Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Registrant Name | WEINGARTEN REALTY INVESTORS /TX/ | |
Entity Central Index Key | 0000828916 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 128,646,150 | |
Emerging Growth Company | false | |
Smaller Reporting Company | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Rentals, net | $ 119,826 | $ 129,148 |
Other | 3,312 | 3,304 |
Total Revenues | 123,138 | 132,452 |
Operating Expenses: | ||
Depreciation and amortization | 33,972 | 38,095 |
Operating | 24,248 | 23,270 |
Real estate taxes, net | 16,131 | 17,639 |
Impairment loss | 74 | 0 |
General and administrative | 9,581 | 5,595 |
Total Operating Expenses | 84,006 | 84,599 |
Other Income (Expense): | ||
Interest expense, net | (15,289) | (14,672) |
Interest and other income (expense) | 4,384 | 1,533 |
Gain on sale of property | 17,787 | 109,045 |
Total Other Income | 6,882 | 95,906 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 46,014 | 143,759 |
Provision for Income Taxes | (177) | (783) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 5,417 | 5,993 |
Net Income | 51,254 | 148,969 |
Less: Net Income Attributable to Noncontrolling Interests | (1,588) | (2,145) |
Net Income Attributable to Common Shareholders | $ 49,666 | $ 146,824 |
Earnings Per Common Share - Basic: | ||
Net income attributable to common shareholders (dollars per share) | $ 0.39 | $ 1.15 |
Earnings Per Common Share - Diluted: | ||
Net income attributable to common shareholders (dollars per share) | $ 0.39 | $ 1.13 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 51,254 | $ 148,969 |
Cumulative effect adjustment of new accounting standards | 0 | (1,541) |
Other Comprehensive Income (Loss): | ||
Net unrealized gain on derivatives | 0 | 1,379 |
Reclassification adjustment of derivatives and designated hedges into net income | 219 | 3,633 |
Retirement liability adjustment | 288 | 271 |
Total | 69 | (1,983) |
Comprehensive Income | 51,323 | 145,445 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,588) | (2,145) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 49,735 | $ 143,300 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Property | $ 4,104,795 | $ 4,105,068 | |
Accumulated Depreciation | (1,118,217) | (1,108,188) | |
Property, net | [1] | 2,986,578 | 2,996,880 |
Investment in Real Estate Joint Ventures and Partnerships, net | 364,165 | 353,828 | |
Total | 3,350,743 | 3,350,708 | |
Unamortized Lease Costs, net | 139,533 | 142,014 | |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,855 in 2018) | [1] | 76,900 | 97,924 |
Cash and Cash Equivalents | [1] | 60,570 | 65,865 |
Restricted Deposits and Mortgage Escrows | 11,134 | 10,272 | |
Other, net | 198,783 | 160,178 | |
Total Assets | 3,837,663 | 3,826,961 | |
LIABILITIES AND EQUITY | |||
Debt, net | [1] | 1,788,551 | 1,794,684 |
Accounts Payable and Accrued Expenses | 79,459 | 113,175 | |
Other, net | 209,219 | 168,403 | |
Total Liabilities | 2,077,229 | 2,076,262 | |
Commitments and Contingencies | 0 | 0 | |
Shareholders’ Equity: | |||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,647 in 2019 and 128,333 in 2018 | 3,903 | 3,893 | |
Additional Paid-In Capital | 1,777,089 | 1,766,993 | |
Net Income Less Than Accumulated Dividends | (187,581) | (186,431) | |
Accumulated Other Comprehensive Loss | (10,480) | (10,549) | |
Total Shareholders’ Equity | 1,582,931 | 1,573,906 | |
Noncontrolling Interests | 177,503 | 176,793 | |
Total Equity | 1,760,434 | 1,750,699 | |
Total Liabilities and Equity | 3,837,663 | 3,826,961 | |
Consolidated variable interest entities' assets and debt included in the above balances (see Note 15): | |||
Property, net | [1] | 201,924 | 198,466 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | [1] | 8,863 | 12,220 |
Cash and Cash Equivalents | [1] | 8,710 | 8,243 |
Debt, net | [1] | $ 45,582 | $ 45,774 |
[1] | Consolidated variable interest entities' assets and debt included in the above balances (see Note 15) at March 31, 2019 and December 31, 2018 are Property, net of $201,924 and $198,466; Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net of $8,863 and $12,220; Cash and Cash Equivalents of $8,710 and $8,243; Debt, net of $45,582 and $45,774. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,855 | |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,647 in 2019 and 128,333 in 2018 | ||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 0.03 | $ 0.03 |
Common Shares of Beneficial Interest - shares authorized (shares) | 275,000,000 | 275,000,000 |
Common Shares of Beneficial Interest - shares issued (shares) | 128,647,000 | 128,333,000 |
Common Shares of Beneficial Interest - shares outstanding (shares) | 128,647,000 | 128,333,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 51,254 | $ 148,969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 33,972 | 38,095 |
Amortization of debt deferred costs and intangibles, net | 820 | 781 |
Non-cash lease expense | 299 | 0 |
Impairment loss | 74 | 0 |
Equity in earnings of real estate joint ventures and partnerships, net | (5,417) | (5,993) |
Gain on sale of property | (17,787) | (109,045) |
Distributions of income from real estate joint ventures and partnerships | 3,384 | 4,115 |
Changes in accrued rent, accrued contract receivables and accounts receivable, net | 20,002 | 13,821 |
Changes in unamortized lease costs and other assets, net | (2,736) | (2,469) |
Changes in accounts payable, accrued expenses and other liabilities, net | (28,742) | (26,860) |
Other, net | 1,257 | (2,042) |
Net cash provided by operating activities | 56,380 | 59,372 |
Cash Flows from Investing Activities: | ||
Acquisition of real estate and land | (19,699) | (1,265) |
Development and capital improvements | (48,476) | (29,041) |
Proceeds from sale of property and real estate equity investments, net | 65,543 | 255,828 |
Real estate joint ventures and partnerships - Investments | (9,094) | (5,987) |
Real estate joint ventures and partnerships - Distribution of capital | 554 | 1,690 |
Proceeds from investments | 8,375 | 250 |
Other, net | 1,363 | 4,417 |
Net cash (used in) provided by investing activities | (1,434) | 225,892 |
Cash Flows from Financing Activities: | ||
Principal payments of debt | (1,576) | (151,931) |
Changes in unsecured credit facilities | (5,000) | 0 |
Proceeds from issuance of common shares of beneficial interest, net | 727 | 914 |
Repurchase of common shares of beneficial interest, net | 0 | (8,108) |
Common share dividends paid | (50,816) | (50,836) |
Debt issuance and extinguishment costs paid | (147) | (782) |
Distributions to noncontrolling interests | (1,572) | (884) |
Contributions from noncontrolling interests | 326 | 41 |
Other, net | (1,321) | 621 |
Net cash used in financing activities | (59,379) | (210,965) |
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents | (4,433) | 74,299 |
Cash, cash equivalents and restricted cash equivalents at January 1 | 76,137 | 21,334 |
Cash, cash equivalents and restricted cash equivalents at March 31 | 71,704 | 95,633 |
Cash paid for interest (net of amount capitalized of $2,921 and $1,440, respectively) | 18,151 | 21,710 |
Cash paid for amounts included in lease liabilities | $ 1,015 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest paid | $ 2,921 | $ 1,440 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Shares of Beneficial Interest | Additional Paid-In Capital | Net Income Less Than Accumulated Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 1,809,842 | $ 3,897 | $ 1,772,066 | $ (137,065) | $ (6,170) | $ 177,114 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net Income | 148,969 | 146,824 | 2,145 | |||
Shares repurchased and cancelled | (8,108) | (9) | (8,099) | |||
Shares issued under benefit plans, net | 5,346 | 7 | 5,339 | |||
Dividends paid - common shares | (50,836) | (50,836) | ||||
Distributions to noncontrolling interests | (884) | (884) | ||||
Contributions from noncontrolling interests | 41 | 41 | ||||
Other comprehensive loss (income) | (1,983) | (1,983) | ||||
Ending Balance at Mar. 31, 2018 | 1,906,343 | 3,895 | 1,769,306 | (35,580) | (9,694) | 178,416 |
Beginning Balance at Dec. 31, 2018 | 1,750,699 | 3,893 | 1,766,993 | (186,431) | (10,549) | 176,793 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net Income | 51,254 | 49,666 | 1,588 | |||
Shares issued under benefit plans, net | 8,151 | 10 | 8,141 | |||
Dividends paid - common shares | (50,816) | (50,816) | ||||
Distributions to noncontrolling interests | (1,572) | (1,572) | ||||
Contributions from noncontrolling interests | 326 | 326 | ||||
Other comprehensive loss (income) | 69 | 69 | ||||
Other, net | 2,323 | 1,955 | 368 | |||
Ending Balance at Mar. 31, 2019 | $ 1,760,434 | $ 3,903 | $ 1,777,089 | $ (187,581) | $ (10,480) | $ 177,503 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Unaudited) - (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Common dividend per share (in dollars per share) | $ 0.395 | $ 0.395 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 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 34.6 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 2.5% of base minimum rental revenues during the first three months of 2019 . Total revenues generated by our centers located in Houston and its surrounding areas was 20.2% of total revenue for the three months ended March 31, 2019 , and an additional 9% of total revenue was generated during this period from centers that are located in other parts of Texas. Also, in Florida and California, an additional 19.4% and 18.4% , respectively, of total revenue was generated during the first three months of 2019 . Basis of Presentation Our condensed 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, 2018 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 audited consolidated financial statements and related notes for the year ended December 31, 2018 . 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease should be the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we obtain lender quotes with similar terms and if not available, the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. Revenue Recognition At the inception of a revenue producing contract, we determine if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate GAAP is applied to the contract, including revenue recognition. Rentals, net Rental revenue is primarily derived from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. Variable rental revenue consists primarily of tenant reimbursements of taxes, maintenance expenses and insurance, is subject to our interpretation of lease provisions and is recognized over the term of leases as services are provided. Additionally, variable rental revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Further, at the lease commencement date, we consider the collectability of a lease when determining revenue to be recognized. Prior to the adoption of ASC No. 842, “Leases,” rental revenues were recognized under ASC No. 840, “Leases.” Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue: (1) management contracts with partially-owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. Unamortized Lease Costs, net Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as internal leasing commissions paid directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include rental revenue, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. Upon the adoption of ASC No. 842, “Leases,” rental revenues are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Prior to the adoption of ASC No. 842, “Leases,” an allowance for the uncollectible portion of accrued rents and accounts receivable was determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectability of the related receivables. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. 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 deposits that are 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): March 31, December 31, Restricted deposits $ 9,166 $ 8,150 Mortgage escrows 1,968 2,122 Total $ 11,134 $ 10,272 Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 5 for further information), tax increment revenue bonds, right-of-use assets, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, the net value of above-market leases, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Right-of-use assets are amortized to achieve the recognition of rent expense on a straight-line basis after adjusting for the corresponding lease liabilities’ interest over the lives of the leases. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Condensed Consolidated Statements of Operations. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 16 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral. Other Liabilities, net Other liabilities include non-qualified benefit plan liabilities, deferred revenue, lease liabilities, the net value of below-market leases and other miscellaneous liabilities. Lease liabilities are amortized to rent expense using the effective interest rate method, over the lease life. Below-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. 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-Actuarial Loss Total Balance, December 31, 2018 $ — $ (4,501 ) $ 15,050 $ 10,549 Amounts reclassified from accumulated other comprehensive loss 219 (288 ) (1) (69 ) Net other comprehensive loss (income) — 219 (288 ) (69 ) Balance, March 31, 2019 $ — $ (4,282 ) $ 14,762 $ 10,480 Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan-Actuarial Loss Total Balance, December 31, 2017 $ (1,541 ) $ (7,424 ) $ 15,135 $ 6,170 Cumulative effect adjustment of accounting standards 1,541 1,541 Change excluding amounts reclassified from accumulated other comprehensive loss (1,379 ) (1,379 ) Amounts reclassified from accumulated other comprehensive loss 3,633 (2) (271 ) (1) 3,362 Net other comprehensive loss (income) — 2,254 (271 ) 1,983 Balance, March 31, 2018 $ — $ (5,170 ) $ 14,864 $ 9,694 _______________ (1) This reclassification component is included in th e computation of net periodic benefit cost (see Note 12 for additional information). (2) This reclassification component is included in interest expense (see Note 5 for additional information) Additionally, as of March 31, 2019 and December 31, 2018 , the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $4.3 million and $4.5 million , respectively, which will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.9 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. Reclassifications We have reclassified prior years’ miscellaneous lease-related revenues identified during our implementation of Accounting Standard Update ("ASU") No. 2016-02, "Leases" of $.4 million to Rentals, net from Other revenue in our Condensed Consolidated Statements of Operations to conform to the current year presentation (see Note 2 for further information). |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU No. 2018-01, "Land Easement Practical Expedient for Transition for Topic 842," ASU No. 2018-10, "Codification Improvements to Topic 842," ASU No. 2018-11, "Targeted Improvements for Topic 842," ASU No. 2018-20, "Narrow-Scope Improvements for Lessors" and ASU No. 2019-01, "Codification Improvements to Topic 842." These ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect, by class of underlying assets, to account for lease and nonlease components as a single lease component if certain criteria are met. The provisions of these ASUs were effective for us as of January 1, 2019. We adopted this guidance as of January 1, 2019 and applied it on a modified retrospective approach. Upon adoption, we applied the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that we first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for any existing leases. • The practical expedient which allows an entity not to reassess whether any existing or expired land easements that were not previously accounted for as a lease or if the contract contains a lease. • As an accounting policy election, a lessor may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. • As an accounting policy election, a lessee may choose by class of the underlying asset, not to apply the recognition requirements to short-term leases. The adoption resulted in the following changes as of January 1, 2019: • From the Lessor Perspective: ◦ Our existing leases will continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. We believe the majority of our leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. ◦ Capitalization of leasing costs has been limited under the new ASU which no longer allows indirect costs to be capitalized. Therefore indirect, internally-generated leasing and legal costs are no longer capitalized and are recorded in General and administrative expenses in our Condensed Consolidated Statement of Operations in the period of adoption prospectively. We continue to capitalize direct costs as defined within the ASU. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a nonlease component, which would need to be accounted for in accordance with Topic 606. However, we have applied the practical expedient for all of our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the nonlease component is not the predominate component of the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant on a gross basis in our consolidated financial statements. These ASUs have indicated that a lessor should exclude from variable payments, lessor costs paid by a lessee directly to a third party. Therefore, we have excluded any costs paid directly by the tenant from our revenues and expenses and will only include as variable payments those which are reimbursed to us by our tenants. Real estate taxes paid directly by our tenants was $1.2 million for the three months ended March 31, 2018. • From the Lessee Perspective: ◦ We have ground lease agreements in which we are the lessee for land underneath all or a portion of 12 centers and four administrative office leases that we account for as operating leases. Also, we have one finance lease in which we are the lessee of two centers with a $21.9 million lease obligation. We recognized right-of-use assets for our operating leases in Other Assets, along with corresponding lease liabilities in Other Liabilities on January 1, 2019 in the amounts of $44.2 million and $42.9 million , respectively, in the Condensed Consolidated Balance Sheet. The difference between the right-of-use assets and the lease liabilities is primarily associated with intangibles related to ground leases. For these existing operating leases, we continue to recognize a single lease expense for both our ground and office operating leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Condensed Consolidated Statements of Operations. ◦ We continue to recognize our finance lease asset balance in Property and our finance lease liability in Debt in our Condensed Consolidated Balance Sheets. Finance leases charge a portion of the payment to both asset amortization and interest expense. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." These ASUs amend prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of the ASUs are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of the ASUs will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Property
Property | 3 Months Ended |
Mar. 31, 2019 | |
Real Estate [Abstract] | |
Property | Property Our property consists of the following (in thousands): March 31, December 31, Land $ 908,682 $ 919,237 Land held for development 42,795 45,673 Land under development 56,750 55,793 Buildings and improvements 2,914,394 2,927,954 Construction in-progress 182,174 156,411 Total $ 4,104,795 $ 4,105,068 During the three months ended March 31, 2019 , we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $67.2 million and generated gains of approximately $17.8 million . Also, during the three months ended March 31, 2019 , we acquired one center with an aggregate gross purchase price of approximately $20.3 million , and we invested $22.5 million in new development projects. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 3 Months Ended |
Mar. 31, 2019 | |
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 ranged for the periods presented from 20% to 90% in both 2019 and 2018. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): March 31, December 31, Combined Condensed Balance Sheets ASSETS Property $ 1,285,877 $ 1,268,557 Accumulated depreciation (312,192 ) (305,327 ) Property, net 973,685 963,230 Other assets, net 104,048 104,267 Total Assets $ 1,077,733 $ 1,067,497 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 267,766 $ 269,113 Amounts payable to Weingarten Realty Investors and Affiliates 11,694 11,732 Other liabilities, net 25,949 24,717 Total Liabilities 305,409 305,562 Equity 772,324 761,935 Total Liabilities and Equity $ 1,077,733 $ 1,067,497 Three Months Ended 2019 2018 Combined Condensed Statements of Operations Revenues, net $ 32,515 $ 33,886 Expenses: Depreciation and amortization 7,849 8,043 Interest, net 2,459 3,524 Operating 6,100 6,428 Real estate taxes, net 4,535 4,942 General and administrative 69 225 Provision for income taxes 33 36 Total 21,045 23,198 Gain on dispositions 535 3,533 Net income $ 12,005 $ 14,221 Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.2 million and $5.2 million at March 31, 2019 and December 31, 2018 , respectively, are generally amortized over the useful lives of the related assets. During 2018, a center was sold through a series of partial sales with gross sales proceeds of approximately $33.9 million , of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $6.3 million . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): March 31, December 31, Debt payable, net to 2038 (1) $ 1,705,776 $ 1,706,886 Unsecured notes payable under credit facilities — 5,000 Debt service guaranty liability 60,900 60,900 Finance lease obligation 21,875 21,898 Total $ 1,788,551 $ 1,794,684 _______________ (1) At both March 31, 2019 and December 31, 2018 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0% . The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): March 31, December 31, As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,770,930 $ 1,771,999 Variable-rate debt 17,621 22,685 Total $ 1,788,551 $ 1,794,684 As to collateralization: Unsecured debt $ 1,452,892 $ 1,457,432 Secured debt 335,659 337,252 Total $ 1,788,551 $ 1,794,684 We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016 . This facility expires in March 2020 , 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 both March 31, 2019 and December 31, 2018 , the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 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 $850 million . Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2019 , that we maintain for cash management purposes, which matures in March 2020 . At both March 31, 2019 and December 31, 2018 , the facility provided for fixed interest rate loans at a 30 -day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125 , 10 , and 5 basis points, respectively. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): March 31, December 31, Unsecured revolving credit facility: Balance outstanding $ — $ 5,000 Available balance 497,946 492,946 Letters of credit outstanding under facility 2,054 2,054 Variable interest rate (excluding facility fee) 3.3 % 3.3 % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate (excluding facility fee) — % — % Both facilities: Maximum balance outstanding during the period $ 5,000 $ 26,500 Weighted average balance 500 1,096 Year-to-date weighted average interest rate (excluding facility fee) 3.3 % 2.9 % 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 March 31, 2019 and December 31, 2018 , we had $60.9 million outstanding for the debt service guaranty liability. During the year ended December 31, 2018 , we prepaid, without penalty, our $200 million unsecured variable-rate term loan, swapped to a fixed rate of 2.5% , and terminated three interest rate swap contracts that had an aggregate notional amount of $200 million , and we recognized a $3.4 million gain due to the probability that the related hedged forecasted transactions would no longer occur. Additionally during the year ended December 31, 2018 , we paid at par $51.0 million of outstanding debt. These transactions resulted in a net gain upon their extinguishment of $.4 million , excluding the effect of the swap termination. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both March 31, 2019 and December 31, 2018 , the carrying value of such assets aggregated $.6 billion . Additionally at both March 31, 2019 and December 31, 2018 , investments of $5.2 million are held as collateral for letters of credit totaling $5.0 million . Scheduled principal payments on our debt (excluding $21.9 million of a finance lease obligation, $(4.4) million net premium/(discount) on debt, $(6.5) million of deferred debt costs, $1.7 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands): 2019 remaining $ 71,427 2020 5,296 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 Thereafter 10,435 Total $ 1,715,027 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 March 31, 2019 . |
Lease Obligaitons
Lease Obligaitons | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under operating ground leases. These ground leases expire at various dates through 2069 with renewal options ranging from five years to 20 years, which have been predominantly excluded from our lease liabilities, and in some cases, include options to purchase the underlying asset by either the lessor or lessee. Generally, our ground lease variable payments for real estate taxes, insurance and utilities are paid directly by us and are not a component of rental expense. Most of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions and also may include an amount based on a percentage of operating revenues or sublease tenant revenue. Space in our shopping centers is leased to tenants pursuant to agreements that generally provide for terms of 10 years or less and may include multiple options to extend the lease term in increments up to five years, for annual rentals subject to upward adjustments based on operating expense levels, sales volume, or contractual increases as defined in the lease agreements. Also, we have two properties under a finance lease that consists of variable lease payments with a purchase option. The right-of-use asset associated with this finance lease at March 31, 2019 was $1.7 million . At December 31, 2018 , the related assets associated with a capital lease in buildings and improvements total $15.7 million, and the balance of accumulated depreciation was $14.1 million. Amortization of property under the finance lease is included in depreciation and amortization expense. Note that amounts prior to January 1, 2019 were accounted for under ASC No. 840 “Leases.” A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Three Months Ended 2019 Lease cost: Operating lease cost: Included in Operating expense $ 761 Included in General and administrative expense 61 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization expense) 45 Interest on lease liability (included in Interest expense) 410 Short-term lease cost 27 Variable lease cost 73 Sublease income (included in Rentals, net) (6,703 ) Total lease cost $ (5,326 ) Weighted-average remaining lease term (in years): Operating leases 42.6 Finance lease 4.8 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2019 remaining $ 1,733 $ 1,302 2020 2,545 1,744 2021 2,334 1,751 2022 2,318 1,759 2023 2,283 23,037 2024 2,115 Thereafter 97,187 Total $ 110,515 $ 29,593 Lease liabilities (1) 42,425 21,875 Undiscounted excess amount $ 68,090 $ 7,718 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet. Scheduled minimum rental payments as defined under ASC No. 840, "Leases" under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 Future undiscounted, sublease payments, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): March 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 13,887 $ 14,382 Operating leases: 2019 remaining $ 17,318 $ 22,528 2020 21,766 20,903 2021 19,708 18,886 2022 17,970 17,245 2023 15,839 15,128 2024 10,733 Thereafter 33,922 43,439 Total $ 137,256 $ 138,129 ___________________ (1) The sublease payments related to our finance lease represents cumulative payments through the lease term ending in 2023. |
Lease Obligations | Lease Obligations We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under operating ground leases. These ground leases expire at various dates through 2069 with renewal options ranging from five years to 20 years, which have been predominantly excluded from our lease liabilities, and in some cases, include options to purchase the underlying asset by either the lessor or lessee. Generally, our ground lease variable payments for real estate taxes, insurance and utilities are paid directly by us and are not a component of rental expense. Most of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions and also may include an amount based on a percentage of operating revenues or sublease tenant revenue. Space in our shopping centers is leased to tenants pursuant to agreements that generally provide for terms of 10 years or less and may include multiple options to extend the lease term in increments up to five years, for annual rentals subject to upward adjustments based on operating expense levels, sales volume, or contractual increases as defined in the lease agreements. Also, we have two properties under a finance lease that consists of variable lease payments with a purchase option. The right-of-use asset associated with this finance lease at March 31, 2019 was $1.7 million . At December 31, 2018 , the related assets associated with a capital lease in buildings and improvements total $15.7 million, and the balance of accumulated depreciation was $14.1 million. Amortization of property under the finance lease is included in depreciation and amortization expense. Note that amounts prior to January 1, 2019 were accounted for under ASC No. 840 “Leases.” A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Three Months Ended 2019 Lease cost: Operating lease cost: Included in Operating expense $ 761 Included in General and administrative expense 61 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization expense) 45 Interest on lease liability (included in Interest expense) 410 Short-term lease cost 27 Variable lease cost 73 Sublease income (included in Rentals, net) (6,703 ) Total lease cost $ (5,326 ) Weighted-average remaining lease term (in years): Operating leases 42.6 Finance lease 4.8 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2019 remaining $ 1,733 $ 1,302 2020 2,545 1,744 2021 2,334 1,751 2022 2,318 1,759 2023 2,283 23,037 2024 2,115 Thereafter 97,187 Total $ 110,515 $ 29,593 Lease liabilities (1) 42,425 21,875 Undiscounted excess amount $ 68,090 $ 7,718 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet. Scheduled minimum rental payments as defined under ASC No. 840, "Leases" under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 Future undiscounted, sublease payments, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): March 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 13,887 $ 14,382 Operating leases: 2019 remaining $ 17,318 $ 22,528 2020 21,766 20,903 2021 19,708 18,886 2022 17,970 17,245 2023 15,839 15,128 2024 10,733 Thereafter 33,922 43,439 Total $ 137,256 $ 138,129 ___________________ (1) The sublease payments related to our finance lease represents cumulative payments through the lease term ending in 2023. |
Common Shares of Beneficial Int
Common Shares of Beneficial Interest | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common Shares of Beneficial Interest | Common Shares of Beneficial Interest We have a $200 million share repurchase plan under which we may repurchase common shares of beneficial interest ("common shares") from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. We did not repurchase any shares during the three months ended March 31, 2019 . At March 31, 2019 and as of the date of this filing, $181.5 million of common shares remained available to be repurchased under this plan. |
Leasing Operations (Notes)
Leasing Operations (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leasing Operations | Leasing Operations As a commercial real estate lessor, generally our leases are for terms of 10 years or less and may include multiple options, upon tenant election, to extend the lease term in increments up to five years. Our leases typically do not include an option to purchase. Tenant terminations prior to the lease end date occasionally results in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of our leases provide for variable rental revenues, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Future undiscounted, lease payments for tenant leases, excluding estimated variable payments, at March 31, 2019 is as follows (in thousands): 2019 remaining $ 266,529 2020 321,566 2021 270,622 2022 214,807 2023 167,279 Thereafter 518,134 Total payments due $ 1,758,937 Future minimum rental income as defined under ASC No. 840 "Leases" from tenant leases, excluding estimated contingent rentals, at December 31, 2018 is as follows (in thousands): 2019 $ 347,476 2020 305,404 2021 253,269 2022 198,414 2023 151,538 Thereafter 473,416 Total payments due $ 1,729,517 Variable lease payments recognized in Rentals, net are as follows (in thousands): Three Months Ended 2019 Variable lease payments $ 27,930 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): March 31, 2019 March 31, 2018 Cash and cash equivalents $ 60,570 $ 88,238 Restricted deposits and mortgage escrows (see Note 1) 11,134 7,395 Total $ 71,704 $ 95,633 Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Three Months Ended 2019 2018 Accrued property construction costs $ 11,570 $ 12,444 Right-of-use assets exchanged for operating lease liabilities 42,913 — |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Three Months Ended 2019 2018 Numerator: Net income $ 51,254 $ 148,969 Net income attributable to noncontrolling interests (1,588 ) (2,145 ) Net income attributable to common shareholders - basic 49,666 146,824 Income attributable to operating partnership units — 528 Net income attributable to common shareholders - diluted $ 49,666 $ 147,352 Denominator: Weighted average shares outstanding – basic 127,756 127,926 Effect of dilutive securities: Share options and awards 834 781 Operating partnership units — 1,432 Weighted average shares outstanding – diluted 128,590 130,139 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 2019 2018 Operating partnership units 1,432 — |
Share Options and Awards
Share Options and Awards | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Options and Awards | Share Options and Awards During 2019 , we granted 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 term of each grant varies 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 from the date of grant. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested 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: Three Months Ended Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 19.3 % 21.3 % Expected life (in years) N/A 3 Risk-free interest rate 2.4 % 2.6 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. A summary of the status of unvested share awards for the three months ended March 31, 2019 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 674,293 $ 30.26 Granted: Service-based awards 177,755 28.58 Market-based awards relative to FTSE NAREIT U.S. Shopping Center 80,848 30.20 Market-based awards relative to three-year absolute TSR 80,847 32.91 Vested (196,635 ) 32.55 Forfeited (3,703 ) 30.49 Outstanding, March 31, 2019 813,405 $ 29.59 As of March 31, 2019 and December 31, 2018 , there was approximately $3.5 million and $1.8 million , respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 2.3 years and 1.7 years at March 31, 2019 and December 31, 2018 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan 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 2019 2018 Service cost $ 325 $ 333 Interest cost 475 325 Expected return on plan assets (861 ) (492 ) Amortization of net loss 288 271 Total $ 227 $ 437 The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income (Expense) in the Condensed Consolidated Statements of Operations. The expected contribution to be paid to the qualified retirement plan during 2019 is approximately $1 million . During 2018 , we contributed $1 million to the qualified retirement plan. Defined Contribution Plans Compensation expense related to our defined contribution plans was $1.0 million and $.9 million for the three months ended March 31, 2019 and 2018 , respectively. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Through our management activities and transactions with our real estate joint ventures and partnerships, we had accounts receivable of $.5 million outstanding as of both March 31, 2019 and December 31, 2018 . We also had accounts payable and accrued expenses of $.3 million and $.7 million outstanding as of March 31, 2019 and December 31, 2018 , respectively. We recorded joint venture fee income of $1.5 million included in Other revenue for both the three months ended March 31, 2019 and 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Contingencies As of March 31, 2019 and December 31, 2018 , we participated in two real estate ventures structured as DownREIT partnerships. We have operating and financial control over these ventures and consolidate them in our condensed consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. The aggregate redemption value of these interests was approximately $42 million and $36 million as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 , we have entered into commitments aggregating $163.6 million comprised principally of construction contracts which are generally due in 12 to 36 months. 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 condensed 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, changes in the law or new discoveries of contamination may 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 condensed consolidated financial statements. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At both March 31, 2019 and December 31, 2018 , nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 21 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights. A summary of our consolidated VIEs is as follows (in thousands): March 31, December 31, Assets Held by VIEs $ 231,372 $ 225,388 Assets Held as Collateral for Debt (1) 38,201 40,004 Maximum Risk of Loss (1) 29,784 29,784 ___________________ (1) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our condensed consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. Unconsolidated VIEs: At both March 31, 2019 and December 31, 2018 , two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was 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. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. Our analysis considered that all major decisions require unanimous member consent and those decisions include significant activities such as development, financing, leasing and operations of the entity. A summary of our unconsolidated VIEs is as follows (in thousands): March 31, December 31, Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 86,670 $ 76,575 Other Liabilities, net (2) 6,275 6,592 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (1) The carrying amount of the investment represents our contributions to a real estate joint venture, net of any distributions made and our portion of the equity in earnings of the real estate joint venture. The increase between periods represents new development funding of a mixed-use project. (2) Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate future funding of approximately $48 million through 2020 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 , 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: Cash equivalents, primarily money market funds and commercial paper $ 51,371 $ 51,371 Restricted cash, primarily money market funds 6,213 6,213 Investments, mutual funds held in a grantor trust 34,222 34,222 Total $ 91,806 $ — $ — $ 91,806 Liabilities: Deferred compensation plan obligations $ 34,222 $ 34,222 Total $ 34,222 $ — $ — $ 34,222 Quoted Prices Significant Significant Fair Value at Assets: Cash equivalents, primarily money market funds $ 54,848 $ 54,848 Restricted cash, primarily money market funds 5,254 5,254 Investments, mutual funds held in a grantor trust 30,996 30,996 Investments, mutual funds 6,635 6,635 Total $ 97,733 $ — $ — $ 97,733 Liabilities: Deferred compensation plan obligations $ 30,996 $ 30,996 Total $ 30,996 $ — $ — $ 30,996 Net gains and losses recognized on equity securities held at each period end were included in Interest and Other Income (Expense). For the three months ended March 31, 2019 , this included a net gain of $3.5 million , of which $3.0 million represented an unrealized gain. For the three months ended March 31, 2018, this included a net gain of $1.5 million , of which $.4 million represented an unrealized gain. 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): March 31, 2019 December 31, 2018 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) Other Assets: Tax increment revenue bonds (1) $ 20,009 $ 25,000 $ 20,009 $ 25,000 Investments, held to maturity (2) 2,000 $ 1,995 3,000 $ 2,988 Debt: Fixed-rate debt 1,770,930 1,788,757 1,771,999 1,761,215 Variable-rate debt 17,621 17,735 22,685 23,131 _______________ (1) At March 31, 2019 and December 31, 2018 , the credit loss balance on our tax increment revenue bonds was $31.0 million . (2) Investments held to maturity are recorded at cost. As of March 31, 2019 and December 31, 2018 , these investments had unrealized losses of $5 thousand and $12 thousand , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our condensed 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, 2018 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 audited consolidated financial statements and related notes for the year ended December 31, 2018 . 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. |
Leases | Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease should be the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we obtain lender quotes with similar terms and if not available, the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. |
Leases | Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease should be the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we obtain lender quotes with similar terms and if not available, the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. |
Revenue Recognition | Revenue Recognition At the inception of a revenue producing contract, we determine if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate GAAP is applied to the contract, including revenue recognition. Rentals, net Rental revenue is primarily derived from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. Variable rental revenue consists primarily of tenant reimbursements of taxes, maintenance expenses and insurance, is subject to our interpretation of lease provisions and is recognized over the term of leases as services are provided. Additionally, variable rental revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Further, at the lease commencement date, we consider the collectability of a lease when determining revenue to be recognized. Prior to the adoption of ASC No. 842, “Leases,” rental revenues were recognized under ASC No. 840, “Leases.” Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue: (1) management contracts with partially-owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. |
Unamortized Lease Costs, net | Unamortized Lease Costs, net Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as internal leasing commissions paid directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis. |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include rental revenue, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. Upon the adoption of ASC No. 842, “Leases,” rental revenues are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Prior to the adoption of ASC No. 842, “Leases,” an allowance for the uncollectible portion of accrued rents and accounts receivable was determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectability of the related receivables. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. |
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 deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. |
Other Assets, net | Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 5 for further information), tax increment revenue bonds, right-of-use assets, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, the net value of above-market leases, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Right-of-use assets are amortized to achieve the recognition of rent expense on a straight-line basis after adjusting for the corresponding lease liabilities’ interest over the lives of the leases. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Condensed Consolidated Statements of Operations. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 16 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral. |
Other Liabilities, net | Other Liabilities, net Other liabilities include non-qualified benefit plan liabilities, deferred revenue, lease liabilities, the net value of below-market leases and other miscellaneous liabilities. Lease liabilities are amortized to rent expense using the effective interest rate method, over the lease life. Below-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. |
Reclassifications | Reclassifications We have reclassified prior years’ miscellaneous lease-related revenues identified during our implementation of Accounting Standard Update ("ASU") No. 2016-02, "Leases" of $.4 million to Rentals, net from Other revenue in our Condensed Consolidated Statements of Operations to conform to the current year presentation (see Note 2 for further information). |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU No. 2018-01, "Land Easement Practical Expedient for Transition for Topic 842," ASU No. 2018-10, "Codification Improvements to Topic 842," ASU No. 2018-11, "Targeted Improvements for Topic 842," ASU No. 2018-20, "Narrow-Scope Improvements for Lessors" and ASU No. 2019-01, "Codification Improvements to Topic 842." These ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect, by class of underlying assets, to account for lease and nonlease components as a single lease component if certain criteria are met. The provisions of these ASUs were effective for us as of January 1, 2019. We adopted this guidance as of January 1, 2019 and applied it on a modified retrospective approach. Upon adoption, we applied the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that we first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for any existing leases. • The practical expedient which allows an entity not to reassess whether any existing or expired land easements that were not previously accounted for as a lease or if the contract contains a lease. • As an accounting policy election, a lessor may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. • As an accounting policy election, a lessee may choose by class of the underlying asset, not to apply the recognition requirements to short-term leases. The adoption resulted in the following changes as of January 1, 2019: • From the Lessor Perspective: ◦ Our existing leases will continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. We believe the majority of our leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. ◦ Capitalization of leasing costs has been limited under the new ASU which no longer allows indirect costs to be capitalized. Therefore indirect, internally-generated leasing and legal costs are no longer capitalized and are recorded in General and administrative expenses in our Condensed Consolidated Statement of Operations in the period of adoption prospectively. We continue to capitalize direct costs as defined within the ASU. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a nonlease component, which would need to be accounted for in accordance with Topic 606. However, we have applied the practical expedient for all of our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the nonlease component is not the predominate component of the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant on a gross basis in our consolidated financial statements. These ASUs have indicated that a lessor should exclude from variable payments, lessor costs paid by a lessee directly to a third party. Therefore, we have excluded any costs paid directly by the tenant from our revenues and expenses and will only include as variable payments those which are reimbursed to us by our tenants. Real estate taxes paid directly by our tenants was $1.2 million for the three months ended March 31, 2018. • From the Lessee Perspective: ◦ We have ground lease agreements in which we are the lessee for land underneath all or a portion of 12 centers and four administrative office leases that we account for as operating leases. Also, we have one finance lease in which we are the lessee of two centers with a $21.9 million lease obligation. We recognized right-of-use assets for our operating leases in Other Assets, along with corresponding lease liabilities in Other Liabilities on January 1, 2019 in the amounts of $44.2 million and $42.9 million , respectively, in the Condensed Consolidated Balance Sheet. The difference between the right-of-use assets and the lease liabilities is primarily associated with intangibles related to ground leases. For these existing operating leases, we continue to recognize a single lease expense for both our ground and office operating leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Condensed Consolidated Statements of Operations. ◦ We continue to recognize our finance lease asset balance in Property and our finance lease liability in Debt in our Condensed Consolidated Balance Sheets. Finance leases charge a portion of the payment to both asset amortization and interest expense. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." These ASUs amend prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of the ASUs are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of the ASUs will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Each Contract Type, that Represent Performance Obligations | We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time |
Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consist of the following (in thousands): March 31, December 31, Restricted deposits $ 9,166 $ 8,150 Mortgage escrows 1,968 2,122 Total $ 11,134 $ 10,272 |
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-Actuarial Loss Total Balance, December 31, 2018 $ — $ (4,501 ) $ 15,050 $ 10,549 Amounts reclassified from accumulated other comprehensive loss 219 (288 ) (1) (69 ) Net other comprehensive loss (income) — 219 (288 ) (69 ) Balance, March 31, 2019 $ — $ (4,282 ) $ 14,762 $ 10,480 Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan-Actuarial Loss Total Balance, December 31, 2017 $ (1,541 ) $ (7,424 ) $ 15,135 $ 6,170 Cumulative effect adjustment of accounting standards 1,541 1,541 Change excluding amounts reclassified from accumulated other comprehensive loss (1,379 ) (1,379 ) Amounts reclassified from accumulated other comprehensive loss 3,633 (2) (271 ) (1) 3,362 Net other comprehensive loss (income) — 2,254 (271 ) 1,983 Balance, March 31, 2018 $ — $ (5,170 ) $ 14,864 $ 9,694 _______________ (1) This reclassification component is included in th e computation of net periodic benefit cost (see Note 12 for additional information). (2) This reclassification component is included in interest expense (see Note 5 for additional information) |
Property (Tables)
Property (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Property | Our property consists of the following (in thousands): March 31, December 31, Land $ 908,682 $ 919,237 Land held for development 42,795 45,673 Land under development 56,750 55,793 Buildings and improvements 2,914,394 2,927,954 Construction in-progress 182,174 156,411 Total $ 4,104,795 $ 4,105,068 |
Investment In Real Estate Joi_2
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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): March 31, December 31, Combined Condensed Balance Sheets ASSETS Property $ 1,285,877 $ 1,268,557 Accumulated depreciation (312,192 ) (305,327 ) Property, net 973,685 963,230 Other assets, net 104,048 104,267 Total Assets $ 1,077,733 $ 1,067,497 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 267,766 $ 269,113 Amounts payable to Weingarten Realty Investors and Affiliates 11,694 11,732 Other liabilities, net 25,949 24,717 Total Liabilities 305,409 305,562 Equity 772,324 761,935 Total Liabilities and Equity $ 1,077,733 $ 1,067,497 |
Schedule Of Combined Condensed Statements Of Operations | Three Months Ended 2019 2018 Combined Condensed Statements of Operations Revenues, net $ 32,515 $ 33,886 Expenses: Depreciation and amortization 7,849 8,043 Interest, net 2,459 3,524 Operating 6,100 6,428 Real estate taxes, net 4,535 4,942 General and administrative 69 225 Provision for income taxes 33 36 Total 21,045 23,198 Gain on dispositions 535 3,533 Net income $ 12,005 $ 14,221 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): March 31, December 31, Debt payable, net to 2038 (1) $ 1,705,776 $ 1,706,886 Unsecured notes payable under credit facilities — 5,000 Debt service guaranty liability 60,900 60,900 Finance lease obligation 21,875 21,898 Total $ 1,788,551 $ 1,794,684 _______________ (1) At both March 31, 2019 and December 31, 2018 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0% |
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): March 31, December 31, As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,770,930 $ 1,771,999 Variable-rate debt 17,621 22,685 Total $ 1,788,551 $ 1,794,684 As to collateralization: Unsecured debt $ 1,452,892 $ 1,457,432 Secured debt 335,659 337,252 Total $ 1,788,551 $ 1,794,684 |
Schedule Of Credit Facilities | The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): March 31, December 31, Unsecured revolving credit facility: Balance outstanding $ — $ 5,000 Available balance 497,946 492,946 Letters of credit outstanding under facility 2,054 2,054 Variable interest rate (excluding facility fee) 3.3 % 3.3 % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate (excluding facility fee) — % — % Both facilities: Maximum balance outstanding during the period $ 5,000 $ 26,500 Weighted average balance 500 1,096 Year-to-date weighted average interest rate (excluding facility fee) 3.3 % 2.9 % |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $21.9 million of a finance lease obligation, $(4.4) million net premium/(discount) on debt, $(6.5) million of deferred debt costs, $1.7 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands): 2019 remaining $ 71,427 2020 5,296 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 Thereafter 10,435 Total $ 1,715,027 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Costs including Weighted Average Lease Terms and Weighted-average Discount Rates | A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Three Months Ended 2019 Lease cost: Operating lease cost: Included in Operating expense $ 761 Included in General and administrative expense 61 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization expense) 45 Interest on lease liability (included in Interest expense) 410 Short-term lease cost 27 Variable lease cost 73 Sublease income (included in Rentals, net) (6,703 ) Total lease cost $ (5,326 ) Weighted-average remaining lease term (in years): Operating leases 42.6 Finance lease 4.8 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % |
Reconciliation of Lease Liabilities, Lessee, Operating Lease | A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2019 remaining $ 1,733 $ 1,302 2020 2,545 1,744 2021 2,334 1,751 2022 2,318 1,759 2023 2,283 23,037 2024 2,115 Thereafter 97,187 Total $ 110,515 $ 29,593 Lease liabilities (1) 42,425 21,875 Undiscounted excess amount $ 68,090 $ 7,718 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet. |
Reconciliation of Lease Liabilities, Finance Lease, Maturity | A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2019 remaining $ 1,733 $ 1,302 2020 2,545 1,744 2021 2,334 1,751 2022 2,318 1,759 2023 2,283 23,037 2024 2,115 Thereafter 97,187 Total $ 110,515 $ 29,593 Lease liabilities (1) 42,425 21,875 Undiscounted excess amount $ 68,090 $ 7,718 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet. |
Schedule of Future Minimum Rental Payments for Operating Leases | Scheduled minimum rental payments as defined under ASC No. 840, "Leases" under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 |
Schedule of Future Minimum Lease Payments for Capital Leases | Scheduled minimum rental payments as defined under ASC No. 840, "Leases" under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 |
Schedule of Future Sublease Payments for Ground Lease Rentals | Future undiscounted, sublease payments, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): March 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 13,887 $ 14,382 Operating leases: 2019 remaining $ 17,318 $ 22,528 2020 21,766 20,903 2021 19,708 18,886 2022 17,970 17,245 2023 15,839 15,128 2024 10,733 Thereafter 33,922 43,439 Total $ 137,256 $ 138,129 ___________________ (1) The sublease payments related to our finance lease represents cumulative payments through the lease term ending in 2023. |
Leasing Operations (Tables)
Leasing Operations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of future undiscounted lease payments for tenant leases, excluding estimated variable payments | Future undiscounted, lease payments for tenant leases, excluding estimated variable payments, at March 31, 2019 is as follows (in thousands): 2019 remaining $ 266,529 2020 321,566 2021 270,622 2022 214,807 2023 167,279 Thereafter 518,134 Total payments due $ 1,758,937 |
Schedule of Future Minimum Payments Receivable for Operating Leases | Future minimum rental income as defined under ASC No. 840 "Leases" from tenant leases, excluding estimated contingent rentals, at December 31, 2018 is as follows (in thousands): 2019 $ 347,476 2020 305,404 2021 253,269 2022 198,414 2023 151,538 Thereafter 473,416 Total payments due $ 1,729,517 |
Schedule of Variable Lease, Payment | Variable lease payments recognized in Rentals, net are as follows (in thousands): Three Months Ended 2019 Variable lease payments $ 27,930 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): March 31, 2019 March 31, 2018 Cash and cash equivalents $ 60,570 $ 88,238 Restricted deposits and mortgage escrows (see Note 1) 11,134 7,395 Total $ 71,704 $ 95,633 |
Supplemental disclosure of non-cash transactions | Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Three Months Ended 2019 2018 Accrued property construction costs $ 11,570 $ 12,444 Right-of-use assets exchanged for operating lease liabilities 42,913 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 Numerator: Net income $ 51,254 $ 148,969 Net income attributable to noncontrolling interests (1,588 ) (2,145 ) Net income attributable to common shareholders - basic 49,666 146,824 Income attributable to operating partnership units — 528 Net income attributable to common shareholders - diluted $ 49,666 $ 147,352 Denominator: Weighted average shares outstanding – basic 127,756 127,926 Effect of dilutive securities: Share options and awards 834 781 Operating partnership units — 1,432 Weighted average shares outstanding – diluted 128,590 130,139 |
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 2019 2018 Operating partnership units 1,432 — |
Share Options and Awards (Table
Share Options and Awards (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: Three Months Ended Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 19.3 % 21.3 % Expected life (in years) N/A 3 Risk-free interest rate 2.4 % 2.6 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. |
Summary Of The Status Of Unvested Share Awards | A summary of the status of unvested share awards for the three months ended March 31, 2019 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 674,293 $ 30.26 Granted: Service-based awards 177,755 28.58 Market-based awards relative to FTSE NAREIT U.S. Shopping Center 80,848 30.20 Market-based awards relative to three-year absolute TSR 80,847 32.91 Vested (196,635 ) 32.55 Forfeited (3,703 ) 30.49 Outstanding, March 31, 2019 813,405 $ 29.59 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [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 2019 2018 Service cost $ 325 $ 333 Interest cost 475 325 Expected return on plan assets (861 ) (492 ) Amortization of net loss 288 271 Total $ 227 $ 437 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Consolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Summary Of Variable Interest Entities | A summary of our consolidated VIEs is as follows (in thousands): March 31, December 31, Assets Held by VIEs $ 231,372 $ 225,388 Assets Held as Collateral for Debt (1) 38,201 40,004 Maximum Risk of Loss (1) 29,784 29,784 ___________________ (1) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. |
Unconsolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Summary Of Variable Interest Entities | A summary of our unconsolidated VIEs is as follows (in thousands): March 31, December 31, Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 86,670 $ 76,575 Other Liabilities, net (2) 6,275 6,592 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (1) The carrying amount of the investment represents our contributions to a real estate joint venture, net of any distributions made and our portion of the equity in earnings of the real estate joint venture. The increase between periods represents new development funding of a mixed-use project. (2) Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , 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: Cash equivalents, primarily money market funds and commercial paper $ 51,371 $ 51,371 Restricted cash, primarily money market funds 6,213 6,213 Investments, mutual funds held in a grantor trust 34,222 34,222 Total $ 91,806 $ — $ — $ 91,806 Liabilities: Deferred compensation plan obligations $ 34,222 $ 34,222 Total $ 34,222 $ — $ — $ 34,222 Quoted Prices Significant Significant Fair Value at Assets: Cash equivalents, primarily money market funds $ 54,848 $ 54,848 Restricted cash, primarily money market funds 5,254 5,254 Investments, mutual funds held in a grantor trust 30,996 30,996 Investments, mutual funds 6,635 6,635 Total $ 97,733 $ — $ — $ 97,733 Liabilities: Deferred compensation plan obligations $ 30,996 $ 30,996 Total $ 30,996 $ — $ — $ 30,996 |
Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands): March 31, 2019 December 31, 2018 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) Other Assets: Tax increment revenue bonds (1) $ 20,009 $ 25,000 $ 20,009 $ 25,000 Investments, held to maturity (2) 2,000 $ 1,995 3,000 $ 2,988 Debt: Fixed-rate debt 1,770,930 1,788,757 1,771,999 1,761,215 Variable-rate debt 17,621 17,735 22,685 23,131 _______________ (1) At March 31, 2019 and December 31, 2018 , the credit loss balance on our tax increment revenue bonds was $31.0 million . (2) Investments held to maturity are recorded at cost. As of March 31, 2019 and December 31, 2018 , these investments had unrealized losses of $5 thousand and $12 thousand , respectively. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands, ft² in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Square footage of operating properties (in square feet) | ft² | 34.6 | |||
Accumulated other comprehensive loss | $ 1,760,434 | $ 1,906,343 | $ 1,750,699 | $ 1,809,842 |
Rentals, net | 119,826 | 129,148 | ||
Other | 3,312 | 3,304 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Rentals, net | 400 | |||
Other | $ (400) | |||
Revenue Benchmark [Member] | Tenant Base [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk (percentage) | 2.50% | |||
Revenue Benchmark [Member] | Houston, Texas Geographic Concentration [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk (percentage) | 20.20% | |||
Revenue Benchmark [Member] | Other Parts of Texas Geographic Concentration [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk (percentage) | 9.00% | |||
FLORIDA | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk (percentage) | 19.40% | |||
CALIFORNIA | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk (percentage) | 18.40% | |||
Gain on Cash Flow Hedges [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Accumulated other comprehensive loss | $ 4,282 | $ 5,170 | $ 4,501 | $ 7,424 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cash flow hedge gain (loss) to be amortized within 12 months | $ 900 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounting Policies [Abstract] | |||
Restricted deposits | $ 9,166 | $ 8,150 | |
Mortgage escrows | 1,968 | 2,122 | |
Total | $ 11,134 | $ 10,272 | $ 7,395 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ (1,750,699) | $ (1,809,842) | $ (1,809,842) |
Cumulative effect adjustment of accounting standards | 0 | 1,541 | |
Net other comprehensive loss (income) | (69) | 1,983 | |
Ending Balance | (1,760,434) | (1,906,343) | (1,750,699) |
Gain on Investments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | (1,541) | (1,541) |
Cumulative effect adjustment of accounting standards | 1,541 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | |||
Amounts reclassified from accumulated other comprehensive loss | |||
Net other comprehensive loss (income) | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Gain on Cash Flow Hedges [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (4,501) | (7,424) | (7,424) |
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379) | ||
Amounts reclassified from accumulated other comprehensive loss | 219 | 3,633 | |
Net other comprehensive loss (income) | 219 | 2,254 | |
Ending Balance | (4,282) | (5,170) | (4,501) |
Defined Benefit Pension Plan [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 15,050 | 15,135 | 15,135 |
Amounts reclassified from accumulated other comprehensive loss | (288) | (271) | |
Net other comprehensive loss (income) | (288) | (271) | |
Ending Balance | 14,762 | 14,864 | 15,050 |
Accumulated Other Comprehensive Loss [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 10,549 | 6,170 | 6,170 |
Cumulative effect adjustment of accounting standards | 1,541 | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379) | ||
Amounts reclassified from accumulated other comprehensive loss | (69) | 3,362 | |
Net other comprehensive loss (income) | (69) | 1,983 | |
Ending Balance | $ 10,480 | $ 9,694 | $ 10,549 |
New Issued Accounting Pronounce
New Issued Accounting Pronouncements (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)capital_leaseadministrative_officecenter | Mar. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Real estate taxes, net | $ 16,131 | $ 17,639 | |
Number of properties with ground lease agreements | center | 12 | ||
Number of administrative office leases | administrative_office | 4 | ||
Number of capital leases | capital_lease | 1 | ||
Finance Lease Assets, Number of Units, Centers | center | 2 | ||
Finance lease obligations | $ 21,900 | ||
Operating leases, liabilities | $ 42,425 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 44,200 | ||
Operating leases, liabilities | $ 42,900 | ||
Lease Arrangement, Lessor [Member] | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Real estate taxes, net | $ 1,200 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)property | Mar. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Number of centers sold | property | 3 | |
Proceeds from sale and disposition of property | $ 67,200 | |
Gain on sale of property | $ 17,787 | $ 109,045 |
Number of real estate properties | property | 1 | |
Acquisition of real estate property | $ 20,300 | |
Investment in new development | 22,500 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gain on sale of property | $ 17,800 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 908,682 | $ 919,237 |
Land held for development | 42,795 | 45,673 |
Land under development | 56,750 | 55,793 |
Buildings and improvements | 2,914,394 | 2,927,954 |
Construction in-progress | 182,174 | 156,411 |
Total | $ 4,104,795 | $ 4,105,068 |
Investment In Real Estate Joi_3
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Net basis differentials for equity method investments | $ 6,200 | $ 5,200 | |
Proceeds from sale and disposition of property | 67,200 | ||
Gain on sale of property | $ 17,787 | $ 109,045 | |
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 | 90.00% | 90.00% | |
Unconsolidated Real Estate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sale and disposition of property | 33,900 | ||
Gain on sale of property | $ 6,300 |
Investment In Real Estate Joi_4
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Property | $ 1,285,877 | $ 1,268,557 |
Accumulated depreciation | (312,192) | (305,327) |
Property, net | 973,685 | 963,230 |
Other assets, net | 104,048 | 104,267 |
Total Assets | 1,077,733 | 1,067,497 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 267,766 | 269,113 |
Amounts payable to Weingarten Realty Investors and Affiliates | 11,694 | 11,732 |
Other liabilities, net | 25,949 | 24,717 |
Total Liabilities | 305,409 | 305,562 |
Equity | 772,324 | 761,935 |
Total Liabilities and Equity | $ 1,077,733 | $ 1,067,497 |
Investment In Real Estate Joi_5
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues, net | $ 32,515 | $ 33,886 |
Expenses: | ||
Depreciation and amortization | 7,849 | 8,043 |
Interest, net | 2,459 | 3,524 |
Operating | 6,100 | 6,428 |
Real estate taxes, net | 4,535 | 4,942 |
General and administrative | 69 | 225 |
Provision for income taxes | 33 | 36 |
Total | 21,045 | 23,198 |
Gain on dispositions | 17,787 | 109,045 |
Net income | 12,005 | 14,221 |
Equity Method Investments [Member] | ||
Expenses: | ||
Gain on dispositions | $ 535 | $ 3,533 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | Mar. 30, 2016USD ($)debt_extension | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)derivative_contract | Mar. 27, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Debt service guaranty liability | $ 60,900 | $ 60,900 | |||
Principal payments of debt | 1,576 | $ 151,931 | |||
Gain (loss) on extinguishment of debt | 400 | ||||
Debt instruments collateral value | 600,000 | $ 600,000 | |||
Finance lease obligation | 21,875 | ||||
Net premium/(discount) on debt | (4,400) | ||||
Deferred finance costs, net | (6,500) | ||||
Non-cash debt | 1,700 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 500,000 | ||||
Number of credit facility 6-month extensions | debt_extension | 2 | ||||
Line of credit facility, extension period | 6 months | ||||
Bids amount (up to) | 250,000 | ||||
Maximum increase in credit facility amount (up to) | $ 850,000 | ||||
Commitment fee percentage | 0.15% | 0.15% | |||
Debt Service Guaranty [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt coverage ratio | 1.4 | ||||
Par Value Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal payments of debt | $ 51,000 | ||||
Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 10,000 | ||||
Fixed interest rate loan period (in days) | 30 days | 30 days | |||
Commitment fee percentage | 0.10% | 0.10% | |||
Unused capacity, commitment fee percentage | 0.05% | 0.05% | |||
Unsecured Variable-Rate Term Loan [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, repurchased face amount | $ 200,000 | ||||
Debt instrument, interest rate, effective percentage | 2.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.90% | 0.90% | |||
Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | 1.25% | |||
Financial Standby Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Securities pledged as collateral | $ 5,200 | $ 5,200 | |||
Guarantor obligations, maximum exposure, undiscounted | $ 5,000 | $ 5,000 | |||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of interest rate derivatives terminated | derivative_contract | 3 | ||||
Notional amount of interest rate fair value hedge derivatives | $ 200,000 | ||||
Gain due to the probability that the related hedged forecasted transactions would no longer occur | $ 3,400 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt payable, net to 2038 | $ 1,705,776 | $ 1,706,886 | |
Unsecured notes payable under credit facilities | 0 | 5,000 | |
Debt service guaranty liability | 60,900 | 60,900 | |
Finance lease obligation | 21,875 | ||
Finance lease obligation | 21,898 | ||
Total | [1] | $ 1,788,551 | $ 1,794,684 |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 3.30% | 3.30% | |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 7.00% | 7.00% | |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 4.00% | 4.00% | |
[1] | Consolidated variable interest entities' assets and debt included in the above balances (see Note 15) at March 31, 2019 and December 31, 2018 are Property, net of $201,924 and $198,466; Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net of $8,863 and $12,220; Cash and Cash Equivalents of $8,710 and $8,243; Debt, net of $45,582 and $45,774. |
Debt (Grouping Of Debt Between
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Total | [1] | $ 1,788,551 | $ 1,794,684 |
As To Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Fixed-rate debt | 1,770,930 | 1,771,999 | |
Variable-rate debt | 17,621 | 22,685 | |
Total | 1,788,551 | 1,794,684 | |
As To Collateralization [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 1,452,892 | 1,457,432 | |
Secured debt | 335,659 | 337,252 | |
Total | $ 1,788,551 | $ 1,794,684 | |
[1] | Consolidated variable interest entities' assets and debt included in the above balances (see Note 15) at March 31, 2019 and December 31, 2018 are Property, net of $201,924 and $198,466; Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net of $8,863 and $12,220; Cash and Cash Equivalents of $8,710 and $8,243; Debt, net of $45,582 and $45,774. |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 5,000 |
Maximum balance outstanding during the period | 5,000 | 26,500 |
Weighted average balance | $ 500 | $ 1,096 |
Year-to-date weighted average interest rate (excluding facility fee) | 3.30% | 2.90% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 5,000 |
Available balance | $ 497,946 | $ 492,946 |
Variable interest rate (excluding facility fee) | 3.30% | 3.30% |
Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding under facility | $ 2,054 | $ 2,054 |
Unsecured And Uncommitted Overnight Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Variable interest rate (excluding facility fee) | 0.00% | 0.00% |
Debt (Principal Payments Of Deb
Debt (Principal Payments Of Debt) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 remaining | $ 71,427 |
2020 | 5,296 |
2021 | 18,434 |
2022 | 307,922 |
2023 | 347,815 |
2024 | 252,153 |
2025 | 293,807 |
2026 | 277,291 |
2027 | 38,288 |
2028 | 92,159 |
Thereafter | 10,435 |
Total | $ 1,715,027 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) $ in Millions | Mar. 31, 2019USD ($)center | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | ||
Finance Lease Assets, Number of Units, Centers | center | 2 | |
Finance lease, right-of-use asset | $ 1.7 | |
Capital lease assets | $ 15.7 | |
Capital lease, accumulated depreciation | $ 14.1 | |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, renewal term | 5 years | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, renewal term | 20 years | |
Lease term | 10 years | |
Lease renewal term | 5 years |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Costs including Weighted Average Lease Terms and Weighted-average Discount Rates (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Finance cost: | |
Interest on lease liability (included in Interest expense) | $ 410 |
Short-term lease cost | 27 |
Variable lease cost | 73 |
Sublease income (included in Rentals, net) | (6,703) |
Total lease cost | $ (5,326) |
Operating lease, weighted average remaining lease term (in years) | 42 years 7 months |
Financelease, weighted average remaining lease term (in years) | 4 years 9 months |
Operating lease, weighted average discount rate, percent | 4.90% |
Finance lease, weighted average discount rate, percent | 7.50% |
Operating expense [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 761 |
General and administrative expense [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 61 |
Depreciation and Amortization [Member] | |
Finance cost: | |
Amortization of right-of-use asset (included in Depreciation and Amortization expense) | $ 45 |
Lease Obligations - Reconciliat
Lease Obligations - Reconciliation of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 remaining | $ 1,733 |
2020 | 2,545 |
2021 | 2,334 |
2022 | 2,318 |
2023 | 2,283 |
2024 | 2,115 |
Thereafter | 97,187 |
Total | 110,515 |
Lease liabilities | 42,425 |
Undiscounted excess amount | 68,090 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
2019 remaining | 1,302 |
2020 | 1,744 |
2020 | 1,751 |
2022 | 1,759 |
2023 | 23,037 |
Total | 29,593 |
Lease liabilities | 21,875 |
Undiscounted excess amount | $ 7,718 |
Lease Obligations - Scheduled m
Lease Obligations - Scheduled minimum rental payments under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 2,779 |
2020 | 2,536 |
2021 | 2,334 |
2022 | 2,318 |
2023 | 2,283 |
Thereafter | 99,302 |
Total | 111,552 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | 1,642 |
2020 | 1,635 |
2021 | 1,627 |
2022 | 1,618 |
2023 | 22,878 |
Total | $ 29,400 |
Lease Obligations - Future Subl
Lease Obligations - Future Sublease Payments for Ground Lease Rentals (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Finance lease(1) | $ 13,887 | $ 14,382 |
2019 remaining | 17,318 | 22,528 |
2020 | 21,766 | 20,903 |
2021 | 19,708 | 18,886 |
2022 | 17,970 | 17,245 |
2023 | 15,839 | 15,128 |
2024 | 10,733 | |
Thereafter | 33,922 | 43,439 |
Total | $ 137,256 | $ 138,129 |
Common Shares of Beneficial I_2
Common Shares of Beneficial Interest (Narrative) (Details) - USD ($) $ in Millions | May 03, 2019 | Mar. 31, 2019 |
Class of Stock [Line Items] | ||
Value of shares approved to be repurchased | $ 200 | |
Stock repurchase program, remaining authorized repurchase amount | $ 181.5 | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 181.5 |
Leasing Operations (Details)
Leasing Operations (Details) - Maximum [Member] | Mar. 31, 2019 |
Lessor, Lease, Description [Line Items] | |
Lease term | 10 years |
Lease renewal term | 5 years |
Leasing Operations Future undis
Leasing Operations Future undiscounted, lease payments for non-cancelable tenant leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 remaining | $ 266,529 |
2020 | 321,566 |
2021 | 270,622 |
2022 | 214,807 |
2023 | 167,279 |
Thereafter | 518,134 |
Total | $ 1,758,937 |
Leasing Operations Future minim
Leasing Operations Future minimum rental income (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 347,476 |
2020 | 305,404 |
2021 | 253,269 |
2022 | 198,414 |
2023 | 151,538 |
Thereafter | 473,416 |
Total payments due | $ 1,729,517 |
Leasing Operations Variable lea
Leasing Operations Variable lease payments recognized in Rentals, net (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Variable lease payments | $ 27,930 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Supplemental Cash Flow Elements [Abstract] | ||||||
Cash and Cash Equivalents | $ 60,570 | [1] | $ 65,865 | [1] | $ 88,238 | |
Restricted Deposits and Mortgage Escrows | 11,134 | 10,272 | 7,395 | |||
Total | $ 71,704 | $ 76,137 | $ 95,633 | $ 21,334 | ||
[1] | Consolidated variable interest entities' assets and debt included in the above balances (see Note 15) at March 31, 2019 and December 31, 2018 are Property, net of $201,924 and $198,466; Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net of $8,863 and $12,220; Cash and Cash Equivalents of $8,710 and $8,243; Debt, net of $45,582 and $45,774. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Summary of Non-Cash Transactions) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued property construction costs | $ 11,570 | $ 12,444 |
Right-of-use assets exchanged for operating lease liabilities | $ 42,913 | $ 0 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Continuing Operations: | ||
Net income | $ 51,254 | $ 148,969 |
Net income attributable to noncontrolling interests | (1,588) | (2,145) |
Net income attributable to common shareholders - basic | 49,666 | 146,824 |
Income attributable to operating partnership units | 0 | 528 |
Net income attributable to common shareholders - diluted | $ 49,666 | $ 147,352 |
Denominator: | ||
Weighted average shares outstanding – basic (in shares) | 127,756 | 127,926 |
Effect of dilutive securities: | ||
Share options and awards (in shares) | 834 | 781 |
Operating partnership units (in shares) | 0 | 1,432 |
Weighted average shares outstanding – diluted (in shares) | 128,590 | 130,139 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Partnership Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 1,432 | 0 |
Share Options and Awards (Narra
Share Options and Awards (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 3.5 | $ 1.8 |
Weighted average expected amortization period for unrecognized compensation cost (in years) | 2 years 3 months | 1 year 8 months |
Share Options and Awards (Fair
Share Options and Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) - Restricted Shares [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 19.30% |
Expected volatility, maximum | 21.30% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 2.40% |
Risk-free interest rate, maximum | 2.60% |
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 | 5.50% |
Share Options and Awards (Summa
Share Options and Awards (Summary Of The Status Of Unvested Share Awards) (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Service-Based Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 177,755 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 28.58 |
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 80,848 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 30.20 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 80,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 32.91 |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, outstanding, January 1, 2018 (in shares) | shares | 674,293 |
Unvested share awards, vested (in shares) | shares | (196,635) |
Unvested share awards, forfeited (in shares) | shares | (3,703) |
Unvested share awards, outstanding, March 31, 2019 (in shares) | shares | 813,405 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, outstanding, January 1, 2018 (in dollars per share) | $ / shares | $ 30.26 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 32.55 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 30.49 |
Weighted average grant date fair value, outstanding, March 31, 2019 (in dollars per share) | $ / shares | $ 29.59 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 1 | |
Defined benefit plan, employer contributions | $ 1 | |
Defined contribution plan, compensation expense | $ 1 | $ 0.9 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 325 | $ 333 |
Interest cost | 475 | 325 |
Expected return on plan assets | (861) | (492) |
Amortization of net loss | 288 | 271 |
Total | $ 227 | $ 437 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Net accounts receivable, related parties | $ 0.5 | $ 0.5 | |
Accounts payable and accrued expenses, related parties | 0.3 | $ 0.7 | |
Joint venture fee income | $ 1.5 | $ 1.5 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)partnership | Dec. 31, 2018USD ($)partnership | |
Capital Additions [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase contract, commitment | $ 163.6 | |
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 | |
DownREIT [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of real estate joint ventures | partnership | 2 | 2 |
Aggregate redemption value | $ 42 | $ 36 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)propertyjoint_venture | Dec. 31, 2018propertyjoint_venture | |
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures guaranteed by company | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 9 | 9 |
Number of real estate properties | property | 21 | 21 |
Unconsolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 2 | 2 |
Number of joint venture arrangements | 1 | |
Variable interest entity, nonconsolidated, additional future funding | $ | $ 48 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)joint_venture | Dec. 31, 2018USD ($)joint_venture | |
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures guaranteed by company | joint_venture | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 231,372 | $ 225,388 |
Assets Held as Collateral for Debt | 38,201 | 40,004 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Variable Interest Entities (S_2
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ 86,670 | $ 76,575 |
Maximum risk of loss | 34,000 | 34,000 |
Other Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ 6,275 | $ 6,592 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Assets: | |||
Restricted cash, primarily money market funds | $ 9,166 | $ 8,150 | |
Liabilities: | |||
Gain included in interest and other income/expense | 3,500 | $ 1,500 | |
Equity securities, unrealized gain | 3,000 | $ 400 | |
Recurring [Member] | |||
Assets: | |||
Assets, fair value disclosure | 91,806 | 97,733 | |
Liabilities: | |||
Deferred compensation plan obligations | 34,222 | 30,996 | |
Total | 34,222 | 30,996 | |
Recurring [Member] | Money Market Funds [Member] | |||
Assets: | |||
Cash equivalents | 51,371 | 54,848 | |
Restricted cash, primarily money market funds | 6,213 | 5,254 | |
Recurring [Member] | Grantor Trusts [Member] | |||
Assets: | |||
Investments | 34,222 | 30,996 | |
Recurring [Member] | Mutual Funds [Member] | |||
Assets: | |||
Investments | 6,635 | ||
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 91,806 | 97,733 | |
Liabilities: | |||
Deferred compensation plan obligations | 34,222 | 30,996 | |
Total | 34,222 | 30,996 | |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Money Market Funds [Member] | |||
Assets: | |||
Cash equivalents | 51,371 | 54,848 | |
Restricted cash, primarily money market funds | 6,213 | 5,254 | |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | |||
Assets: | |||
Investments | 34,222 | 30,996 | |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member] | |||
Assets: | |||
Investments | 6,635 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 0 | 0 | |
Liabilities: | |||
Total | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 0 | 0 | |
Liabilities: | |||
Total | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
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] | ||
Held-to-maturity securities, accumulated unrecognized holding loss | 5 | 12 |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,770,930 | 1,771,999 |
Carrying Value [Member] | Variable-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 17,621 | 22,685 |
Carrying Value [Member] | Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 20,009 | 20,009 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,000 | 3,000 |
Fair Value [Member] | Fixed-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,788,757 | 1,761,215 |
Fair Value [Member] | Variable-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 17,735 | 23,131 |
Fair Value [Member] | Tax Increment Revenue Bonds [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 25,000 | 25,000 |
Fair Value [Member] | Investments, Held To Maturity [Member] | Fair Value Using Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 1,995 | $ 2,988 |
Uncategorized Items - wri-20190
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,956,000 |
Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 5,497,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,541,000) |