Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | WEINGARTEN REALTY INVESTORS /TX/ | |
Entity Central Index Key | 828,916 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 123,938,020 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Rentals, net | $ 124,310 | $ 127,791 | $ 246,968 | $ 252,424 |
Other | 2,494 | 2,400 | 5,435 | 5,359 |
Total | 126,804 | 130,191 | 252,403 | 257,783 |
Expenses: | ||||
Depreciation and amortization | 36,451 | 36,630 | 72,602 | 77,254 |
Operating | 22,200 | 23,920 | 44,785 | 48,535 |
Real estate taxes, net | 15,498 | 16,358 | 30,125 | 31,007 |
Impairment loss | 153 | 0 | 153 | 0 |
General and administrative | 6,461 | 5,820 | 13,833 | 11,733 |
Total | 80,763 | 82,728 | 161,498 | 168,529 |
Operating Income | 46,041 | 47,463 | 90,905 | 89,254 |
Interest Expense, net | (20,292) | (24,310) | (46,750) | (48,890) |
Interest and Other Income, net | 418 | 803 | 3,140 | 2,797 |
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | 18 | 1,718 | 879 | 1,718 |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 3,212 | 4,048 | 8,584 | 8,450 |
Benefit (Provision) for Income Taxes | 226 | 2,081 | (435) | 1,601 |
Income from Continuing Operations | 29,623 | 31,803 | 56,323 | 54,930 |
Operating Income from Discontinued Operations | 0 | 63 | 0 | 342 |
Gain on Sale of Property from Discontinued Operations | 0 | 3,370 | 0 | 44,582 |
Income from Discontinued Operations | 0 | 3,433 | 0 | 44,924 |
Gain on Sale of Property | 8,163 | 1,748 | 30,685 | 1,911 |
Net Income | 37,786 | 36,984 | 87,008 | 101,765 |
Less: Net Income Attributable to Noncontrolling Interests | (1,757) | (1,588) | (3,332) | (3,066) |
Net income adjusted for noncontrolling interests | 36,029 | 35,396 | 83,676 | 98,699 |
Dividends on Preferred Shares | (1,120) | (2,710) | (3,830) | (5,420) |
Redemption Costs of Preferred Shares | (9,687) | 0 | (9,687) | 0 |
Net Income Attributable to Common Shareholders | $ 25,222 | $ 32,686 | $ 70,159 | $ 93,279 |
Earnings Per Common Share - Basic: | ||||
Income from continuing operations attributable to common shareholders (dollars per share) | $ 0.20 | $ 0.24 | $ 0.57 | $ 0.40 |
Income from discontinued operations (dollars per share) | 0 | 0.03 | 0 | 0.37 |
Net income attributable to common shareholders (dollars per share) | 0.20 | 0.27 | 0.57 | 0.77 |
Earnings Per Common Share - Diluted: | ||||
Income from continuing operations attributable to common shareholders (dollars per share) | 0.20 | 0.24 | 0.57 | 0.39 |
Income from discontinued operations (dollars per share) | 0 | 0.03 | 0 | 0.37 |
Net income attributable to common shareholders (dollars per share) | $ 0.20 | $ 0.27 | $ 0.57 | $ 0.76 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 37,786 | $ 36,984 | $ 87,008 | $ 101,765 |
Other Comprehensive Income: | ||||
Net unrealized (loss) gain on investments, net of taxes | (3) | 195 | 76 | 252 |
Realized gain on investments | 0 | 0 | 0 | (38) |
Realized gain on derivatives | 5,007 | 0 | 5,007 | 0 |
Net unrealized gain on derivatives | 1,731 | 15 | 381 | 52 |
Amortization of loss on derivatives | 321 | 403 | 709 | 876 |
Retirement liability adjustment | 360 | 96 | 720 | 148 |
Total | 7,416 | 709 | 6,893 | 1,290 |
Comprehensive Income | 45,202 | 37,693 | 93,901 | 103,055 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,757) | (1,588) | (3,332) | (3,066) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 43,445 | $ 36,105 | $ 90,569 | $ 99,989 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Property | $ 4,213,668 | $ 4,076,094 | |
Accumulated Depreciation | (1,067,638) | (1,028,619) | |
Property Held for Sale, net | 7,936 | 3,670 | |
Property, net | [1] | 3,153,966 | 3,051,145 |
Investment in Real Estate Joint Ventures and Partnerships, net | 269,804 | 257,156 | |
Total | 3,423,770 | 3,308,301 | |
Unamortized Debt and Lease Costs, net | 146,368 | 141,122 | |
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $6,192 in 2015 and $7,680 in 2014) | [1] | 72,317 | 77,781 |
Cash and Cash Equivalents | [1] | 13,299 | 23,189 |
Restricted Deposits and Mortgage Escrows | 11,478 | 79,998 | |
Other, net | 183,546 | 183,703 | |
Total Assets | 3,850,778 | 3,814,094 | |
LIABILITIES AND EQUITY | |||
Debt, net | [1] | 2,087,957 | 1,938,188 |
Accounts Payable and Accrued Expenses | 97,045 | 112,479 | |
Other, net | 128,873 | 124,484 | |
Total Liabilities | 2,313,875 | 2,175,151 | |
Commitments and Contingencies | 0 | 0 | |
Shareholders' Equity: | |||
Preferred Shares of Beneficial Interest - par value, $0.3 per share; shares authorized: 10,000 6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; no shares outstanding in 2015 and 60 shares outstanding in 2014; liquidation preference $150,000 in 2014 | 0 | 2 | |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 123,934 in 2015 and 122,489 in 2014 | 3,744 | 3,700 | |
Additional Paid-In Capital | 1,614,490 | 1,706,880 | |
Net Income Less Than Accumulated Dividends | (228,034) | (212,960) | |
Accumulated Other Comprehensive Loss | (5,543) | (12,436) | |
Total Shareholders’ Equity | 1,384,657 | 1,485,186 | |
Noncontrolling Interests | 152,246 | 153,757 | |
Total Equity | 1,536,903 | 1,638,943 | |
Total Liabilities and Equity | 3,850,778 | 3,814,094 | |
Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): | |||
Property, net | 46,419 | 47,085 | |
Accrued Rent and Accounts Receivable, net | 2,306 | 2,576 | |
Cash and Cash Equivalents | 4,852 | 12,189 | |
Debt, net | $ 48,422 | $ 97,362 | |
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Allowance for doubtful accounts | $ 6,192 | $ 7,680 |
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 | 10,000,000 | 10,000,000 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 123,934 in 2015 and 122,489 in 2014 | ||
Common Shares of Beneficial Interest; par value per share | $ 0.03 | $ 0.03 |
Common Shares of Beneficial Interest - shares authorized | 275,000,000 | 275,000,000 |
Common Shares of Beneficial Interest - shares issued | 123,934,000 | 122,489,000 |
Common Shares of Beneficial Interest - shares outstanding | 123,934,000 | 122,489,000 |
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 | 140,000 | 140,000 |
Preferred Shares of Beneficial Interest; shares outstanding | 0 | 60,000 |
Preferred Shares of Beneficial Interest; liquidation preference | $ 150,000 | |
Preferred Shares of Beneficial Interest; dividend percentage | 6.50% | 6.50% |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Cash Flows from Operating Activities: | |||
Net Income | $ 87,008 | $ 101,765 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 72,602 | 77,514 | |
Amortization of debt deferred costs and intangibles, net | 1,310 | 1,052 | |
Impairment loss | 153 | 0 | |
Equity in earnings of real estate joint ventures and partnerships, net | (8,584) | (8,450) | |
Gain on sale and acquisition of real estate joint venture and partnership interests | (879) | (1,718) | |
Gain on sale of property | (30,685) | (46,493) | |
Distributions of income from real estate joint ventures and partnerships, net | 1,887 | 1,503 | |
Changes in accrued rent and accounts receivable, net | 2,956 | 1,345 | |
Changes in unamortized debt and lease costs and other assets, net | (8,660) | (12,935) | |
Changes in accounts payable, accrued expenses and other liabilities, net | (7,526) | (2,412) | |
Other, net | 10,161 | 1,824 | |
Net cash provided by operating activities | 119,743 | 112,995 | |
Cash Flows from Investing Activities: | |||
Acquisition of real estate and land | (124,914) | 0 | |
Development and capital improvements | (38,505) | (35,774) | |
Proceeds from sale of property and real estate equity investments, net | 48,051 | 66,768 | |
Change in restricted deposits and mortgage escrows | 68,520 | (2,209) | |
Notes receivable from real estate joint ventures and partnerships and other receivables - Collections | 0 | 7,633 | |
Real estate joint ventures and partnerships - Investments | (30,053) | (5,119) | |
Real estate joint ventures and partnerships - Distribution of capital | 22,653 | 11,001 | |
Purchase of investments | 0 | (1,250) | |
Proceeds from investments | 1,000 | 50,788 | |
Other, net | (489) | (11,826) | |
Net cash (used in) provided by investing activities | (53,737) | 80,012 | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 448,083 | 0 | |
Principal payments of debt | (201,845) | (334,626) | |
Changes in unsecured credit facilities | (116,000) | 152,000 | |
Proceeds from issuance of common shares of beneficial interest, net | 42,288 | 1,137 | |
Redemption of preferred shares of beneficial interest | (150,000) | 0 | |
Common and preferred dividends paid | (89,106) | (84,303) | |
Debt issuance and extinguishment costs paid | (9,691) | (273) | |
Distributions to noncontrolling interests | (3,938) | (3,305) | |
Contributions from noncontrolling interests | 0 | 980 | |
Other, net | 4,313 | (158) | |
Net cash used in financing activities | (75,896) | (268,548) | |
Net decrease in cash and cash equivalents | (9,890) | (75,541) | |
Cash and cash equivalents at January 1 | 23,189 | [1] | 91,576 |
Cash and cash equivalents at June 30 | 13,299 | [1] | 16,035 |
Interest paid during the period (net of amount capitalized of $1,673 and $1,410, respectively) | 38,999 | 45,429 | |
Income taxes paid during the period | $ 1,499 | $ 1,705 | |
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16): |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest paid | $ 1,673 | $ 1,410 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | 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] | |
Beginning Balance at Dec. 31, 2013 | $ 1,687,978 | $ 2 | $ 3,683 | $ 1,679,229 | $ (300,537) | $ (4,202) | $ 309,803 | |
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Net Income | 101,765 | 98,699 | 3,066 | |||||
Shares issued under benefit plans | 7,322 | 8 | 7,314 | |||||
Dividends paid - common shares | [1] | (79,427) | (79,427) | |||||
Dividends paid - preferred shares | [2] | (4,876) | (4,876) | |||||
Distributions to noncontrolling interests | (3,305) | (3,305) | ||||||
Contributions from noncontrolling interests | 980 | 980 | ||||||
Acquisition of noncontrolling interests | 0 | 11,015 | (11,015) | |||||
Disposition of noncontrolling interests | (144,263) | (144,263) | ||||||
Other comprehensive income | 1,290 | 1,290 | ||||||
Other, net | (451) | 225 | (544) | (132) | ||||
Ending Balance at Jun. 30, 2014 | 1,567,013 | 2 | 3,691 | 1,697,783 | (286,685) | (2,912) | 155,134 | |
Beginning Balance at Dec. 31, 2013 | 1,687,978 | 2 | 3,683 | 1,679,229 | (300,537) | (4,202) | 309,803 | |
Ending Balance at Dec. 31, 2014 | 1,638,943 | 2 | 3,700 | 1,706,880 | (212,960) | (12,436) | 153,757 | |
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Net Income | 87,008 | 83,676 | 3,332 | |||||
Redemption of preferred shares | (150,000) | (2) | (140,311) | (9,687) | ||||
Issuance of common shares, net | 40,345 | 34 | 40,311 | |||||
Shares issued under benefit plans | 7,229 | 10 | 7,219 | |||||
Shares issued in exchange for noncontrolling interests | 0 | 111 | (111) | |||||
Dividends paid - common shares | [1] | (85,233) | (85,233) | |||||
Dividends paid - preferred shares | [2] | (3,873) | (3,873) | |||||
Distributions to noncontrolling interests | (3,938) | (3,938) | ||||||
Other comprehensive income | 6,893 | 6,893 | ||||||
Other, net | (471) | 280 | 43 | (794) | ||||
Ending Balance at Jun. 30, 2015 | $ 1,536,903 | $ 0 | $ 3,744 | $ 1,614,490 | $ (228,034) | $ (5,543) | $ 152,246 | |
[1] | Common dividend per share was $.69 and $.65 for the six months ended June 30, 2015 and 2014, respectively. | |||||||
[2] | Series F preferred dividend per share was $64.55 and $81.25 for the six months ended June 30, 2015 and 2014, respectively. |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common dividend (in dollars per share) | $ 0.690 | $ 0.650 |
6.5% Series F Preferred Shares [Member] | ||
Preferred dividend (in dollars per share) | $ 64.55 | $ 81.25 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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 45.3 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 3.5% of base minimum rental revenue during the first six months of 2015 . Total revenues less operating expenses and real estate taxes from continuing operations ("net operating income from continuing operations") generated by our centers located in Houston and its surrounding areas was 18.2% of total net operating income from continuing operations for the six months ended June 30, 2015 , and an additional 9.9% of net operating income from continuing operations was generated during this period from centers 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, 2014 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, 2014 . 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. 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, Restricted cash (1) $ 8,838 $ 77,739 Mortgage escrows 2,640 2,259 Total $ 11,478 $ 79,998 _______________ (1) The decrease between the periods presented is primarily attributable to the use of funds from a qualified escrow account of $77.4 million , offset by $5.8 million of funds placed in a qualified escrow account for the purpose of completing like-kind exchange transactions. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2014 $ (656 ) $ (3,416 ) $ 16,508 $ 12,436 Change excluding amounts reclassified from accumulated other comprehensive loss (76 ) (5,388 ) (5,464 ) Amounts reclassified from accumulated other comprehensive loss (709 ) (2) (720 ) (3) (1,429 ) Net other comprehensive (income) loss (76 ) (6,097 ) (720 ) (6,893 ) Balance, June 30, 2015 $ (732 ) $ (9,513 ) $ 15,788 $ 5,543 Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2013 $ (340 ) $ (1,233 ) $ 5,775 $ 4,202 Change excluding amounts reclassified from accumulated other comprehensive loss (252 ) (52 ) (304 ) Amounts reclassified from accumulated other comprehensive loss 38 (1) (876 ) (2) (148 ) (3) (986 ) Net other comprehensive income (214 ) (928 ) (148 ) (1,290 ) Balance, June 30, 2014 $ (554 ) $ (2,161 ) $ 5,627 $ 2,912 _______________ (1) This reclassification component is included in interest and other income. (2) This reclassification component is included in interest expense (see Note 6 for additional information). (3) This reclassification component is included in th e computation of net periodic benefit cost (see Note 13 for additional information). |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was effective for us prospectively on January 1, 2015; however, early adoption was permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual center 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. Centers 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, 2018, 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. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This ASU's core objective is that management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The provisions of ASU No. 2014-15 are effective for us as of December 31, 2016, and early adoption is permitted. We do not expect the adoption of this update to have any impact to our consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This ASU eliminates the concept of extraordinary items from GAAP. The provisions of ASU No. 2015-01 are effective for us as of January 1, 2016, and early adoption is permitted. We adopted this ASU on January 1, 2015, and the adoption of this ASU did not impact our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis." This ASU amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. ASU No. 2015-02 considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The ASU amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity's related parties affect the consolidation conclusion. The ASU also clarifies how to determine whether equity holders as a group have power over an entity. The provisions of ASU No. 2015-02 are effective for us as of January 1, 2016, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." The ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, and amortization of the debt issuance costs will continue to be reported as interest expense. The provisions of ASU No. 2015-03 are effective for us as of January 1, 2016, and are required to be applied retrospectively. Early adoption of ASU No. 2015-03 is permitted. We do not expect the adoption of this update to have any impact on our consolidated statements of operations or cash flows, except that the presentation requirements under this ASU will impact certain line items of our consolidated balance sheet. As of June 30, 2015 and December 31, 2014 , the impact would be an estimated decrease to Unamortized Debt and Lease Costs, net and Debt, net of $11.0 million and $8.2 million , respectively. In April 2015, the FASB issued ASU No. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." This ASU provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. The provisions of ASU No. 2015-05 are effective for us as of January 1, 2016, and early adoption is permitted. We do not expect the adoption of this ASU to have a material impact to our consolidated financial statements. |
Property
Property | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Property | Property Our property consists of the following (in thousands): June 30, December 31, Land $ 895,470 $ 821,614 Land held for development 102,808 103,349 Land under development 21,057 24,297 Buildings and improvements 3,121,046 3,061,616 Construction in-progress 73,287 65,218 Total $ 4,213,668 $ 4,076,094 During the six months ended June 30, 2015 , we sold six centers and other property. Aggregate gross sales proceeds from these transactions approximated $49.9 million and generated gains of approximately $30.7 million . Also, during the six months ended June 30, 2015 , we acquired three centers with an aggregate gross purchase price of approximately $145.6 million and invested $15.5 million in new development projects. At June 30, 2015 , one center, totaling $13.8 million before accumulated depreciation, was classified as held for sale. At December 31, 2014 , one center, totaling $9.4 million before accumulated depreciation, was classified as held for sale. Neither of these centers qualified to be reported as discontinued operations and each was sold subsequent to the applicable reporting period. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 6 Months Ended |
Jun. 30, 2015 | |
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, Combined Condensed Balance Sheets ASSETS Property $ 1,303,843 $ 1,331,445 Accumulated depreciation (281,393 ) (279,067 ) Property, net 1,022,450 1,052,378 Other assets, net 129,300 126,890 Total Assets $ 1,151,750 $ 1,179,268 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 361,492 $ 380,816 Amounts payable to Weingarten Realty Investors and Affiliates 13,252 13,749 Other liabilities, net 30,145 26,226 Total Liabilities 404,889 420,791 Equity 746,861 758,477 Total Liabilities and Equity $ 1,151,750 $ 1,179,268 Three Months Ended Six Months Ended 2015 2014 2015 2014 Combined Condensed Statements of Operations Revenues, net $ 36,587 $ 37,101 $ 73,705 $ 74,869 Expenses: Depreciation and amortization 9,203 11,096 18,583 21,013 Interest, net 4,235 5,848 8,652 11,760 Operating 6,771 6,318 13,236 13,134 Real estate taxes, net 4,725 4,566 9,257 9,446 General and administrative 333 424 535 530 Provision for income taxes 43 216 111 283 Impairment loss 7,487 — 7,487 — Total 32,797 28,468 57,861 56,166 Operating income $ 3,790 $ 8,633 $ 15,844 $ 18,703 Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $5.0 million and $5.2 million at June 30, 2015 and December 31, 2014 , 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. For the both the three and the six months ended June 30, 2015 , our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $7.5 million on various centers that have been marketed and sold during the three months ended June 30, 2015 . There was no impairment charge for the three and six months ended June 30, 2014 . Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million for both the three months ended June 30, 2015 and 2014 , respectively, and $2.3 million and $2.4 million for the six months ended June 30, 2015 and 2014 , respectively. During the first six months of 2015, we sold one center held in a 50% owned unconsolidated real estate joint venture for approximately $1.1 million , of which our share of the gain totaled $0.6 million . Also, associated with this transaction, we realized a gain of $0.9 million on our investment. Additionally, we sold two centers and other property held in a 20% owned unconsolidated joint venture for approximately $12.8 million , and a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $54.1 million . 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 . Also, we sold four centers and other property held in unconsolidated real estate joint ventures, for approximately $19.9 million , of which our share of the gain totaled $4.9 million . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): June 30, December 31, Debt payable, net to 2038 (1) $ 1,921,852 $ 1,656,083 Unsecured notes payable under credit facilities 73,000 189,000 Debt service guaranty liability 72,105 72,105 Obligations under capital leases 21,000 21,000 Total $ 2,087,957 $ 1,938,188 _______________ (1) At June 30, 2015 , interest rates ranged from 1.7% to 8.6% at a weighted average rate of 4.2% . At December 31, 2014 , interest rates ranged from 3.4% to 8.6% at a weighted average rate of 4.8% . The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): June 30, December 31, As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,919,052 $ 1,651,959 Variable-rate debt 168,905 286,229 Total $ 2,087,957 $ 1,938,188 As to collateralization: Unsecured debt $ 1,585,091 $ 1,343,217 Secured debt 502,866 594,971 Total $ 2,087,957 $ 1,938,188 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, 2015 , 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 March 2015 , we entered into an agreement with a bank for a short-term unsecured facility totaling $20 million that we maintain for cash management purposes, which matures in March 2016 . The facility provides for fixed interest rate loans at a 30 -day LIBOR rate plus a borrowing margin and facility fee of 125 and 10 basis points, respectively. 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 provided for fixed interest rate loans at a 30 -day LIBOR rate plus a borrowing margin based on market liquidity. As of January 2, 2015, this facility was canceled. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): June 30, December 31, Unsecured revolving credit facility: Balance outstanding $ 63,000 $ 189,000 Available balance 432,656 306,777 Letters of credit outstanding under facility 4,344 4,223 Variable interest rate (excluding facility fee) 0.8 % 0.8 % Unsecured short-term facility: Balance outstanding $ 10,000 Variable interest rate (excluding facility fee) 1.4 % Both facilities: Maximum balance outstanding during the period $ 244,500 $ 270,000 Weighted average balance 118,220 151,036 Year-to-date weighted average interest rate (excluding facility fee) 0.9 % 0.8 % 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 1.4 x 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, 2015 and December 31, 2014 , we had $72.1 million outstanding for the debt service guaranty liability. In May 2015, we issued $250 million of 3.85% senior unsecured notes maturing in 2025 . The notes were issued at 99.23% of the principal amount with a yield to maturity of 3.94% . The net proceeds received of $246.5 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility. During March 2015, we entered into a $200 million unsecured term loan. We used the proceeds to pay down amounts outstanding under our $500 million unsecured revolving credit facility. The loan matures in March 2020, and we have the option to repay the loan without penalty at any time. Borrowing rates under the agreement float at a margin over LIBOR and are priced off a grid that is tied to our senior unsecured credit ratings, which is currently 115 basis points, but have been swapped to a fixed rate of 2.6% . Additionally, the loan contains an accordion feature which allows us to increase the loan amount up to an additional $100 million . During the first six months of 2015, we repaid $90 million of fixed-rate medium term notes with a weighted average interest rate of 5.4% , which matured during this period, through our unsecured revolving credit facility. Additionally, we amended an existing $66 million secured note to extend the maturity to 2025 and reduce the interest rate from 7.4% to 3.5% per annum. In connection with this transaction, we have recorded $6.1 million of debt extinguishment costs that have been classified as net interest expense in our Condensed Consolidated Statements of Operations. During 2014, we repaid $315 million of fixed-rate medium term notes with a weighted average interest rate of 5.2% , which matured during this period, and we redeemed all $100 million of our 8.1% senior unsecured notes. The majority of the 8.1% senior unsecured notes were redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest through the redemption date. In conjunction with the redemption in the third quarter of 2014, we wrote off $1.2 million of debt costs. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At June 30, 2015 and December 31, 2014 , the carrying value of such assets aggregated $0.8 billion and $1.0 billion , respectively. Scheduled principal payments on our debt (excluding $73.0 million due under our credit facilities, $21.0 million of certain capital leases, $3.5 million fair value of interest rate contracts, $(4.8) million net premium/(discount) on debt, $4.0 million of non-cash debt-related items, and $72.1 million debt service guaranty liability) are due during the following years (in thousands): 2015 remaining $ 24,847 2016 169,653 2017 141,850 2018 62,214 2019 55,906 2020 237,425 2021 4,406 2022 307,011 2023 304,202 2024 254,394 Thereafter 357,285 Total $ 1,919,193 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, 2015 . |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jun. 30, 2015 | |
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 Location Amount Balance Sheet Location Amount Designated Hedges: June 30, 2015 Other Assets, net $ 3,829 Other Liabilities, net $ 56 December 31, 2014 Other Assets, net 3,891 Other Liabilities, net 109 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 Amounts Recognized Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amount June 30, 2015 Assets $ 3,829 $ — $ 3,829 $ — $ — $ 3,829 Liabilities 56 — 56 — — 56 December 31, 2014 Assets 3,891 — 3,891 — — 3,891 Liabilities 109 — 109 — — 109 Cash Flow Hedges As of June 30, 2015 , we had four interest rate contracts, maturing through March 2020 , with an aggregate notional amount of $205.2 million that were designated as cash flow hedges and fix interest rates ranging from 1.5% to 2.4% . As of December 31, 2014 , we had one interest rate contract, maturing in December 2015 , with an aggregate notional amount of $5.2 million that was designated as a cash flow hedge and fixed the interest rate at 2.4% . We have determined that these contracts are highly effective in offsetting future variable interest cash flows. During May 2015, we entered into and settled two forward-starting contracts with an aggregate notional amount of $215 million hedging future fixed-rate debt issuances, which fixed the 10 -year swap rates at 2.0% per annum. Upon settlement of these contracts, we received $5.0 million resulting in a gain in accumulated other comprehensive loss. As of June 30, 2015 and December 31, 2014 , the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $9.5 million and $3.4 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 $1.6 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 Relationships Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended June 30, 2015 $ (6,738 ) Interest expense, net $ (321 ) Interest expense, net $ — Six Months Ended June 30, 2015 (5,388 ) Interest expense, net (709 ) Interest expense, net — Three Months Ended June 30, 2014 (15 ) Interest expense, net (403 ) Interest expense, net — Six Months Ended June 30, 2014 (52 ) Interest expense, net (876 ) Interest expense, net — Fair Value Hedges As of June 30, 2015 and December 31, 2014 , we had two interest rate contracts, maturing through October 2017, with an aggregate notional amount of $64.5 million and $65.3 million , respectively, that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.26% to 4.29% and 4.23% to 4.26% , respectively. 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) on Contracts Gain (Loss) on Borrowings Net Settlements and Accruals on Contracts (1) Amount of Gain (Loss) Recognized in Income (2) Three Months Ended June 30, 2015 Interest expense, net $ (442 ) $ 442 $ 513 $ 513 Six Months Ended June 30, 2015 Interest expense, net (389 ) 389 1,038 1,038 Three Months Ended June 30, 2014 Interest expense, net (109 ) 109 529 529 Six Months Ended June 30, 2014 Interest expense, net (519 ) 519 1,145 1,145 _______________ (1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. (2) No ineffectiveness was recognized during the respective periods. |
Common Shares of Beneficial Int
Common Shares of Beneficial Interest | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Shares of Beneficial Interest | Common Shares of Beneficial Interest In February 2015, we established an at-the-market ("ATM") equity offering program. This program authorizes us to sell up to $200 million of common shares of beneficial interest ("common shares"), in amounts and at times as we determine, at prices determined by the market at the time of sale. Actual sales may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds for general trust purposes, which may include reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt or equity securities. As of June 30, 2015 , $159.2 million of common shares remained available for sale under this ATM equity offering program. The following shares were sold under the ATM equity offering program (in thousands, except per share amounts): Three Months Ended Six Months Ended Shares sold 320 1,129 Weighted average price per share $ 35.91 $ 36.18 Gross proceeds $ 11,476 $ 40,836 |
Preferred Shares of Beneficial
Preferred Shares of Beneficial Interest | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Preferred Shares of Beneficial Interest | Preferred Shares of Beneficial Interest On May 8, 2015 , we exercised our option to redeem the remaining outstanding Series F depositary shares totaling $150 million . Upon redemption of these shares, $9.7 million was reported as a deduction in arriving at net income attributable to common shareholders. At December 31, 2014 , we had $150 million of Series F depositary shares outstanding. Each depositary share represented one-hundredth of a Series F Cumulative Redeemable Preferred Share. The depositary shares were redeemable at our option, in whole or in part, for cash at a redemption price of $25 per depositary share, plus any accrued and unpaid dividends thereon. The depositary shares were not convertible or exchangeable for any of our other property or securities. The Series F Preferred Shares paid a 6.5% annual dividend and had a liquidation value of $2,500 per share. Of these outstanding shares, $64.3 million were issued at a discount and had an effective rate of 8.25% . |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [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 2015 2014 Net income adjusted for noncontrolling interests $ 83,676 $ 98,699 Transfers from the noncontrolling interests: Increase in equity for operating partnership units 111 — Net increase in equity for the acquisition of noncontrolling interests — 11,015 Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 83,787 $ 109,714 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 Accrued property construction costs $ 6,412 $ 5,284 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — 11,015 Exchange of operating partnership units for common shares 111 — 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 debt, net 20,116 — Sale of property and property interest: Decrease in property, net — (127,837 ) Decrease in real estate joint ventures and partnerships - investments — (17 ) 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, 2015 | |
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. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Numerator: Continuing Operations: Income from continuing operations $ 29,623 $ 31,803 $ 56,323 $ 54,930 Gain on sale of property 8,163 1,748 30,685 1,911 Net income attributable to noncontrolling interests (1,757 ) (1,561 ) (3,332 ) (3,118 ) Dividends on preferred shares (1,120 ) (2,710 ) (3,830 ) (5,420 ) Redemption costs of preferred shares (9,687 ) — (9,687 ) — Income from continuing operations attributable to common shareholders – basic and diluted $ 25,222 $ 29,280 $ 70,159 $ 48,303 Discontinued Operations: Income from discontinued operations $ — $ 3,433 $ — $ 44,924 Net (income) loss attributable to noncontrolling interests — (27 ) — 52 Income from discontinued operations attributable to common shareholders – basic and diluted $ — $ 3,406 $ — $ 44,976 Net Income: Net income attributable to common shareholders – basic and diluted $ 25,222 $ 32,686 $ 70,159 $ 93,279 Denominator: Weighted average shares outstanding – basic 123,298 121,497 122,715 121,449 Effect of dilutive securities: Share options and awards 1,252 1,337 1,344 1,292 Weighted average shares outstanding – diluted 124,550 122,834 124,059 122,741 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 2015 2014 2015 2014 Share options (1) 899 1,924 897 1,924 Operating partnership units 1,480 1,499 1,483 1,499 Total anti-dilutive securities 2,379 3,423 2,380 3,423 _______________ (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, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Options and Awards | Share Options and Awards During 2015 , 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 Minimum Maximum Dividend yield 0.0 % 3.6 % Expected volatility (1) 12.6 % 18.0 % Expected life (in years) N/A 3 Risk-free interest rate 0.1 % 1.1 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center index and Weingarten Realty Investors. A summary of the status of unvested restricted share awards for the six months ended June 30, 2015 is as follows: Unvested Restricted Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2015 693,805 $ 28.76 Granted: Service-based awards 99,250 36.59 Market-based awards relative to FTSE NAREIT U.S. Shopping Center 42,687 37.26 Market-based awards relative to three-year absolute TSR 42,687 27.84 Trust manager awards 32,688 31.23 Vested (320,653 ) 26.39 Forfeited (337 ) 31.93 Outstanding, June 30, 2015 590,127 $ 32.05 As of June 30, 2015 and December 31, 2014 , there was approximately $3.2 million and $2.7 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 and 0.9 years, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 2015 2014 Service cost $ 321 $ 252 $ 643 $ 504 Interest cost 476 450 952 900 Expected return on plan assets (797 ) (740 ) (1,569 ) (1,480 ) Recognized loss 360 96 720 192 Total $ 360 $ 58 $ 746 $ 116 For the six months ended June 30, 2015 and 2014 , we contributed $1.5 million and $2.1 million , respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2015 . Defined Contribution Plans Compensation expense related to our defined contribution plans was $.8 million for both the three months ended June 30, 2015 and 2014 , and $2.1 million and $1.7 million for the six months ended June 30, 2015 and 2014 , respectively . |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
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 $1.6 million and $1.5 million outstanding as of June 30, 2015 and December 31, 2014 , respectively. We also had accounts payable and accrued expenses of $5.5 million and $6.0 million outstanding as of June 30, 2015 and December 31, 2014 , respectively. For both the three months ended June 30, 2015 and 2014 , we recorded joint venture fee income of $1.1 million . For the six months ended June 30, 2015 and 2014 , we recorded joint venture fee income of $2.3 million and $2.4 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 centers 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 centers to us and eight centers to Hines, resulting in an increase to our equity and a decrease to noncontrolling interests of $11.0 million . Additionally, upon the distribution of the eight centers to Hines, we realized a $23.3 million gain in discontinued operations and a decrease in noncontrolling interests of $144.3 million associated with this transaction. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Commitments and Contingencies As of June 30, 2015 and December 31, 2014 , we participated in three real estate ventures structured as DownREIT partnerships that have centers 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 center 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. During the six months ended June 30, 2015 , common shares valued at $0.1 million were issued in exchange for certain of these interests. No common shares were issued in exchange for any of these interests during the six months ended June 30, 2014 . The aggregate redemption value of these interests was approximately $48 million and $52 million as of June 30, 2015 and December 31, 2014 , respectively. As of June 30, 2015 , we have entered into commitments aggregating $58.8 million comprised principally of construction contracts which are generally due in 12 to 36 months. As of December 31, 2014 , we have executed an agreement to purchase the retail portion of a mixed-use project for approximately $23.8 million at delivery by the developer, which is estimated to occur in 2016. Including this payment, our expected total investment in the retail portion of the project is approximately $29.2 million . We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract. 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 We are 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, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs At June 30, 2015 and December 31, 2014 , one of our real estate joint ventures, whose activities primarily consisted of owning and operating 15 neighborhood/community shopping centers located in Texas, was determined to be VIE. Based on a financing agreement that is guaranteed solely by us, we have determined that we are the primary beneficiary and have consolidated this joint venture. A summary of our consolidated VIE is as follows (in thousands): June 30, December 31, Maximum Risk of Loss (1) $ 37,178 $ 37,178 Assets Held by VIEs 56,058 63,984 Assets Held as Collateral for Debt 53,577 61,850 _______________ (1) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture. Restrictions on the use of these assets are significant because they serve as collateral for the VIE's debt, and we would generally be required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with this joint venture on our consolidated financial statements have been primarily limited to changes in noncontrolling interests and reductions in debt from our partner's contributions. In May 2015, the joint venture agreement was amended to reflect an additional contribution of $43 million made by us to the joint venture in the form of a preferred equity arrangement. The amended agreement specified that these funds were to be used by the joint venture to pay down debt that became due. This arrangement provided the most favorable economics, including financing and taxation considerations, to the joint venture, as well as to us. We and our partner are subject to the provisions of the joint venture agreement which include provisions for when additional contributions may be required to fund operating cash shortfalls and unplanned capital expenditures. Currently, no additional contributions are planned. Unconsolidated VIEs At June 30, 2015 and December 31, 2014 , 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, Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 11,224 $ 11,464 Maximum Risk of Loss (2) 10,992 10,992 _______________ (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 partner are subject to the provisions of the joint venture agreement 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, 2015 | |
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, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at Assets: Investments, mutual funds held in a grantor trust $ 20,838 $ 20,838 Investments, mutual funds 7,312 7,312 Derivative instruments: Interest rate contracts $ 3,829 3,829 Total $ 28,150 $ 3,829 $ — $ 31,979 Liabilities: Derivative instruments: Interest rate contracts $ 56 $ 56 Deferred compensation plan obligations $ 20,838 20,838 Total $ 20,838 $ 56 $ — $ 20,894 Quoted Prices Significant Significant Fair Value at Assets: Investments, mutual funds held in a grantor trust $ 19,864 $ 19,864 Investments, mutual funds 7,446 7,446 Derivative instruments: Interest rate contracts $ 3,891 3,891 Total $ 27,310 $ 3,891 $ — $ 31,201 Liabilities: Derivative instruments: Interest rate contracts $ 109 $ 109 Deferred compensation plan obligations $ 19,864 19,864 Total $ 19,864 $ 109 $ — $ 19,973 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, 2015 December 31, 2014 Carrying Value Fair Value Using Significant Other Observable Inputs (Level 2) Fair Value Using Significant Unobservable Inputs (Level 3) Carrying Value Fair Value Fair Value Using Significant Unobservable Inputs (Level 3) Tax increment revenue bonds (1) $ 25,377 $ 25,377 $ 25,392 $ 25,392 Investments, held to maturity (2) 2,000 $ 2,003 2,750 $ 2,742 Debt: Fixed-rate debt 1,919,052 1,942,612 1,651,959 1,719,775 Variable-rate debt 168,905 174,616 286,229 292,972 _______________ (1) At June 30, 2015 and December 31, 2014 , 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 gain of $3 thousand as of June 30, 2015 and an $8 thousand gross unrealized loss as of December 31, 2014 . The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2015 and December 31, 2014 reported in the above tables, is as follows: Description Fair Value at Unobservable Inputs Range June 30, December 31, Minimum Maximum (in thousands) Valuation Technique 2015 2014 2015 2014 Tax increment revenue bonds $ 25,377 $ 25,392 Discounted cash flows Discount rate 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 5.0 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 2.0 % 2.0 % Fixed-rate debt 1,942,612 1,719,775 Discounted cash flows Discount rate 2.0 % 1.3 % 5.5 % 5.1 % Variable-rate debt 174,616 292,972 Discounted cash flows Discount rate 1.2 % 1.2 % 2.9 % 2.9 % ***** |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 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, 2014 . 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. |
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. |
New Accounting Pronouncements | In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was effective for us prospectively on January 1, 2015; however, early adoption was permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual center 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. Centers 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, 2018, 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. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This ASU's core objective is that management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The provisions of ASU No. 2014-15 are effective for us as of December 31, 2016, and early adoption is permitted. We do not expect the adoption of this update to have any impact to our consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This ASU eliminates the concept of extraordinary items from GAAP. The provisions of ASU No. 2015-01 are effective for us as of January 1, 2016, and early adoption is permitted. We adopted this ASU on January 1, 2015, and the adoption of this ASU did not impact our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis." This ASU amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. ASU No. 2015-02 considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The ASU amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity's related parties affect the consolidation conclusion. The ASU also clarifies how to determine whether equity holders as a group have power over an entity. The provisions of ASU No. 2015-02 are effective for us as of January 1, 2016, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." The ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, and amortization of the debt issuance costs will continue to be reported as interest expense. The provisions of ASU No. 2015-03 are effective for us as of January 1, 2016, and are required to be applied retrospectively. Early adoption of ASU No. 2015-03 is permitted. We do not expect the adoption of this update to have any impact on our consolidated statements of operations or cash flows, except that the presentation requirements under this ASU will impact certain line items of our consolidated balance sheet. As of June 30, 2015 and December 31, 2014 , the impact would be an estimated decrease to Unamortized Debt and Lease Costs, net and Debt, net of $11.0 million and $8.2 million , respectively. In April 2015, the FASB issued ASU No. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." This ASU provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. The provisions of ASU No. 2015-05 are effective for us as of January 1, 2016, and early adoption is permitted. We do not expect the adoption of this ASU to have a material impact to our consolidated financial statements |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, Restricted cash (1) $ 8,838 $ 77,739 Mortgage escrows 2,640 2,259 Total $ 11,478 $ 79,998 _______________ (1) The decrease between the periods presented is primarily attributable to the use of funds from a qualified escrow account of $77.4 million , offset by $5.8 million of funds placed in a qualified escrow account for the purpose of completing like-kind exchange transactions. |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2014 $ (656 ) $ (3,416 ) $ 16,508 $ 12,436 Change excluding amounts reclassified from accumulated other comprehensive loss (76 ) (5,388 ) (5,464 ) Amounts reclassified from accumulated other comprehensive loss (709 ) (2) (720 ) (3) (1,429 ) Net other comprehensive (income) loss (76 ) (6,097 ) (720 ) (6,893 ) Balance, June 30, 2015 $ (732 ) $ (9,513 ) $ 15,788 $ 5,543 Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2013 $ (340 ) $ (1,233 ) $ 5,775 $ 4,202 Change excluding amounts reclassified from accumulated other comprehensive loss (252 ) (52 ) (304 ) Amounts reclassified from accumulated other comprehensive loss 38 (1) (876 ) (2) (148 ) (3) (986 ) Net other comprehensive income (214 ) (928 ) (148 ) (1,290 ) Balance, June 30, 2014 $ (554 ) $ (2,161 ) $ 5,627 $ 2,912 _______________ (1) This reclassification component is included in interest and other income. (2) This reclassification component is included in interest expense (see Note 6 for additional information). (3) This reclassification component is included in th e computation of net periodic benefit cost (see Note 13 for additional information). |
Property (Tables)
Property (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Schedule of Property | Our property consists of the following (in thousands): June 30, December 31, Land $ 895,470 $ 821,614 Land held for development 102,808 103,349 Land under development 21,057 24,297 Buildings and improvements 3,121,046 3,061,616 Construction in-progress 73,287 65,218 Total $ 4,213,668 $ 4,076,094 |
Investment in Real Estate Joi30
Investment in Real Estate Joint Ventures and Partnerships (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, Combined Condensed Balance Sheets ASSETS Property $ 1,303,843 $ 1,331,445 Accumulated depreciation (281,393 ) (279,067 ) Property, net 1,022,450 1,052,378 Other assets, net 129,300 126,890 Total Assets $ 1,151,750 $ 1,179,268 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 361,492 $ 380,816 Amounts payable to Weingarten Realty Investors and Affiliates 13,252 13,749 Other liabilities, net 30,145 26,226 Total Liabilities 404,889 420,791 Equity 746,861 758,477 Total Liabilities and Equity $ 1,151,750 $ 1,179,268 |
Schedule of Combined Condensed Statements of Operations | Three Months Ended Six Months Ended 2015 2014 2015 2014 Combined Condensed Statements of Operations Revenues, net $ 36,587 $ 37,101 $ 73,705 $ 74,869 Expenses: Depreciation and amortization 9,203 11,096 18,583 21,013 Interest, net 4,235 5,848 8,652 11,760 Operating 6,771 6,318 13,236 13,134 Real estate taxes, net 4,725 4,566 9,257 9,446 General and administrative 333 424 535 530 Provision for income taxes 43 216 111 283 Impairment loss 7,487 — 7,487 — Total 32,797 28,468 57,861 56,166 Operating income $ 3,790 $ 8,633 $ 15,844 $ 18,703 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following (in thousands): June 30, December 31, Debt payable, net to 2038 (1) $ 1,921,852 $ 1,656,083 Unsecured notes payable under credit facilities 73,000 189,000 Debt service guaranty liability 72,105 72,105 Obligations under capital leases 21,000 21,000 Total $ 2,087,957 $ 1,938,188 _______________ (1) At June 30, 2015 , interest rates ranged from 1.7% to 8.6% at a weighted average rate of 4.2% . At December 31, 2014 , interest rates ranged from 3.4% to 8.6% at a weighted average rate of 4.8% . |
Grouping of Debt Between Fixed and Variable as Well as Secured and Unsecured | The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): June 30, December 31, As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,919,052 $ 1,651,959 Variable-rate debt 168,905 286,229 Total $ 2,087,957 $ 1,938,188 As to collateralization: Unsecured debt $ 1,585,091 $ 1,343,217 Secured debt 502,866 594,971 Total $ 2,087,957 $ 1,938,188 |
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, Unsecured revolving credit facility: Balance outstanding $ 63,000 $ 189,000 Available balance 432,656 306,777 Letters of credit outstanding under facility 4,344 4,223 Variable interest rate (excluding facility fee) 0.8 % 0.8 % Unsecured short-term facility: Balance outstanding $ 10,000 Variable interest rate (excluding facility fee) 1.4 % Both facilities: Maximum balance outstanding during the period $ 244,500 $ 270,000 Weighted average balance 118,220 151,036 Year-to-date weighted average interest rate (excluding facility fee) 0.9 % 0.8 % |
Principal Payments of Debt | Scheduled principal payments on our debt (excluding $73.0 million due under our credit facilities, $21.0 million of certain capital leases, $3.5 million fair value of interest rate contracts, $(4.8) million net premium/(discount) on debt, $4.0 million of non-cash debt-related items, and $72.1 million debt service guaranty liability) are due during the following years (in thousands): 2015 remaining $ 24,847 2016 169,653 2017 141,850 2018 62,214 2019 55,906 2020 237,425 2021 4,406 2022 307,011 2023 304,202 2024 254,394 Thereafter 357,285 Total $ 1,919,193 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Location Amount Balance Sheet Location Amount Designated Hedges: June 30, 2015 Other Assets, net $ 3,829 Other Liabilities, net $ 56 December 31, 2014 Other Assets, net 3,891 Other Liabilities, net 109 |
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 Amounts Recognized Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amount June 30, 2015 Assets $ 3,829 $ — $ 3,829 $ — $ — $ 3,829 Liabilities 56 — 56 — — 56 December 31, 2014 Assets 3,891 — 3,891 — — 3,891 Liabilities 109 — 109 — — 109 |
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 Relationships Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended June 30, 2015 $ (6,738 ) Interest expense, net $ (321 ) Interest expense, net $ — Six Months Ended June 30, 2015 (5,388 ) Interest expense, net (709 ) Interest expense, net — Three Months Ended June 30, 2014 (15 ) Interest expense, net (403 ) Interest expense, net — Six Months Ended June 30, 2014 (52 ) Interest expense, net (876 ) Interest expense, 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) on Contracts Gain (Loss) on Borrowings Net Settlements and Accruals on Contracts (1) Amount of Gain (Loss) Recognized in Income (2) Three Months Ended June 30, 2015 Interest expense, net $ (442 ) $ 442 $ 513 $ 513 Six Months Ended June 30, 2015 Interest expense, net (389 ) 389 1,038 1,038 Three Months Ended June 30, 2014 Interest expense, net (109 ) 109 529 529 Six Months Ended June 30, 2014 Interest expense, net (519 ) 519 1,145 1,145 _______________ (1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. (2) No ineffectiveness was recognized during the respective periods. |
Common Shares Of Beneficial I33
Common Shares Of Beneficial Interest (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of ATM Equity Program | The following shares were sold under the ATM equity offering program (in thousands, except per share amounts): Three Months Ended Six Months Ended Shares sold 320 1,129 Weighted average price per share $ 35.91 $ 36.18 Gross proceeds $ 11,476 $ 40,836 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [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 2015 2014 Net income adjusted for noncontrolling interests $ 83,676 $ 98,699 Transfers from the noncontrolling interests: Increase in equity for operating partnership units 111 — Net increase in equity for the acquisition of noncontrolling interests — 11,015 Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 83,787 $ 109,714 |
Supplemental Cash Flow Inform35
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 Accrued property construction costs $ 6,412 $ 5,284 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — 11,015 Exchange of operating partnership units for common shares 111 — 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 debt, net 20,116 — Sale of property and property interest: Decrease in property, net — (127,837 ) Decrease in real estate joint ventures and partnerships - investments — (17 ) 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, 2015 | |
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 2015 2014 2015 2014 Numerator: Continuing Operations: Income from continuing operations $ 29,623 $ 31,803 $ 56,323 $ 54,930 Gain on sale of property 8,163 1,748 30,685 1,911 Net income attributable to noncontrolling interests (1,757 ) (1,561 ) (3,332 ) (3,118 ) Dividends on preferred shares (1,120 ) (2,710 ) (3,830 ) (5,420 ) Redemption costs of preferred shares (9,687 ) — (9,687 ) — Income from continuing operations attributable to common shareholders – basic and diluted $ 25,222 $ 29,280 $ 70,159 $ 48,303 Discontinued Operations: Income from discontinued operations $ — $ 3,433 $ — $ 44,924 Net (income) loss attributable to noncontrolling interests — (27 ) — 52 Income from discontinued operations attributable to common shareholders – basic and diluted $ — $ 3,406 $ — $ 44,976 Net Income: Net income attributable to common shareholders – basic and diluted $ 25,222 $ 32,686 $ 70,159 $ 93,279 Denominator: Weighted average shares outstanding – basic 123,298 121,497 122,715 121,449 Effect of dilutive securities: Share options and awards 1,252 1,337 1,344 1,292 Weighted average shares outstanding – diluted 124,550 122,834 124,059 122,741 |
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 2015 2014 2015 2014 Share options (1) 899 1,924 897 1,924 Operating partnership units 1,480 1,499 1,483 1,499 Total anti-dilutive securities 2,379 3,423 2,380 3,423 _______________ (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, 2015 | |
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 Minimum Maximum Dividend yield 0.0 % 3.6 % Expected volatility (1) 12.6 % 18.0 % Expected life (in years) N/A 3 Risk-free interest rate 0.1 % 1.1 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center index and Weingarten Realty Investors. |
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, 2015 is as follows: Unvested Restricted Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2015 693,805 $ 28.76 Granted: Service-based awards 99,250 36.59 Market-based awards relative to FTSE NAREIT U.S. Shopping Center 42,687 37.26 Market-based awards relative to three-year absolute TSR 42,687 27.84 Trust manager awards 32,688 31.23 Vested (320,653 ) 26.39 Forfeited (337 ) 31.93 Outstanding, June 30, 2015 590,127 $ 32.05 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 2015 2014 Service cost $ 321 $ 252 $ 643 $ 504 Interest cost 476 450 952 900 Expected return on plan assets (797 ) (740 ) (1,569 ) (1,480 ) Recognized loss 360 96 720 192 Total $ 360 $ 58 $ 746 $ 116 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Consolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Summary of Variable Interest Entities | A summary of our consolidated VIE is as follows (in thousands): June 30, December 31, Maximum Risk of Loss (1) $ 37,178 $ 37,178 Assets Held by VIEs 56,058 63,984 Assets Held as Collateral for Debt 53,577 61,850 _______________ (1) The maximum risk of loss has been determined to be limited to our debt exposure for the 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, Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 11,224 $ 11,464 Maximum Risk of Loss (2) 10,992 10,992 _______________ (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, 2015 | |
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, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at Assets: Investments, mutual funds held in a grantor trust $ 20,838 $ 20,838 Investments, mutual funds 7,312 7,312 Derivative instruments: Interest rate contracts $ 3,829 3,829 Total $ 28,150 $ 3,829 $ — $ 31,979 Liabilities: Derivative instruments: Interest rate contracts $ 56 $ 56 Deferred compensation plan obligations $ 20,838 20,838 Total $ 20,838 $ 56 $ — $ 20,894 Quoted Prices Significant Significant Fair Value at Assets: Investments, mutual funds held in a grantor trust $ 19,864 $ 19,864 Investments, mutual funds 7,446 7,446 Derivative instruments: Interest rate contracts $ 3,891 3,891 Total $ 27,310 $ 3,891 $ — $ 31,201 Liabilities: Derivative instruments: Interest rate contracts $ 109 $ 109 Deferred compensation plan obligations $ 19,864 19,864 Total $ 19,864 $ 109 $ — $ 19,973 |
Schedule of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Value Fair Value Using Significant Other Observable Inputs (Level 2) Fair Value Using Significant Unobservable Inputs (Level 3) Carrying Value Fair Value Fair Value Using Significant Unobservable Inputs (Level 3) Tax increment revenue bonds (1) $ 25,377 $ 25,377 $ 25,392 $ 25,392 Investments, held to maturity (2) 2,000 $ 2,003 2,750 $ 2,742 Debt: Fixed-rate debt 1,919,052 1,942,612 1,651,959 1,719,775 Variable-rate debt 168,905 174,616 286,229 292,972 _______________ (1) At June 30, 2015 and December 31, 2014 , 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 gain of $3 thousand as of June 30, 2015 and an $8 thousand gross unrealized loss as of December 31, 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, 2015 and December 31, 2014 reported in the above tables, is as follows: Description Fair Value at Unobservable Inputs Range June 30, December 31, Minimum Maximum (in thousands) Valuation Technique 2015 2014 2015 2014 Tax increment revenue bonds $ 25,377 $ 25,392 Discounted cash flows Discount rate 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 5.0 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 2.0 % 2.0 % Fixed-rate debt 1,942,612 1,719,775 Discounted cash flows Discount rate 2.0 % 1.3 % 5.5 % 5.1 % Variable-rate debt 174,616 292,972 Discounted cash flows Discount rate 1.2 % 1.2 % 2.9 % 2.9 % |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Narrative) (Details) - Jun. 30, 2015 - ft² ft² in Millions | Total |
Accounting Policies [Abstract] | |
Square footage of operating properties | 45.3 |
Base Minimum Rental Revenue [Member] | Tenant Base [Member] | |
Concentration Risk [Line Items] | |
Concentrations of risk | 3.50% |
Net Operating Income [Member] | Houston, Texas Geographic Concentration [Member] | |
Concentration Risk [Line Items] | |
Concentrations of risk | 18.20% |
Net Operating Income [Member] | Other Parts of Texas Geographic Concentration [Member] | |
Concentration Risk [Line Items] | |
Concentrations of risk | 9.90% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Schedule of Restricted Deposits and Mortgage Escrows) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Accounting Policies [Abstract] | |||
Restricted cash | [1] | $ 8,838 | $ 77,739 |
Mortgage escrows | 2,640 | 2,259 | |
Total | 11,478 | $ 79,998 | |
Qualified escrow, use of funds | 77,400 | ||
Qualified escrow for like-kind exchange, proceeds | $ 5,800 | ||
[1] | The decrease between the periods presented is primarily attributable to the use of funds from a qualified escrow account of $77.4 million, offset by $5.8 million of funds placed in a qualified escrow account for the purpose of completing like-kind exchange transactions. |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ||||||
Beginning balance | $ 12,436 | $ 4,202 | ||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (5,464) | (304) | ||||
Amounts reclassified from accumulated other comprehensive loss | (1,429) | (986) | ||||
Net other comprehensive (income) loss | $ (7,416) | $ (709) | (6,893) | (1,290) | ||
Ending balance | 5,543 | 2,912 | 5,543 | 2,912 | ||
(Gain) Loss On Investments [Member] | ||||||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ||||||
Beginning balance | (656) | (340) | ||||
Change excluding amounts reclassified from accumulated other comprehensive loss | $ (76) | (252) | ||||
Amounts reclassified from accumulated other comprehensive loss | 38 | [1] | ||||
Net other comprehensive (income) loss | $ (76) | (214) | ||||
Ending balance | (732) | (554) | (732) | (554) | ||
(Gain) Loss On Cash Flow Hedges [Member] | ||||||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ||||||
Beginning balance | (3,416) | (1,233) | ||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (5,388) | (52) | ||||
Amounts reclassified from accumulated other comprehensive loss | [2] | (709) | (876) | |||
Net other comprehensive (income) loss | (6,097) | (928) | ||||
Ending balance | (9,513) | (2,161) | (9,513) | (2,161) | ||
Defined Benefit Pension Plan [Member] | ||||||
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward] | ||||||
Beginning balance | 16,508 | 5,775 | ||||
Amounts reclassified from accumulated other comprehensive loss | [3] | (720) | (148) | |||
Net other comprehensive (income) loss | (720) | (148) | ||||
Ending balance | $ 15,788 | $ 5,627 | $ 15,788 | $ 5,627 | ||
[1] | This reclassification component is included in interest and other income. | |||||
[2] | This reclassification component is included in interest expense (see Note 6 for additional information). | |||||
[3] | This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information). |
Newly Issued Accounting Prono44
Newly Issued Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Change in Presentation of Debt Issuance Costs | Scenario, Adjustment | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unamortized debt and Lease costs, net | $ 11 | $ 8.2 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)property | Dec. 31, 2014USD ($)property | |
Real Estate [Abstract] | ||
Number of centers sold | property | 6 | |
Proceeds from sale and disposition of property | $ 49.9 | |
Gain on sale of property | $ 30.7 | |
Number of acquired centers | property | 3 | |
Gross acquisition purchase price | $ 145.6 | |
Investment in new development | $ 15.5 | |
Number of properties held for sale | property | 1 | 1 |
Property held for sale | $ 13.8 | $ 9.4 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Land | $ 895,470 | $ 821,614 |
Land held for development | 102,808 | 103,349 |
Land under development | 21,057 | 24,297 |
Buildings and improvements | 3,121,046 | 3,061,616 |
Construction in-progress | 73,287 | 65,218 |
Total | $ 4,213,668 | $ 4,076,094 |
Investment in Real Estate Joi47
Investment in Real Estate Joint Ventures and Partnerships (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)property | |
Schedule of Equity Method Investments [Line Items] | |||||
Net basis differentials for equity method investments | $ 5,000,000 | $ 5,000,000 | $ 5,200,000 | ||
Impairment loss | 7,487,000 | $ 0 | 7,487,000 | $ 0 | |
Management fees revenues, related parties | 1,100,000 | 1,100,000 | $ 2,300,000 | 2,400,000 | |
Number of centers sold | property | 6 | ||||
Gain on sale of property | $ 30,700,000 | ||||
Gain on sale and acquisition of real estate joint venture and partnership interests | $ 18,000 | $ 1,718,000 | 879,000 | $ 1,718,000 | $ 1,700,000 |
Proceeds from sale and disposition of property | 49,900,000 | ||||
Gross acquisition purchase price | $ 145,600,000 | ||||
Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 20.00% | 20.00% | |||
Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 75.00% | 75.00% | |||
Equity Method Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of centers sold | property | 4 | ||||
Gain on sale of property | $ 4,900,000 | ||||
Proceeds from sale and disposition of property | 19,900,000 | ||||
50% Owned Unconsolidated Real Estate Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from sale of unconsolidated joint venture interest, gross | $ 5,100,000 | ||||
50% Owned Unconsolidated Real Estate Joint Venture [Member] | Equity Method Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 50.00% | 50.00% | 50.00% | ||
Number of centers sold | property | 1 | ||||
Gain on sale of property | $ 600,000 | ||||
Proceeds from sale and disposition of property | $ 1,100,000 | ||||
20% Owned Unconsolidated Real Estate Joint Venture [Member] | Equity Method Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 20.00% | 20.00% | |||
Number of centers sold | property | 2 | ||||
Proceeds from sale and disposition of property | $ 12,800,000 | ||||
51% Owned Real Estate Joint Venture [Member] | Equity Method Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 51.00% | 51.00% | |||
Gross acquisition purchase price | $ 54,100,000 |
Investment in Real Estate Joi48
Investment in Real Estate Joint Ventures and Partnerships (Schedule of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Property | $ 1,303,843 | $ 1,331,445 |
Accumulated depreciation | (281,393) | (279,067) |
Property, net | 1,022,450 | 1,052,378 |
Other assets, net | 129,300 | 126,890 |
Total Assets | 1,151,750 | 1,179,268 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 361,492 | 380,816 |
Amounts payable to Weingarten Realty Investors and Affiliates | 13,252 | 13,749 |
Other liabilities, net | 30,145 | 26,226 |
Total Liabilities | 404,889 | 420,791 |
Equity | 746,861 | 758,477 |
Total Liabilities and Equity | $ 1,151,750 | $ 1,179,268 |
Investment in Real Estate Joi49
Investment in Real Estate Joint Ventures and Partnerships (Schedule of Combined Condensed Statements of Operations) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Revenues, net | $ 36,587,000 | $ 37,101,000 | $ 73,705,000 | $ 74,869,000 |
Expenses: | ||||
Depreciation and amortization | 9,203,000 | 11,096,000 | 18,583,000 | 21,013,000 |
Interest, net | 4,235,000 | 5,848,000 | 8,652,000 | 11,760,000 |
Operating | 6,771,000 | 6,318,000 | 13,236,000 | 13,134,000 |
Real estate taxes, net | 4,725,000 | 4,566,000 | 9,257,000 | 9,446,000 |
General and administrative | 333,000 | 424,000 | 535,000 | 530,000 |
Provision for income taxes | 43,000 | 216,000 | 111,000 | 283,000 |
Impairment loss | 7,487,000 | 0 | 7,487,000 | 0 |
Total | 32,797,000 | 28,468,000 | 57,861,000 | 56,166,000 |
Operating income | $ 3,790,000 | $ 8,633,000 | $ 15,844,000 | $ 18,703,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Apr. 18, 2013USD ($)extensions | May. 31, 2015USD ($) | Mar. 31, 2015USD ($) | May. 31, 2010USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Debt service guaranty liability | $ 72,105,000 | $ 72,105,000 | |||||
Debt stated interest rate | 3.50% | 7.40% | |||||
Medium term notes, matured | $ 90,000,000 | $ 315,000,000 | |||||
Debt interest rate during period | 5.40% | 5.20% | |||||
Secured debt | $ 66,000,000 | ||||||
Write off of debt costs | $ 1,200,000 | ||||||
Debt instruments collateral value | 800,000,000 | $ 1,000,000,000 | |||||
Unsecured notes payable under credit facilities | 73,000,000 | 189,000,000 | |||||
Obligations under capital leases | 21,000,000 | 21,000,000 | |||||
Fair value of interest rate contracts | 3,500,000 | ||||||
Net premium/(discount) on debt | (4,800,000) | ||||||
Non-cash debt | $ 4,000,000 | ||||||
Unsecured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | ||||||
Number of credit facility 6-month extensions | extensions | 2 | ||||||
Line of credit facility, extension period | 6 months | ||||||
Borrowing margin over LIBOR, basis points | 1.15% | ||||||
Facility fees, basis points | 0.20% | ||||||
Bids amount | $ 250,000,000 | ||||||
Maximum increase in credit facility amount | $ 700,000,000 | ||||||
Unsecured notes payable under credit facilities | $ 63,000,000 | $ 189,000,000 | |||||
Unsecured And Uncommitted Overnight Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under credit facility | $ 99,000,000 | ||||||
Fixed interest rate loan period (in days) | 30 days | ||||||
Debt Service Guaranty [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt coverage ratio | 1.4 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt payable | $ 200,000,000 | ||||||
Debt effective percentage | 2.60% | ||||||
Maximum increase in term loan amount | $ 100,000,000 | ||||||
Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under credit facility | $ 20,000,000 | ||||||
Facility fees, basis points | 0.10% | ||||||
Fixed interest rate loan period (in days) | 30 days | ||||||
3.85% Senior Unsecured Notes [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt payable | $ 250,000,000 | ||||||
Debt stated interest rate | 3.85% | ||||||
Debt instrument, issued discount | 99.23% | ||||||
Debt effective percentage | 3.94% | ||||||
Proceeds from issuance of long-term debt | $ 246,500,000 | ||||||
8.1% Senior Unsecured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt stated interest rate | 8.10% | ||||||
Senior unsecured notes | $ 100,000,000 | ||||||
Debt redemption price, percentage | 100.00% | ||||||
Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing margin over LIBOR, basis points | 1.25% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing margin over LIBOR, basis points | 1.15% | ||||||
Interest Expense [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments of debt extinguishment costs | $ 6,100,000 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt payable, net to 2038 | [1] | $ 1,921,852 | $ 1,656,083 |
Unsecured notes payable under credit facilities | 73,000 | 189,000 | |
Debt service guaranty liability | 72,105 | 72,105 | |
Obligations under capital leases | 21,000 | 21,000 | |
Total | [2] | $ 2,087,957 | $ 1,938,188 |
Debt stated interest rate | 3.50% | 7.40% | |
Debt Payable To 2038 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 1.734% | 3.40% | |
Debt Payable To 2038 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 8.57% | 8.60% | |
Debt Payable To 2038 [Member] | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 4.20% | 4.80% | |
[1] | At June 30, 2015, interest rates ranged from 1.7% to 8.6% at a weighted average rate of 4.2%. At December 31, 2014, interest rates ranged from 3.4% to 8.6% at a weighted average rate of 4.8%. | ||
[2] | * 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Secured debt | $ 66,000 | ||
Total | [1] | 2,087,957 | $ 1,938,188 |
As To Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Fixed-rate debt | 1,919,052 | 1,651,959 | |
Variable-rate debt | 168,905 | 286,229 | |
Total | 2,087,957 | 1,938,188 | |
As To Collateralization [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 1,585,091 | 1,343,217 | |
Secured debt | 502,866 | 594,971 | |
Total | $ 2,087,957 | $ 1,938,188 | |
[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 ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 73,000 | $ 189,000 |
Maximum balance outstanding during the period | 244,500 | 270,000 |
Weighted average balance | $ 118,220 | $ 151,036 |
Year-to-date weighted average interest rate (excluding facility fee) | 0.90% | 0.80% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 63,000 | $ 189,000 |
Available balance | $ 432,656 | $ 306,777 |
Variable interest rate (excluding facility fee) | 0.80% | 0.80% |
Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding under facility | $ 4,344 | $ 4,223 |
Short-Term Unsecured Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 10,000 | |
Variable interest rate (excluding facility fee) | 1.40% |
Debt (Principal Payments of Deb
Debt (Principal Payments of Debt) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2015 remaining | $ 24,847 |
2,016 | 169,653 |
2,017 | 141,850 |
2,018 | 62,214 |
2,019 | 55,906 |
2,020 | 237,425 |
2,021 | 4,406 |
2,022 | 307,011 |
2,023 | 304,202 |
2,024 | 254,394 |
Thereafter | 357,285 |
Total | $ 1,919,193 |
Derivatives and Hedging (Narrat
Derivatives and Hedging (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
May. 31, 2015USD ($) | May. 04, 2015USD ($)derivative_contract | Jun. 30, 2015USD ($)derivative_contract | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)derivative_contract | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)derivative_contract | Dec. 31, 2013USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||
Realized gain on derivatives | $ 5,007 | $ 5,007 | $ 0 | $ 5,007 | $ 0 | |||
Accumulated other comprehensive loss | (5,543) | (2,912) | (5,543) | (2,912) | $ (12,436) | $ (4,202) | ||
Gain (Loss) On Cash Flow Hedges [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Accumulated other comprehensive loss | $ 9,513 | $ 2,161 | $ 9,513 | $ 2,161 | $ 3,416 | $ 1,233 | ||
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of active interest rate contracts held | derivative_contract | 2 | 4 | 4 | 1 | ||||
Notional amount of interest rate fair value hedge derivatives | $ 215,000 | $ 205,200 | $ 205,200 | $ 5,200 | ||||
Derivative, lower fixed interest rate range | 1.492% | 1.492% | ||||||
Derivative, higher fixed interest rate range | 2.445% | 2.445% | ||||||
Derivative, maturity date | Mar. 1, 2020 | Dec. 23, 2015 | ||||||
Derivative, fixed Interest rate | 2.445% | |||||||
Cash flow hedge gain (loss) to be amortized within 12 months | $ (1,600) | $ (1,600) | ||||||
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of active interest rate contracts held | derivative_contract | 2 | 2 | 2 | |||||
Notional amount of interest rate fair value hedge derivatives | $ 64,500 | $ 64,500 | $ 65,300 | |||||
Derivative, fixed Interest rate | 7.50% | 7.50% | 7.50% | |||||
Derivative, lower variable interest rate range | 4.26% | 4.26% | 4.23% | |||||
Derivative, higher variable interest rate range | 4.29% | 4.29% | 4.26% | |||||
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, remaining maturity | 10 years | |||||||
Derivative, forward interest rate | 2.00% |
Derivatives and Hedging (Schedu
Derivatives and Hedging (Schedule of Interest Rate Contracts Reported At Fair Value) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 3,829 | $ 3,891 |
Derivative liabilities | 56 | 109 |
Designated as Hedging Instrument [Member] | Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,829 | 3,891 |
Designated as Hedging Instrument [Member] | Other Liabilities, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 56 | $ 109 |
Derivatives and Hedging (Offset
Derivatives and Hedging (Offsetting of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross amounts recognized, assets | $ 3,829 | $ 3,891 |
Gross amounts offset in balance sheet, assets | 0 | 0 |
Derivative assets, after netting | 3,829 | 3,891 |
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 | 3,829 | 3,891 |
Gross amounts recognized, liabilities | 56 | 109 |
Gross amounts offset in balance sheet, liabilities | 0 | 0 |
Derivative liabilities, after netting | 56 | 109 |
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 | $ 56 | $ 109 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (gain) loss recognized in other comprehensive income on derivative (effective portion) | $ (6,738) | $ (15) | $ (5,388) | $ (52) |
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into Income (effective portion) | (321) | (403) | (709) | (876) |
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging (Summ59
Derivatives and Hedging (Summary of Fair Value Interest Rate Contracts Activity) (Details) - Fair Value Hedges [Member] - Interest Rate Contracts [Member] - Interest Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Contracts | $ (442) | $ (109) | $ (389) | $ (519) | |
Gain (Loss) on Borrowings | 442 | 109 | 389 | 519 | |
Net Settlements and Accruals on Contracts | [1] | 513 | 529 | 1,038 | 1,145 |
Amount of Gain (Loss) Recognized in Income | [2] | $ 513 | $ 529 | $ 1,038 | $ 1,145 |
[1] | Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. | ||||
[2] | No ineffectiveness was recognized during the respective periods. |
Common Share of Beneficial Inte
Common Share of Beneficial Interest (Narrative ) (Details) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Apr. 18, 2013 | |
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 123,934 | 123,934 | 122,489 | ||
ATM Equity Program [Member] | |||||
Class of Stock [Line Items] | |||||
Amount available for issuance, ATM equity program | $ 159,200,000 | $ 159,200,000 | |||
Gross proceeds | $ 11,476,000 | $ 40,836,000 | |||
ATM Equity Program [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Amount available for issuance, ATM equity program | $ 200,000,000 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Class of Stock [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 500,000,000 |
Common Shares of Beneficial I61
Common Shares of Beneficial Interest (Schedule of ATM Equity Program) (Details) - Jun. 30, 2015 - ATM Equity Program [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total | Total |
Class of Stock [Line Items] | ||
Shares issued (in shares) | 320 | 1,129 |
Weighted average price per share (in dollars per share) | $ 35.91 | $ 36.18 |
Gross proceeds | $ 11,476 | $ 40,836 |
Preferred Shares of Beneficia62
Preferred Shares of Beneficial Interest (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 08, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||
Redemption of preferred shares | $ 150,000 | |||||
Redemption costs of preferred shares | $ 9,687 | $ 0 | 9,687 | $ 0 | ||
Preferred stock value issued | $ 0 | $ 0 | $ 2 | |||
6.5% Series F Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Redemption of preferred shares | $ 150,000 | |||||
Redemption costs of preferred shares | $ 9,700 | |||||
Preferred stock value issued | $ 150,000 | |||||
Redemption price per depositary share (usd per share) | $ 25 | |||||
Preferred shares dividend percentage | 6.50% | 6.50% | ||||
Liquidation value per share (usd per share) | $ 2,500 | |||||
Liquidation preference value | $ 150,000 | |||||
6.5% Series F Preferred Shares [Member] | Preferred Shares Issued At Discount [Member] | ||||||
Class of Stock [Line Items] | ||||||
Liquidation preference value | $ 64,300 | |||||
Effective dividend yield on preferred shares | 8.25% |
Noncontrolling Interests (Effec
Noncontrolling Interests (Effect of Changes in Ownership Interest in Subsidiaries on Consolidated Equity)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Noncontrolling Interest [Abstract] | ||||
Net income adjusted for noncontrolling interests | $ 36,029 | $ 35,396 | $ 83,676 | $ 98,699 |
Transfers from the noncontrolling interests: | ||||
Increase in equity for operating partnership units | 111 | 0 | ||
Net increase in equity for the acquisition of noncontrolling interests | 0 | 11,015 | ||
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | $ 83,787 | $ 109,714 |
Supplemental Cash Flow Inform64
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities)(Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued property construction costs | $ 6,412 | $ 5,284 |
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | 0 | 11,015 |
Exchange of operating partnership units for common shares | 111 | 0 |
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture | 0 | (6,431) |
Increase in debt, net | 20,116 | 0 |
Decrease in property, net | 0 | (127,837) |
Decrease in real estate joint ventures and partnerships - investments | 0 | (17) |
Decrease in other, net | 0 | (34) |
Decrease in debt, net due to debt assumption | 0 | (11,069) |
Decrease in security deposits | 0 | (459) |
Decrease in noncontrolling interests | $ 0 | $ (155,278) |
Earnings Per Share (Components
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Continuing Operations: | ||||
Income from continuing operations | $ 29,623 | $ 31,803 | $ 56,323 | $ 54,930 |
Gain on sale of property | 8,163 | 1,748 | 30,685 | 1,911 |
Net income attributable to noncontrolling interests | (1,757) | (1,561) | (3,332) | (3,118) |
Dividends on preferred shares | (1,120) | (2,710) | (3,830) | (5,420) |
Redemption Costs of Preferred Shares | (9,687) | 0 | (9,687) | 0 |
Income from continuing operations attributable to common shareholders – basic and diluted | 25,222 | 29,280 | 70,159 | 48,303 |
Discontinued Operations: | ||||
Income from discontinued operations | 0 | 3,433 | 0 | 44,924 |
Net (income) loss attributable to noncontrolling interests | 0 | (27) | 0 | 52 |
Income from discontinued operations attributable to common shareholders – basic and diluted | 0 | 3,406 | 0 | 44,976 |
Net Income: | ||||
Net income attributable to common shareholders – basic and diluted | $ 25,222 | $ 32,686 | $ 70,159 | $ 93,279 |
Denominator: | ||||
Weighted average shares outstanding – basic (in shares) | 123,298 | 121,497 | 122,715 | 121,449 |
Effect of dilutive securities: | ||||
Share options and awards (in shares) | 1,252 | 1,337 | 1,344 | 1,292 |
Weighted average shares outstanding – diluted (in shares) | 124,550 | 122,834 | 124,059 | 122,741 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Anti-Dilutive Securities of Common Shares) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total anti-dilutive securities | 2,379 | 3,423 | 2,380 | 3,423 | |
Share Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total anti-dilutive securities | [1] | 899 | 1,924 | 897 | 1,924 |
Operating Partnership Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total anti-dilutive securities | 1,480 | 1,499 | 1,483 | 1,499 | |
[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 ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 3.2 | $ 2.7 |
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 5 months | 11 months |
Share Options and Awards (Fair
Share Options and Awards (Fair Value of Market-Based Share Awards Assumptions) (Details) - 6 months ended Jun. 30, 2015 - Restricted Shares [Member] | Total | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, Minimum | [1] | 12.60% |
Expected volatility, Maximum | [1] | 18.00% |
Expected life (in years) | 3 years | |
Risk-free interest rate, Minimum | 0.10% | |
Risk-free interest rate, Maximum | 1.10% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 3.60% | |
[1] | Includes the volatility of the FTSE NAREIT U.S. Shopping Center index and Weingarten Realty Investors. |
Share Options And Awards (Summa
Share Options And Awards (Summary of the Status of Unvested Restricted Share Awards) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Restricted Shares [Member] | |
Unvested Restricted Share Awards (in shares): | |
Outstanding, January 1, 2015 (in shares) | 693,805 |
Vested (in shares) | (320,653) |
Forfeited (in shares) | (337) |
Outstanding, June 30, 2015 (in shares) | 590,127 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Outstanding, January 1, 2015 (in dollars per share) | $ 28.76 |
Vested (in dollars per share) | 26.39 |
Forfeited (in dollars per share) | 31.93 |
Outstanding, June 30, 2015 (in dollars per share) | $ 32.05 |
Service-Based Share Awards [Member] | |
Unvested Restricted Share Awards (in shares): | |
Granted (in shares) | 99,250 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Granted (in dollars per share) | $ 36.59 |
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |
Unvested Restricted Share Awards (in shares): | |
Granted (in shares) | 42,687 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Granted (in dollars per share) | $ 37.26 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | |
Unvested Restricted Share Awards (in shares): | |
Granted (in shares) | 42,687 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Granted (in dollars per share) | $ 27.84 |
Trust manager awards [Member] | |
Unvested Restricted Share Awards (in shares): | |
Granted (in shares) | 32,688 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Granted (in dollars per share) | $ 31.23 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Defined benefit plan, employer contributions | $ 1.5 | $ 2.1 | ||
Defined contribution plan, compensation expense | $ 0.8 | $ 0.8 | $ 2.1 | $ 1.7 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 321 | $ 252 | $ 643 | $ 504 |
Interest cost | 476 | 450 | 952 | 900 |
Expected return on plan assets | (797) | (740) | (1,569) | (1,480) |
Recognized loss | 360 | 96 | 720 | 192 |
Total | $ 360 | $ 58 | $ 746 | $ 116 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | |
Related Party Transaction [Line Items] | ||||||
Net accounts receivable, related parties | $ 1,600 | $ 1,600 | $ 1,500 | |||
Accounts payable and accrued expenses, related parties | 5,500 | 5,500 | 6,000 | |||
Management fees revenues, related parties | 1,100 | $ 1,100 | 2,300 | $ 2,400 | ||
Total assets | 3,850,778 | 3,850,778 | $ 3,814,094 | |||
Debt, net | $ 1,919,193 | $ 1,919,193 | ||||
Number of operating properties sold | property | 6 | |||||
Gain on sale of property | $ 30,685 | 46,493 | ||||
Disposition of noncontrolling interests | (144,263) | |||||
Acquisition of noncontrolling interests | 0 | |||||
Hines [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in joint ventures | 30.00% | |||||
Number of real estate properties | property | 5 | 13 | ||||
Total assets | $ 172,900 | |||||
Debt, net | $ 11,100 | |||||
Number of operating properties sold | property | 8 | |||||
Gain on sale of property | $ 23,300 | |||||
Disposition of noncontrolling interests | 144,300 | |||||
Noncontrolling Interests [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Disposition of noncontrolling interests | (144,263) | |||||
Acquisition of noncontrolling interests | 11,015 | |||||
Noncontrolling Interests [Member] | Hines [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Acquisition of noncontrolling interests | 11,000 | |||||
Additional Paid-In Capital [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Acquisition of noncontrolling interests | $ (11,015) | |||||
Additional Paid-In Capital [Member] | Hines [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Acquisition of noncontrolling interests | $ (11,000) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)partnerships | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)partnership | |
Long-term Purchase Commitment [Line Items] | |||
Acquisition of noncontrolling interests | $ 0 | ||
DownREIT [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of real estate joint ventures | 3 | 3 | |
Acquisition of noncontrolling interests | $ 100,000 | $ 0 | |
Aggregate redemption value | 48,000,000 | $ 52,000,000 | |
Capital Additions [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, commitment | $ 58,800,000 | ||
Capital Additions [Member] | Minimum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Construction contract, period (in months) | 12 months | ||
Capital Additions [Member] | Maximum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Construction contract, period (in months) | 36 months | ||
Development Addition [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, commitment | 23,800,000 | ||
Future investment amount | $ 29,200,000 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
May. 31, 2015USD ($) | Jun. 30, 2015propertyjoint_venture | Dec. 31, 2014propertyjoint_venture | |
Consolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Joint venture amendment, additional contribution | $ | $ 43 | ||
Number of VIE real estate joint ventures | 1 | 1 | |
Number of neighborhood/community shopping centers | property | 15 | 15 | |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Maximum risk of loss | [1] | $ 37,178 | $ 37,178 |
Assets Held by VIEs | 56,058 | 63,984 | |
Assets Held as Collateral for Debt | $ 53,577 | $ 61,850 | |
[1] | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture. |
Variable Interest Entities (S76
Variable Interest Entities (Summary Of Unconsoldiated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Investment in real estate joint ventures and partnerships, net | [1] | $ 11,224 | $ 11,464 |
Maximum risk of loss | [2] | $ 10,992 | $ 10,992 |
[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) - Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 31,979 | $ 31,201 |
Deferred compensation plan obligations | 20,838 | 19,864 |
Total | 20,894 | 19,973 |
Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 20,838 | 19,864 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 7,312 | 7,446 |
Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,829 | 3,891 |
Derivative liabilities | 56 | 109 |
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 | 28,150 | 27,310 |
Deferred compensation plan obligations | 20,838 | 19,864 |
Total | 20,838 | 19,864 |
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 | 20,838 | 19,864 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 7,312 | 7,446 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,829 | 3,891 |
Total | 56 | 109 |
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 | 3,829 | 3,891 |
Derivative liabilities | 56 | 109 |
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 (Schedu
Fair Value Measurements (Schedule of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Tax Increment Revenue Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit loss recognized | $ 31,000 | $ 31,000 | |
Investments, Held To Maturity [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized gain (loss) | 3 | (8) | |
Carrying Value [Member] | Fixed-Rate Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | 1,919,052 | 1,651,959 | |
Carrying Value [Member] | Variable-Rate Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | 168,905 | 286,229 | |
Carrying Value [Member] | Tax Increment Revenue Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments | [1] | 25,377 | 25,392 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments | [2] | 2,000 | 2,750 |
Fair Value [Member] | Fair Value Using Significant Other Observable Inputs (Level 2) [Member] | Investments, Held To Maturity [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments | [2] | 2,003 | 2,742 |
Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Fixed-Rate Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | 1,942,612 | 1,719,775 | |
Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Variable-Rate Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | 174,616 | 292,972 | |
Fair Value [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | Tax Increment Revenue Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments | [1] | $ 25,377 | $ 25,392 |
[1] | At June 30, 2015 and December 31, 2014, 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 gain of $3 thousand as of June 30, 2015 and an $8 thousand gross unrealized loss as of December 31, 2014. |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 2.00% | 1.30% | |
Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 5.50% | 5.10% | |
Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 1.20% | 1.20% | |
Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 2.90% | 2.90% | |
Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 7.50% | 7.50% | |
Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Expected future growth rate | 1.00% | 1.00% | |
Expected future inflation rate | 1.00% | 1.00% | |
Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Expected future growth rate | 5.00% | 2.00% | |
Expected future inflation rate | 2.00% | 2.00% | |
Fair Value [Member] | Fixed-Rate Debt [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Debt | $ 1,942,612 | $ 1,719,775 | |
Fair Value [Member] | Variable-Rate Debt [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Debt | 174,616 | 292,972 | |
Fair Value [Member] | Tax Increment Revenue Bonds [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investments | [1] | $ 25,377 | $ 25,392 |
[1] | At June 30, 2015 and December 31, 2014, the credit loss balance on our tax increment revenue bonds was $31.0 million. |