Unobservable | (Losses) (1) | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Property (2) | $ | 3,300 | $ | 8,576 | $ | 11,876 | $ | (2,358 | ) | |||||||||||||||
Total | $ | — | $ | 3,300 | $ | 8,576 | $ | 11,876 | $ | (2,358 | ) | |||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. | |||||||||||||||||||||||
-2 | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis at December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value | Total Gains | ||||||||||||||||||||
in Active | Other | Unobservable | (Losses) (1) | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Property (2) | $ | 5,773 | $ | 13,906 | $ | 19,679 | $ | (2,971 | ) | |||||||||||||||
Investment in real estate joint ventures | 24,231 | 24,231 | (6,608 | ) | ||||||||||||||||||||
and partnerships (3) | ||||||||||||||||||||||||
Total | $ | — | $ | 30,004 | $ | 13,906 | $ | 43,910 | $ | (9,579 | ) | |||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us. | |||||||||||||||||||||||
-2 | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||||||||||||||||||||||
-3 | Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs. | |||||||||||||||||||||||
Fair Value Disclosures: | ||||||||||||||||||||||||
Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments. | ||||||||||||||||||||||||
Schedule of our fair value disclosures is as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Using | Using | |||||||||||||||||||||||
Significant | Significant | |||||||||||||||||||||||
Unobservable | Unobservable | |||||||||||||||||||||||
Inputs | Inputs | |||||||||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||||||
Notes receivable from real estate joint ventures | $ | 84,142 | $ | 85,897 | $ | 89,776 | $ | 93,572 | ||||||||||||||||
and partnerships | ||||||||||||||||||||||||
Tax increment revenue bonds | 25,850 | 25,850 | 26,505 | 26,505 | ||||||||||||||||||||
Debt: | ||||||||||||||||||||||||
Fixed-rate debt | 2,013,253 | 2,055,495 | 1,992,599 | 2,094,122 | ||||||||||||||||||||
Variable-rate debt | 280,645 | 289,560 | 211,431 | 223,759 | ||||||||||||||||||||
The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of September 30, 2013 and December 31, 2012 reported in the above tables, is as follows: | ||||||||||||||||||||||||
Description | Fair Value at | Unobservable | Range | |||||||||||||||||||||
September 30, | December 31, | Inputs | Minimum | Maximum | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Valuation Technique | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Property | $ | 8,576 | $ | 13,906 | Broker valuation | Indicative bid (1) | ||||||||||||||||||
estimate | ||||||||||||||||||||||||
Bona fide purchase | Contract price (1) | |||||||||||||||||||||||
offers | ||||||||||||||||||||||||
Discounted cash flows | Discount rate | 10 | % | |||||||||||||||||||||
Capitalization rate | 9.3 | % | 9.5 | % | ||||||||||||||||||||
Holding period | 1 | |||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Expected future | 3 | % | ||||||||||||||||||||||
inflation rate (2) | ||||||||||||||||||||||||
Market rent growth | 3 | % | ||||||||||||||||||||||
rate (2) | ||||||||||||||||||||||||
Expense growth | 3 | % | ||||||||||||||||||||||
rate (2) | ||||||||||||||||||||||||
Vacancy rate (2) | 5 | % | ||||||||||||||||||||||
Renewal rate (2) | 75 | % | ||||||||||||||||||||||
Average market | $ | 10.52 | ||||||||||||||||||||||
rent rate (2) | ||||||||||||||||||||||||
Average leasing | $ | 16.5 | ||||||||||||||||||||||
cost per square | ||||||||||||||||||||||||
foot (2) | ||||||||||||||||||||||||
Notes receivable | 85,897 | 93,572 | Discounted cash flows | Discount rate | 2.7 | % | 3 | % | ||||||||||||||||
from real | ||||||||||||||||||||||||
estate joint | ||||||||||||||||||||||||
ventures and | ||||||||||||||||||||||||
partnerships | ||||||||||||||||||||||||
Tax increment | 25,850 | 26,505 | Discounted cash flows | Discount rate | 7.5 | % | 7.5 | % | ||||||||||||||||
revenue bonds | ||||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 4 | % | ||||||||||||||||
growth rate | ||||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | ||||||||||||||||
inflation rate | ||||||||||||||||||||||||
Fixed-rate debt | 2,055,495 | 2,094,122 | Discounted cash flows | Discount rate | 1.2 | % | 1.1 | % | 7.2 | % | 6.5 | % | ||||||||||||
Variable-rate | 289,560 | 223,759 | Discounted cash flows | Discount rate | 0.8 | % | 1.4 | % | 5 | % | 5 | % | ||||||||||||
debt | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | These fair values were developed by third parties, subject to our corroboration for reasonableness. | |||||||||||||||||||||||
-2 | Only applies to one property valuation. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Subsequent to September 30, 2013, we acquired additional real estate assets totaling $85.6 million, including a 350,000 square foot in-fill shopping center in Austin, Texas. | |
Subsequent to September 30, 2013, we entered an agreement with our joint venture partners. Pursuant to the agreement, we settled a lawsuit filed against our joint venture partner in connection with a development project in Sheridan, Colorado and paid down a $16.1 million note receivable (see Note 5 for further information) in exchange for cash and real property totaling $19.1 million, receipt of our partner’s interest in two consolidated joint ventures resulting in an increase of approximately $16.2 million in noncontrolling interests and distribution of our interest in two unconsolidated joint ventures with total assets of $23.2 million at September 30, 2013. | |
Subsequent to September 30, 2013, we executed a non-binding letter of intent to dissolve a consolidated joint venture with $172.5 million in total assets, in which we have a 30% ownership interest, through a distribution of properties to each partner. Pursuant to this agreement, a $100 million note payable was repaid prior to maturity. | |
On October 15, 2013, we issued $250 million of 4.45% senior unsecured notes maturing in 2024. The notes were issued at 99.58% of the principal amount with a yield to maturity of 4.50%. The net proceeds received of $247.3 million were used to reduce all amounts outstanding under our $500 million unsecured revolving credit facility, and net excess proceeds were invested in short-term instruments and will be used to pay down future debt maturities or for general business purposes. In connection with the issuance of these notes, we received $6.1 million associated with the settlement of our three forward-starting interest rate contracts with an aggregate notional amount of $150 million. | |
***** |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. | |
The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2012 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. | |
The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. | |
Restricted Deposits And Mortgage Escrows | ' |
Restricted Deposits and Mortgage Escrows | |
Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. | |
Reclassifications | ' |
Reclassifications | |
The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 and 12 for additional information). These items had no impact on previously reported net income, the consolidated balance sheet or cash flows. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule Of Restricted Deposits And Mortgage Escrows | ' | |||||||||||||||
Our restricted deposits and mortgage escrows consist of the following (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Restricted cash (1) | $ | 52,567 | $ | 36,944 | ||||||||||||
Mortgage escrows | 4,901 | 7,152 | ||||||||||||||
Total | $ | 57,468 | $ | 44,096 | ||||||||||||
_______________ | ||||||||||||||||
-1 | The increase between the periods presented is primarily attributable to $50.3 million placed in a qualified escrow account, less the use of $30.7 million for the purpose of completing like-kind exchange transactions. | |||||||||||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Changes in accumulated other comprehensive loss by component consists of the following (in thousands): | ||||||||||||||||
Loss | (Gain) Loss | Defined | Total | |||||||||||||
on | on | Benefit | ||||||||||||||
Investments | Cash Flow | Pension | ||||||||||||||
Hedges | Plan | |||||||||||||||
Balance, December 31, 2012 | $ | — | $ | 7,489 | $ | 17,254 | $ | 24,743 | ||||||||
Change excluding amounts reclassified | 34 | (6,735 | ) | (103 | ) | (6,804 | ) | |||||||||
from accumulated other comprehensive income | ||||||||||||||||
Amounts reclassified from accumulated | — | (1,802 | ) | (1) | (990 | ) | (2) | (2,792 | ) | |||||||
other comprehensive income | ||||||||||||||||
Net other comprehensive income | 34 | (8,537 | ) | (1,093 | ) | (9,596 | ) | |||||||||
Balance, September 30, 2013 | $ | 34 | $ | (1,048 | ) | $ | 16,161 | $ | 15,147 | |||||||
_______________ | ||||||||||||||||
-1 | This reclassification component is included in interest expense (see Note 7 for additional information). | |||||||||||||||
-2 | This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information). |
Property_Tables
Property (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule Of Property | ' | |||||||
Our property consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 878,652 | $ | 881,156 | ||||
Land held for development | 118,334 | 121,294 | ||||||
Land under development | 4,222 | 6,155 | ||||||
Buildings and improvements | 3,235,883 | 3,325,793 | ||||||
Construction in-progress | 71,758 | 65,452 | ||||||
Total | $ | 4,308,849 | $ | 4,399,850 | ||||
Investment_In_Real_Estate_Join1
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Combined Condensed Balance Sheets | ' | |||||||||||||||
Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Combined Condensed Balance Sheets | ||||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,507,115 | $ | 1,631,694 | ||||||||||||
Accumulated depreciation | (284,101 | ) | (273,591 | ) | ||||||||||||
Property, net | 1,223,014 | 1,358,103 | ||||||||||||||
Other assets, net | 159,105 | 161,344 | ||||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Debt, net (primarily mortgages payable) | $ | 467,908 | $ | 468,841 | ||||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 102,390 | 109,931 | ||||||||||||||
Other liabilities, net | 35,083 | 34,157 | ||||||||||||||
Total | 605,381 | 612,929 | ||||||||||||||
Accumulated equity | 776,738 | 906,518 | ||||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 | ||||||||||||
Combined Condensed Statements Of Operations | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Combined Condensed Statements of Operations | ||||||||||||||||
Revenues, net | $ | 40,804 | $ | 49,726 | $ | 124,064 | $ | 149,599 | ||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 11,343 | 15,071 | 34,922 | 46,688 | ||||||||||||
Interest, net | 7,131 | 8,956 | 22,091 | 27,003 | ||||||||||||
Operating | 7,298 | 9,069 | 20,859 | 26,265 | ||||||||||||
Real estate taxes, net | 4,739 | 6,322 | 14,335 | 18,719 | ||||||||||||
General and administrative | 187 | 420 | 637 | 1,006 | ||||||||||||
Provision for income taxes | 63 | 81 | 211 | 249 | ||||||||||||
Impairment loss | 59 | 283 | 1,887 | 96,781 | ||||||||||||
Total | 30,820 | 40,202 | 94,942 | 216,711 | ||||||||||||
Operating income (loss) | $ | 9,984 | $ | 9,524 | $ | 29,122 | $ | (67,112 | ) | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Debt | ' | |||||||
Our debt consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012 | $ | 2,083,363 | $ | 2,041,709 | ||||
Unsecured notes payable under credit facilities | 114,500 | 66,000 | ||||||
Debt service guaranty liability | 74,075 | 74,075 | ||||||
Obligations under capital leases | 21,000 | 21,000 | ||||||
Industrial revenue bonds payable to 2015 at 2.4% | 960 | 1,246 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured | ' | |||||||
The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
As to interest rate (including the effects of interest rate contracts): | ||||||||
Fixed-rate debt | $ | 2,013,253 | $ | 1,992,599 | ||||
Variable-rate debt | 280,645 | 211,431 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
As to collateralization: | ||||||||
Unsecured debt | $ | 1,499,297 | $ | 1,270,742 | ||||
Secured debt | 794,601 | 933,288 | ||||||
Total | $ | 2,293,898 | $ | 2,204,030 | ||||
Schedule Of Credit Facilities | ' | |||||||
The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured revolving credit facility: | ||||||||
Balance outstanding | $ | 100,000 | $ | 30,000 | ||||
Available balance | 397,821 | 467,571 | ||||||
Letter of credit outstanding under facility | 2,179 | 2,429 | ||||||
Variable interest rate (excluding facility fee) | 0.9 | % | 1.1 | % | ||||
Unsecured and uncommitted overnight facility: | ||||||||
Balance outstanding | $ | 14,500 | $ | 36,000 | ||||
Variable interest rate | 1.5 | % | 1.5 | % | ||||
Both facilities: | ||||||||
Maximum balance outstanding during the period | $ | 265,500 | $ | 303,100 | ||||
Weighted average balance | 79,060 | 157,447 | ||||||
Year-to-date weighted average interest rate (excluding facility fee) | 1.1 | % | 1.3 | % | ||||
Principal Payments Of Debt | ' | |||||||
Scheduled principal payments on our debt (excluding $114.5 million due under our credit facilities, $21.0 million of certain capital leases, $6.3 million fair value of interest rate contracts, $(2.4) million net premium/(discount) on debt, $2.4 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands): | ||||||||
2013 remaining | $ | 65,727 | ||||||
2014 | 468,858 | |||||||
2015 | 275,998 | |||||||
2016 | 249,283 | |||||||
2017 | 141,864 | |||||||
2018 | 64,157 | |||||||
2019 (1) | 153,380 | |||||||
2020 | 3,342 | |||||||
2021 | 2,278 | |||||||
2022 | 304,815 | |||||||
Thereafter | 348,264 | |||||||
Total | $ | 2,077,966 | ||||||
_______________ | ||||||||
-1 | Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option. |
Derivatives_And_Hedging_Tables
Derivatives And Hedging (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Interest Rate Contracts Reported At Fair Value | ' | |||||||||||||||||||||||
The fair value of all our interest rate contracts is reported as follows (in thousands): | ||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
Balance Sheet | Amount | Balance Sheet | Amount | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Designated Hedges: | ||||||||||||||||||||||||
September 30, 2013 | Other Assets, net | $ | 12,844 | Other Liabilities, net | $ | 537 | ||||||||||||||||||
December 31, 2012 | Other Assets, net | 9,926 | Other Liabilities, net | 768 | ||||||||||||||||||||
Offsetting Of Derivative Assets And Liabilities | ' | |||||||||||||||||||||||
The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands): | ||||||||||||||||||||||||
Gross Amounts Not | ||||||||||||||||||||||||
Offset in Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net Amount | |||||||||||||||||||
Amounts | Amounts | Amounts | Instruments | Collateral | ||||||||||||||||||||
Recognized | Offset in | Presented | Received | |||||||||||||||||||||
Balance | in Balance | |||||||||||||||||||||||
Sheet | Sheet | |||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Assets | $ | 12,844 | $ | — | $ | 12,844 | $ | — | $ | — | $ | 12,844 | ||||||||||||
Liabilities | 537 | — | 537 | — | — | 537 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Assets | 9,926 | — | 9,926 | — | — | 9,926 | ||||||||||||||||||
Liabilities | 768 | — | 768 | — | — | 768 | ||||||||||||||||||
Summary Of Cash Flow Interest Rate Contract Hedging Activity | ' | |||||||||||||||||||||||
A summary of cash flow interest rate contract hedging activity is as follows (in thousands): | ||||||||||||||||||||||||
Derivatives Hedging | Amount of | Location of Gain | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||||||||
Relationships | (Gain) | (Loss) | (Loss) | (Loss) | (Loss) | |||||||||||||||||||
Loss | Reclassified from | Reclassified | Recognized in | Recognized in | ||||||||||||||||||||
Recognized | Accumulated | from | Income on | Income on | ||||||||||||||||||||
in Other | Other | Accumulated | Derivative | Derivative | ||||||||||||||||||||
Comprehensive | Comprehensive | Other | (Ineffective | (Ineffective | ||||||||||||||||||||
Income on | Loss into Income | Comprehensive | Portion and | Portion and | ||||||||||||||||||||
Derivative | Loss into | Amount | Amount Excluded | |||||||||||||||||||||
(Effective | Income | Excluded from | from | |||||||||||||||||||||
Portion) | (Effective | Effectiveness | Effectiveness | |||||||||||||||||||||
Portion) | Testing) | Testing) | ||||||||||||||||||||||
Three Months Ended | $ | 293 | Interest expense, | $ | (669 | ) | Interest expense, | $ | 189 | |||||||||||||||
30-Sep-13 | net | net | ||||||||||||||||||||||
Nine Months Ended | (6,735 | ) | Interest expense, | (1,991 | ) | Interest expense, | 189 | |||||||||||||||||
30-Sep-13 | net | net | ||||||||||||||||||||||
Three Months Ended | 49 | Interest expense, | (664 | ) | Interest expense, | — | ||||||||||||||||||
30-Sep-12 | net | net | ||||||||||||||||||||||
Nine Months Ended | 181 | Interest expense, | (1,985 | ) | Interest expense, | — | ||||||||||||||||||
30-Sep-12 | net | net | ||||||||||||||||||||||
Summary Of Fair Value Interest Rate Contracts Activity | ' | |||||||||||||||||||||||
A summary of the impact on net income for our interest rate contracts is as follows (in thousands): | ||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | Net Settlements | Amount of Gain | |||||||||||||||||||||
on | on | and Accruals | (Loss) | |||||||||||||||||||||
Contracts | Borrowings | on Contracts | Recognized in | |||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | $ | (482 | ) | $ | 482 | $ | 1,015 | $ | 1,015 | |||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (3,586 | ) | 3,586 | 3,065 | 3,065 | |||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Interest expense, net | 3 | (3 | ) | 1,001 | 1,001 | |||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Interest expense, net | 64 | (64 | ) | 3,001 | 3,001 | |||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | No ineffectiveness was recognized during the respective period. |
Impairment_Tables
Impairment (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Asset Impairment Charges [Abstract] | ' | |||||||||||||||
Schedule Of Impairment Charges | ' | |||||||||||||||
The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 19 for additional fair value information) (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations: | ||||||||||||||||
Land held for development and undeveloped land (1) | $ | 2,358 | $ | — | $ | 2,358 | $ | — | ||||||||
Property marketed for sale or sold (2) | — | 197 | 56 | 2,977 | ||||||||||||
Investments in real estate joint ventures and partnerships (3) | — | — | — | 6,608 | ||||||||||||
Other | — | — | 165 | — | ||||||||||||
Total reported in continuing operations | 2,358 | 197 | 2,579 | 9,585 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Property held for sale or sold (4) | — | 139 | 236 | 5,825 | ||||||||||||
Total impairment charges | 2,358 | 336 | 2,815 | 15,410 | ||||||||||||
Other financial statement caption impacted by impairment: | ||||||||||||||||
Equity in earnings of real estate joint ventures | 29 | 57 | 395 | 19,946 | ||||||||||||
and partnerships, net | ||||||||||||||||
Net impact of impairment charges | $ | 2,387 | $ | 393 | $ | 3,210 | $ | 35,356 | ||||||||
_______________ | ||||||||||||||||
-1 | Impairment was prompted by changes in management's plans for these properties, recent comparable market transactions and/or a change in market conditions. | |||||||||||||||
-2 | These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations. | |||||||||||||||
-3 | Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures. | |||||||||||||||
-4 | Amounts reported were based on third party offers. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule Of Discontinued Operating Results | ' | |||||||||||||||
The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues, net | $ | 2,043 | $ | 12,141 | $ | 15,795 | $ | 58,299 | ||||||||
Depreciation and amortization | (487 | ) | (2,350 | ) | (3,869 | ) | (12,455 | ) | ||||||||
Operating expenses | (427 | ) | (2,175 | ) | (2,973 | ) | (10,932 | ) | ||||||||
Real estate taxes, net | (152 | ) | (1,413 | ) | (1,414 | ) | (7,545 | ) | ||||||||
Impairment loss | — | (139 | ) | (236 | ) | (5,825 | ) | |||||||||
General and administrative | (1 | ) | (220 | ) | (13 | ) | (2,181 | ) | ||||||||
Interest, net | (434 | ) | (759 | ) | (1,373 | ) | (2,512 | ) | ||||||||
Provision for income taxes | (148 | ) | (11 | ) | (261 | ) | (386 | ) | ||||||||
Operating income from discontinued operations | 394 | 5,074 | 5,656 | 16,463 | ||||||||||||
Gain on sale of property from discontinued operations | 38,214 | 14,826 | 116,226 | 49,724 | ||||||||||||
Income from discontinued operations | $ | 38,608 | $ | 19,900 | $ | 121,882 | $ | 66,187 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Summary Of Non-Cash Investing And Financing Activities | ' | |||||||
Non-cash investing and financing activities are summarized as follows (in thousands): | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accrued property construction costs | $ | 9,662 | $ | 7,454 | ||||
Property acquisitions and investments in unconsolidated real estate joint | ||||||||
ventures: | ||||||||
Increase in property, net | 18,698 | 16,665 | ||||||
Decrease in notes receivable from real estate joint ventures and | (3,636 | ) | — | |||||
partnerships | ||||||||
Decrease in real estate joint ventures and partnerships - | (50 | ) | (3,825 | ) | ||||
investments | ||||||||
Increase in restricted deposits and mortgage escrows | — | 395 | ||||||
Increase in debt, net | 21,396 | 40,644 | ||||||
Increase in security deposits | 129 | 1,332 | ||||||
Increase in noncontrolling interests | — | 968 | ||||||
Sale of property and property interest: | ||||||||
Decrease in property, net | — | (2,855 | ) | |||||
Decrease in real estate joint ventures and partnerships - | — | (95 | ) | |||||
investments | ||||||||
Decrease in restricted deposits and mortgage escrows | — | (204 | ) | |||||
Decrease in debt, net due to debt assumption | — | (3,366 | ) | |||||
Decrease in security deposits | — | (11 | ) | |||||
Decrease in noncontrolling interests | — | (95 | ) | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Components of Earnings Per Share - Basic and Diluted | ' | |||||||||||||||
Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 23,618 | $ | 21,812 | $ | 88,932 | $ | 30,400 | ||||||||
Gain on sale of property | 163 | 335 | 570 | 859 | ||||||||||||
Net income attributable to noncontrolling interests | (1,948 | ) | (1,505 | ) | (4,000 | ) | (3,726 | ) | ||||||||
Dividends on preferred shares | (2,710 | ) | (8,869 | ) | (15,463 | ) | (26,607 | ) | ||||||||
Redemption costs of preferred shares | — | — | (17,944 | ) | — | |||||||||||
Income from continuing operations attributable to | $ | 19,123 | $ | 11,773 | $ | 52,095 | $ | 926 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Discontinued Operations: | ||||||||||||||||
Income from discontinued operations | $ | 38,608 | $ | 19,900 | $ | 121,882 | $ | 66,187 | ||||||||
Net loss (income) attributable to noncontrolling interests | 101 | (269 | ) | (37,056 | ) | (831 | ) | |||||||||
Income from discontinued operations attributable to | $ | 38,709 | $ | 19,631 | $ | 84,826 | $ | 65,356 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 121,359 | 120,766 | 121,235 | 120,637 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options and awards | 1,172 | 1,078 | 1,206 | 1,016 | ||||||||||||
Weighted average shares outstanding - diluted | 122,531 | 121,844 | 122,441 | 121,653 | ||||||||||||
Schedule Of Anti-Dilutive Securities | ' | |||||||||||||||
Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share options (1) | 1,929 | 2,359 | 1,929 | 2,359 | ||||||||||||
Operating partnership units | 1,555 | 1,582 | 1,555 | 1,583 | ||||||||||||
Total anti-dilutive securities | 3,484 | 3,941 | 3,484 | 3,942 | ||||||||||||
_______________ | ||||||||||||||||
-1 | Exclusion results as exercise prices were greater than the average market price for each respective period. |
Share_Options_And_Awards_Table
Share Options And Awards (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Fair Value Of Market-Based Share Awards Assumptions | ' | ||||||
The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions: | |||||||
Nine Months Ended | |||||||
30-Sep-13 | |||||||
Minimum | Maximum | ||||||
Dividend yield | 0 | % | 3.9 | % | |||
Expected volatility | 13.2 | % | 29 | % | |||
Expected life (in years) | NA | 3 | |||||
Risk-free interest rate | 0.1 | % | 0.4 | % | |||
Status Of Unvested Restricted Share Awards | ' | ||||||
A summary of the status of unvested restricted share awards for the nine months ended September 30, 2013 is as follows: | |||||||
Unvested | Weighted | ||||||
Restricted | Average | ||||||
Share | Grant | ||||||
Awards | Date Fair | ||||||
Value | |||||||
Outstanding, January 1, 2013 | 496,571 | $ | 23.1 | ||||
Granted: | |||||||
Service-based awards | 102,456 | 29.71 | |||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center | 44,580 | 31.83 | |||||
Index | |||||||
Market-based awards relative to three-year absolute TSR | 44,580 | 37.49 | |||||
Trust manager awards | 25,623 | 35.23 | |||||
Vested | (130,136 | ) | 23.19 | ||||
Forfeited | (6,904 | ) | 26.65 | ||||
Outstanding, September 30, 2013 | 576,770 | $ | 26.54 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic benefit cost for this plan are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 285 | $ | 266 | $ | 993 | $ | 1,048 | ||||||||
Interest cost | 344 | 319 | 1,197 | 1,257 | ||||||||||||
Expected return on plan assets | (545 | ) | (453 | ) | (1,898 | ) | (1,787 | ) | ||||||||
Prior service cost | — | (24 | ) | — | (94 | ) | ||||||||||
Recognized loss | 284 | 317 | 990 | 1,251 | ||||||||||||
Total | $ | 368 | $ | 425 | $ | 1,282 | $ | 1,675 | ||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Consolidated Variable Interest Entities [Member] | ' | |||||||
Variable Interest Entity [Line Items] | ' | |||||||
Summary Of Variable Interest Entities | ' | |||||||
A summary of our consolidated VIEs is as follows (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Maximum Risk of Loss (1) | $ | 88,000 | $ | 111,305 | ||||
Assets held by VIEs | 236,211 | 257,374 | ||||||
Assets held as collateral for debt | 229,644 | 246,486 | ||||||
_______________ | ||||||||
-1 | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. | |||||||
Unconsolidated Variable Interest Entities [Member] | ' | |||||||
Variable Interest Entity [Line Items] | ' | |||||||
Summary Of Variable Interest Entities | ' | |||||||
A summary of our unconsolidated VIEs is as follows (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 11,502 | $ | 29,628 | ||||
Maximum Risk of Loss (2) | 11,679 | 32,990 | ||||||
_______________ | ||||||||
-1 | The carrying amount of the investments represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. | |||||||
-2 | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. The maximum risk of loss at December 31, 2012, includes $20.9 million of debt recorded in our Condensed Consolidated Balance Sheet due to its association with a tenancy-in-common arrangement. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Transactions Related To Acquisitions | ' | |||||||
The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands): | ||||||||
December 31, 2012 | ||||||||
Fair value of our equity interest before acquisition | $ | 3,825 | ||||||
Fair value of consideration transferred | 218,481 | (1) | ||||||
Amounts recognized for assets and liabilities assumed: | ||||||||
Assets: | ||||||||
Property | $ | 195,377 | ||||||
Unamortized debt and lease costs | 36,787 | |||||||
Restricted deposits and mortgage escrows | 395 | |||||||
Other, net | 3,742 | |||||||
Liabilities: | ||||||||
Debt, net | (46,923 | ) | (2) | |||||
Accounts payable and accrued expenses | (2,250 | ) | ||||||
Other, net | (5,899 | ) | ||||||
Total net assets | $ | 181,229 | ||||||
Acquisition costs (included in operating expenses) | $ | 1,391 | ||||||
Gain on acquisition | 1,869 | |||||||
_______________ | ||||||||
-1 | Includes assumption of debt totaling $37.8 million. | |||||||
-2 | Represents the fair value of debt, which includes $6.3 million that was previously recorded. | |||||||
Pro Forma Impact Of Acquisitions | ' | |||||||
The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts): | ||||||||
Pro Forma (1) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
Revenues | $ | 123,544 | $ | 360,501 | ||||
Net income | 42,041 | 97,052 | ||||||
Net income attributable to common shareholders | 31,398 | 65,888 | ||||||
Earnings per share – basic | 0.26 | 0.55 | ||||||
Earnings per share – diluted | 0.26 | 0.54 | ||||||
_______________ | ||||||||
-1 | There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | |||||||||||||||||||||
in Active | Other | Unobservable | September 30, | |||||||||||||||||||||
Markets for | Observable | Inputs | 2013 | |||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, grantor trusts | $ | 17,757 | $ | 17,757 | ||||||||||||||||||||
Investments, mutual funds | 7,034 | 7,034 | ||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 12,844 | 12,844 | |||||||||||||||||||||
Total | $ | 24,791 | $ | 12,844 | $ | — | $ | 37,635 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 537 | $ | 537 | ||||||||||||||||||||
Deferred compensation plan obligations | $ | 17,757 | 17,757 | |||||||||||||||||||||
Total | $ | 17,757 | $ | 537 | $ | — | $ | 18,294 | ||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | |||||||||||||||||||||
in Active | Other | Unobservable | December 31, | |||||||||||||||||||||
Markets for | Observable | Inputs | 2012 | |||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, grantor trusts | $ | 16,030 | $ | 16,030 | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9,926 | 9,926 | |||||||||||||||||||||
Total | $ | 16,030 | $ | 9,926 | $ | — | $ | 25,956 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||
Interest rate contracts | $ | 768 | $ | 768 | ||||||||||||||||||||
Deferred compensation plan obligations | $ | 16,030 | 16,030 | |||||||||||||||||||||
Total | $ | 16,030 | $ | 768 | $ | — | $ | 16,798 | ||||||||||||||||
Assets Measured On Nonrecurring Basis | ' | |||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis at September 30, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value | Total Gains | ||||||||||||||||||||
in Active | Other | Unobservable | (Losses) (1) | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Property (2) | $ | 3,300 | $ | 8,576 | $ | 11,876 | $ | (2,358 | ) | |||||||||||||||
Total | $ | — | $ | 3,300 | $ | 8,576 | $ | 11,876 | $ | (2,358 | ) | |||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. | |||||||||||||||||||||||
-2 | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis at December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Fair Value | Total Gains | ||||||||||||||||||||
in Active | Other | Unobservable | (Losses) (1) | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
and Liabilities | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Property (2) | $ | 5,773 | $ | 13,906 | $ | 19,679 | $ | (2,971 | ) | |||||||||||||||
Investment in real estate joint ventures | 24,231 | 24,231 | (6,608 | ) | ||||||||||||||||||||
and partnerships (3) | ||||||||||||||||||||||||
Total | $ | — | $ | 30,004 | $ | 13,906 | $ | 43,910 | $ | (9,579 | ) | |||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us. | |||||||||||||||||||||||
-2 | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||||||||||||||||||||||
-3 | Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs. | |||||||||||||||||||||||
Schedule Of Fair Value Disclosures | ' | |||||||||||||||||||||||
Schedule of our fair value disclosures is as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Using | Using | |||||||||||||||||||||||
Significant | Significant | |||||||||||||||||||||||
Unobservable | Unobservable | |||||||||||||||||||||||
Inputs | Inputs | |||||||||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||||||
Notes receivable from real estate joint ventures | $ | 84,142 | $ | 85,897 | $ | 89,776 | $ | 93,572 | ||||||||||||||||
and partnerships | ||||||||||||||||||||||||
Tax increment revenue bonds | 25,850 | 25,850 | 26,505 | 26,505 | ||||||||||||||||||||
Debt: | ||||||||||||||||||||||||
Fixed-rate debt | 2,013,253 | 2,055,495 | 1,992,599 | 2,094,122 | ||||||||||||||||||||
Variable-rate debt | 280,645 | 289,560 | 211,431 | 223,759 | ||||||||||||||||||||
Quantitative Information About Significant Unobservable Inputs (Level 3) Used | ' | |||||||||||||||||||||||
The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of September 30, 2013 and December 31, 2012 reported in the above tables, is as follows: | ||||||||||||||||||||||||
Description | Fair Value at | Unobservable | Range | |||||||||||||||||||||
September 30, | December 31, | Inputs | Minimum | Maximum | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Valuation Technique | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Property | $ | 8,576 | $ | 13,906 | Broker valuation | Indicative bid (1) | ||||||||||||||||||
estimate | ||||||||||||||||||||||||
Bona fide purchase | Contract price (1) | |||||||||||||||||||||||
offers | ||||||||||||||||||||||||
Discounted cash flows | Discount rate | 10 | % | |||||||||||||||||||||
Capitalization rate | 9.3 | % | 9.5 | % | ||||||||||||||||||||
Holding period | 1 | |||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Expected future | 3 | % | ||||||||||||||||||||||
inflation rate (2) | ||||||||||||||||||||||||
Market rent growth | 3 | % | ||||||||||||||||||||||
rate (2) | ||||||||||||||||||||||||
Expense growth | 3 | % | ||||||||||||||||||||||
rate (2) | ||||||||||||||||||||||||
Vacancy rate (2) | 5 | % | ||||||||||||||||||||||
Renewal rate (2) | 75 | % | ||||||||||||||||||||||
Average market | $ | 10.52 | ||||||||||||||||||||||
rent rate (2) | ||||||||||||||||||||||||
Average leasing | $ | 16.5 | ||||||||||||||||||||||
cost per square | ||||||||||||||||||||||||
foot (2) | ||||||||||||||||||||||||
Notes receivable | 85,897 | 93,572 | Discounted cash flows | Discount rate | 2.7 | % | 3 | % | ||||||||||||||||
from real | ||||||||||||||||||||||||
estate joint | ||||||||||||||||||||||||
ventures and | ||||||||||||||||||||||||
partnerships | ||||||||||||||||||||||||
Tax increment | 25,850 | 26,505 | Discounted cash flows | Discount rate | 7.5 | % | 7.5 | % | ||||||||||||||||
revenue bonds | ||||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 4 | % | ||||||||||||||||
growth rate | ||||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | ||||||||||||||||
inflation rate | ||||||||||||||||||||||||
Fixed-rate debt | 2,055,495 | 2,094,122 | Discounted cash flows | Discount rate | 1.2 | % | 1.1 | % | 7.2 | % | 6.5 | % | ||||||||||||
Variable-rate | 289,560 | 223,759 | Discounted cash flows | Discount rate | 0.8 | % | 1.4 | % | 5 | % | 5 | % | ||||||||||||
debt | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | These fair values were developed by third parties, subject to our corroboration for reasonableness. | |||||||||||||||||||||||
-2 | Only applies to one property valuation. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
sqft | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Date of establishment | '1948 |
Square footage of operating properties | 50,400,000 |
Rental Revenues [Member] | Tenant Base [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 3.20% |
Net Operating Income [Member] | Houston, Texas Geographic Concentration [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 20.00% |
Net Operating Income [Member] | Other Parts of Texas Geographic Concentration [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 7.80% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ||
Restricted cash | $52,567,000 | [1] | $36,944,000 | [1] |
Mortgage escrows | 4,901,000 | 7,152,000 | ||
Total | 57,468,000 | 44,096,000 | ||
Qualified escrow for like-kind exchange, proceeds | 50,300,000 | ' | ||
Qualified escrow for like-kind exchange, payments | $30,700,000 | ' | ||
[1] | The increase between the periods presented is primarily attributable to $50.3 million placed in a qualified escrow account, less the use of $30.7 million for the purpose of completing like-kind exchange transactions. |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | |
Balance, December 31, 2012 | ' | ' | $24,743 | ' | |
Change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | -6,804 | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2,792 | ' | |
Net other comprehensive income | -517 | -615 | -9,596 | -1,804 | |
Balance, September 30, 2013 | 15,147 | ' | 15,147 | ' | |
Loss On Investments [Member] | ' | ' | ' | ' | |
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | |
Balance, December 31, 2012 | ' | ' | 0 | ' | |
Change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | 34 | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | ' | |
Net other comprehensive income | ' | ' | 34 | ' | |
Balance, September 30, 2013 | 34 | ' | 34 | ' | |
(Gain) Loss On Cash Flow Hedges [Member] | ' | ' | ' | ' | |
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | |
Balance, December 31, 2012 | ' | ' | 7,489 | ' | |
Change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | -6,735 | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -1,802 | [1] | ' |
Net other comprehensive income | ' | ' | -8,537 | ' | |
Balance, September 30, 2013 | -1,048 | ' | -1,048 | ' | |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' | |
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | |
Balance, December 31, 2012 | ' | ' | 17,254 | ' | |
Change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | -103 | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -990 | [2] | ' |
Net other comprehensive income | ' | ' | -1,093 | ' | |
Balance, September 30, 2013 | $16,161 | ' | $16,161 | ' | |
[1] | This reclassification component is included in interest expense (see Note 7 for additional information). | ||||
[2] | This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information). |
Property_Narrative_Details
Property (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
property | |
Real Estate Investment Property [Line Items] | ' |
Number of operating properties acquired | 2 |
Gross payments to acquire real estate | $73.10 |
Number of operating properties sold | 18 |
Proceeds from sale and disposition of property | 219 |
Gain on sale of property | $116.80 |
Property_Schedule_Of_Property_
Property (Schedule Of Property) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Investment Property [Line Items] | ' | ' |
Land | $878,652 | $881,156 |
Land held for development | 118,334 | 121,294 |
Land under development | 4,222 | 6,155 |
Buildings and improvements | 3,235,883 | 3,325,793 |
Construction in-progress | 71,758 | 65,452 |
Total | $4,308,849 | $4,399,850 |
Investment_In_Real_Estate_Join2
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||
Nov. 30, 2012 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 06, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
jvs | property | Minimum [Member] | Maximum [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Tenancy In Common [Member] | Tenancy In Common [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Shopping Centers [Member] | ||||||
property | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | jvs | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | ||||||||||||||
jvs | property | property | property | |||||||||||||||||||
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | 47.80% | ' | ' | ' | ' | 75.00% | 20.00% | 50.00% | 51.00% | ' | 51.00% | ' | 20.00% | 10.00% | 75.00% | 75.00% | 79.60% | 10.00% | ' | ' | ' |
Number of real estate joint ventures | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Net basis differentials for investments | ' | ' | $5,900,000 | ' | $5,900,000 | ' | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | ' | ' | 2,358,000 | 197,000 | 2,579,000 | 9,585,000 | ' | ' | ' | 59,000 | 283,000 | 1,887,000 | 96,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees revenue, related parties | ' | ' | 1,200,000 | 1,500,000 | 3,800,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating properties sold | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | 2 | 19 | 2 |
Gain on sale of real estate joint venture and partnership interests | 8,600,000 | 3,500,000 | 7,000 | 0 | 11,599,000 | 5,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | ' | ' |
Acquisition of unconsolidated real estate joint venture interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' |
Assumption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,500,000 | ' | ' | ' | ' |
Proceeds from sale of unconsolidated real estate joint venture, gross | $20,900,000 | $29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,700,000 | ' | ' | ' | ' | ' | ' | $8,900,000 | ' | $210,400,000 | ' |
Investment_In_Real_Estate_Join3
Investment In Real Estate Joint Ventures And Partnerships (Combined Condensed Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ' | ' | ' | ' | ||
Property | $4,308,849 | $4,399,850 | ' | ' | ||
Accumulated depreciation | -1,060,419 | -1,040,839 | ' | ' | ||
Property, net | 3,248,430 | [1] | 3,359,011 | [1] | ' | ' |
Total Assets | 4,118,547 | 4,184,784 | ' | ' | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ||
Debt, net (primarily mortgages payable) | 2,293,898 | [1] | 2,204,030 | [1] | ' | ' |
Other liabilities, net | 113,375 | 120,900 | ' | ' | ||
Total Liabilities | 2,524,258 | 2,444,629 | ' | ' | ||
Accumulated equity | 1,594,289 | 1,740,155 | 1,796,851 | 1,823,582 | ||
Total Liabilities and Equity | 4,118,547 | 4,184,784 | ' | ' | ||
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Property | 1,507,115 | 1,631,694 | ' | ' | ||
Accumulated depreciation | -284,101 | -273,591 | ' | ' | ||
Property, net | 1,223,014 | 1,358,103 | ' | ' | ||
Other assets, net | 159,105 | 161,344 | ' | ' | ||
Total Assets | 1,382,119 | 1,519,447 | ' | ' | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ||
Debt, net (primarily mortgages payable) | 467,908 | 468,841 | ' | ' | ||
Amounts payable to Weingarten Realty Investors and Affiliates | 102,390 | 109,931 | ' | ' | ||
Other liabilities, net | 35,083 | 34,157 | ' | ' | ||
Total Liabilities | 605,381 | 612,929 | ' | ' | ||
Accumulated equity | 776,738 | 906,518 | ' | ' | ||
Total Liabilities and Equity | $1,382,119 | $1,519,447 | ' | ' | ||
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): |
Investment_In_Real_Estate_Join4
Investment In Real Estate Joint Ventures And Partnerships (Combined Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | ' | ' | ' | ' |
Revenues, net | $130,667 | $122,319 | $383,752 | $350,853 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 37,122 | 34,591 | 112,347 | 97,845 |
Interest, net | 27,660 | 27,482 | 73,689 | 86,692 |
Operating | 25,530 | 25,191 | 74,213 | 69,048 |
Real estate taxes, net | 15,624 | 14,499 | 45,242 | 41,306 |
General and administrative | 5,966 | 6,417 | 18,818 | 21,101 |
Provision for income taxes | -215 | 722 | -214 | 378 |
Impairment loss | 2,358 | 197 | 2,579 | 9,585 |
Total | 86,600 | 80,895 | 253,199 | 238,885 |
Operating income (loss) | 23,618 | 21,812 | 88,932 | 30,400 |
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' |
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | ' | ' | ' | ' |
Revenues, net | 40,804 | 49,726 | 124,064 | 149,599 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 11,343 | 15,071 | 34,922 | 46,688 |
Interest, net | 7,131 | 8,956 | 22,091 | 27,003 |
Operating | 7,298 | 9,069 | 20,859 | 26,265 |
Real estate taxes, net | 4,739 | 6,322 | 14,335 | 18,719 |
General and administrative | 187 | 420 | 637 | 1,006 |
Provision for income taxes | 63 | 81 | 211 | 249 |
Impairment loss | 59 | 283 | 1,887 | 96,781 |
Total | 30,820 | 40,202 | 94,942 | 216,711 |
Operating income (loss) | $9,984 | $9,524 | $29,122 | ($67,112) |
Notes_Receivable_From_Real_Est1
Notes Receivable From Real Estate Joint Ventures And Partnerships (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | |
Notes Receivable From Real Estate Joint Ventures And Partnerships [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes receivable - range minimum | ' | ' | ' | 2.90% | ' | 2.90% | ' |
Interest rate on notes receivable - range maximum | ' | ' | ' | 10.00% | ' | 16.00% | ' |
Notes receivable due at various dates through | ' | ' | ' | 30-Jun-17 | ' | 30-Jun-14 | ' |
Allowance for uncollectible notes receivable | ' | $0 | ' | $0 | ' | $0 | ' |
Interest income on notes receivable | ' | 500,000 | 800,000 | 1,800,000 | 2,200,000 | ' | ' |
Notes receivable from real estate joint ventures and partnerships, currently due | ' | ' | ' | ' | ' | ' | 16,100,000 |
Proceeds received for notes receivable | $59,200,000 | ' | ' | $7,224,000 | $74,296,000 | ' | ' |
Ownership percentage in joint ventures | 47.80% | ' | ' | ' | ' | 75.00% | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 30, 2003 | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt service guaranty liability | ' | $74,075,000 | 74,075,000 |
Medium-term notes, matured | ' | 113,600,000 | ' |
Debt interest rate during period | ' | 5.60% | ' |
Debt instrument collateral | ' | 1,300,000,000 | 1,500,000,000 |
Unsecured notes payable under credit facilities | ' | 114,500,000 | 66,000,000 |
Obligations under capital leases | ' | 21,000,000 | 21,000,000 |
Fair value of interest rate contracts | ' | 6,300,000 | ' |
Debt premium/(discount), net | ' | -2,400,000 | ' |
Non-cash debt | ' | 2,400,000 | ' |
Unsecured Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum borrowing capacity under credit facility | ' | 500,000,000 | ' |
Credit facility effective date | ' | 18-Apr-13 | ' |
Credit facility extension | ' | 'provides for two consecutive six-month extensions upon our request | ' |
Borrowing margin over LIBOR | ' | 115 | ' |
Facility fees over LIBOR | ' | 20 | ' |
Bids amount | ' | 250,000,000 | ' |
Maximum increase in credit facility amount | ' | 700,000,000 | ' |
Number of credit facility 6-month extensions | ' | 2 | ' |
Debt maturity date | ' | 18-Apr-17 | ' |
Unsecured And Uncommitted Overnight Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum borrowing capacity under credit facility | ' | 99,000,000 | ' |
Credit facility effective date | ' | 1-May-10 | ' |
Fixed interest rate loan period (days) | ' | 30 | ' |
Debt Service Guaranty [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Coverage Ratio | ' | 1.4 | ' |
Debt maturity date | ' | 1-Jan-40 | ' |
3.5% Senior Unsecured Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt maturity date | ' | 15-Apr-23 | ' |
Senior unsecured notes | ' | 300,000,000 | ' |
Debt stated interest rate | ' | 3.50% | ' |
Debt issued discount rate | ' | 99.53% | ' |
Debt effective interest rate | ' | 3.56% | ' |
Proceeds from issuance of debt | ' | 296,600,000 | ' |
6.75% Series D Preferred Shares [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Preferred Shares of Beneficial Interest; redemption value paid | ' | $75,000,000 | ' |
Preferred Shares of Beneficial Interest; dividend percentage | 6.75% | 6.75% | 6.75% |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Unsecured notes payable under credit facilities | $114,500 | $66,000 | ||
Debt service guaranty liability | 74,075 | 74,075 | ||
Obligations under capital leases | 21,000 | 21,000 | ||
Total | 2,293,898 | [1] | 2,204,030 | [1] |
Debt Payable To 2038 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012 | 2,083,363 | 2,041,709 | ||
Debt maturity date | 23-Dec-38 | 23-Dec-38 | ||
Debt Payable To 2038 [Member] | Minimum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt stated interest rate | 2.60% | 2.60% | ||
Debt Payable To 2038 [Member] | Maximum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt stated interest rate | 8.60% | 8.80% | ||
Industrial Revenue Bonds Payable To 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Industrial revenue bonds payable to 2015 at 2.4% | $960 | $1,246 | ||
Debt maturity date | 1-Dec-15 | 1-Dec-15 | ||
Debt stated interest rate | 2.40% | 2.40% | ||
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): |
Debt_Grouping_Of_Debt_Between_
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Total | $2,293,898 | [1] | $2,204,030 | [1] |
As To Interest Rate [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fixed-rate debt | 2,013,253 | 1,992,599 | ||
Variable-rate debt | 280,645 | 211,431 | ||
Total | 2,293,898 | 2,204,030 | ||
As To Collateralization [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unsecured debt | 1,499,297 | 1,270,742 | ||
Secured debt | 794,601 | 933,288 | ||
Total | $2,293,898 | $2,204,030 | ||
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): |
Debt_Schedule_Of_Credit_Facili
Debt (Schedule Of Credit Facilities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Maximum balance outstanding during the period | $265,500 | $303,100 |
Weighted average balance | 79,060 | 157,447 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.10% | 1.30% |
Unsecured Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding | 100,000 | 30,000 |
Available balance | 397,821 | 467,571 |
Letter of credit outstanding under facility | 2,179 | 2,429 |
Variable interest rate (excluding facility fee) | 0.90% | 1.10% |
Unsecured And Uncommitted Overnight Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding | $14,500 | $36,000 |
Variable interest rate (excluding facility fee) | 1.50% | 1.50% |
Debt_Principal_Payments_Of_Deb
Debt (Principal Payments Of Debt) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Instrument [Line Items] | ' | |
2013 remaining | $65,727,000 | |
2014 | 468,858,000 | |
2015 | 275,998,000 | |
2016 | 249,283,000 | |
2017 | 141,864,000 | |
2018 | 64,157,000 | |
2019 | 153,380,000 | [1] |
2020 | 3,342,000 | |
2021 | 2,278,000 | |
2022 | 304,815,000 | |
Thereafter | 348,264,000 | |
Total | 2,077,966,000 | |
8.1% Senior Unsecured Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Senior unsecured notes | $100,000,000 | |
Debt stated interest rate | 8.10% | |
Debt maturity date | 15-Sep-19 | |
Debt redemption date option | '9/15/2014 | |
[1] | Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option. |
Derivatives_And_Hedging_Narrat
Derivatives And Hedging (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
contracts | contracts | |
Derivative [Line Items] | ' | ' |
Accumulated Other Comprehensive Loss | ($15,147,000) | ($24,743,000) |
(Gain) Loss On Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Accumulated Other Comprehensive Loss | 1,048,000 | -7,489,000 |
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of active interest rate contracts held | 3 | 3 |
Notional amount of interest rate cash flow hedge derivatives | 26,000,000 | 26,500,000 |
Derivative, maturity date | 15-Sep-17 | 15-Sep-17 |
Derivative, lower fixed interest rate range | 2.30% | 2.30% |
Derivative, higher fixed interest rate range | 5.00% | 5.00% |
Cash flow hedge gain (loss) to be amortized within 12 months | -2,000,000 | ' |
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of active interest rate contracts held | 4 | 4 |
Notional amount of interest rate fair value hedge derivatives | 117,100,000 | 118,100,000 |
Derivative, maturity date | 15-Oct-17 | 15-Oct-17 |
Derivative, lower fixed interest rate range | 4.20% | 4.20% |
Derivative, higher fixed interest rate range | 7.50% | 7.50% |
Derivative, lower variable interest rate range | 0.30% | 0.30% |
Derivative, higher variable interest rate range | 4.30% | 4.30% |
Forward-Starting Contracts [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of active interest rate contracts held | 3 | ' |
Notional amount of interest rate cash flow hedge derivatives | $150,000,000 | ' |
Derivative, effective date | 15-Jan-14 | ' |
Derivative, maturity date | 15-Jan-24 | ' |
Derivative, fixed interest rate | 2.40% | ' |
Derivatives_And_Hedging_Schedu
Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $12,844 | $9,926 |
Derivative liabilities | 537 | 768 |
Other Assets, Net [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 12,844 | 9,926 |
Other Liabilities, Net [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | $537 | $768 |
Derivatives_And_Hedging_Offset
Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Of Derivative Assets And Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | $12,844 | $9,926 |
Gross Amounts Offset in Balance Sheet, Assets | 0 | 0 |
Net Amounts Presented in Balance Sheet, Assets | 12,844 | 9,926 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Assets | 0 | 0 |
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Assets | 0 | 0 |
Net Amount, Assets | 12,844 | 9,926 |
Gross Amounts Recognized, Liabilities | 537 | 768 |
Gross Amounts Offset in Balance Sheet, Liabilities | 0 | 0 |
Net Amounts Presented in Balance Sheet, Liabilities | 537 | 768 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Liabilities | 0 | 0 |
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Liabilities | 0 | 0 |
Net Amount, Liabilities | $537 | $768 |
Derivatives_And_Hedging_Summar
Derivatives And Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) (Cash Flow Hedges [Member], Interest Rate Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $293 | $49 | ($6,735) | $181 |
Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | -669 | -664 | -1,991 | -1,985 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $189 | $0 | $189 | $0 |
Derivatives_And_Hedging_Summar1
Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity) (Details) (Interest Expense, Net [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Interest Expense, Net [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Contracts | ($482) | $3 | ($3,586) | $64 | ||||
Gain (Loss) on Borrowings | 482 | -3 | 3,586 | -64 | ||||
Net Settlements and Accruals on Contracts | 1,015 | 1,001 | 3,065 | 3,001 | ||||
Amount of Gain (Loss) Recognized in Income | $1,015 | [1] | $1,001 | [1] | $3,065 | [1] | $3,001 | [1] |
[1] | No ineffectiveness was recognized during the respective period. |
Preferred_Shares_Of_Beneficial1
Preferred Shares Of Beneficial Interest (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2003 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 06, 2008 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 30, 2007 | Sep. 30, 2013 | |
6.75% Series D Preferred Shares [Member] | 6.75% Series D Preferred Shares [Member] | 6.75% Series D Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | 6.5% Series F Preferred Shares [Member] | |||||
Preferred Shares Issued At Discount [Member] | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Shares of Beneficial Interest - value | ' | ' | ' | ' | $75,000,000 | $0 | $3,000 | $150,000,000 | $2,000 | $4,000 | $200,000,000 | ' |
Preferred Shares of Beneficial Interest; depositary shares, conversion basis | ' | ' | ' | ' | 0.0333 | ' | ' | ' | 0.01 | ' | ' | ' |
Preferred Shares of Beneficial Interest; redemption price per depositary share | ' | ' | ' | ' | ' | $25 | ' | ' | $25 | ' | ' | ' |
Preferred Shares of Beneficial Interest; redemption date | ' | ' | ' | ' | ' | 18-Mar-13 | ' | ' | 5-Jun-13 | ' | ' | ' |
Preferred Shares of Beneficial Interest; redemption value paid | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | 200,000,000 | ' | ' | ' |
Redemption costs of preferred shares | 0 | 0 | 17,944,000 | 0 | ' | 2,200,000 | ' | ' | 15,700,000 | ' | ' | ' |
Preferred Shares of Beneficial Interest; liquidation preference | ' | ' | ' | ' | ' | $0 | $75,000,000 | ' | $150,000,000 | $350,000,000 | ' | $64,300,000 |
Preferred Shares of Beneficial Interest; dividend percentage | ' | ' | ' | ' | 6.75% | 6.75% | 6.75% | ' | 6.50% | 6.50% | ' | ' |
Effective dividend yield on preferred shares | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' |
Preferred Shares of Beneficial Interest; liquidation value per share | ' | ' | ' | ' | $750 | ' | ' | ' | $2,500 | ' | ' | ' |
Impairment_Schedule_Of_Impairm
Impairment (Schedule Of Impairment Charges)(Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Other | $0 | $0 | $165 | $0 | ||||
Total reported in continuing operations | 2,358 | 197 | 2,579 | 9,585 | ||||
Total impairment charges | 2,358 | 336 | 2,815 | 15,410 | ||||
Equity in earnings of real estate joint ventures and partnerships, net | 5,125 | 4,905 | 14,467 | -6,715 | ||||
Net impact of impairment charges | 2,387 | 393 | 3,210 | 35,356 | ||||
Land Held For Development And Undeveloped Land [Member] | ' | ' | ' | ' | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Impairment losses related to property | 2,358 | [1] | 0 | [1] | 2,358 | [1] | 0 | [1] |
Property Marketed For Sale Or Sold [Member] | ' | ' | ' | ' | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Impairment losses related to property | 0 | [2] | 197 | [2] | 56 | [2] | 2,977 | [2] |
Investments In Real Estate Joint Ventures And Partnerships [Member] | ' | ' | ' | ' | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Impairment losses related to partially owned real estate joint ventures and partnerships | 0 | [3] | 0 | [3] | 0 | [3] | 6,608 | [3] |
Property Held For Sale Or Sold [Member] | ' | ' | ' | ' | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Impairment losses related to property | 0 | [4] | 139 | [4] | 236 | [4] | 5,825 | [4] |
Impairment Charges On Equity In Earnings Of Real Estate Joint Ventures And Partnerships, Net [Member] | ' | ' | ' | ' | ||||
Asset Impairment [Line Items] | ' | ' | ' | ' | ||||
Equity in earnings of real estate joint ventures and partnerships, net | $29 | $57 | $395 | $19,946 | ||||
[1] | Impairment was prompted by changes in management's plans for these properties, recent comparable market transactions and/or a change in market conditions. | |||||||
[2] | These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations. | |||||||
[3] | Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures. | |||||||
[4] | Amounts reported were based on third party offers. |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
property | property | Shopping Centers [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Wholly-Owned Industrial Properties [Member] | Arizona [Member] | Florida [Member] | Florida [Member] | California [Member] | Colorado [Member] | Georgia [Member] | Illinois [Member] | Kansas [Member] | Louisiana [Member] | Maine [Member] | Nevada [Member] | New Mexico [Member] | North Carolina [Member] | North Carolina [Member] | Oklahoma [Member] | Tennessee [Member] | Tennessee [Member] | Texas [Member] | Texas [Member] | Virginia [Member] | ||
property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating properties sold | 18 | ' | ' | 27 | 9 | 54 | 52 | 1 | 2 | 6 | 1 | 2 | 6 | 1 | 1 | 2 | 1 | 1 | 2 | 3 | 3 | 1 | 1 | 1 | 8 | 55 | 2 |
Number of properties held for sale | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | 75.00% | 47.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross property included in discontinued operations | ' | $207.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation for property included in discontinued operations | ' | $72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense allocated to discontinued operations | 'We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues, net | $2,043 | $12,141 | $15,795 | $58,299 |
Depreciation and amortization | -487 | -2,350 | -3,869 | -12,455 |
Operating expenses | -427 | -2,175 | -2,973 | -10,932 |
Real estate taxes, net | -152 | -1,413 | -1,414 | -7,545 |
Impairment loss | 0 | -139 | -236 | -5,825 |
General and administrative | -1 | -220 | -13 | -2,181 |
Interest, net | -434 | -759 | -1,373 | -2,512 |
Provision for income taxes | -148 | -11 | -261 | -386 |
Operating income from discontinued operations | 394 | 5,074 | 5,656 | 16,463 |
Gain on sale of property from discontinued operations | 38,214 | 14,826 | 116,226 | 49,724 |
Income from Discontinued Operations | $38,608 | $19,900 | $121,882 | $66,187 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities)(Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Accrued property construction costs | $9,662 | $7,454 |
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member] | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Increase (decrease) in property, net | 18,698 | 16,665 |
Increase (decrease) in notes receivable from real estate joint ventures and partnerships | -3,636 | 0 |
Increase (decrease) in real estate joint ventures and partnerships - investments | -50 | -3,825 |
Increase (decrease) in restricted deposits and mortgage escrows | 0 | 395 |
Increase (decrease) in debt, net | 21,396 | 40,644 |
Increase (decrease) in security deposits | 129 | 1,332 |
Increase (decrease) in noncontrolling interests | 0 | 968 |
Sale Of Property And Property Interest [Member] | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Increase (decrease) in property, net | 0 | -2,855 |
Increase (decrease) in real estate joint ventures and partnerships - investments | 0 | -95 |
Increase (decrease) in restricted deposits and mortgage escrows | 0 | -204 |
Increase (decrease) in debt, net | 0 | -3,366 |
Increase (decrease) in security deposits | 0 | -11 |
Increase (decrease) in noncontrolling interests | $0 | ($95) |
Earnings_Per_Share_Components_
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Continuing Operations: | ' | ' | ' | ' |
Income from continuing operations | $23,618 | $21,812 | $88,932 | $30,400 |
Gain on sale of property | 163 | 335 | 570 | 859 |
Net income attributable to noncontrolling interests | -1,948 | -1,505 | -4,000 | -3,726 |
Dividends on preferred shares | -2,710 | -8,869 | -15,463 | -26,607 |
Redemption costs of preferred shares | 0 | 0 | -17,944 | 0 |
Income from continuing operations attributable to common shareholders – basic and diluted | 19,123 | 11,773 | 52,095 | 926 |
Discontinued Operations: | ' | ' | ' | ' |
Income from discontinued operations | 38,608 | 19,900 | 121,882 | 66,187 |
Net loss (income) attributable to noncontrolling interests | 101 | -269 | -37,056 | -831 |
Income from discontinued operations attributable to common shareholders - basic and diluted | $38,709 | $19,631 | $84,826 | $65,356 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 121,359 | 120,766 | 121,235 | 120,637 |
Effect of dilutive securities: | ' | ' | ' | ' |
Share options and awards | 1,172 | 1,078 | 1,206 | 1,016 |
Weighted average shares outstanding - diluted | 122,531 | 121,844 | 122,441 | 121,653 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Anti-Dilutive Securities) (Details) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 3,484 | 3,941 | 3,484 | 3,942 | ||||
Share Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 1,929 | [1] | 2,359 | [1] | 1,929 | [1] | 2,359 | [1] |
Operating Partnership Units [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 1,555 | 1,582 | 1,555 | 1,583 | ||||
[1] | Exclusion results as exercise prices were greater than the average market price for each respective period. |
Share_Options_And_Awards_Narra
Share Options And Awards (Narrative) (Details) (Restricted Shares [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense | $4.70 | $4.70 |
Weighted average expected amortization period for unrecognized compensation cost | '1 year 8 months | '1 year 11 months |
Share_Options_And_Awards_Fair_
Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) (Restricted Shares [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected life (in years) | '3 years |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 0.00% |
Expected volatility, Minimum | 13.20% |
Risk-free interest rate, Minimum | 0.10% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 3.90% |
Expected volatility, Maximum | 29.00% |
Risk-free interest rate, Maximum | 0.40% |
Share_Options_And_Awards_Statu
Share Options And Awards (Status Of Unvested Restricted Share Awards) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Restricted Share Awards, Outstanding, January 1, 2013 | 496,571 |
Unvested Restricted Share Awards, Vested | -130,136 |
Unvested Restricted Share Awards, Forfeited | -6,904 |
Unvested Restricted Share Awards, Outstanding, September 30, 2013 | 576,770 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Outstanding, January 1, 2013 | $23.10 |
Weighted Average Grant Date Fair Value, Vested | $23.19 |
Weighted Average Grant Date Fair Value, Forfeited | $26.65 |
Weighted Average Grant Date Fair Value, Outstanding, September 30, 2013 | $26.54 |
Service-Based Share Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Restricted Share Awards, Granted | 102,456 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Granted | $29.71 |
Market-Based Share Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Restricted Share Awards, Granted | 44,580 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Granted | $31.83 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Restricted Share Awards, Granted | 44,580 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Granted | $37.49 |
Trust Manager Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Restricted Share Awards, Granted | 25,623 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Granted | $35.23 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, employer contributions | ' | ' | $1.80 | $2.50 |
Defined contribution plan, compensation expense | $0.80 | $0.60 | $2.50 | $2.40 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $285 | $266 | $993 | $1,048 |
Interest cost | 344 | 319 | 1,197 | 1,257 |
Expected return on plan assets | -545 | -453 | -1,898 | -1,787 |
Prior service cost | 0 | -24 | 0 | -94 |
Recognized loss | 284 | 317 | 990 | 1,251 |
Total | $368 | $425 | $1,282 | $1,675 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | |||||||
Nov. 30, 2012 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 06, 2012 | |
jvs | property | Minimum [Member] | Maximum [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Tenancy In Common [Member] | Tenancy In Common [Member] | ||||||
property | property | jvs | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net accounts receivable, related parties | ' | ' | $2,200,000 | ' | $2,200,000 | ' | $1,800,000 | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses, related parties | ' | ' | 5,700,000 | ' | 5,700,000 | ' | 6,300,000 | ' | ' | ' | ' | ' | ' |
Management fees revenue, related parties | ' | ' | 1,200,000 | 1,500,000 | 3,800,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | 47.80% | ' | ' | ' | ' | 75.00% | 20.00% | 50.00% | ' | ' | 10.00% | 79.60% |
Number of real estate joint ventures | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Number of operating properties sold | ' | ' | ' | ' | 18 | ' | ' | ' | ' | 9 | 54 | ' | ' |
Proceeds from sale of unconsolidated real estate joint venture, gross | 20,900,000 | 29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000 | ' |
Gain on sale of real estate joint venture and partnership interests | $8,600,000 | $3,500,000 | $7,000 | $0 | $11,599,000 | $5,562,000 | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
jvs | partnerships | Capital Additions [Member] | Capital Additions [Member] | Capital Additions [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Consoldiated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | ||
Minimum [Member] | Maximum [Member] | jvs | jvs | |||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of DownREITS | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange for noncontrolling interests | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' |
Aggregate redemption value of interests | ' | 46 | 42 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate joint ventures | 3 | ' | ' | ' | ' | ' | ' | ' | 1 | 2 |
Construction contract commitment | ' | ' | ' | $73.30 | ' | ' | ' | ' | ' | ' |
Construction contract period, months | ' | ' | ' | ' | '12 | '36 | ' | ' | ' | ' |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
jvs | property | |
property | ||
Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Number of VIE real estate joint ventures | 2 | ' |
Number of neighborhood/community shopping centers | 28 | 30 |
Through Secured Loans [Member] | Unconsolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Number of VIE real estate joint ventures | 1 | 2 |
Variable_Interest_Entities_Sum
Variable Interest Entities (Summary Of Consoldiated Variable Interest Entities) (Details) (Consolidated Variable Interest Entities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Consolidated Variable Interest Entities [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Maximum Risk of Loss | $88,000 | [1] | $111,305 | [1] |
Assets held by VIEs | 236,211 | 257,374 | ||
Assets held as collateral for debt | $229,644 | $246,486 | ||
[1] | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. |
Variable_Interest_Entities_Sum1
Variable Interest Entities (Summary Of Unconsoldiated Variable Interest Entities) (Details) (Unconsolidated Variable Interest Entities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Unconsolidated Variable Interest Entities [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $11,502,000 | [1] | $29,628,000 | [1] |
Maximum Risk of Loss | 11,679,000 | [2] | 32,990,000 | [2] |
Debt associated with tenancy-in-common arrangement | ' | $20,900,000 | ||
[1] | The carrying amount of the investments represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. | |||
[2] | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. The maximum risk of loss at December 31, 2012, includes $20.9 million of debt recorded in our Condensed Consolidated Balance Sheet due to its association with a tenancy-in-common arrangement. |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Aug. 06, 2012 | Dec. 31, 2012 | |
property | Tenancy In Common [Member] | Shopping Center [Member] | |||
property | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of operating properties acquired | 2 | ' | ' | ' | 4 |
Ownership percentage in joint ventures | ' | 75.00% | 47.80% | 79.60% | ' |
Business_Combinations_Transact
Business Combinations (Transactions Related to Acquisitions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | |
Fair value of our equity interest before acquisition | ' | ' | ' | ' | $3,825,000 | |
Fair value of consideration transferred | ' | ' | ' | ' | 218,481,000 | [1] |
Assets: | ' | ' | ' | ' | ' | |
Property | ' | ' | ' | ' | 195,377,000 | |
Unamortized debt and lease costs | ' | ' | ' | ' | 36,787,000 | |
Restricted deposits and mortgage escrows | ' | ' | ' | ' | 395,000 | |
Other, net | ' | ' | ' | ' | 3,742,000 | |
Liabilities: | ' | ' | ' | ' | ' | |
Debt, net | ' | ' | ' | ' | -46,923,000 | [2] |
Accounts payable and accrued expenses | ' | ' | ' | ' | -2,250,000 | |
Other, net | ' | ' | ' | ' | -5,899,000 | |
Total net assets | ' | ' | ' | ' | 181,229,000 | |
Acquisition costs (included in operating expenses) | ' | ' | ' | ' | 1,391,000 | |
Gain on acquisition | 0 | 1,869,000 | 0 | 1,869,000 | 1,869,000 | |
Debt assumption | ' | ' | ' | ' | 37,800,000 | |
Debt previously recorded | ' | ' | ' | ' | $6,300,000 | |
[1] | Includes assumption of debt totaling $37.8 million. | |||||
[2] | Represents the fair value of debt, which includes $6.3 million that was previously recorded. |
Business_Combinations_Pro_Form
Business Combinations (Pro Forma Impact Of Acquisitions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | ||
Business Acquisition [Line Items] | ' | ' | ||
Revenues, Pro Forma | $123,544 | [1] | $360,501 | [1] |
Net income, Pro Forma | 42,041 | [1] | 97,052 | [1] |
Net income attributable to common shareholders, Pro Forma | $31,398 | [1] | $65,888 | [1] |
Earnings per share - basic, Pro Forma | $0.26 | [1] | $0.55 | [1] |
Earnings per share - diluted, Pro Forma | $0.26 | [1] | $0.54 | [1] |
[1] | There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ' | ' |
Derivative assets | $12,844 | $9,926 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Investments, mutual funds | 7,034 | ' |
Total assets | 37,635 | 25,956 |
Total liabilities | 18,294 | 16,798 |
Fair Value, Measurements, Recurring [Member] | Grantor Trusts [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Investments, grantor trusts | 17,757 | 16,030 |
Deferred compensation plan obligations | 17,757 | 16,030 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative assets | 12,844 | 9,926 |
Derivative liabilities | 537 | 768 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Investments, mutual funds | 7,034 | ' |
Total assets | 24,791 | 16,030 |
Total liabilities | 17,757 | 16,030 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Investments, grantor trusts | 17,757 | 16,030 |
Deferred compensation plan obligations | 17,757 | 16,030 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Total assets | 12,844 | 9,926 |
Total liabilities | 537 | 768 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative assets | 12,844 | 9,926 |
Derivative liabilities | 537 | 768 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Total assets | 0 | 0 |
Total liabilities | $0 | $0 |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured On Nonrecurring Basis) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property, net | $3,248,430,000 | [1] | $3,359,011,000 | [1] |
Investment in Real Estate Joint Ventures and Partnerships, net | 281,203,000 | 289,049,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 11,876,000 | 43,910,000 | ||
Total Gains (Losses) | -2,358,000 | [2] | -9,579,000 | [3] |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property | 11,876,000 | [4] | 19,679,000 | [5] |
Total Gains (Losses) | -2,358,000 | [2],[4] | -2,971,000 | [3],[5] |
Property, net | 14,300,000 | 22,400,000 | ||
Cost to sell property | ' | 300,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Investment In Real Estate Joint Ventures And Partnerships [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment in real estate joint ventures and partnerships | ' | 24,231,000 | [6] | |
Total Gains (Losses) | ' | -6,608,000 | [3],[6] | |
Investment in Real Estate Joint Ventures and Partnerships, net | ' | 30,800,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 3,300,000 | 30,004,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property | 3,300,000 | [4] | 5,773,000 | [5] |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Investment In Real Estate Joint Ventures And Partnerships [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment in real estate joint ventures and partnerships | ' | 24,231,000 | [6] | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 8,576,000 | 13,906,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property | $8,576,000 | [4] | $13,906,000 | [5] |
[1] | Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): | |||
[2] | Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. | |||
[3] | Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us. | |||
[4] | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||
[5] | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||
[6] | Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs. |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivable from real estate joint ventures and partnerships | $84,142 | $89,776 |
Tax increment revenue bonds | 25,850 | 26,505 |
Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivable from real estate joint ventures and partnerships | 85,897 | 93,572 |
Tax increment revenue bonds | 25,850 | 26,505 |
Fixed-Rate Debt [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | 2,013,253 | 1,992,599 |
Fixed-Rate Debt [Member] | Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | 2,055,495 | 2,094,122 |
Variable-Rate Debt [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | 280,645 | 211,431 |
Variable-Rate Debt [Member] | Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | $289,560 | $223,759 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 1.20% | 1.10% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 7.20% | 6.50% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 0.80% | 1.40% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 5.00% | 5.00% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Notes Receivable From Real Estate Joint Ventures And Partnerships [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 2.70% | 3.00% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | 7.50% | 7.50% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Expected Future Inflation Rate | 1.00% | 1.00% | ||
Fair Value Input, Expected Future Growth Rate | 1.00% | 1.00% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Expected Future Inflation Rate | 2.00% | 2.00% | ||
Fair Value Input, Expected Future Growth Rate | 2.00% | 4.00% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Discount Rate | ' | 10.00% | ||
Fair Value Input, Holding Period (Years) | ' | '1 year | ||
Fair Value Input, Expected Future Inflation Rate | ' | 3.00% | [1] | |
Fair Value Input, Market Rent Growth Rate | ' | 3.00% | [1] | |
Fair Value Input, Expense Growth Rate | ' | 3.00% | [1] | |
Fair Value Input, Vacancy Rate | ' | 5.00% | [1] | |
Fair Value Input, Renewal Rate | ' | 75.00% | [1] | |
Fair Value Input, Market Rent Rate | ' | 10.52 | [1] | |
Fair Value Input, Leasing Costs Per Square Foot | ' | 16.5 | [1] | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Market Capitalization Rate | ' | 9.30% | ||
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Input, Market Capitalization Rate | ' | 9.50% | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Property | 11,876,000 | [2] | 19,679,000 | [3] |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Property | 8,576,000 | [2] | 13,906,000 | [3] |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Notes receivable from real estate joint ventures and partnerships | 85,897,000 | 93,572,000 | ||
Tax increment revenue bonds | 25,850,000 | 26,505,000 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed-Rate Debt [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Debt | 2,055,495,000 | 2,094,122,000 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Variable-Rate Debt [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Debt | 289,560,000 | 223,759,000 | ||
[1] | Only applies to one property valuation. | |||
[2] | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. | |||
[3] | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | |
jvs | sqft | Cash Flow Hedges [Member] | Unsecured Revolving Credit Facility [Member] | Consoldiated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Forward-Starting Contracts [Member] | jvs | jvs | sqft | Cash Flow Hedges [Member] | Unsecured Revolving Credit Facility [Member] | 4.45% Unsecured Senior Notes [Member] | Consoldiated Real Estate Joint Ventures [Member] | Unconsolidated Real Estate Joint Ventures [Member] | |||||||
contracts | Forward-Starting Contracts [Member] | jvs | jvs | ||||||||||||
contracts | |||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross payments to acquire real estate | ' | $73,100,000 | ' | ' | ' | ' | ' | ' | ' | $85,600,000 | ' | ' | ' | ' | ' |
Square footage of operating properties | ' | 50,400,000 | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' |
Notes receivable from real estate joint ventures and partnerships, currently due | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' | ' |
Receipt of cash and real property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 | ' | ' | ' | ' | ' |
Noncontrolling interest, increase from settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,200,000 | ' | ' | ' | ' | ' |
Number of real estate joint ventures | 3 | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | 2 | 2 |
Total assets | ' | 4,118,547,000 | 4,184,784,000 | ' | ' | ' | ' | 1,382,119,000 | 1,519,447,000 | 172,500,000 | ' | ' | ' | ' | 23,200,000 |
Ownership percentage in joint ventures | ' | ' | 75.00% | 47.80% | ' | ' | ' | 51.00% | ' | 30.00% | ' | ' | ' | ' | ' |
Note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Debt stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.45% | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | 18-Apr-17 | ' | ' | ' | ' | ' | ' | 15-Jan-24 | ' | ' |
Debt issued discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.58% | ' | ' |
Debt effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,300,000 | ' | ' |
Maximum borrowing capacity under credit facility | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' |
Number of active interest rate contracts held | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Notional amount of interest rate cash flow hedge derivatives | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' |
Cash received on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,100,000 | ' | ' | ' | ' |