Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 122,247,013 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rentals, net | $127,791 | $118,292 | $252,424 | $233,519 |
Other | 2,400 | 3,703 | 5,359 | 6,303 |
Total | 130,191 | 121,995 | 257,783 | 239,822 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 36,630 | 35,513 | 77,254 | 71,691 |
Operating | 23,920 | 23,498 | 48,535 | 46,532 |
Real estate taxes, net | 16,358 | 14,376 | 31,007 | 27,979 |
Impairment loss | 0 | 165 | 0 | 221 |
General and administrative | 5,820 | 6,184 | 11,733 | 12,848 |
Total | 82,728 | 79,736 | 168,529 | 159,271 |
Operating Income | 47,463 | 42,259 | 89,254 | 80,551 |
Interest Expense, net | -24,310 | -27,025 | -48,890 | -42,464 |
Interest and Other Income, net | 803 | 2,097 | 2,797 | 3,923 |
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | 1,718 | 83 | 1,718 | 11,592 |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 4,048 | 4,729 | 8,450 | 9,342 |
Benefit (Provision) for Income Taxes | 2,081 | -147 | 1,601 | 30 |
Income from Continuing Operations | 31,803 | 21,996 | 54,930 | 62,974 |
Operating Income from Discontinued Operations | 63 | 3,905 | 342 | 7,602 |
Gain on Sale of Property from Discontinued Operations | 3,370 | 78,012 | 44,582 | 78,012 |
Income from Discontinued Operations | 3,433 | 81,917 | 44,924 | 85,614 |
Gain on Sale of Property | 1,748 | 265 | 1,911 | 407 |
Net Income | 36,984 | 104,178 | 101,765 | 148,995 |
Less: Net Income Attributable to Noncontrolling Interests | -1,588 | -37,742 | -3,066 | -39,209 |
Net Income Adjusted for Noncontrolling Interests | 35,396 | 66,436 | 98,699 | 109,786 |
Dividends on Preferred Shares | -2,710 | -5,313 | -5,420 | -12,753 |
Redemption Costs of Preferred Shares | 0 | -15,702 | 0 | -17,944 |
Net Income Attributable to Common Shareholders | $32,686 | $45,421 | $93,279 | $79,089 |
Earnings Per Common Share - Basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.24 | $0 | $0.40 | $0.25 |
Income from discontinued operations | $0.03 | $0.37 | $0.37 | $0.40 |
Net income attributable to common shareholders | $0.27 | $0.37 | $0.77 | $0.65 |
Earnings Per Common Share - Diluted: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.24 | $0 | $0.39 | $0.25 |
Income from discontinued operations | $0.03 | $0.37 | $0.37 | $0.40 |
Net income attributable to common shareholders | $0.27 | $0.37 | $0.76 | $0.65 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $36,984 | $104,178 | $101,765 | $148,995 |
Other Comprehensive Income: | ' | ' | ' | ' |
Net unrealized gain on investments, net of taxes | 195 | 0 | 252 | 0 |
Realized gain on investments | 0 | 0 | -38 | 0 |
Net unrealized gain on derivatives | 15 | 9,135 | 52 | 7,028 |
Amortization of loss on derivatives | 403 | 666 | 876 | 1,322 |
Retirement liability adjustment | 96 | 364 | 148 | 729 |
Total | 709 | 10,165 | 1,290 | 9,079 |
Comprehensive Income | 37,693 | 114,343 | 103,055 | 158,074 |
Comprehensive Income Attributable to Noncontrolling Interests | -1,588 | -37,742 | -3,066 | -39,209 |
Comprehensive Income Adjusted for Noncontrolling Interests | $36,105 | $76,601 | $99,989 | $118,865 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Property | $4,241,257 | $4,289,276 | ||
Accumulated Depreciation | -1,098,338 | -1,058,040 | ||
Property Held for Sale, net | 0 | 122,614 | ||
Property, net | 3,142,919 | [1] | 3,353,850 | [1] |
Investment in Real Estate Joint Ventures and Partnerships, net | 268,490 | 266,158 | ||
Total | 3,411,409 | 3,620,008 | ||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 2,652 | 13,330 | ||
Unamortized Debt and Lease Costs, net | 144,205 | 164,828 | ||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $8,117 in 2014 and $9,386 in 2013) | 77,852 | [1] | 82,351 | [1] |
Cash and Cash Equivalents | 16,035 | [1] | 91,576 | [1] |
Restricted Deposits and Mortgage Escrows | 6,711 | 4,502 | ||
Other, net | 204,537 | 247,334 | ||
Total Assets | 3,863,401 | 4,223,929 | ||
LIABILITIES AND EQUITY | ' | ' | ||
Debt, net | 2,073,465 | [1] | 2,299,844 | [1] |
Accounts Payable and Accrued Expenses | 100,203 | 108,535 | ||
Other, net | 122,720 | 127,572 | ||
Total Liabilities | 2,296,388 | 2,535,951 | ||
Commitments and Contingencies | 0 | 0 | ||
Shareholders' Equity: | ' | ' | ||
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 60 shares outstanding in 2014 and 2013; liquidation preference $150,000 in 2014 and 2013 | 2 | 2 | ||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 122,238 in 2014 and 121,949 in 2013 | 3,691 | 3,683 | ||
Additional Paid-In Capital | 1,697,783 | 1,679,229 | ||
Net Income Less Than Accumulated Dividends | -286,685 | -300,537 | ||
Accumulated Other Comprehensive Loss | -2,912 | -4,202 | ||
Total Shareholders' Equity | 1,411,879 | 1,378,175 | ||
Noncontrolling Interests | 155,134 | 309,803 | ||
Total Equity | 1,567,013 | 1,687,978 | ||
Total Liabilities and Equity | 3,863,401 | 4,223,929 | ||
Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): | ' | ' | ||
Property, net | 48,455 | 70,734 | ||
Accrued Rent and Accounts Receivable, net | 2,118 | 2,855 | ||
Cash and Cash Equivalents | 6,804 | 6,548 | ||
Debt, net | $98,164 | $109,923 | ||
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts | $8,117 | $9,386 |
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: 122,238 in 2014 and 121,949 in 2013 | ' | ' |
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 | 122,238 | 121,949 |
Common Shares of Beneficial Interest; shares outstanding | 122,238 | 121,949 |
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 | 60 |
Preferred Shares of Beneficial Interest; liquidation preference | $150,000 | $150,000 |
Preferred Shares of Beneficial Interest; dividend percentage | 6.50% | 6.50% |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | ' | ' | |
Net Income | $101,765 | $148,995 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 77,514 | 78,607 | |
Amortization of debt deferred costs and intangibles, net | 1,052 | -8,747 | |
Impairment loss | 0 | 457 | |
Equity in earnings of real estate joint ventures and partnerships, net | -8,450 | -9,342 | |
Gain on sale and acquisition of real estate joint venture and partnership interests | -1,718 | -11,592 | |
Gain on sale of property | -46,493 | -78,419 | |
Distributions of income from real estate joint ventures and partnerships, net | 1,503 | 1,723 | |
Changes in accrued rent and accounts receivable, net | 1,345 | 6,266 | |
Changes in other assets, net | -12,935 | -12,844 | |
Changes in accounts payable, accrued expenses and other liabilities, net | -2,412 | -7,710 | |
Other, net | 1,824 | 3,911 | |
Net cash provided by operating activities | 112,995 | 111,305 | |
Cash Flows from Investing Activities: | ' | ' | |
Acquisition of real estate and land | 0 | -54,753 | |
Development and capital improvements | -35,774 | -30,644 | |
Proceeds from sale of property and real estate equity investments, net | 66,768 | 155,862 | |
Change in restricted deposits and mortgage escrows | -2,209 | 34,606 | |
Notes receivable from real estate joint ventures and partnerships and other receivables - Advances | 0 | -289 | |
Notes receivable from real estate joint ventures and partnerships and other receivables - Collections | 7,633 | 6,282 | |
Real estate joint ventures and partnerships - Investments | -5,119 | -17,698 | |
Real estate joint ventures and partnerships - Distribution of capital | 11,001 | 19,201 | |
Purchase of investments | -1,250 | 0 | |
Proceeds from investments | 50,788 | 0 | |
Other, net | -11,826 | -899 | |
Net cash provided by investing activities | 80,012 | 111,668 | |
Cash Flows from Financing Activities: | ' | ' | |
Proceeds from issuance of debt | 0 | 300,584 | |
Principal payments of debt | -334,626 | -199,672 | |
Changes in unsecured credit facilities | 152,000 | 38,500 | |
Proceeds from issuance of common shares of beneficial interest, net | 1,137 | 5,569 | |
Repurchase of preferred shares of beneficial interest | 0 | -275,000 | |
Common and preferred dividends paid | -84,303 | -86,639 | |
Debt issuance costs paid | -273 | -4,693 | |
Distributions to noncontrolling interests | -3,305 | -8,241 | |
Contributions from noncontrolling interests | 980 | 10,182 | |
Other, net | -158 | 207 | |
Net cash used in financing activities | -268,548 | -219,203 | |
Net (decrease) increase in cash and cash equivalents | -75,541 | 3,770 | |
Cash and cash equivalents at January 1 | 91,576 | [1] | 19,604 |
Cash and cash equivalents at June 30 | 16,035 | [1] | 23,374 |
Interest paid during the period (net of amount capitalized of $1,410 and $1,104, respectively) | 45,429 | 52,508 | |
Income taxes paid during the period | $1,705 | $1,860 | |
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Capitalized interest paid | $1,410 | $1,104 |
Condensed_Consolidated_Stateme4
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] | |
Balance at Dec. 31, 2012 | $1,740,155,000 | $7,000 | $3,663,000 | $1,934,183,000 | ($335,980,000) | ($24,743,000) | $163,025,000 | |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 148,995,000 | ' | ' | ' | 109,786,000 | ' | 39,209,000 | |
Redemption of preferred shares | -275,000,000 | -5,000 | ' | -257,051,000 | -17,944,000 | ' | ' | |
Shares issued under benefit plans | 11,355,000 | ' | 20,000 | 11,335,000 | ' | ' | ' | |
Dividends declared - common shares | [1] | -74,317,000 | ' | ' | ' | -74,317,000 | ' | ' |
Dividends declared - preferred shares | [2] | -12,322,000 | ' | ' | ' | -12,322,000 | ' | ' |
Distributions to noncontrolling interests | -8,241,000 | ' | ' | ' | ' | ' | -8,241,000 | |
Contributions from noncontrolling interests | 10,182,000 | ' | ' | ' | ' | ' | 10,182,000 | |
Other comprehensive income | 9,079,000 | ' | ' | ' | ' | 9,079,000 | ' | |
Other, net | 1,464,000 | ' | ' | 811,000 | -431,000 | ' | 1,084,000 | |
Balance at Jun. 30, 2013 | 1,551,350,000 | 2,000 | 3,683,000 | 1,689,278,000 | -331,208,000 | -15,664,000 | 205,259,000 | |
Balance at Dec. 31, 2013 | 1,687,978,000 | 2,000 | 3,683,000 | 1,679,229,000 | -300,537,000 | -4,202,000 | 309,803,000 | |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 101,765,000 | ' | ' | ' | 98,699,000 | ' | 3,066,000 | |
Shares issued under benefit plans | 7,322,000 | ' | 8,000 | 7,314,000 | ' | ' | ' | |
Dividends declared - common shares | [1] | -79,427,000 | ' | ' | ' | -79,427,000 | ' | ' |
Dividends declared - preferred shares | [2] | -4,876,000 | ' | ' | ' | -4,876,000 | ' | ' |
Distributions to noncontrolling interests | -3,305,000 | ' | ' | ' | ' | ' | -3,305,000 | |
Contributions from noncontrolling interests | 980,000 | ' | ' | ' | ' | ' | 980,000 | |
Acquisition of noncontrolling interests | 0 | ' | ' | -11,015,000 | ' | ' | -11,015,000 | |
Disposition of noncontrolling interests | -144,263,000 | ' | ' | ' | ' | ' | -144,263,000 | |
Other comprehensive income | 1,290,000 | ' | ' | ' | ' | 1,290,000 | ' | |
Other, net | -451,000 | ' | ' | 225,000 | -544,000 | ' | -132,000 | |
Balance at Jun. 30, 2014 | $1,567,013,000 | $2,000 | $3,691,000 | $1,697,783,000 | ($286,685,000) | ($2,912,000) | $155,134,000 | |
[1] | Common dividend per share was $.65 and $.61 for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Series D preferred dividend per share was $13.08 for the six months ended JuneB 30, 2013. Series F preferred dividend per share was $81.25 and $78.99 for the six months ended June 30, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Common dividend per share | $0.65 | $0.61 |
6.75% Series D Preferred Shares [Member] | ' | ' |
Preferred dividend per share | ' | $13.08 |
6.5% Series F Preferred Shares [Member] | ' | ' |
Preferred dividend per share | $81.25 | $78.99 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 to either joint ventures where we are partners or other outside owners. | ||||||||||||||||
We operate a portfolio of neighborhood and community shopping centers, totaling approximately 48.5 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 3.6% of total rental revenues during the first six months of 2014. 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 19.8% of total net operating income from continuing operations for the six months ended June 30, 2014, and an additional 9.7% 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, 2013 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, 2013. | ||||||||||||||||
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): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Restricted cash | $ | 4,046 | $ | 869 | ||||||||||||
Mortgage escrows | 2,665 | 3,633 | ||||||||||||||
Total | $ | 6,711 | $ | 4,502 | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss by component consists of the following (in thousands): | ||||||||||||||||
Gain | Gain | Defined | Total | |||||||||||||
on | on | Benefit | ||||||||||||||
Investments | Cash Flow | Pension | ||||||||||||||
Hedges | Plan | |||||||||||||||
Balance, December 31, 2013 | $ | (340 | ) | $ | (1,233 | ) | $ | 5,775 | $ | 4,202 | ||||||
Change excluding amounts reclassified | (252 | ) | (52 | ) | — | (304 | ) | |||||||||
from accumulated other comprehensive loss | ||||||||||||||||
Amounts reclassified from accumulated | 38 | (1) | (876 | ) | (2) | (148 | ) | (3) | (986 | ) | ||||||
other comprehensive loss | ||||||||||||||||
Net other comprehensive income | (214 | ) | (928 | ) | (148 | ) | (1,290 | ) | ||||||||
Balance, June 30, 2014 | $ | (554 | ) | $ | (2,161 | ) | $ | 5,627 | $ | 2,912 | ||||||
Gain | (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 | (7,028 | ) | — | (7,028 | ) | |||||||||||
from accumulated other comprehensive loss | ||||||||||||||||
Amounts reclassified from accumulated | (1,322 | ) | (2) | (729 | ) | (3) | (2,051 | ) | ||||||||
other comprehensive loss | ||||||||||||||||
Net other comprehensive income | — | (8,350 | ) | (729 | ) | (9,079 | ) | |||||||||
Balance, June 30, 2013 | $ | — | $ | (861 | ) | $ | 16,525 | $ | 15,664 | |||||||
_______________ | ||||||||||||||||
-1 | This reclassification component is included in interest and other income. | |||||||||||||||
-2 | This reclassification component is included in interest expense (see Note 7 for additional information). | |||||||||||||||
-3 | This reclassification component is included in the computation of net periodic benefit cost (see Note 13 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 Notes 9 and 11 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 | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Newly Issued Accounting Pronouncements | ' |
Newly Issued Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 were effective for us on January 1, 2014, and were required to be applied retrospectively. The ASU did not materially impact 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 No. 2013-11 were effective for us on January 1, 2014, and were required to be applied to all unrecognized tax benefits in existence. The adoption of this ASU did not materially impact our consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the criteria for reporting discontinued operations while enhancing disclosures in this area. The provisions of ASU No. 2014-08 are effective for us prospectively on January 1, 2015; however, early adoption is permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual property disposals no longer qualifying for discontinued operations presentation; thus, the results of these disposals will remain in income from continuing operations and any associated gains are included in gain on sale of property. Properties sold or classified as held for sale prior to April 1, 2014, are not subject to ASU No. 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09 are effective for us on January 1, 2017, and are required to be applied either on a retrospective or a modified retrospective approach. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. |
Property
Property | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Property | ' | |||||||
Property | ||||||||
Our property consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 832,616 | $ | 854,409 | ||||
Land held for development | 107,583 | 116,935 | ||||||
Land under development | 7,387 | 4,262 | ||||||
Buildings and improvements | 3,213,593 | 3,238,817 | ||||||
Construction in-progress | 80,078 | 74,853 | ||||||
Total | $ | 4,241,257 | $ | 4,289,276 | ||||
During the six months ended June 30, 2014, we sold five centers and other property. Aggregate gross sales proceeds from these transactions approximated $94.9 million and generated gains of approximately $23.2 million. | ||||||||
We classified eight properties as held for sale as of December 31, 2013, totaling $155.0 million before accumulated depreciation. See Note 9 for additional information. |
Investment_In_Real_Estate_Join
Investment In Real Estate Joint Ventures And Partnerships | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Combined Condensed Balance Sheets | ||||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,388,611 | $ | 1,401,982 | ||||||||||||
Accumulated depreciation | (275,383 | ) | (261,454 | ) | ||||||||||||
Property, net | 1,113,228 | 1,140,528 | ||||||||||||||
Other assets, net | 129,982 | 142,638 | ||||||||||||||
Total Assets | $ | 1,243,210 | $ | 1,283,166 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Debt, net (primarily mortgages payable) | $ | 418,100 | $ | 453,390 | ||||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 18,966 | 30,214 | ||||||||||||||
Other liabilities, net | 27,978 | 29,711 | ||||||||||||||
Total Liabilities | 465,044 | 513,315 | ||||||||||||||
Equity | 778,166 | 769,851 | ||||||||||||||
Total Liabilities and Equity | $ | 1,243,210 | $ | 1,283,166 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Combined Condensed Statements of Operations | ||||||||||||||||
Revenues, net | $ | 37,101 | $ | 41,099 | $ | 74,869 | $ | 83,260 | ||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 11,096 | 11,558 | 21,013 | 23,579 | ||||||||||||
Interest, net | 5,848 | 7,415 | 11,760 | 14,960 | ||||||||||||
Operating | 6,318 | 7,407 | 13,134 | 13,561 | ||||||||||||
Real estate taxes, net | 4,566 | 5,013 | 9,446 | 9,596 | ||||||||||||
General and administrative | 424 | 164 | 530 | 450 | ||||||||||||
Provision for income taxes | 216 | 86 | 283 | 148 | ||||||||||||
Impairment loss | — | 13 | — | 1,828 | ||||||||||||
Total | 28,468 | 31,656 | 56,166 | 64,122 | ||||||||||||
Operating income | $ | 8,633 | $ | 9,443 | $ | 18,703 | $ | 19,138 | ||||||||
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 $6.0 million and $6.1 million at June 30, 2014 and December 31, 2013, respectively, are generally amortized over the useful lives of the related assets. | ||||||||||||||||
Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. There was no impairment charge for the three and the six months ended June 30, 2014. For the three and six months ended June 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $13 thousand and $1.8 million, respectively. | ||||||||||||||||
Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million and $1.4 million for the three months ended June 30, 2014 and 2013, respectively, and $2.4 million and $2.8 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
During 2014, we had a partial disposition of a 50% interest at an unconsolidated real estate joint venture for approximately $5.1 million, resulting in a gain on our investment of $1.7 million. | ||||||||||||||||
During 2013, the final two industrial properties in an unconsolidated real estate joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, three shopping centers were sold, and our gross sales proceeds from the disposition of these five properties totaled $35.5 million, of which our share of the gain totaled $16.0 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements and two unconsolidated real estate joint ventures that we previously accounted for under the equity method, for approximately $15.7 million, resulting in a gain of $1.9 million. | ||||||||||||||||
During 2013, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $41.2 million. We also acquired our partner’s 50% unconsolidated real estate joint venture interest in a California property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. |
Notes_Receivable_From_Real_Est
Notes Receivable From Real Estate Joint Ventures And Partnerships | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [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. At June 30, 2014, we had one outstanding note receivable from a real estate joint venture, which bore a fixed-rate of interest at 5.7% per year and matures in 2017. At December 31, 2013, various notes receivable from these entities bore interest ranging from approximately 2.9% to 5.7% per year and mature at various dates through 2017. Generally, these notes receivable are secured by underlying real estate assets. | |
We believe these notes are fully collectible, and therefore no allowance has been recorded. Interest income recognized on these notes was $.1 million and $.6 million for the three months ended June 30, 2014 and 2013, respectively, and $.1 million and $1.3 million for the six months ended June 30, 2014 and 2013, respectively. | |
In December 2013, we acquired our partner’s 50% unconsolidated joint venture interest in a California property, which includes the settlement of $54.8 million of our notes receivable from real estate joint ventures and partnerships. |
Debt
Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Our debt consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Debt payable to 2038 at 2.6% to 8.6% | $ | 1,826,725 | $ | 2,205,104 | ||||
Unsecured notes payable under credit facilities | 152,000 | — | ||||||
Debt service guaranty liability | 73,740 | 73,740 | ||||||
Obligations under capital leases | 21,000 | 21,000 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
As to interest rate (including the effects of interest rate contracts): | ||||||||
Fixed-rate debt | $ | 1,809,524 | $ | 2,136,265 | ||||
Variable-rate debt | 263,941 | 163,579 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
As to collateralization: | ||||||||
Unsecured debt | $ | 1,398,572 | $ | 1,572,057 | ||||
Secured debt | 674,893 | 727,787 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
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 June 30, 2014, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that allows 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): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured revolving credit facility: | ||||||||
Balance outstanding | $ | 145,000 | $ | — | ||||
Available balance | 351,946 | 497,821 | ||||||
Letters of credit outstanding under facility | 3,054 | 2,179 | ||||||
Variable interest rate (excluding facility fee) | 0.8 | % | — | % | ||||
Unsecured and uncommitted overnight facility: | ||||||||
Balance outstanding | $ | 7,000 | $ | — | ||||
Variable interest rate | 1.3 | % | — | % | ||||
Both facilities: | ||||||||
Maximum balance outstanding during the period | $ | 165,900 | $ | 265,500 | ||||
Weighted average balance | 132,764 | 61,642 | ||||||
Year-to-date weighted average interest rate (excluding facility fee) | 0.8 | % | 1 | % | ||||
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. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both June 30, 2014 and December 31, 2013, we had $73.7 million outstanding for the debt service guaranty liability. | ||||||||
During 2014, $315 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.2%. During 2013, $173.6 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.4% and a $100 million 6% secured fixed-rate note payable was repaid prior to maturity. | ||||||||
In October 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 the remaining proceeds were invested in short-term instruments, which were used to pay down future debt maturities and for general business purposes. | ||||||||
In March 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. | ||||||||
Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At June 30, 2014 and December 31, 2013, the carrying value of such assets aggregated $1.1 billion and $1.2 billion, respectively. | ||||||||
Scheduled principal payments on our debt (excluding $152.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.8 million fair value of interest rate contracts, $(3.2) million net premium/(discount) on debt, $4.7 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands): | ||||||||
2014 remaining(1) | $ | 134,159 | ||||||
2015 | 239,941 | |||||||
2016 | 249,441 | |||||||
2017 | 142,032 | |||||||
2018 | 60,277 | |||||||
2019 | 53,907 | |||||||
2020 | 35,363 | |||||||
2021 | 2,278 | |||||||
2022 | 304,815 | |||||||
2023 | 301,937 | |||||||
Thereafter | 296,327 | |||||||
Total | $ | 1,820,477 | ||||||
_______________ | ||||||||
-1 | Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information. | |||||||
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 are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2014. |
Derivatives_And_Hedging
Derivatives And Hedging | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
June 30, 2014 | Other Assets, net | $ | 4,761 | Other Liabilities, net | $ | 420 | ||||||||||||||||||
December 31, 2013 | Other Assets, net | 5,282 | Other Liabilities, net | 476 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Assets | $ | 4,761 | $ | — | $ | 4,761 | $ | — | $ | — | $ | 4,761 | ||||||||||||
Liabilities | 420 | — | 420 | — | — | 420 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Assets | 5,282 | — | 5,282 | — | — | 5,282 | ||||||||||||||||||
Liabilities | 476 | — | 476 | — | — | 476 | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $25.5 million and $25.8 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. | ||||||||||||||||||||||||
During 2013, we settled three forward-starting contracts with an aggregate notional amount of $150 million hedging future fixed-rate debt issuances. These contracts fixed the 10-year swap rates at 2.4%. In connection with the October 2013 issuance of unsecured senior notes, we received $6.1 million associated with the settlement of these contracts resulting in a $5.9 million gain in accumulated other comprehensive loss. | ||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $2.2 million and $1.2 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 $1.9 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 | Amount of | Location of | Amount of | |||||||||||||||||||
Relationships | (Gain) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Loss | Reclassified | Reclassified | Recognized in | Recognized in | ||||||||||||||||||||
Recognized | from | from | Income on | Income on | ||||||||||||||||||||
in Other | Accumulated | Accumulated | Derivative | Derivative | ||||||||||||||||||||
Comprehensive | Other | Other | (Ineffective | (Ineffective | ||||||||||||||||||||
Income on | Comprehensive | Comprehensive | Portion and | Portion and | ||||||||||||||||||||
Derivative | Loss into | Loss into | Amount | Amount | ||||||||||||||||||||
(Effective | Income | Income | Excluded from | Excluded | ||||||||||||||||||||
Portion) | (Effective | Effectiveness | from | |||||||||||||||||||||
Portion) | Testing) | Effectiveness | ||||||||||||||||||||||
Testing) | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | $ | (15 | ) | Interest expense, | $ | (403 | ) | Interest expense, | $ | — | ||||||||||||||
net | net | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | (52 | ) | Interest expense, | (876 | ) | Interest expense, | — | |||||||||||||||||
net | net | |||||||||||||||||||||||
Three Months Ended June 30, 2013 | (9,135 | ) | Interest expense, | (666 | ) | Interest expense, | — | |||||||||||||||||
net | net | |||||||||||||||||||||||
Six Months Ended June 30, 2013 | (7,028 | ) | Interest expense, | (1,322 | ) | Interest expense, | — | |||||||||||||||||
net | net | |||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||
As of June 30, 2014, we had two interest rate contracts, maturing through October 2017, with an aggregate notional amount of $66.0 million that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.2% to 4.3%. As of December 31, 2013, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $116.7 million 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 .2% 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 June 30, 2014 | ||||||||||||||||||||||||
Interest expense, net | $ | (109 | ) | $ | 109 | $ | 529 | $ | 529 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Interest expense, net | (518 | ) | 518 | 1,145 | 1,145 | |||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (2,117 | ) | 2,117 | 2,051 | 2,051 | |||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (3,104 | ) | 3,104 | 1,021 | 1,021 | |||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | No ineffectiveness was recognized during the respective period. |
Noncontrolling_Interests
Noncontrolling Interests | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Noncontrolling Interests | ' | |||||||
Noncontrolling Interests | ||||||||
The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands): | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income adjusted for noncontrolling interests | $ | 98,699 | $ | 109,786 | ||||
Transfers from the noncontrolling interests: | ||||||||
Net increase in equity for the acquisition | 11,015 | — | ||||||
of noncontrolling interests | ||||||||
Change from net income adjusted for noncontrolling interests | $ | 109,714 | $ | 109,786 | ||||
and transfers from the noncontrolling interests | ||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
For the six months ended June 30, 2014, we disposed 12 centers, three in each of Georgia and Texas and two in each of Florida, Louisiana and North Carolina. These dispositions represent the centers that were classified as discontinued operations or held for sale prior to April 1, 2014, the adoption date for the new qualification criteria for discontinued operations (see Note 2 for further information). Since adoption, no other dispositions qualify as discontinued operations under the new guidance. | ||||||||||||||||
During 2013, we sold 20 centers, nine in Texas, three in each of Florida and North Carolina, two in New Mexico and one in each of California, Nevada and Tennessee. As of December 31, 2013, we classified as held for sale eight centers that consisted of property and accumulated depreciation totaling $155.0 million and $32.4 million, respectively, with three located in Georgia, two in each of Florida and Texas and one in North Carolina. | ||||||||||||||||
Excluding property held for sale at December 31, 2013, our Condensed Consolidated Balance Sheet at December 31, 2013 included $68.6 million of property and $13.2 million of accumulated depreciation related to the four centers that were sold and classified as discontinued operations during 2014. | ||||||||||||||||
The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues, net | $ | 107 | $ | 13,043 | $ | 1,062 | $ | 27,016 | ||||||||
Depreciation and amortization | — | (3,363 | ) | (260 | ) | (6,916 | ) | |||||||||
Operating expenses | (22 | ) | (2,353 | ) | (285 | ) | (4,697 | ) | ||||||||
Real estate taxes, net | (16 | ) | (1,298 | ) | (136 | ) | (2,901 | ) | ||||||||
Impairment loss | — | — | — | (236 | ) | |||||||||||
General and administrative | — | (13 | ) | (2 | ) | (16 | ) | |||||||||
Interest, net | — | (1,991 | ) | (19 | ) | (4,504 | ) | |||||||||
Provision for income taxes | (6 | ) | (120 | ) | (18 | ) | (144 | ) | ||||||||
Operating income from discontinued operations | 63 | 3,905 | 342 | 7,602 | ||||||||||||
Gain on sale of property from discontinued operations | 3,370 | 78,012 | 44,582 | 78,012 | ||||||||||||
Income from discontinued operations | $ | 3,433 | $ | 81,917 | $ | 44,924 | $ | 85,614 | ||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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): | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued property construction costs | $ | 5,284 | $ | 5,864 | ||||
Increase in equity for the acquisition of noncontrolling interests in consolidated | 11,015 | — | ||||||
real estate joint ventures | ||||||||
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture | (6,431 | ) | — | |||||
Property acquisitions and investments in unconsolidated real estate joint | ||||||||
ventures: | ||||||||
Increase in property, net | — | 18,698 | ||||||
Decrease in notes receivable from real estate joint ventures and | — | (3,636 | ) | |||||
partnerships | ||||||||
Decrease in real estate joint ventures and partnerships - | — | (50 | ) | |||||
investments | ||||||||
Increase in debt, net | — | 21,396 | ||||||
Increase in security deposits | — | 129 | ||||||
Sale of property and property interest: | ||||||||
Decrease in property, net | (127,837 | ) | — | |||||
Decrease in real estate joint ventures and partnerships - | (17 | ) | — | |||||
investments | ||||||||
Decrease in other, net | (34 | ) | — | |||||
Decrease in debt, net due to debt assumption | (11,069 | ) | — | |||||
Decrease in security deposits | (459 | ) | — | |||||
Decrease in noncontrolling interests | (155,278 | ) | — | |||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 31,803 | $ | 21,996 | $ | 54,930 | $ | 62,974 | ||||||||
Gain on sale of property | 1,748 | 265 | 1,911 | 407 | ||||||||||||
Net income attributable to noncontrolling interests | (1,561 | ) | (920 | ) | (3,118 | ) | (1,993 | ) | ||||||||
Dividends on preferred shares | (2,710 | ) | (5,313 | ) | (5,420 | ) | (12,753 | ) | ||||||||
Redemption costs of preferred shares | — | (15,702 | ) | — | (17,944 | ) | ||||||||||
Income from continuing operations attributable to | $ | 29,280 | $ | 326 | $ | 48,303 | $ | 30,691 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Discontinued Operations: | ||||||||||||||||
Income from discontinued operations | $ | 3,433 | $ | 81,917 | $ | 44,924 | $ | 85,614 | ||||||||
Net (income) loss attributable to noncontrolling interests | (27 | ) | (36,822 | ) | 52 | (37,216 | ) | |||||||||
Income from discontinued operations attributable to | $ | 3,406 | $ | 45,095 | $ | 44,976 | $ | 48,398 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 121,497 | 121,286 | 121,449 | 121,172 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options and awards | 1,337 | 1,288 | 1,292 | 1,223 | ||||||||||||
Weighted average shares outstanding - diluted | 122,834 | 122,574 | 122,741 | 122,395 | ||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Share options (1) | 1,924 | 1,219 | 1,924 | 1,939 | ||||||||||||
Operating partnership units | 1,499 | 1,555 | 1,499 | 1,556 | ||||||||||||
Total anti-dilutive securities | 3,423 | 2,774 | 3,423 | 3,495 | ||||||||||||
_______________ | ||||||||||||||||
-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 | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Share Options And Awards | ' | ||||||
Share Options and Awards | |||||||
During 2014, 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. Generally, unvested restricted share awards are forfeited upon the termination of the participant’s 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: | |||||||
Six Months Ended | |||||||
30-Jun-14 | |||||||
Minimum | Maximum | ||||||
Dividend yield | 0 | % | 4.1 | % | |||
Expected volatility | 14.8 | % | 25.3 | % | |||
Expected life (in years) | N/A | 3 | |||||
Risk-free interest rate | 0.1 | % | 0.8 | % | |||
A summary of the status of unvested restricted share awards for the six months ended June 30, 2014 is as follows: | |||||||
Unvested | Weighted | ||||||
Restricted | Average | ||||||
Share | Grant | ||||||
Awards | Date Fair | ||||||
Value | |||||||
Outstanding, January 1, 2014 | 575,167 | $ | 26.54 | ||||
Granted: | |||||||
Service-based awards | 109,519 | 30.11 | |||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center | 49,065 | 33.88 | |||||
Index | |||||||
Market-based awards relative to three-year absolute TSR | 49,065 | 27.63 | |||||
Trust manager awards | 29,043 | 31 | |||||
Vested | (116,877 | ) | 21.34 | ||||
Forfeited | (122 | ) | 28.81 | ||||
Outstanding, June 30, 2014 | 694,860 | $ | 28.76 | ||||
As of June 30, 2014 and December 31, 2013, there was approximately $4.1 million and $3.9 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 1.4 years for both periods. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 252 | $ | 282 | $ | 504 | $ | 708 | ||||||||
Interest cost | 450 | 340 | 900 | 853 | ||||||||||||
Expected return on plan assets | (740 | ) | (539 | ) | (1,480 | ) | (1,353 | ) | ||||||||
Recognized loss | 96 | 281 | 192 | 706 | ||||||||||||
Total | $ | 58 | $ | 364 | $ | 116 | $ | 914 | ||||||||
For the six months ended June 30, 2014 and 2013, we contributed $2.1 million and $1.8 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2014. | ||||||||||||||||
Defined Contribution Plans | ||||||||||||||||
Compensation expense related to our defined contribution plans was $.8 million for both the three months ended June 30, 2014 and 2013, and $1.7 million and $1.8 million for the six months ended June 30, 2014 and 2013, respectively. |
Related_Parties
Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
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 $1.5 million and $1.4 million outstanding as of June 30, 2014 and December 31, 2013, respectively. We also had accounts payable and accrued expenses of $5.3 million and $5.6 million outstanding as of June 30, 2014 and December 31, 2013, respectively. For the three months ended June 30, 2014 and 2013, we recorded joint venture fee income of $1.1 million and $1.4 million, respectively. For the six months ended June 30, 2014 and 2013, we recorded joint venture fee income of $2.4 million and $2.8 million, respectively. | |
In 2014, we completed the dissolution of our consolidated real estate joint venture with Hines Retail REIT (“Hines”), in which we owned a 30% interest. At December 31, 2013, this joint venture held a portfolio of 13 properties located in Texas, Tennessee, Georgia, Florida and North Carolina with $172.9 million in total assets and $11.1 million of debt, net, which was assumed by Hines. This transaction was completed through the distribution of five properties to us, resulting in an increase to our equity of $11.0 million, and eight properties to Hines. The eight properties distributed to Hines were classified as held for sale at December 31, 2013, and we realized a $23.3 million gain in discontinued operations associated with this transaction. | |
In 2013, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements to our partner for approximately $8.9 million. Also, we received cash, real property and our partner’s interest in two consolidated joint ventures in exchange for our interest in two unconsolidated joint ventures and the payment of a note receivable (see Note 15 for additional information under Litigation). Furthermore, we acquired our partner’s 50% unconsolidated joint venture interest in a California property. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
Commitments and Contingencies | |
As of June 30, 2014 and December 31, 2013, we participated in three real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina and Texas. 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 six months ended June 30, 2014 or 2013. The aggregate redemption value of these interests was approximately $49 million and $41 million as of June 30, 2014 and December 31, 2013, respectively. | |
As of June 30, 2014, we have entered into commitments aggregating $54.7 million comprised principally of construction contracts which are generally due in 12 to 36 months. | |
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. | |
Litigation | |
During 2013, we settled a lawsuit we filed in 2011 against our joint venture partner in connection with a development project in Sheridan, Colorado for an alleged failure of our joint venture partner to repay to us an intercompany note payable. Pursuant to the settlement agreement, our $16.1 million note receivable was paid 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. | |
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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Variable Interest Entities | ' | |||||||
Variable Interest Entities | ||||||||
Consolidated VIEs | ||||||||
At June 30, 2014, one of our real estate joint ventures, whose activities primarily consisted of owning and operating 16 neighborhood/community shopping centers located in Texas, was determined to be VIE. During 2014, we completed the dissolution of a real estate joint venture that was previously determined to be a VIE. At December 31, 2013, two of our real estate joint ventures, whose activities primarily consisted of owning and operating 28 neighborhood/community shopping centers 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 each of the foregoing instances and have consolidated these joint ventures. | ||||||||
A summary of our consolidated VIEs is as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Maximum Risk of Loss (1) | $ | 37,178 | $ | 40,471 | ||||
Assets Held by VIEs | 59,955 | 233,734 | ||||||
Assets Held as Collateral for Debt | 57,377 | 80,137 | ||||||
_______________ | ||||||||
-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 June 30, 2014 and December 31, 2013, one unconsolidated real estate joint venture was determined to be a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. A summary of our unconsolidated VIE is as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 11,367 | $ | 11,536 | ||||
Maximum Risk of Loss (2) | 11,267 | 11,542 | ||||||
_______________ | ||||||||
-1 | The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture. | |||||||
-2 | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture. | |||||||
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. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 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 at | ||||||||||||||||||||
in Active | Other | Unobservable | June 30, | ||||||||||||||||||||
Markets for | Observable | Inputs | 2014 | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
and Liabilities | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 19,093 | $ | 19,093 | |||||||||||||||||||
Investments, mutual funds | 8,291 | 8,291 | |||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 4,761 | 4,761 | ||||||||||||||||||||
Total | $ | 27,384 | $ | 4,761 | $ | — | $ | 32,145 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 420 | $ | 420 | |||||||||||||||||||
Deferred compensation plan obligations | $ | 19,093 | 19,093 | ||||||||||||||||||||
Total | $ | 19,093 | $ | 420 | $ | — | $ | 19,513 | |||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | ||||||||||||||||||||
in Active | Other | Unobservable | December 31, | ||||||||||||||||||||
Markets for | Observable | Inputs | 2013 | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
and Liabilities | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 18,583 | $ | 18,583 | |||||||||||||||||||
Investments, mutual funds and time deposit | 8,408 | $ | 50,034 | 58,442 | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | 5,282 | 5,282 | |||||||||||||||||||||
Total | $ | 26,991 | $ | 55,316 | $ | — | $ | 82,307 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 476 | $ | 476 | |||||||||||||||||||
Deferred compensation plan obligations | $ | 18,583 | 18,583 | ||||||||||||||||||||
Total | $ | 18,583 | $ | 476 | $ | — | $ | 19,059 | |||||||||||||||
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. | |||||||||||||||||||||||
No assets were measured at fair value on a nonrecurring basis at June 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 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) are reflected throughout 2013 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 $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. | ||||||||||||||||||||||
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): | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Using | Using | Using | |||||||||||||||||||||
Significant | Significant | Significant | |||||||||||||||||||||
Other | Unobservable | Unobservable | |||||||||||||||||||||
Observable | Inputs | Inputs | |||||||||||||||||||||
Inputs | (Level 3) | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Notes receivable from real estate | $ | 2,652 | $ | 2,887 | $ | 13,330 | $ | 13,549 | |||||||||||||||
joint ventures and partnerships | |||||||||||||||||||||||
Tax increment revenue bonds (1) | 25,392 | 25,392 | 25,850 | 25,850 | |||||||||||||||||||
Investments, held to maturity (2) | 1,000 | $ | 997 | ||||||||||||||||||||
Debt: | |||||||||||||||||||||||
Fixed-rate debt | 1,809,524 | 1,872,191 | 2,136,265 | 2,150,891 | |||||||||||||||||||
Variable-rate debt | 263,941 | 272,474 | 163,579 | 172,349 | |||||||||||||||||||
_______________ | |||||||||||||||||||||||
-1 | At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million. | ||||||||||||||||||||||
-2 | Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014. | ||||||||||||||||||||||
The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2014 and December 31, 2013 reported in the above tables, is as follows: | |||||||||||||||||||||||
Description | Fair Value at | Unobservable | Range | ||||||||||||||||||||
June 30, | December 31, | Inputs | Minimum | Maximum | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | Valuation Technique | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Property | $ | 8,576 | Broker valuation | Indicative bid | |||||||||||||||||||
estimate | |||||||||||||||||||||||
Bona fide purchase | Contract price | ||||||||||||||||||||||
offers | |||||||||||||||||||||||
Notes receivable | $ | 2,887 | 13,549 | Discounted cash flows | Discount rate | 2.3 | % | 2.7 | % | ||||||||||||||
from real | |||||||||||||||||||||||
estate joint | |||||||||||||||||||||||
ventures and | |||||||||||||||||||||||
partnerships | |||||||||||||||||||||||
Tax increment | 25,392 | 25,850 | Discounted cash flows | Discount rate | 7.5 | % | 7.5 | % | |||||||||||||||
revenue bonds | |||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||
growth rate | |||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||
inflation rate | |||||||||||||||||||||||
Fixed-rate debt | 1,872,191 | 2,150,891 | Discounted cash flows | Discount rate | 1.1 | % | 1.3 | % | 7.6 | % | 7.4 | % | |||||||||||
Variable-rate | 272,474 | 172,349 | Discounted cash flows | Discount rate | 0.8 | % | 0.8 | % | 5 | % | 5 | % | |||||||||||
debt |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
We received notice in December 2013 from the holder of one of our ground leases in Texas of its intent to exercise its purchase option under the ground lease. This transaction is expected to close in the second half of 2014, will result in the disposition of three properties with total assets approximating $11.0 million at June 30, 2014, and we do not expect any impairment associated with this transaction. | |
In July 2014, we delivered an irrevocable notice to redeem the remaining $90 million of our 8.1% senior unsecured notes on September 15, 2014, which mature in 2019, and will be funded through our revolving credit facility. The notes will be redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest to the redemption date. | |
***** |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
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, 2013 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, 2013. | |
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 Notes 9 and 11 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) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule Of Restricted Deposits And Mortgage Escrows | ' | |||||||||||||||
Our restricted deposits and mortgage escrows consist of the following (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Restricted cash | $ | 4,046 | $ | 869 | ||||||||||||
Mortgage escrows | 2,665 | 3,633 | ||||||||||||||
Total | $ | 6,711 | $ | 4,502 | ||||||||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Changes in accumulated other comprehensive loss by component consists of the following (in thousands): | ||||||||||||||||
Gain | Gain | Defined | Total | |||||||||||||
on | on | Benefit | ||||||||||||||
Investments | Cash Flow | Pension | ||||||||||||||
Hedges | Plan | |||||||||||||||
Balance, December 31, 2013 | $ | (340 | ) | $ | (1,233 | ) | $ | 5,775 | $ | 4,202 | ||||||
Change excluding amounts reclassified | (252 | ) | (52 | ) | — | (304 | ) | |||||||||
from accumulated other comprehensive loss | ||||||||||||||||
Amounts reclassified from accumulated | 38 | (1) | (876 | ) | (2) | (148 | ) | (3) | (986 | ) | ||||||
other comprehensive loss | ||||||||||||||||
Net other comprehensive income | (214 | ) | (928 | ) | (148 | ) | (1,290 | ) | ||||||||
Balance, June 30, 2014 | $ | (554 | ) | $ | (2,161 | ) | $ | 5,627 | $ | 2,912 | ||||||
Gain | (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 | (7,028 | ) | — | (7,028 | ) | |||||||||||
from accumulated other comprehensive loss | ||||||||||||||||
Amounts reclassified from accumulated | (1,322 | ) | (2) | (729 | ) | (3) | (2,051 | ) | ||||||||
other comprehensive loss | ||||||||||||||||
Net other comprehensive income | — | (8,350 | ) | (729 | ) | (9,079 | ) | |||||||||
Balance, June 30, 2013 | $ | — | $ | (861 | ) | $ | 16,525 | $ | 15,664 | |||||||
_______________ | ||||||||||||||||
-1 | This reclassification component is included in interest and other income. | |||||||||||||||
-2 | This reclassification component is included in interest expense (see Note 7 for additional information). | |||||||||||||||
-3 | This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information). |
Property_Tables
Property (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule Of Property | ' | |||||||
Our property consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 832,616 | $ | 854,409 | ||||
Land held for development | 107,583 | 116,935 | ||||||
Land under development | 7,387 | 4,262 | ||||||
Buildings and improvements | 3,213,593 | 3,238,817 | ||||||
Construction in-progress | 80,078 | 74,853 | ||||||
Total | $ | 4,241,257 | $ | 4,289,276 | ||||
Investment_In_Real_Estate_Join1
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule Of Combined Condensed Balance Sheets | ' | |||||||||||||||
Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Combined Condensed Balance Sheets | ||||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,388,611 | $ | 1,401,982 | ||||||||||||
Accumulated depreciation | (275,383 | ) | (261,454 | ) | ||||||||||||
Property, net | 1,113,228 | 1,140,528 | ||||||||||||||
Other assets, net | 129,982 | 142,638 | ||||||||||||||
Total Assets | $ | 1,243,210 | $ | 1,283,166 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Debt, net (primarily mortgages payable) | $ | 418,100 | $ | 453,390 | ||||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 18,966 | 30,214 | ||||||||||||||
Other liabilities, net | 27,978 | 29,711 | ||||||||||||||
Total Liabilities | 465,044 | 513,315 | ||||||||||||||
Equity | 778,166 | 769,851 | ||||||||||||||
Total Liabilities and Equity | $ | 1,243,210 | $ | 1,283,166 | ||||||||||||
Schedule Of Combined Condensed Statements Of Operations | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Combined Condensed Statements of Operations | ||||||||||||||||
Revenues, net | $ | 37,101 | $ | 41,099 | $ | 74,869 | $ | 83,260 | ||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 11,096 | 11,558 | 21,013 | 23,579 | ||||||||||||
Interest, net | 5,848 | 7,415 | 11,760 | 14,960 | ||||||||||||
Operating | 6,318 | 7,407 | 13,134 | 13,561 | ||||||||||||
Real estate taxes, net | 4,566 | 5,013 | 9,446 | 9,596 | ||||||||||||
General and administrative | 424 | 164 | 530 | 450 | ||||||||||||
Provision for income taxes | 216 | 86 | 283 | 148 | ||||||||||||
Impairment loss | — | 13 | — | 1,828 | ||||||||||||
Total | 28,468 | 31,656 | 56,166 | 64,122 | ||||||||||||
Operating income | $ | 8,633 | $ | 9,443 | $ | 18,703 | $ | 19,138 | ||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Debt | ' | |||||||
Our debt consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Debt payable to 2038 at 2.6% to 8.6% | $ | 1,826,725 | $ | 2,205,104 | ||||
Unsecured notes payable under credit facilities | 152,000 | — | ||||||
Debt service guaranty liability | 73,740 | 73,740 | ||||||
Obligations under capital leases | 21,000 | 21,000 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
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): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
As to interest rate (including the effects of interest rate contracts): | ||||||||
Fixed-rate debt | $ | 1,809,524 | $ | 2,136,265 | ||||
Variable-rate debt | 263,941 | 163,579 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
As to collateralization: | ||||||||
Unsecured debt | $ | 1,398,572 | $ | 1,572,057 | ||||
Secured debt | 674,893 | 727,787 | ||||||
Total | $ | 2,073,465 | $ | 2,299,844 | ||||
Schedule Of Credit Facilities | ' | |||||||
The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured revolving credit facility: | ||||||||
Balance outstanding | $ | 145,000 | $ | — | ||||
Available balance | 351,946 | 497,821 | ||||||
Letters of credit outstanding under facility | 3,054 | 2,179 | ||||||
Variable interest rate (excluding facility fee) | 0.8 | % | — | % | ||||
Unsecured and uncommitted overnight facility: | ||||||||
Balance outstanding | $ | 7,000 | $ | — | ||||
Variable interest rate | 1.3 | % | — | % | ||||
Both facilities: | ||||||||
Maximum balance outstanding during the period | $ | 165,900 | $ | 265,500 | ||||
Weighted average balance | 132,764 | 61,642 | ||||||
Year-to-date weighted average interest rate (excluding facility fee) | 0.8 | % | 1 | % | ||||
Principal Payments Of Debt | ' | |||||||
Scheduled principal payments on our debt (excluding $152.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.8 million fair value of interest rate contracts, $(3.2) million net premium/(discount) on debt, $4.7 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands): | ||||||||
2014 remaining(1) | $ | 134,159 | ||||||
2015 | 239,941 | |||||||
2016 | 249,441 | |||||||
2017 | 142,032 | |||||||
2018 | 60,277 | |||||||
2019 | 53,907 | |||||||
2020 | 35,363 | |||||||
2021 | 2,278 | |||||||
2022 | 304,815 | |||||||
2023 | 301,937 | |||||||
Thereafter | 296,327 | |||||||
Total | $ | 1,820,477 | ||||||
_______________ | ||||||||
-1 | Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information. |
Derivatives_And_Hedging_Tables
Derivatives And Hedging (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
June 30, 2014 | Other Assets, net | $ | 4,761 | Other Liabilities, net | $ | 420 | ||||||||||||||||||
December 31, 2013 | Other Assets, net | 5,282 | Other Liabilities, net | 476 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Assets | $ | 4,761 | $ | — | $ | 4,761 | $ | — | $ | — | $ | 4,761 | ||||||||||||
Liabilities | 420 | — | 420 | — | — | 420 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Assets | 5,282 | — | 5,282 | — | — | 5,282 | ||||||||||||||||||
Liabilities | 476 | — | 476 | — | — | 476 | ||||||||||||||||||
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 | Amount of | Location of | Amount of | |||||||||||||||||||
Relationships | (Gain) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Loss | Reclassified | Reclassified | Recognized in | Recognized in | ||||||||||||||||||||
Recognized | from | from | Income on | Income on | ||||||||||||||||||||
in Other | Accumulated | Accumulated | Derivative | Derivative | ||||||||||||||||||||
Comprehensive | Other | Other | (Ineffective | (Ineffective | ||||||||||||||||||||
Income on | Comprehensive | Comprehensive | Portion and | Portion and | ||||||||||||||||||||
Derivative | Loss into | Loss into | Amount | Amount | ||||||||||||||||||||
(Effective | Income | Income | Excluded from | Excluded | ||||||||||||||||||||
Portion) | (Effective | Effectiveness | from | |||||||||||||||||||||
Portion) | Testing) | Effectiveness | ||||||||||||||||||||||
Testing) | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | $ | (15 | ) | Interest expense, | $ | (403 | ) | Interest expense, | $ | — | ||||||||||||||
net | net | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | (52 | ) | Interest expense, | (876 | ) | Interest expense, | — | |||||||||||||||||
net | net | |||||||||||||||||||||||
Three Months Ended June 30, 2013 | (9,135 | ) | Interest expense, | (666 | ) | Interest expense, | — | |||||||||||||||||
net | net | |||||||||||||||||||||||
Six Months Ended June 30, 2013 | (7,028 | ) | Interest expense, | (1,322 | ) | Interest expense, | — | |||||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||||||
Interest expense, net | $ | (109 | ) | $ | 109 | $ | 529 | $ | 529 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Interest expense, net | (518 | ) | 518 | 1,145 | 1,145 | |||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (2,117 | ) | 2,117 | 2,051 | 2,051 | |||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest expense, net | (3,104 | ) | 3,104 | 1,021 | 1,021 | |||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | No ineffectiveness was recognized during the respective period. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity | ' | |||||||
The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands): | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income adjusted for noncontrolling interests | $ | 98,699 | $ | 109,786 | ||||
Transfers from the noncontrolling interests: | ||||||||
Net increase in equity for the acquisition | 11,015 | — | ||||||
of noncontrolling interests | ||||||||
Change from net income adjusted for noncontrolling interests | $ | 109,714 | $ | 109,786 | ||||
and transfers from the noncontrolling interests | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues, net | $ | 107 | $ | 13,043 | $ | 1,062 | $ | 27,016 | ||||||||
Depreciation and amortization | — | (3,363 | ) | (260 | ) | (6,916 | ) | |||||||||
Operating expenses | (22 | ) | (2,353 | ) | (285 | ) | (4,697 | ) | ||||||||
Real estate taxes, net | (16 | ) | (1,298 | ) | (136 | ) | (2,901 | ) | ||||||||
Impairment loss | — | — | — | (236 | ) | |||||||||||
General and administrative | — | (13 | ) | (2 | ) | (16 | ) | |||||||||
Interest, net | — | (1,991 | ) | (19 | ) | (4,504 | ) | |||||||||
Provision for income taxes | (6 | ) | (120 | ) | (18 | ) | (144 | ) | ||||||||
Operating income from discontinued operations | 63 | 3,905 | 342 | 7,602 | ||||||||||||
Gain on sale of property from discontinued operations | 3,370 | 78,012 | 44,582 | 78,012 | ||||||||||||
Income from discontinued operations | $ | 3,433 | $ | 81,917 | $ | 44,924 | $ | 85,614 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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): | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued property construction costs | $ | 5,284 | $ | 5,864 | ||||
Increase in equity for the acquisition of noncontrolling interests in consolidated | 11,015 | — | ||||||
real estate joint ventures | ||||||||
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture | (6,431 | ) | — | |||||
Property acquisitions and investments in unconsolidated real estate joint | ||||||||
ventures: | ||||||||
Increase in property, net | — | 18,698 | ||||||
Decrease in notes receivable from real estate joint ventures and | — | (3,636 | ) | |||||
partnerships | ||||||||
Decrease in real estate joint ventures and partnerships - | — | (50 | ) | |||||
investments | ||||||||
Increase in debt, net | — | 21,396 | ||||||
Increase in security deposits | — | 129 | ||||||
Sale of property and property interest: | ||||||||
Decrease in property, net | (127,837 | ) | — | |||||
Decrease in real estate joint ventures and partnerships - | (17 | ) | — | |||||
investments | ||||||||
Decrease in other, net | (34 | ) | — | |||||
Decrease in debt, net due to debt assumption | (11,069 | ) | — | |||||
Decrease in security deposits | (459 | ) | — | |||||
Decrease in noncontrolling interests | (155,278 | ) | — | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Components of Earnings Per Common Share - Basic and Diluted | ' | |||||||||||||||
Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 31,803 | $ | 21,996 | $ | 54,930 | $ | 62,974 | ||||||||
Gain on sale of property | 1,748 | 265 | 1,911 | 407 | ||||||||||||
Net income attributable to noncontrolling interests | (1,561 | ) | (920 | ) | (3,118 | ) | (1,993 | ) | ||||||||
Dividends on preferred shares | (2,710 | ) | (5,313 | ) | (5,420 | ) | (12,753 | ) | ||||||||
Redemption costs of preferred shares | — | (15,702 | ) | — | (17,944 | ) | ||||||||||
Income from continuing operations attributable to | $ | 29,280 | $ | 326 | $ | 48,303 | $ | 30,691 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Discontinued Operations: | ||||||||||||||||
Income from discontinued operations | $ | 3,433 | $ | 81,917 | $ | 44,924 | $ | 85,614 | ||||||||
Net (income) loss attributable to noncontrolling interests | (27 | ) | (36,822 | ) | 52 | (37,216 | ) | |||||||||
Income from discontinued operations attributable to | $ | 3,406 | $ | 45,095 | $ | 44,976 | $ | 48,398 | ||||||||
common shareholders – basic and diluted | ||||||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 121,497 | 121,286 | 121,449 | 121,172 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options and awards | 1,337 | 1,288 | 1,292 | 1,223 | ||||||||||||
Weighted average shares outstanding - diluted | 122,834 | 122,574 | 122,741 | 122,395 | ||||||||||||
Schedule Of Anti-Dilutive Securities Of Common Shares | ' | |||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Share options (1) | 1,924 | 1,219 | 1,924 | 1,939 | ||||||||||||
Operating partnership units | 1,499 | 1,555 | 1,499 | 1,556 | ||||||||||||
Total anti-dilutive securities | 3,423 | 2,774 | 3,423 | 3,495 | ||||||||||||
_______________ | ||||||||||||||||
-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) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
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: | |||||||
Six Months Ended | |||||||
30-Jun-14 | |||||||
Minimum | Maximum | ||||||
Dividend yield | 0 | % | 4.1 | % | |||
Expected volatility | 14.8 | % | 25.3 | % | |||
Expected life (in years) | N/A | 3 | |||||
Risk-free interest rate | 0.1 | % | 0.8 | % | |||
Summary Of The Status Of Unvested Restricted Share Awards | ' | ||||||
A summary of the status of unvested restricted share awards for the six months ended June 30, 2014 is as follows: | |||||||
Unvested | Weighted | ||||||
Restricted | Average | ||||||
Share | Grant | ||||||
Awards | Date Fair | ||||||
Value | |||||||
Outstanding, January 1, 2014 | 575,167 | $ | 26.54 | ||||
Granted: | |||||||
Service-based awards | 109,519 | 30.11 | |||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center | 49,065 | 33.88 | |||||
Index | |||||||
Market-based awards relative to three-year absolute TSR | 49,065 | 27.63 | |||||
Trust manager awards | 29,043 | 31 | |||||
Vested | (116,877 | ) | 21.34 | ||||
Forfeited | (122 | ) | 28.81 | ||||
Outstanding, June 30, 2014 | 694,860 | $ | 28.76 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 252 | $ | 282 | $ | 504 | $ | 708 | ||||||||
Interest cost | 450 | 340 | 900 | 853 | ||||||||||||
Expected return on plan assets | (740 | ) | (539 | ) | (1,480 | ) | (1,353 | ) | ||||||||
Recognized loss | 96 | 281 | 192 | 706 | ||||||||||||
Total | $ | 58 | $ | 364 | $ | 116 | $ | 914 | ||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Maximum Risk of Loss (1) | $ | 37,178 | $ | 40,471 | ||||
Assets Held by VIEs | 59,955 | 233,734 | ||||||
Assets Held as Collateral for Debt | 57,377 | 80,137 | ||||||
_______________ | ||||||||
-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 VIE is as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 11,367 | $ | 11,536 | ||||
Maximum Risk of Loss (2) | 11,267 | 11,542 | ||||||
_______________ | ||||||||
-1 | The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture. | |||||||
-2 | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 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 at | ||||||||||||||||||||
in Active | Other | Unobservable | June 30, | ||||||||||||||||||||
Markets for | Observable | Inputs | 2014 | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
and Liabilities | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 19,093 | $ | 19,093 | |||||||||||||||||||
Investments, mutual funds | 8,291 | 8,291 | |||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 4,761 | 4,761 | ||||||||||||||||||||
Total | $ | 27,384 | $ | 4,761 | $ | — | $ | 32,145 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 420 | $ | 420 | |||||||||||||||||||
Deferred compensation plan obligations | $ | 19,093 | 19,093 | ||||||||||||||||||||
Total | $ | 19,093 | $ | 420 | $ | — | $ | 19,513 | |||||||||||||||
Quoted Prices | Significant | Significant | Fair Value at | ||||||||||||||||||||
in Active | Other | Unobservable | December 31, | ||||||||||||||||||||
Markets for | Observable | Inputs | 2013 | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
and Liabilities | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 18,583 | $ | 18,583 | |||||||||||||||||||
Investments, mutual funds and time deposit | 8,408 | $ | 50,034 | 58,442 | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | 5,282 | 5,282 | |||||||||||||||||||||
Total | $ | 26,991 | $ | 55,316 | $ | — | $ | 82,307 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Interest rate contracts | $ | 476 | $ | 476 | |||||||||||||||||||
Deferred compensation plan obligations | $ | 18,583 | 18,583 | ||||||||||||||||||||
Total | $ | 18,583 | $ | 476 | $ | — | $ | 19,059 | |||||||||||||||
Assets Measured On Nonrecurring Basis | ' | ||||||||||||||||||||||
No assets were measured at fair value on a nonrecurring basis at June 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 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) are reflected throughout 2013 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 $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. | ||||||||||||||||||||||
Schedule Of Fair Value Disclosures | ' | ||||||||||||||||||||||
Schedule of our fair value disclosures is as follows (in thousands): | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Using | Using | Using | |||||||||||||||||||||
Significant | Significant | Significant | |||||||||||||||||||||
Other | Unobservable | Unobservable | |||||||||||||||||||||
Observable | Inputs | Inputs | |||||||||||||||||||||
Inputs | (Level 3) | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Notes receivable from real estate | $ | 2,652 | $ | 2,887 | $ | 13,330 | $ | 13,549 | |||||||||||||||
joint ventures and partnerships | |||||||||||||||||||||||
Tax increment revenue bonds (1) | 25,392 | 25,392 | 25,850 | 25,850 | |||||||||||||||||||
Investments, held to maturity (2) | 1,000 | $ | 997 | ||||||||||||||||||||
Debt: | |||||||||||||||||||||||
Fixed-rate debt | 1,809,524 | 1,872,191 | 2,136,265 | 2,150,891 | |||||||||||||||||||
Variable-rate debt | 263,941 | 272,474 | 163,579 | 172,349 | |||||||||||||||||||
_______________ | |||||||||||||||||||||||
-1 | At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million. | ||||||||||||||||||||||
-2 | Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014. | ||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 reported in the above tables, is as follows: | |||||||||||||||||||||||
Description | Fair Value at | Unobservable | Range | ||||||||||||||||||||
June 30, | December 31, | Inputs | Minimum | Maximum | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | Valuation Technique | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Property | $ | 8,576 | Broker valuation | Indicative bid | |||||||||||||||||||
estimate | |||||||||||||||||||||||
Bona fide purchase | Contract price | ||||||||||||||||||||||
offers | |||||||||||||||||||||||
Notes receivable | $ | 2,887 | 13,549 | Discounted cash flows | Discount rate | 2.3 | % | 2.7 | % | ||||||||||||||
from real | |||||||||||||||||||||||
estate joint | |||||||||||||||||||||||
ventures and | |||||||||||||||||||||||
partnerships | |||||||||||||||||||||||
Tax increment | 25,392 | 25,850 | Discounted cash flows | Discount rate | 7.5 | % | 7.5 | % | |||||||||||||||
revenue bonds | |||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||
growth rate | |||||||||||||||||||||||
Expected future | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||
inflation rate | |||||||||||||||||||||||
Fixed-rate debt | 1,872,191 | 2,150,891 | Discounted cash flows | Discount rate | 1.1 | % | 1.3 | % | 7.6 | % | 7.4 | % | |||||||||||
Variable-rate | 272,474 | 172,349 | Discounted cash flows | Discount rate | 0.8 | % | 0.8 | % | 5 | % | 5 | % | |||||||||||
debt |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
sqft | |
Significant Accounting Policies [Line Items] | ' |
Date of establishment | '1948 |
Square footage of operating properties | 48,500,000 |
Rental Revenues [Member] | Tenant Base [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 3.60% |
Net Operating Income [Member] | Houston, Texas Geographic Concentration [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 19.80% |
Net Operating Income [Member] | Other Parts of Texas Geographic Concentration [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Concentrations of risk | 9.70% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Restricted cash | $4,046 | $869 |
Mortgage escrows | 2,665 | 3,633 |
Total | $6,711 | $4,502 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ' | ' | ' | ' | ||
Beginning balance | ' | ' | $4,202 | $24,743 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | ' | ' | -304 | -7,028 | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -986 | -2,051 | ||
Net other comprehensive income | -709 | -10,165 | -1,290 | -9,079 | ||
Ending balance | 2,912 | 15,664 | 2,912 | 15,664 | ||
Gain On Investments [Member] | ' | ' | ' | ' | ||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ' | ' | ' | ' | ||
Beginning balance | ' | ' | -340 | 0 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | ' | ' | -252 | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 38 | [1] | ' | |
Net other comprehensive income | ' | ' | -214 | 0 | ||
Ending balance | -554 | 0 | -554 | 0 | ||
(Gain) Loss On Cash Flow Hedges [Member] | ' | ' | ' | ' | ||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ' | ' | ' | ' | ||
Beginning balance | ' | ' | -1,233 | 7,489 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | ' | ' | -52 | -7,028 | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -876 | [2] | -1,322 | [2] |
Net other comprehensive income | ' | ' | -928 | -8,350 | ||
Ending balance | -2,161 | -861 | -2,161 | -861 | ||
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' | ||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ' | ' | ' | ' | ||
Beginning balance | ' | ' | 5,775 | 17,254 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -148 | [3] | -729 | [3] |
Net other comprehensive income | ' | ' | -148 | -729 | ||
Ending balance | $5,627 | $16,525 | $5,627 | $16,525 | ||
[1] | This reclassification component is included in interest and other income. | |||||
[2] | This reclassification component is included in interest expense (see Note 7 for additional information). | |||||
[3] | This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information). |
Property_Narrative_Details
Property (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
property | property | |
Real Estate [Abstract] | ' | ' |
Number of operating properties sold | 5 | ' |
Proceeds from sale and disposition of property | $94.90 | ' |
Gain on sale of property | 23.2 | ' |
Number of properties held for sale | ' | 8 |
Property held for sale | ' | $155 |
Property_Schedule_Of_Property_
Property (Schedule Of Property) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Land | $832,616 | $854,409 |
Land held for development | 107,583 | 116,935 |
Land under development | 7,387 | 4,262 |
Buildings and improvements | 3,213,593 | 3,238,817 |
Construction in-progress | 80,078 | 74,853 |
Total | $4,241,257 | $4,289,276 |
Investment_In_Real_Estate_Join2
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
property | |||||
jvs | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | ' | ' | ' | 50.00% |
Net basis differentials for equity method investments | $6,000,000 | ' | $6,000,000 | ' | $6,100,000 |
Impairment loss | 0 | 165,000 | 0 | 221,000 | ' |
Management fees revenues, related parties | 1,100,000 | 1,400,000 | 2,400,000 | 2,800,000 | ' |
Gain on sale of real estate joint venture and partnership interests | 1,718,000 | 83,000 | 1,718,000 | 11,592,000 | ' |
Number of operating properties sold | ' | ' | 5 | ' | ' |
Proceeds from sale and disposition of property | ' | ' | 94,900,000 | ' | ' |
Gain on sale of property | ' | ' | 23,200,000 | ' | ' |
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | 50.00% | ' | 50.00% | ' | 51.00% |
Impairment loss | 0 | 13,000 | 0 | 1,828,000 | ' |
Proceeds from sale of unconsolidated real estate joint venture, gross | ' | ' | 5,100,000 | ' | 15,700,000 |
Gain on sale of real estate joint venture and partnership interests | ' | ' | ' | ' | 1,900,000 |
Number of operating properties sold | ' | ' | ' | ' | 5 |
Proceeds from sale and disposition of property | ' | ' | ' | ' | 35,500,000 |
Gain on sale of property | ' | ' | ' | ' | 16,000,000 |
Number of real estate joint ventures | ' | ' | ' | ' | 2 |
Gross payments to acquire real estate | ' | ' | ' | ' | 41,200,000 |
Unconsolidated Real Estate Joint Ventures [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | 20.00% | ' | 20.00% | ' | 20.00% |
Unconsolidated Real Estate Joint Ventures [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | 75.00% | ' | 75.00% | ' | 75.00% |
Tenancy In Common [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | ' | ' | ' | 10.00% |
Number of real estate joint ventures | ' | ' | ' | ' | 2 |
Industrial Properties [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Gain on sale of real estate joint venture and partnership interests | ' | ' | ' | ' | $11,500,000 |
Industrial Properties [Member] | Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of operating properties sold | ' | ' | ' | ' | 2 |
Shopping Centers [Member] | Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of operating properties sold | ' | ' | ' | ' | 3 |
Investment_In_Real_Estate_Join3
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ' | ' | ' | ' | ||
Property | $4,241,257 | $4,289,276 | ' | ' | ||
Accumulated depreciation | -1,098,338 | -1,058,040 | ' | ' | ||
Property, net | 3,142,919 | [1] | 3,353,850 | [1] | ' | ' |
Total Assets | 3,863,401 | 4,223,929 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Debt, net | 2,073,465 | [1] | 2,299,844 | [1] | ' | ' |
Other liabilities, net | 122,720 | 127,572 | ' | ' | ||
Total Liabilities | 2,296,388 | 2,535,951 | ' | ' | ||
Equity | 1,567,013 | 1,687,978 | 1,551,350 | 1,740,155 | ||
Total Liabilities and Equity | 3,863,401 | 4,223,929 | ' | ' | ||
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Property | 1,388,611 | 1,401,982 | ' | ' | ||
Accumulated depreciation | -275,383 | -261,454 | ' | ' | ||
Property, net | 1,113,228 | 1,140,528 | ' | ' | ||
Other assets, net | 129,982 | 142,638 | ' | ' | ||
Total Assets | 1,243,210 | 1,283,166 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Debt, net | 418,100 | 453,390 | ' | ' | ||
Amounts payable to Weingarten Realty Investors and Affiliates | 18,966 | 30,214 | ' | ' | ||
Other liabilities, net | 27,978 | 29,711 | ' | ' | ||
Total Liabilities | 465,044 | 513,315 | ' | ' | ||
Equity | 778,166 | 769,851 | ' | ' | ||
Total Liabilities and Equity | $1,243,210 | $1,283,166 | ' | ' | ||
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Investment_In_Real_Estate_Join4
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues, net | $130,191 | $121,995 | $257,783 | $239,822 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 36,630 | 35,513 | 77,254 | 71,691 |
Interest, net | 24,310 | 27,025 | 48,890 | 42,464 |
Operating | 23,920 | 23,498 | 48,535 | 46,532 |
Real estate taxes, net | 16,358 | 14,376 | 31,007 | 27,979 |
General and administrative | 5,820 | 6,184 | 11,733 | 12,848 |
Provision for income taxes | -2,081 | 147 | -1,601 | -30 |
Impairment loss | 0 | 165 | 0 | 221 |
Operating income | 31,803 | 21,996 | 54,930 | 62,974 |
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues, net | 37,101 | 41,099 | 74,869 | 83,260 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 11,096 | 11,558 | 21,013 | 23,579 |
Interest, net | 5,848 | 7,415 | 11,760 | 14,960 |
Operating | 6,318 | 7,407 | 13,134 | 13,561 |
Real estate taxes, net | 4,566 | 5,013 | 9,446 | 9,596 |
General and administrative | 424 | 164 | 530 | 450 |
Provision for income taxes | 216 | 86 | 283 | 148 |
Impairment loss | 0 | 13 | 0 | 1,828 |
Total | 28,468 | 31,656 | 56,166 | 64,122 |
Operating income | $8,633 | $9,443 | $18,703 | $19,138 |
Notes_Receivable_From_Real_Est1
Notes Receivable From Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Contract | ||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' | ' | ' | ' | ' |
Number of outstanding notes receivable | ' | ' | ' | 1 | ' | ' |
Interest rate on notes receivable - stated | ' | ' | ' | 5.70% | ' | ' |
Interest rate on notes receivable - range minimum | ' | ' | ' | ' | ' | 2.90% |
Interest rate on notes receivable - range maximum | ' | ' | ' | ' | ' | 5.70% |
Notes due through various dates | ' | ' | ' | 1-Mar-17 | ' | 30-Jun-17 |
Allowance for uncollectible notes receivable | $0 | $0 | ' | $0 | ' | $0 |
Interest income on notes receivable | ' | 0.1 | 0.6 | 0.1 | 1.3 | ' |
Ownership percentage in joint ventures | 50.00% | ' | ' | ' | ' | 50.00% |
Notes receivable settlement | $54.80 | ' | ' | ' | ' | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Oct. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured And Uncommitted Overnight Facility [Member] | Debt Service Guaranty [Member] | 6% Fixed-Rate Note [Member] | 4.45% Unsecured Senior Notes [Member] | 3.5% Senior Unsecured Notes [Member] | 6.75% Series D Preferred Shares [Member] | |||
extensions | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under credit facility | ' | ' | $500,000,000 | $500,000,000 | $500,000,000 | $99,000,000 | ' | ' | ' | ' | ' |
Credit facility effective date | ' | ' | 18-Apr-13 | ' | ' | 1-May-10 | ' | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | 18-Apr-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility description of extensions | ' | ' | 'provides for two consecutive six-month extensions upon our request | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit facility 6-month extensions | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing margin over LIBOR, basis points | ' | ' | 115 | ' | ' | ' | ' | ' | ' | ' | ' |
Facility fees, basis points | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' |
Bids amount | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum increase in credit facility amount | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate loan period (in days) | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' |
Debt coverage ratio | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | 1-Jan-40 | ' | 15-Jan-24 | 15-Apr-23 | ' |
Debt service guaranty liability | 73,740,000 | 73,740,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Medium term notes, matured | 315,000,000 | 173,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate during period | 5.20% | 5.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt payable | 1,826,725,000 | 2,205,104,000 | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 300,000,000 | ' |
Debt stated interest rate | ' | ' | ' | ' | ' | ' | ' | 6.00% | 4.45% | 3.50% | ' |
Debt issued at discount | ' | ' | ' | ' | ' | ' | ' | ' | 99.58% | 99.53% | ' |
Debt effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 3.56% | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 247,300,000 | 296,600,000 | ' |
Preferred shares of beneficial interest; redemption value paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 |
Preferred shares of beneficial interest; dividend percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% |
Debt instruments collateral value | $1,100,000,000 | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Debt payable to 2038 at 2.6% to 8.6% | 1,826,725 | 2,205,104 | ||
Unsecured notes payable under credit facilities | 152,000 | 0 | ||
Debt service guaranty liability | 73,740 | 73,740 | ||
Obligations under capital leases | 21,000 | 21,000 | ||
Total | 2,073,465 | [1] | 2,299,844 | [1] |
Debt Payable To 2038 [Member] | ' | ' | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Debt maturity date | 23-Dec-38 | 23-Dec-38 | ||
Debt Payable To 2038 [Member] | Minimum [Member] | ' | ' | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Debt stated interest rate | 2.60% | 2.60% | ||
Debt Payable To 2038 [Member] | Maximum [Member] | ' | ' | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Debt stated interest rate | 8.60% | 8.60% | ||
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Debt_Grouping_Of_Debt_Between_
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Total | $2,073,465 | [1] | $2,299,844 | [1] |
As To Interest Rate [Member] | ' | ' | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Fixed-rate debt | 1,809,524 | 2,136,265 | ||
Variable-rate debt | 263,941 | 163,579 | ||
Total | 2,073,465 | 2,299,844 | ||
As To Collateralization [Member] | ' | ' | ||
Schedule of Long-term Debt, By Type [Line Items] | ' | ' | ||
Unsecured debt | 1,398,572 | 1,572,057 | ||
Secured debt | 674,893 | 727,787 | ||
Total | $2,073,465 | $2,299,844 | ||
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Debt_Schedule_Of_Credit_Facili
Debt (Schedule Of Credit Facilities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Maximum balance outstanding during the period | $165,900 | $265,500 |
Weighted average balance | 132,764 | 61,642 |
Year-to-date weighted average interest rate (excluding facility fee) | 0.80% | 1.00% |
Unsecured Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding | 145,000 | 0 |
Available balance | 351,946 | 497,821 |
Letters of credit outstanding under facility | 3,054 | 2,179 |
Variable interest rate (excluding facility fee) | 0.80% | 0.00% |
Unsecured And Uncommitted Overnight Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding | $7,000 | $0 |
Variable interest rate (excluding facility fee) | 1.30% | 0.00% |
Debt_Principal_Payments_Of_Deb
Debt (Principal Payments Of Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
8.1% Senior Unsecured Notes [Member] | ||||
Maturities of Long-term Debt [Line Items] | ' | ' | ' | |
2014 remaining | $134,159,000 | [1] | ' | ' |
2015 | 239,941,000 | ' | ' | |
2016 | 249,441,000 | ' | ' | |
2017 | 142,032,000 | ' | ' | |
2018 | 60,277,000 | ' | ' | |
2019 | 53,907,000 | ' | ' | |
2020 | 35,363,000 | ' | ' | |
2021 | 2,278,000 | ' | ' | |
2022 | 304,815,000 | ' | ' | |
2023 | 301,937,000 | ' | ' | |
Thereafter | 296,327,000 | ' | ' | |
Total | 1,820,477,000 | ' | ' | |
Unsecured notes payable under credit facilities | 152,000,000 | 0 | ' | |
Obligations under capital leases | 21,000,000 | 21,000,000 | ' | |
Fair value of interest rate contracts | 4,800,000 | ' | ' | |
Net premium/(discount) on debt | -3,200,000 | ' | ' | |
Non-cash debt | 4,700,000 | ' | ' | |
Debt service guaranty liability | 73,740,000 | 73,740,000 | ' | |
Senior unsecured notes | ' | ' | $90,000,000 | |
Debt stated interest rate | ' | ' | 8.10% | |
Debt maturity date | ' | ' | 15-Sep-19 | |
Debt redemption date | ' | ' | 15-Sep-14 | |
[1] | Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information. |
Derivatives_And_Hedging_Narrat
Derivatives And Hedging (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Gain (Loss) On Cash Flow Hedges [Member] | Gain (Loss) On Cash Flow Hedges [Member] | Gain (Loss) On Cash Flow Hedges [Member] | Gain (Loss) On Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Forward-Starting Contracts [Member] | |||||
Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Fair Value Hedges [Member] | Fair Value Hedges [Member] | Cash Flow Hedges [Member] | |||||||||
contracts | contracts | contracts | contracts | contracts | contracts | |||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of active interest rate contracts held | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | ' | 3 | 2 | 4 | 3 |
Notional amount of interest rate fair value hedge derivatives | ' | ' | ' | ' | ' | ' | ' | ' | $25,500,000 | ' | $25,500,000 | ' | $25,800,000 | $66,000,000 | $116,700,000 | $150,000,000 |
Derivative, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-17 | ' | 15-Sep-17 | 15-Oct-17 | 15-Oct-17 | ' |
Derivative, lower fixed interest rate range | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | 2.30% | ' | 2.30% | ' | 4.20% | ' |
Derivative, higher fixed interest rate range | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | 5.00% | 7.50% | 7.50% | ' |
Derivative, lower variable interest rate range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | 0.20% | ' |
Derivative, higher variable interest rate range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.30% | ' |
Derivative, forward interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% |
Cash received on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 |
Gain on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | -15,000 | -9,135,000 | -52,000 | -7,028,000 | ' | ' | ' | 5,900,000 |
Accumulated other comprehensive loss | -2,912,000 | -4,202,000 | -15,664,000 | -24,743,000 | 2,161,000 | 1,233,000 | 861,000 | -7,489,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedge gain (loss) to be amortized within 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ($1,900,000) | ' | ($1,900,000) | ' | ' | ' | ' | ' |
Derivatives_And_Hedging_Schedu
Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $4,761 | $5,282 |
Derivative liabilities | 420 | 476 |
Other Assets, Net [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 4,761 | 5,282 |
Other Liabilities, Net [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | $420 | $476 |
Derivatives_And_Hedging_Offset
Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross Amounts Recognized, Assets | $4,761 | $5,282 |
Gross Amounts Offset in Balance Sheet, Assets | 0 | 0 |
Net Amounts Presented in Balance Sheet, Assets | 4,761 | 5,282 |
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 | 4,761 | 5,282 |
Gross Amounts Recognized, Liabilities | 420 | 476 |
Gross Amounts Offset in Balance Sheet, Liabilities | 0 | 0 |
Net Amounts Presented in Balance Sheet, Liabilities | 420 | 476 |
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 | $420 | $476 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) | ($15) | ($9,135) | ($52) | ($7,028) |
Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | -403 | -666 | -876 | -1,322 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $0 | $0 | $0 | $0 |
Derivatives_And_Hedging_Summar1
Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity) (Details) (Fair Value Hedges [Member], Interest Rate Contracts [Member], Interest Expense, Net [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Contracts | ($109) | ($2,117) | ($518) | ($3,104) | ||||
Gain (Loss) on Borrowings | 109 | 2,117 | 518 | 3,104 | ||||
Net Settlements and Accruals on Contracts | 529 | 2,051 | 1,145 | 1,021 | ||||
Amount of Gain (Loss) Recognized in Income | $529 | [1] | $2,051 | [1] | $1,145 | [1] | $1,021 | [1] |
[1] | No ineffectiveness was recognized during the respective period. |
Noncontrolling_Interests_Effec
Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity)(Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Net income adjusted for noncontrolling interests | $35,396 | $66,436 | $98,699 | $109,786 | ' |
Transfers from the noncontrolling interests: | ' | ' | ' | ' | ' |
Net increase in equity for the acquisition of noncontrolling interests | ' | ' | 11,015 | 0 | -16,200 |
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | ' | ' | $109,714 | $109,786 | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
property | property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 5 | ' |
Number of properties held for sale | ' | 8 |
Property held for sale | ' | $155 |
Property held for sale, accumulated depreciation | ' | 32.4 |
Gross property included in discontinued operations | ' | 68.6 |
Accumulated depreciation for property included in discontinued operations | ' | $13.20 |
Discontinued Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 12 | 20 |
Number of properties held for sale | ' | 8 |
Discontinued Operations [Member] | California [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | ' | 1 |
Discontinued Operations [Member] | Florida [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 2 | 3 |
Number of properties held for sale | ' | 2 |
Discontinued Operations [Member] | Georgia [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 3 | ' |
Number of properties held for sale | ' | 3 |
Discontinued Operations [Member] | Louisiana [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 2 | ' |
Discontinued Operations [Member] | Nevada [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | ' | 1 |
Discontinued Operations [Member] | New Mexico [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | ' | 2 |
Discontinued Operations [Member] | North Carolina [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 2 | 3 |
Number of properties held for sale | ' | 1 |
Discontinued Operations [Member] | Tennessee [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | ' | 1 |
Discontinued Operations [Member] | Texas [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 3 | 9 |
Number of properties held for sale | ' | 2 |
Discontinued Operations [Member] | Center Sold Not Including Held For Sale [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of operating properties sold | 4 | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenues, net | $107 | $13,043 | $1,062 | $27,016 |
Depreciation and amortization | 0 | -3,363 | -260 | -6,916 |
Operating expenses | -22 | -2,353 | -285 | -4,697 |
Real estate taxes, net | -16 | -1,298 | -136 | -2,901 |
Impairment loss | 0 | 0 | 0 | -236 |
General and administrative | 0 | -13 | -2 | -16 |
Interest, net | 0 | -1,991 | -19 | -4,504 |
Provision for income taxes | -6 | -120 | -18 | -144 |
Operating income from discontinued operations | 63 | 3,905 | 342 | 7,602 |
Gain on sale of property from discontinued operations | 3,370 | 78,012 | 44,582 | 78,012 |
Income from Discontinued Operations | $3,433 | $81,917 | $44,924 | $85,614 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities)(Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Accrued property construction costs | $5,284 | $5,864 |
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | 11,015 | 0 |
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture | -6,431 | 0 |
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member] | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Increase in property, net | 0 | 18,698 |
Decrease in notes receivable from real estate joint ventures and partnerships | 0 | -3,636 |
Decrease in real estate joint ventures and partnerships - investments | 0 | -50 |
Increase in debt, net | 0 | 21,396 |
Increase in security deposits | 0 | 129 |
Sale Of Property And Property Interest [Member] | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Decrease in property, net | -127,837 | 0 |
Decrease in real estate joint ventures and partnerships - investments | -17 | 0 |
Decrease in other, net | -34 | 0 |
Decrease in debt, net due to debt assumption | -11,069 | 0 |
Decrease in security deposits | -459 | 0 |
Decrease in noncontrolling interests | ($155,278) | $0 |
Earnings_Per_Share_Components_
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Continuing Operations: | ' | ' | ' | ' |
Income from continuing operations | $31,803 | $21,996 | $54,930 | $62,974 |
Gain on sale of property | 1,748 | 265 | 1,911 | 407 |
Net income attributable to noncontrolling interests | -1,561 | -920 | -3,118 | -1,993 |
Dividends on preferred shares | -2,710 | -5,313 | -5,420 | -12,753 |
Redemption costs of preferred shares | 0 | -15,702 | 0 | -17,944 |
Income from continuing operations attributable to common shareholders b basic and diluted | 29,280 | 326 | 48,303 | 30,691 |
Discontinued Operations: | ' | ' | ' | ' |
Income from discontinued operations | 3,433 | 81,917 | 44,924 | 85,614 |
Net (income) loss attributable to noncontrolling interests | -27 | -36,822 | 52 | -37,216 |
Income from discontinued operations attributable to common shareholders - basic and diluted | $3,406 | $45,095 | $44,976 | $48,398 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 121,497 | 121,286 | 121,449 | 121,172 |
Effect of dilutive securities: | ' | ' | ' | ' |
Share options and awards | 1,337 | 1,288 | 1,292 | 1,223 |
Weighted average shares outstanding - diluted | 122,834 | 122,574 | 122,741 | 122,395 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 3,423 | 2,774 | 3,423 | 3,495 | ||||
Share Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 1,924 | [1] | 1,219 | [1] | 1,924 | [1] | 1,939 | [1] |
Operating Partnership Units [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Total anti-dilutive securities | 1,499 | 1,555 | 1,499 | 1,556 | ||||
[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 $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense | $4.10 | $3.90 |
Weighted average expected amortization period for unrecognized compensation cost (in years) | '1 year 5 months | '1 year 5 months |
Share_Options_And_Awards_Fair_
Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) (Restricted Shares [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
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 | 14.80% |
Risk-free interest rate, Minimum | 0.10% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 4.10% |
Expected volatility, Maximum | 25.30% |
Risk-free interest rate, Maximum | 0.80% |
Share_Options_And_Awards_Summa
Share Options And Awards (Summary Of The Status Of Unvested Restricted Share Awards) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
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, 2014 | 575,167 |
Unvested Restricted Share Awards, Vested | -116,877 |
Unvested Restricted Share Awards, Forfeited | -122 |
Unvested Restricted Share Awards, Outstanding, June 30, 2014 | 694,860 |
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, 2014 | $26.54 |
Weighted Average Grant Date Fair Value, Vested | $21.34 |
Weighted Average Grant Date Fair Value, Forfeited | $28.81 |
Weighted Average Grant Date Fair Value, Outstanding, June 30, 2014 | $28.76 |
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 | 109,519 |
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 | $30.11 |
Market-Based 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 | 49,065 |
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 | $33.88 |
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 | 49,065 |
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 | $27.63 |
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 | 29,043 |
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 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined benefit plan, employer contributions | ' | ' | $2.10 | $1.80 |
Defined contribution plan, compensation expense | $0.80 | $0.80 | $1.70 | $1.80 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $252 | $282 | $504 | $708 |
Interest cost | 450 | 340 | 900 | 853 |
Expected return on plan assets | -740 | -539 | -1,480 | -1,353 |
Recognized loss | 96 | 281 | 192 | 706 |
Total | $58 | $364 | $116 | $914 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
property | property | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Net accounts receivable, related parties | $1,500,000 | ' | $1,500,000 | ' | $1,400,000 |
Accounts payable and accrued expenses, related parties | 5,300,000 | ' | 5,300,000 | ' | 5,600,000 |
Management fees revenues, related parties | 1,100,000 | 1,400,000 | 2,400,000 | 2,800,000 | ' |
Ownership percentage in joint ventures | ' | ' | ' | ' | 50.00% |
Total assets | 3,863,401,000 | ' | 3,863,401,000 | ' | 4,223,929,000 |
Debt, net | 1,820,477,000 | ' | 1,820,477,000 | ' | ' |
Increase in equity | ' | ' | 11,015,000 | 0 | ' |
Number of operating properties sold | ' | ' | 5 | ' | ' |
Number of properties held for sale | ' | ' | ' | ' | 8 |
Gain on sale of property | ' | ' | 46,493,000 | 78,419,000 | ' |
Hines [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | 30.00% | ' | 30.00% | ' | ' |
Number of real estate properties | 5 | ' | 5 | ' | 13 |
Total assets | ' | ' | ' | ' | 172,900,000 |
Debt, net | ' | ' | ' | ' | 11,100,000 |
Increase in equity | ' | ' | 11,000,000 | ' | ' |
Number of operating properties sold | ' | ' | 8 | ' | ' |
Gain on sale of property | ' | ' | 23,300,000 | ' | ' |
Tenancy In Common [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | ' | ' | ' | ' | 10.00% |
Number of real estate joint ventures | ' | ' | ' | ' | 2 |
Gross proceeds, related parties | ' | ' | ' | ' | 8,900,000 |
Consoldiated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Number of real estate joint ventures | ' | ' | ' | ' | 2 |
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in joint ventures | 50.00% | ' | 50.00% | ' | 51.00% |
Total assets | $1,243,210,000 | ' | $1,243,210,000 | ' | $1,283,166,000 |
Number of operating properties sold | ' | ' | ' | ' | 5 |
Number of real estate joint ventures | ' | ' | ' | ' | 2 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Shares issued in exchange of interests | $0 | ' | ' |
Notes receivable from real estate joint ventures and partnerships | ' | ' | 16,100,000 |
Receipt of cash and real property | ' | ' | 19,100,000 |
Increase (decrease) in noncontrolling interests | -11,015,000 | 0 | 16,200,000 |
Total assets | 3,863,401,000 | ' | 4,223,929,000 |
DownREIT [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number of real estate joint ventures | 3 | ' | 3 |
Shares issued in exchange of interests | 0 | 0 | ' |
Aggregate redemption value | 49,000,000 | ' | 41,000,000 |
Consoldiated Real Estate Joint Ventures [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number of real estate joint ventures | ' | ' | 2 |
Unconsolidated Real Estate Joint Ventures [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number of real estate joint ventures | ' | ' | 2 |
Total assets | 1,243,210,000 | ' | 1,283,166,000 |
Unconsolidated Real Estate Joint Ventures [Member] | Sheridan, Colorado [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Total assets | ' | ' | 23,200,000 |
Capital Additions [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Construction contract, commitment | $54,700,000 | ' | ' |
Capital Additions [Member] | Minimum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Construction contract, period (in months) | '12 | ' | ' |
Capital Additions [Member] | Maximum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Construction contract, period (in months) | '36 | ' | ' |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
jvs | jvs | |
property | property | |
Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Number of VIE real estate joint ventures | 1 | 2 |
Number of neighborhood/community shopping centers | 16 | 28 |
Unconsolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Number of VIE real estate joint ventures | 1 | 1 |
Variable_Interest_Entities_Sum
Variable Interest Entities (Summary Of Consoldiated Variable Interest Entities) (Details) (Consolidated Variable Interest Entities [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Consolidated Variable Interest Entities [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Maximum Risk of Loss | $37,178 | [1] | $40,471 | [1] |
Assets Held by VIEs | 59,955 | 233,734 | ||
Assets Held as Collateral for Debt | $57,377 | $80,137 | ||
[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 $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Unconsolidated Variable Interest Entities [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $11,367 | [1] | $11,536 | [1] |
Maximum Risk of Loss | $11,267 | [2] | $11,542 | [2] |
[1] | The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture. | |||
[2] | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $4,761 | $5,282 |
Derivative liabilities | 420 | 476 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 32,145 | 82,307 |
Deferred compensation plan obligations | 19,093 | 18,583 |
Total | 19,513 | 19,059 |
Recurring [Member] | Grantor Trusts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 19,093 | 18,583 |
Recurring [Member] | Mutual Funds And Time Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 8,291 | 58,442 |
Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 4,761 | 5,282 |
Derivative liabilities | 420 | 476 |
Recurring [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 | 27,384 | 26,991 |
Deferred compensation plan obligations | 19,093 | 18,583 |
Total | 19,093 | 18,583 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 19,093 | 18,583 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds And Time Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 8,291 | 8,408 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 4,761 | 55,316 |
Total | 420 | 476 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds And Time Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | 50,034 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 4,761 | 5,282 |
Derivative liabilities | 420 | 476 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Total | $0 | $0 |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured On Nonrecurring Basis) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property, net | $3,353,850 | [1] | $3,142,919 | [1] |
Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 11,876 | 0 | ||
Total Gains (Losses) | -2,358 | [2] | ' | |
Nonrecurring [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property | 11,876 | [3] | ' | |
Total Gains (Losses) | -2,358 | [2],[3] | ' | |
Property, net | 14,300 | ' | ||
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 | ' | ||
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 | ' | ||
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 | [3] | ' | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 8,576 | ' | ||
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 | [3] | ' | |
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): | |||
[2] | Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us. | |||
[3] | 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. Managementbs 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. |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||
Tax Increment Revenue Bonds [Member] | Tax Increment Revenue Bonds [Member] | Investments, Held To Maturity [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | |||||||
Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Tax Increment Revenue Bonds [Member] | Tax Increment Revenue Bonds [Member] | Investments, Held To Maturity [Member] | Investments, Held To Maturity [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Tax Increment Revenue Bonds [Member] | Tax Increment Revenue Bonds [Member] | Investments, Held To Maturity [Member] | Investments, Held To Maturity [Member] | Investments, Held To Maturity [Member] | ||||||||||||
Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [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 | ' | ' | ' | $2,652,000 | $13,330,000 | ' | ' | ' | ' | ' | ' | ' | ' | $2,887,000 | $13,549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,392,000 | [1] | 25,850,000 | [1] | 1,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 25,392,000 | [1] | 25,850,000 | [1] | 997,000 | [2] | ' | ' |
Debt | ' | ' | ' | ' | ' | 1,809,524,000 | 2,136,265,000 | 263,941,000 | 163,579,000 | ' | ' | ' | ' | ' | ' | 1,872,191,000 | 2,150,891,000 | 272,474,000 | 172,349,000 | ' | ' | ' | ' | ' | ||||||
Credit loss recognized | 31,000,000 | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gross unrealized loss | ' | ' | $3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | At June 30, 2014 and DecemberB 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million. | |||||||||||||||||||||||||||||
[2] | Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014. |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
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 | 1.10% | 1.30% | ||
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 | 7.60% | 7.40% | ||
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% | 0.80% | ||
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 | 2.30% | 2.70% | ||
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 Growth Rate | 1.00% | 1.00% | ||
Fair Value Input, Expected Future Inflation 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 Growth Rate | 2.00% | 2.00% | ||
Fair Value Input, Expected Future Inflation Rate | 2.00% | 2.00% | ||
Nonrecurring [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Property | ' | 11,876 | [1] | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Property | ' | 8,576 | [1] | |
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 | 2,887 | 13,549 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed-Rate Debt [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Debt | 1,872,191 | 2,150,891 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Variable-Rate Debt [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Debt | 272,474 | 172,349 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Tax Increment Revenue Bonds [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments | 25,392 | [2] | 25,850 | [2] |
[1] | 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. Managementbs 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. | |||
[2] | At June 30, 2014 and DecemberB 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million. |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 6 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Aug. 07, 2014 | Jun. 30, 2014 | Aug. 07, 2014 | Jun. 30, 2014 | Aug. 07, 2014 | |
property | Subsequent Event [Member] | Property Subject to Ground Lease [Member] | Property Subject to Ground Lease [Member] | 8.1% Senior Unsecured Notes [Member] | 8.1% Senior Unsecured Notes [Member] | ||
lease | Subsequent Event [Member] | Subsequent Event [Member] | |||||
property | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of ground leases | ' | ' | 1 | ' | ' | ' | ' |
Number of operating properties sold | 5 | ' | ' | ' | 3 | ' | ' |
Total assets | $3,863,401,000 | $4,223,929,000 | ' | $11,000,000 | ' | ' | ' |
Debt stated interest rate | ' | ' | ' | ' | ' | 8.10% | 8.10% |
Debt maturity date | ' | ' | ' | ' | ' | 15-Sep-19 | 15-Sep-19 |
Senior unsecured notes | ' | ' | ' | ' | ' | $90,000,000 | $90,000,000 |
Debt redemption date | ' | ' | ' | ' | ' | 15-Sep-14 | 15-Sep-14 |
Debt redemption price, percentage | ' | ' | ' | ' | ' | ' | 100.00% |