Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document Information [Line Items] | ||
Entity Registrant Name | RAMCO GERSHENSON PROPERTIES TRUST | |
Entity Central Index Key | 842183 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RPT | |
Entity Common Stock, Shares Outstanding | 61,970,589 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Income producing properties, at cost: | ||||
Land | $273,579 | $166,500 | ||
Buildings and improvements | 1,256,019 | 952,671 | ||
Less accumulated depreciation and amortization | -244,906 | -237,462 | ||
Income producing properties, net | 1,284,692 | 881,709 | ||
Construction in progress and land held for development or sale | 97,024 | 98,541 | ||
Net real estate | 1,381,716 | 980,250 | ||
Equity investments in unconsolidated joint ventures | 31,819 | 95,987 | ||
Cash and cash equivalents | 4,782 | 4,233 | ||
Restricted cash | 8,420 | 3,892 | ||
Accounts receivable (net of allowance for doubtful accounts of $2,289 and $2,589 as of September 30, 2013 and December 31, 2012, respectively) | 9,188 | 7,976 | ||
Other assets, net | 111,075 | 72,953 | ||
TOTAL ASSETS | 1,547,000 | 1,165,291 | ||
Notes payable: | ||||
Senior unsecured notes payable | 340,000 | 180,000 | ||
Mortgages payable | 338,038 | 293,156 | ||
Unsecured revolving credit facility | 10,000 | 40,000 | ||
Junior subordinated notes | 28,125 | 28,125 | ||
Total notes payable | 716,163 | 541,281 | ||
Capital lease obligation | 5,772 | [1] | 6,023 | [1] |
Accounts payable and accrued expenses | 32,730 | 21,589 | ||
Other liabilities | 41,771 | 26,187 | ||
Distributions payable | 13,795 | 10,379 | ||
TOTAL LIABILITIES | 810,231 | 605,459 | ||
Commitments and Contingencies | ||||
Ramco-Gershenson Properties Trust (RPT) Shareholders' Equity: | ||||
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 2,000 shares issued and outstanding as of September 30, 2013 and December 31, 2012 | 100,000 | 100,000 | ||
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 61,560 and 48,489 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 616 | 485 | ||
Additional paid-in capital | 879,377 | 683,609 | ||
Accumulated distributions in excess of net income | -270,302 | -249,070 | ||
Accumulated other comprehensive loss | -1,334 | -5,241 | ||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 708,357 | 529,783 | ||
Noncontrolling interest | 28,412 | 30,049 | ||
TOTAL SHAREHOLDERS' EQUITY | 736,769 | 559,832 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,547,000 | $1,165,291 | ||
[1] | 99 year ground lease expires 9/30/2103. However, an anchor tenant’s exercise of its option to purchase its parcel in October 2014 would require us to purchase the real estate that is subject to the ground lease. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts receivable, allowance for doubtful accounts | $2,289 | $2,589 |
Preferred shares, par (in shares) | $0.01 | $0.01 |
Common shares of beneficial interest, par (in usd per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 120,000,000 | 80,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 61,560,000 | 48,489,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 61,560,000 | 48,489,000 |
Series D Preferred Stock | ||
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, shares issued (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, shares outstanding (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, liquidation preference (in usd per share) | $50 | $50 |
Cumulative Perpetual Convertible Preferred Shares, dividend rate percentage | 7.25% | 7.25% |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUE | ||||
Minimum rent | $33,238 | $22,766 | $89,868 | $65,106 |
Percentage rent | 85 | 170 | 200 | 369 |
Recovery income from tenants | 10,203 | 7,644 | 28,333 | 22,707 |
Other property income | 1,567 | 493 | 2,596 | 1,659 |
Management and other fee income | 566 | 1,021 | 1,842 | 2,935 |
TOTAL REVENUE | 45,659 | 32,094 | 122,839 | 92,776 |
EXPENSES | ||||
Real estate taxes | 6,374 | 4,006 | 16,754 | 12,583 |
Recoverable operating expense | 4,846 | 3,885 | 13,752 | 11,055 |
Other non-recoverable operating expense | 660 | 671 | 2,150 | 1,940 |
Depreciation and amortization | 15,165 | 10,481 | 40,649 | 28,599 |
General and administrative expense | 5,363 | 4,990 | 16,497 | 14,746 |
TOTAL EXPENSES | 32,408 | 24,033 | 89,802 | 68,923 |
OPERATING INCOME | 13,251 | 8,061 | 33,037 | 23,853 |
OTHER INCOME AND EXPENSES | ||||
Other (expense) income, net | -400 | 54 | -716 | 172 |
(Loss) gain on sale of real estate | -13 | 0 | 3,901 | 69 |
Earnings (loss) from unconsolidated joint ventures | 387 | 1,008 | -5,027 | 2,084 |
Interest expense | -7,915 | -6,430 | -21,284 | -19,509 |
Amortization of deferred financing fees | -382 | -354 | -1,069 | -1,107 |
Provision for impairment on equity investments in unconsolidated joint ventures | 0 | -294 | 0 | -294 |
Deferred gain recognized upon acquisition of real estate | 0 | 845 | 5,282 | 845 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX | 4,928 | 2,890 | 14,124 | 6,113 |
Income tax benefit (provision) | 29 | 19 | -1 | 17 |
INCOME FROM CONTINUING OPERATIONS | 4,957 | 2,909 | 14,123 | 6,130 |
DISCONTINUED OPERATIONS | ||||
Gain on sale of real estate | 657 | 0 | 2,194 | 336 |
Gain on extinguishment of debt | 0 | 0 | 0 | 307 |
Provision for impairment | 0 | 0 | 0 | -2,536 |
Income from discontinued operations | 101 | 412 | 454 | 1,196 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 758 | 412 | 2,648 | -697 |
NET INCOME | 5,715 | 3,321 | 16,771 | 5,433 |
Net (income) loss attributable to noncontrolling partner interest | -201 | -158 | -634 | 191 |
NET INCOME ATTRIBUTABLE TO RPT | 5,514 | 3,163 | 16,137 | 5,624 |
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 3,701 | 1,350 | 10,699 | 186 |
EARNINGS (LOSS) PER COMMON SHARE, BASIC | ||||
Continuing operations (in usd per share) | $0.05 | $0.02 | $0.14 | $0.02 |
Discontinued operations (in usd per share) | $0.01 | $0.01 | $0.04 | ($0.02) |
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.03 | $0.18 | $0 |
EARNINGS (LOSS) PER COMMON SHARE, DILUTED | ||||
Continuing operations (in usd per share) | $0.05 | $0.02 | $0.14 | $0.02 |
Discontinued operations (in usd per share) | $0.01 | $0.01 | $0.04 | ($0.02) |
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.03 | $0.18 | $0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 61,102 | 46,911 | 57,626 | 42,834 |
Diluted (in shares) | 61,572 | 47,197 | 58,097 | 43,115 |
OTHER COMPREHENSIVE INCOME | ||||
Net income | 5,715 | 3,321 | 16,771 | 5,433 |
Other comprehensive income (loss): | ||||
(Loss) gain on interest rate swaps | -620 | -960 | 4,056 | -3,163 |
Comprehensive income | 5,095 | 2,361 | 20,827 | 2,270 |
Comprehensive loss (income) attributable to noncontrolling interest | 22 | 46 | -149 | 172 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT | $5,117 | $2,407 | $20,678 | $2,442 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2012 | $559,832 | $100,000 | $485 | $683,609 | ($249,070) | ($5,241) | $30,049 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares | 195,022 | 130 | 194,892 | ||||
Conversion and redemption of OP unit holders | -1,239 | -1,239 | |||||
Share-based compensation and other expense | 877 | 1 | 876 | ||||
Dividends declared to common shareholders | -31,679 | -31,679 | |||||
Dividends declared to preferred shareholders | -5,438 | -5,438 | |||||
Distributions declared to noncontrolling interests | -1,181 | -1,181 | |||||
Dividends declared to deferred shares | -252 | -252 | |||||
Other comprehensive income adjustment | 4,056 | 3,907 | 149 | ||||
Net income | 16,771 | 16,137 | 634 | ||||
Ending Balance at Sep. 30, 2013 | $736,769 | $100,000 | $616 | $879,377 | ($270,302) | ($1,334) | $28,412 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ||
Net income | $16,771 | $5,433 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including discontinued operations | 40,909 | 29,332 |
Amortization of deferred financing fees, including discontinued operations | 1,069 | 1,113 |
Income tax provision (benefit) | 1 | -17 |
Loss (earnings) from unconsolidated joint ventures | 5,027 | -2,084 |
Distributions received from operations of unconsolidated joint ventures | 2,198 | 3,301 |
Provision for impairment from discontinued operations | 0 | 2,536 |
Provision for impairment on equity investments in unconsolidated joint ventures | 0 | 294 |
Gain on extinguishment of debt, including discontinued operations | 0 | -307 |
Deferred gain recognized upon acquisition of real estate | -5,282 | -845 |
Gain on sale of real estate, including discontinued operations | -6,095 | -405 |
Amortization of premium on mortgages, net | -364 | -23 |
Share-based compensation expense | 1,614 | 1,591 |
Long-term incentive cash compensation expense | 1,064 | 250 |
Changes in assets and liabilities: | ||
Accounts receivable, net | -1,212 | 138 |
Other assets, net | -951 | 5,120 |
Accounts payable, accrued expenses and other liabilities | 11,407 | -2,109 |
Net cash provided by operating activities | 66,156 | 43,318 |
INVESTING ACTIVITIES | ||
Acquisition of real estate, net of assumed debt | -222,071 | -122,831 |
Development and capital improvements | -29,928 | -41,047 |
Net proceeds from sales of real estate | 24,570 | 10,292 |
Distributions from sale of joint venture property | 1,687 | 2,227 |
(Increase) decrease in restricted cash | -4,528 | 1,114 |
Investment in unconsolidated joint ventures | -4,979 | -3,302 |
Note receivable from third party | 0 | -3,111 |
Net cash used in investing activities | -235,249 | -156,658 |
FINANCING ACTIVITIES | ||
Proceeds on mortgages and notes payable | 160,000 | 45,000 |
Repayment of mortgages and notes payable | -117,345 | -23,068 |
Net (repayments) borrowings on revolving credit facility | -30,000 | 15,500 |
Payment of deferred financing costs | -1,363 | -1,959 |
Proceeds from issuance of common stock | 194,975 | 101,530 |
Repayment of capitalized lease obligation | -251 | -237 |
Conversion of operating partnership units for cash | -1,239 | 0 |
Dividends paid to preferred shareholders | -5,438 | -5,438 |
Dividends paid to common shareholders | -28,539 | -20,500 |
Distributions paid to operating partnership unit holders | -1,158 | -1,290 |
Net cash provided by financing activities | 169,642 | 109,538 |
Net change in cash and cash equivalents | 549 | -3,802 |
Cash and cash equivalents at beginning of period | 4,233 | 12,155 |
Cash and cash equivalents at end of period | 4,782 | 8,353 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | ||
Assumption of debt related to acquisitions | 158,767 | 0 |
Conveyance of mortgage to lender | 0 | 8,501 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest (net of capitalized interest of $770 and $758 in 2013 and 2012, respectively) | 21,225 | 19,733 |
Cash paid for federal income taxes | $0 | $16 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash paid for interest, capitalized interest | $770 | $758 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentations | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentations | Organization and Basis of Presentations |
Organization | |
Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company”), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing community shopping centers located predominantly in the Eastern, Midwestern and Central regions of the United States. As of September 30, 2013, our property portfolio consists of 65 wholly owned shopping centers and one office building comprising approximately 12.5 million square feet. In addition, we are co-investor in and manager of two joint ventures that own portfolios of shopping centers. We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.7 million square feet. We own 30% of Ramco/Lion Venture L.P., an entity that owns three shopping centers comprising approximately 0.8 million square feet. We also have ownership interests in three smaller joint ventures that each own a shopping center. In addition, we own interests in three parcels of land held for development or sale and five parcels of land adjacent to certain of our existing developed properties located in Florida, Georgia, Michigan, Tennessee, and Virginia. Most of our properties are anchored by supermarkets and/or national chain stores. The Company’s credit risk, therefore, is concentrated in the retail industry. | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (96.5% and 95.4% owned by the Company at September 30, 2013 and December 31, 2012, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest. We have elected to be a REIT for federal income tax purposes. All intercompany balances and transactions have been eliminated in consolidation. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. | |
Sales Taxes | |
We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. | |
Reclassifications | |
Certain reclassifications of prior period amounts, primarily related to discontinued operations, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB updated ASC 740 "Income Taxes" with ASU 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists." The objective of this update is to reduce the diversity in practice related to the presentation of certain unrecognized tax benefits. The amendments in this update require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for those instances described above, except in certain situations described in the update. For public entities, ASU 2013-11 is effective for fiscal years beginning after December 15, 2013 and interim periods with those years. The guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Early adoption and retrospective application are permitted. We are evaluating the impact that this update may have on our condensed consolidated financial statements. | |
In July 2013, the FASB updated ASC 815 "Derivatives and Hedging" with ASU 2013-10 "Inclusion of the Fed Funds Effective Swap Rate (of Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes." ASU 2013-10 permits the Overnight Index Swap ("OIS") Rate, also referred to as the Fed Funds effective Swap Rate, to be used as a U.S. benchmark for hedge accounting purposes, in addition to London Interbank Offered Rate ("LIBOR") and interest rate on direct U.S. Treasury obligations. The guidance also removes the restriction on using different benchmarks for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedges entered into on or after July 17, 2013. The adoption of this guidance will not have a material impact on our condensed consolidated financial statements. | |
In February 2013, the FASB updated ASC 220 “Comprehensive Income” with ASU 2013-2 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-2 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-2 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-2 are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance concerns disclosure only and did not have an impact on our condensed consolidated financial statements. |
Real_Estate
Real Estate | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate [Abstract] | |
Real Estate | Real Estate |
Included in our net real estate assets are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization. | |
We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the remaining estimated useful lives of those assets may warrant revision or that the carrying value of the property may not be recoverable. For operating properties, these changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, geographic location, and real estate values. | |
Land held for development or sale consists of projects where vertical construction has yet to commence, but which have been identified as available for future development when market conditions dictate the demand for a new shopping center. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land held for development or sale was $67.4 million and $81.5 million at September 30, 2013 and December 31, 2012, respectively. | |
Construction in progress represents existing redevelopment and tenant build-out projects. When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate. Construction in progress was $29.6 million and $17.0 million at September 30, 2013 and December 31, 2012, respectively. | |
The increase in construction in progress from December 31, 2012 to September 30, 2013 was due primarily to the commencement of Phase I of Lakeland Park Center, located adjacent to our existing Shoppes of Lakeland shopping center in Lakeland, Florida, and ongoing redevelopment projects at existing centers. This increase was partially offset by the completion of Phase I of our Parkway Shops development, located in Jacksonville, Florida which was completed in April 2013 at a cost of approximately $17.5 million. |
Property_Acquisitions_and_Disp
Property Acquisitions and Dispositions | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions | ||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||
The following table provides a summary of our acquisition activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Date | Purchase | Assumed | ||||||||||||||||||
Acquired | Price | Debt | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Deer Grove Centre | Palatine, IL | 236 | 8/26/13 | $ | 20,000 | $ | — | ||||||||||||||||
Mount Prospect Plaza | Mt. Prospect, IL | 301 | 6/20/13 | 36,100 | — | ||||||||||||||||||
The Shoppes at Nagawaukee | Delafield, WI | 106 | 4/18/13 | 22,650 | 9,253 | ||||||||||||||||||
Clarion Partners Portfolio - | FL & MI | 2,246 | 3/25/13 | 367,415 | 149,514 | ||||||||||||||||||
12 Income Producing Properties | |||||||||||||||||||||||
Total consolidated income producing acquisitions | 2,889 | $ | 446,165 | $ | 158,767 | ||||||||||||||||||
The Clarion Partners Portfolio of 12 properties (the “Clarion Acquisition”) acquired on March 25, 2013 was previously held in the Ramco/Lion Venture LP, a joint venture in which we hold a 30% interest and which still owns three properties. | |||||||||||||||||||||||
For the nine months ended September 30, 2013 we recognized a deferred gain of $5.3 million related to one property that was included in the Clarion Acquisition. The deferred gain related to our proportional 30% equity interest when the property was sold to the joint venture in 2007. | |||||||||||||||||||||||
The aggregate fair value of our 2013 acquisitions through September 30, 2013, was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. | |||||||||||||||||||||||
Allocated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Land | $ | 110,025 | |||||||||||||||||||||
Buildings and improvements | 310,086 | ||||||||||||||||||||||
Above market leases | 4,895 | ||||||||||||||||||||||
Lease origination costs | 36,600 | ||||||||||||||||||||||
Other assets | 6,283 | ||||||||||||||||||||||
Below market leases | (18,027 | ) | |||||||||||||||||||||
Premium for above market interest rates on assumed debt | (3,697 | ) | |||||||||||||||||||||
Total purchase price allocated | $ | 446,165 | |||||||||||||||||||||
Total revenue and net income for the 2013 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2013 were as follows: | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total revenue from 2013 acquisitions | $ | 2,183 | $ | 2,754 | |||||||||||||||||||
Net income from 2013 acquisitions | $ | 610 | $ | 743 | |||||||||||||||||||
Unaudited Proforma Information | |||||||||||||||||||||||
If the 2013 Acquisitions had occurred on January 1, 2012, our consolidated revenues and net income for the three and nine months ended September 30, 2013 and 2012 would have been as follows: | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Consolidated revenue | $ | 47,120 | $ | 43,608 | $ | 133,793 | $ | 127,736 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 3,930 | $ | 1,746 | $ | 11,890 | $ | 3,913 | |||||||||||||||
Dispositions | |||||||||||||||||||||||
The following table provides a summary of our disposition activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain | ||||||||||||||||
Sold | Price | Repaid | on Sale | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Edgewood Towne Center | Lansing, MI | 86 | N/A | 9/27/13 | $ | 5,480 | $ | — | $ | 657 | |||||||||||||
Mays Crossing | Stockbridge, GA | 137 | N/A | 4/9/13 | 8,400 | — | 1,537 | ||||||||||||||||
Total consolidated income producing dispositions | 223 | $ | 13,880 | $ | — | $ | 2,194 | ||||||||||||||||
Jacksonville North Industrial - The Learning Experience Outparcel | Jacksonville, FL | N/A | 1 | 9/26/13 | $ | 510 | $ | — | $ | (13 | ) | ||||||||||||
Parkway Phase I - Mellow Mushroom Outparcel | Jacksonville, FL | N/A | 1.2 | 5/22/13 | 1,200 | — | 332 | ||||||||||||||||
Roseville Towne Center - Wal-Mart parcel | Roseville, MI | N/A | 11.6 | 2/15/13 | 7,500 | — | 3,030 | ||||||||||||||||
Parkway Phase I - BJ's Restaurant Outparcel | Jacksonville, FL | N/A | 2.9 | 1/24/13 | 2,600 | — | 552 | ||||||||||||||||
Total consolidated land / outparcel dispositions | 16.7 | $ | 11,810 | $ | — | $ | 3,901 | ||||||||||||||||
Total consolidated dispositions | 223 | 16.7 | $ | 25,690 | $ | — | $ | 6,095 | |||||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||||||
We will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and we are able to conclude that the sale of the property within one year is probable. As of September 30, 2013 and 2012, we did not have any properties held for sale. | |||||||||||||||||
The following table provides a summary of selected operating results for those properties sold during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Total revenue | $ | 254 | $ | 715 | $ | 1,176 | $ | 3,608 | |||||||||
Expenses: | |||||||||||||||||
Recoverable operating expenses | 71 | 168 | 351 | 1,056 | |||||||||||||
Other non-recoverable property operating expenses | 30 | 2 | 48 | 268 | |||||||||||||
Depreciation and amortization | 60 | 133 | 261 | 734 | |||||||||||||
Interest expense | — | — | — | 248 | |||||||||||||
Operating income of properties sold | 93 | 412 | 516 | 1,302 | |||||||||||||
Other income (expense) | 8 | — | (62 | ) | (106 | ) | |||||||||||
Gain on sale of properties | 657 | — | 2,194 | 336 | |||||||||||||
Gain on early extinguishment of debt | — | — | — | 307 | |||||||||||||
Provision for impairment | — | — | — | (2,536 | ) | ||||||||||||
Income (loss) from discontinued operations | $ | 758 | $ | 412 | $ | 2,648 | $ | (697 | ) | ||||||||
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures | ||||||||||||||||
We have five joint venture agreements whereby we own between 7% and 30% of the equity in the joint venture. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. | |||||||||||||||||
The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: | |||||||||||||||||
Balance Sheets | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in real estate, net | $ | 411,947 | $ | 796,584 | |||||||||||||
Cash, accounts receivable and other assets | 28,779 | 56,631 | |||||||||||||||
Total Assets | $ | 440,726 | $ | 853,215 | |||||||||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||||||||
Mortgage notes payable | $ | 177,974 | $ | 360,302 | |||||||||||||
Other liabilities | 7,511 | 13,866 | |||||||||||||||
Owners' equity | 255,241 | 479,047 | |||||||||||||||
Total Liabilities and Owners' Equity | $ | 440,726 | $ | 853,215 | |||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 31,819 | $ | 95,987 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Statements of Operations | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||||
Total Revenue | $ | 10,561 | $ | 10,476 | $ | 32,286 | $ | 30,973 | |||||||||
Total Expenses | 9,589 | 10,372 | 29,568 | 31,003 | |||||||||||||
Income (loss) before other income and expenses and discontinued operations | 972 | 104 | 2,718 | (30 | ) | ||||||||||||
Gain on extinguishment of debt | — | 77 | — | 77 | |||||||||||||
Income from continuing operations | 972 | 181 | 2,718 | 47 | |||||||||||||
Discontinued operations | |||||||||||||||||
Provision for impairment of long-lived assets | — | — | — | (712 | ) | ||||||||||||
Gain on extinguishment of debt | — | — | — | 198 | |||||||||||||
Gain on sale of land | — | 716 | — | 716 | |||||||||||||
Gain (loss) on sale of real estate (1) | — | 28 | (21,512 | ) | (61 | ) | |||||||||||
Income from discontinued operations | 215 | 1,716 | 1,376 | 5,296 | |||||||||||||
Income (loss) from discontinued operations | 215 | 2,460 | (20,136 | ) | 5,437 | ||||||||||||
Net income (loss) | $ | 1,187 | $ | 2,641 | $ | (17,418 | ) | $ | 5,484 | ||||||||
RPT's share of earnings (loss) from unconsolidated joint ventures (2) | $ | 387 | $ | 975 | $ | (5,027 | ) | $ | 2,481 | ||||||||
(1) | In March, 2013 Ramco/Lion Venture LP sold 12 shopping centers to us. The aggregate purchase price for 100% of the shopping centers was $367.4 million resulting in a loss on the sale of $21.5 million to the joint venture. The properties are located in Florida and Michigan. Three properties remain in this joint venture. | ||||||||||||||||
(2) | For the three and the nine months ended September 30, 2012, our pro-rata share excludes $33,000 related to the acquisition of the partner's interest in a joint venture. In addition, for the nine months ended September 30, 2012, our pro-rata share excludes $0.43 million in costs associated with the liquidation of a joint venture concurrent with the extinguishment of its debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our statement of operations. | ||||||||||||||||
As of September 30, 2013, we had investments in the following unconsolidated joint ventures: | |||||||||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||||||||
September 30, | September 30, | December 31, | |||||||||||||||
Unconsolidated Entities | 2013 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Ramco/Lion Venture LP (1) | 30% | $ | 92,285 | $ | 495,585 | ||||||||||||
Ramco 450 Venture LLC | 20% | 294,789 | 303,107 | ||||||||||||||
Other Joint Ventures | 7%-20% | 53,652 | 54,523 | ||||||||||||||
$ | 440,726 | $ | 853,215 | ||||||||||||||
(1) | The decrease in total assets is related to the March, 2013 sale of 12 shopping centers with a book value of $387.3 million. | ||||||||||||||||
There was no acquisition activity in the nine months ended September 30, 2013 and 2012 by any of our unconsolidated joint ventures. | |||||||||||||||||
Debt | |||||||||||||||||
Our unconsolidated joint ventures had the following debt outstanding at September 30, 2013: | |||||||||||||||||
Balance | |||||||||||||||||
Entity Name | Outstanding | ||||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 139,963 | |||||||||||||||
Ramco/Lion Venture LP (2) | 30,634 | ||||||||||||||||
Other Joint Ventures (3) | 7,612 | ||||||||||||||||
$ | 178,209 | ||||||||||||||||
Unamortized premium | (235 | ) | |||||||||||||||
Total mortgage debt | $ | 177,974 | |||||||||||||||
(1) | Maturities range from November 2013 to September 2023 with interest rates ranging from 2.9% to 5.8% | ||||||||||||||||
(2) | Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5% interest rate. | ||||||||||||||||
(3) | Balance relates to Paulding Pavilion’s mortgage loan which has a maturity date of January 2014. The interest rate is variable based on LIBOR plus 3.50%. | ||||||||||||||||
During the nine months ended September 30, 2013, Ramco 450 Venture LLC refinanced (or repaid): | |||||||||||||||||
• | the mortgage on The Plaza at Delray with a new 10-year loan in the amount of $46.0 million; | ||||||||||||||||
• | the mortgage on Olentangy Plaza in the amount of $21.6 million of which our share was $4.3 million; and | ||||||||||||||||
• | the mortgage on Market Plaza. The new five year loan required the joint venture to pay down the outstanding principal balance from $24.5 million to $16.0 million, of which our 20% share was $1.7 million. | ||||||||||||||||
Ramco 450 Venture LLC expects to close on a new mortgage on the Chester Springs shopping center prior to the November 1, 2013 due date of the current mortgage. There are no other loans maturing until the first quarter of 2014. | |||||||||||||||||
Joint Venture Management and Other Fee Income | |||||||||||||||||
We are engaged by certain of our joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective properties. We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered. | |||||||||||||||||
The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Management fees | $ | 389 | $ | 636 | $ | 1,469 | $ | 2,006 | |||||||||
Leasing fees | 172 | 253 | 320 | 683 | |||||||||||||
Construction fees | 5 | 132 | 53 | 246 | |||||||||||||
Total | $ | 566 | $ | 1,021 | $ | 1,842 | $ | 2,935 | |||||||||
Other_Assets_Net
Other Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets, Net | Other Assets, Net | ||||||||
Other assets consist of the following: | |||||||||
September 30, | December 31, 2012 | ||||||||
2013 | |||||||||
(In thousands) | |||||||||
Deferred leasing costs, net | $ | 22,550 | $ | 18,067 | |||||
Deferred financing costs, net | 6,367 | 6,073 | |||||||
Lease intangible assets, net | 56,965 | 25,611 | |||||||
Straight-line rent receivable, net | 14,660 | 14,799 | |||||||
Cash flow hedge marked-to-market asset | 1,499 | — | |||||||
Prepaid and other deferred expenses, net | 5,109 | 4,636 | |||||||
Other, net | 3,925 | 3,767 | |||||||
Other assets, net | $ | 111,075 | $ | 72,953 | |||||
Total accumulated amortization of other assets was $40.0 million and $35.7 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||
The increase in other assets, net is primarily due to our acquisitions completed during 2013 and the allocation of a portion of the purchase price to deferred leasing costs and lease intangible assets as well as the increase in deferred financing costs related to two debt transactions. | |||||||||
Intangible assets attributable to lease origination costs and for above-market leases are being amortized over the lives of the applicable lease. Amortization of lease origination costs is an increase to amortization expense and amortization of above-market leases is a reduction to minimum rent revenue over the applicable terms of the respective leases. Amortization of the above-market leases resulted in a reduction of revenue of approximately $1.5 million and $0.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
Straight-line rent receivables are recorded net of allowances of $4.0 million and $3.0 million at September 30, 2013 and December 31, 2012, respectively. |
Other_Liabilities_net
Other Liabilities, net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Liabilities, net | Other Liabilities, net | ||||||||
Other liabilities consist of the following: | |||||||||
September 30, | December 31, 2012 | ||||||||
2013 | |||||||||
(In thousands) | |||||||||
Lease intangible liabilities, net | $ | 31,826 | $ | 16,297 | |||||
Cash flow hedge marked-to-market liability | 3,016 | 5,574 | |||||||
Deferred liabilities | 3,679 | 1,970 | |||||||
Tenant security deposits | 2,902 | 1,948 | |||||||
Other, net | 348 | 398 | |||||||
Other liabilities, net | $ | 41,771 | $ | 26,187 | |||||
The increase in other liabilities, net was primarily due to our 2013 acquisitions and the allocation of a portion of the purchase price to lease intangible liabilities. The lease intangible liability relates to below-market leases that are being accreted over the applicable terms of the acquired leases, which resulted in an increase of revenue of $2.2 million and $0.6 million for the nine months ended September 30, 2013 and 2012, respectively. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of September 30, 2013 and December 31, 2012: | |||||||||
Notes Payable | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 110,000 | $ | — | |||||
Unsecured term loan facilities | 230,000 | 180,000 | |||||||
Fixed rate mortgages | 334,687 | 293,139 | |||||||
Unsecured revolving credit facility | 10,000 | 40,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
712,812 | 541,264 | ||||||||
Unamortized premium | 3,351 | 17 | |||||||
$ | 716,163 | $ | 541,281 | ||||||
Capital lease obligation (1) | $ | 5,772 | $ | 6,023 | |||||
(1) | 99 year ground lease expires 9/30/2103. However, an anchor tenant’s exercise of its option to purchase its parcel in October 2014 would require us to purchase the real estate that is subject to the ground lease. | ||||||||
In conjunction with our acquisitions in 2013, we assumed eight mortgages totaling $158.8 million. In addition to the contractual debt assumed, a premium of approximately $3.7 million was recorded based upon the fair value of the loans on the date they were assumed. This additional mortgage premium is amortized over the remaining life of the loans, with amortization recorded to decrease the monthly interest expense recorded on the loans. Of the eight mortgages assumed, three mortgages totaling $100.5 million were repaid during the second quarter of 2013. | |||||||||
Our fixed rate mortgages have interest rates ranging from 5.0% to 7.6% and are due at various maturity dates from May 2014 through June 2026. Included in fixed rate mortgages at September 30, 2013 and December 31, 2012 were unamortized premium balances related to the fair market value of debt of approximately $3.4 million and $17 thousand, respectively. The fixed rate mortgage notes are secured by mortgages on properties that have an approximate net book value of $349.3 million as of September 30, 2013. | |||||||||
We had net repayments of $30.0 million on our revolving credit facility during the nine months ended September 30, 2013 with a balance of $10.0 million outstanding at September 30, 2013. Outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaled $8.2 million. These letters of credit reduce borrowing availability under our bank facility. | |||||||||
In June 2013, we closed on a $110.0 million private placement of senior unsecured notes. The notes were issued in three tranches maturing in 2021, 2023 and 2025. The weighted average interest rate on the notes is 4.04%. | |||||||||
In May 2013, we entered into a $50.0 million, seven year unsecured term loan that includes an accordion feature providing the opportunity to borrow up to an additional $25.0 million under the same loan agreement. In conjunction with the closing of the loan, we entered into a seven year swap agreement resulting in an interest rate at closing of 3.5%. | |||||||||
The $160.0 million in combined proceeds from our debt financings were used primarily to repay maturing mortgage debt. Specifically, we repaid: | |||||||||
• | Mission Bay Plaza in the amount of $42.2 million with an interest rate of 6.6%; | ||||||||
• | Hunter's Square in the amount of $33.0 million with an interest rate of 8.2%; | ||||||||
• | Winchester Center in the amount of $25.3 million with an interest rate of 8.1%; | ||||||||
• | East Town Plaza in the amount of $10.1 million with an interest rate of 5.5%; and | ||||||||
• | Centre at Woodstock in the amount of $3.0 million with an interest rate of 6.9%. | ||||||||
Our revolving credit facility, term loans and unsecured notes contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of September 30, 2013, we were in compliance with these covenants. | |||||||||
In January 2013, in accordance with the agreement, our junior subordinated notes converted from a fixed interest rate to a variable rate of LIBOR plus 3.3%. The maturity date of these notes is January 2038. | |||||||||
The mortgage loans encumbering our properties, including properties held by our unconsolidated joint ventures, are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. | |||||||||
We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. | |||||||||
The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2013: | |||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2013 (October 1 - December 31) | $ | 1,330 | |||||||
2014 | 34,691 | ||||||||
2015 | 86,581 | ||||||||
2016 (1) | 33,182 | ||||||||
2017 | 232,531 | ||||||||
Thereafter | 324,497 | ||||||||
Subtotal debt | 712,812 | ||||||||
Unamortized premium | 3,351 | ||||||||
Total debt (including unamortized premium) | $ | 716,163 | |||||||
(1) | Scheduled maturities in 2016 include $10.0 million which represents the balance of the unsecured revolving credit facility drawn as of September 30, 2013. | ||||||||
We have no mortgage maturities until the second quarter of 2014 and it is our intent to repay these mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements. These levels are: | |||||||||||||||||
Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
Level 2 | Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||
The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. | |||||||||||||||||
Derivative Assets and Liabilities | |||||||||||||||||
All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify these instruments as Level 2. Refer to Note 10 for additional information on our derivative financial instruments. | |||||||||||||||||
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2013. | |||||||||||||||||
Total | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets - interest rate swaps | $ | 1,499 | $ | — | $ | 1,499 | $ | — | |||||||||
Derivative liabilities - interest rate swaps | $ | (3,016 | ) | $ | — | $ | (3,016 | ) | $ | — | |||||||
The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. | |||||||||||||||||
We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $629.7 million and $456.3 million as of September 30, 2013 and December 31, 2012, respectively, have fair values of approximately $630.2 million and $455.4 million, respectively. Variable rate debt’s fair value is estimated to be the carrying values of $83.1 million and $85.0 million as of September 30, 2013 and December 31, 2012, respectively. We classify our debt as level 2. | |||||||||||||||||
The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis: | |||||||||||||||||
Net Real Estate | |||||||||||||||||
Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. | |||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | |||||||||||||||||
Our equity investments in unconsolidated joint ventures are subject to impairment testing on a nonrecurring basis if a decline in the fair value of the investment below the carrying amount is determined to be a decline that is other-than-temporary. To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the asset. To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value. We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||||||||
We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period. | |||||||||||||||||||
At September 30, 2013, we had five interest rate swap agreements with an aggregate notional amount of $185.0 million that were designated as cash flow hedges. The agreements provided for swapping one-month LIBOR interest rates ranging from 1.2% to 2.0% on our $75.0 million, $60.0 million, and $50.0 million unsecured term loans and have expirations ranging from April 2016 to May 2020. | |||||||||||||||||||
The following table summarizes the notional values and fair values of our derivative financial instruments as of September 30, 2013: | |||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 1,499 | May-20 | |||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (1,416 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (939 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (557 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (104 | ) | Oct-18 | ||||||||||||
$ | 135,000 | $ | (3,016 | ) | |||||||||||||||
The following table presents the fair values of derivative financial instruments in our condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, respectively: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | Other assets | $ | 1,499 | Other assets | $ | — | |||||||||||||
Interest rate contracts - liabilities | Other liabilities | $ | (3,016 | ) | Other liabilities | $ | (5,574 | ) | |||||||||||
The effect of derivative financial instruments on our condensed consolidated statements of operations for the nine months ended September 30, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Loss | |||||||||||||||||
Recognized in OCI on Derivative | Loss | Reclassified from | |||||||||||||||||
(Effective Portion) | Reclassified from | Accumulated OCI into | |||||||||||||||||
Accumulated OCI | Income (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Nine Months Ended September 30, | into Income | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | (Effective Portion) | 2013 | 2012 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | 1,499 | $ | — | Interest Expense | $ | (243 | ) | $ | — | |||||||||
Interest rate contracts - liabilities | 2,557 | (3,163 | ) | Interest Expense | (1,380 | ) | (1,319 | ) | |||||||||||
Total | $ | 4,056 | $ | (3,163 | ) | Total | $ | (1,623 | ) | $ | (1,319 | ) | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share | ||||||||||||||||
The following table sets forth the computation of basic earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 4,957 | $ | 2,909 | $ | 14,123 | $ | 6,130 | |||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (174 | ) | (139 | ) | (540 | ) | 136 | ||||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (39 | ) | (11 | ) | (103 | ) | (18 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 2,931 | $ | 946 | $ | 8,042 | $ | 810 | |||||||||
Income (loss) from discontinued operations | 758 | 412 | 2,648 | (697 | ) | ||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (26 | ) | (19 | ) | (94 | ) | 55 | ||||||||||
Allocation of discontinued (income) loss to restricted share awards | (6 | ) | (3 | ) | (20 | ) | 6 | ||||||||||
Income (loss) from discontinued operations attributable to RPT | 726 | 390 | 2,534 | (636 | ) | ||||||||||||
Net income available to common shareholders | $ | 3,657 | $ | 1,336 | $ | 10,576 | $ | 174 | |||||||||
Weighted average shares outstanding, Basic | 61,102 | 46,911 | 57,626 | 42,834 | |||||||||||||
Income (loss) per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.02 | $ | 0.14 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.04 | (0.02 | ) | ||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.03 | $ | 0.18 | $ | — | |||||||||
The following table sets forth the computation of diluted EPS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 4,957 | $ | 2,909 | $ | 14,123 | $ | 6,130 | |||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (174 | ) | (139 | ) | (540 | ) | 136 | ||||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (39 | ) | (11 | ) | (103 | ) | (18 | ) | |||||||||
Allocation of over distributed continuing income to restricted share awards | (6 | ) | (5 | ) | (17 | ) | (16 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 2,925 | $ | 941 | $ | 8,025 | $ | 794 | |||||||||
Income (loss) from discontinued operations | 758 | 412 | 2,648 | (697 | ) | ||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (26 | ) | (19 | ) | (94 | ) | 55 | ||||||||||
Allocation of discontinued (income) loss to restricted share awards | (1 | ) | (2 | ) | (2 | ) | 1 | ||||||||||
Income (loss) from discontinued operations attributable to RPT | 731 | 391 | 2,552 | (641 | ) | ||||||||||||
Net Income available to common shareholders | $ | 3,656 | $ | 1,332 | $ | 10,577 | $ | 153 | |||||||||
Weighted average shares outstanding, Basic | 61,102 | 46,911 | 57,626 | 42,834 | |||||||||||||
Stock options and restricted stock awards using the treasury method | 470 | 286 | 471 | 281 | |||||||||||||
Dilutive effect of securities (1) | — | — | — | — | |||||||||||||
Weighted average shares outstanding, Diluted | 61,572 | 47,197 | 58,097 | 43,115 | |||||||||||||
Income (loss) per common share, Diluted | |||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.02 | $ | 0.14 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.04 | (0.02 | ) | ||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.03 | $ | 0.18 | $ | — | |||||||||
(1) | The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
Sharebased_Compensation_Plans
Share-based Compensation Plans | 9 Months Ended | |
Sep. 30, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Plans | Share-based Compensation Plans | |
As of September 30, 2013, we have one share-based compensation plan in effect. The 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) under which our compensation committee may grant, subject to the Company’s performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards to trustees, officers and other key employees. The 2012 LTIP allows us to issue up to 2,000,000 shares of our common stock, units or stock options, of which 1,665,314 remain available for issuance. | ||
In addition, as of September 30, 2013, we had 190,993 share awards that were granted under plans which terminated when the 2012 LTIP became effective. These awards have various expiration dates through June 2017. | ||
We recognized share-based compensation expense of $2.7 million and $1.8 million for the nine months ended September 30, 2013 and 2012, respectively. | ||
During the nine months ended September 30, 2013, we made the following grants: | ||
• | 25,688 shares of restricted stock to non-employee trustees that vest over one year; | |
• | restricted stock related to the 2010 performance-based units. The measurement period was January 1, 2010 through December 31, 2012 and measured our three-year shareholder return compared to our peer group. Our rank in comparison to the peer group resulted in a grant of 189,178 shares of restricted stock. Per the plan 50% vested on the date of the grant and the balance vest on the first anniversary of the date of the grant; | |
• | 91,710 shares of service-based restricted stock that vest over five years. The service-based awards are valued based on our closing stock price as of the grant date of March 1, 2013 and the expense is recognized on a graded vesting basis; and | |
• | performance-based cash awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“the 2013 TSR Grant”). If the performance criterion is met, the actual value of the grant earned will be determined and 50.0% of the award will be paid in cash immediately while the balance will be paid in cash the following year. | |
Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three-year measurement period the performance criteria are not met, compensation expense previously recognized would be reversed. Of the total recognized compensation expense, $1.1 million and $0.2 million related to the cash awards for the nine months ended September 30, 2013 and 2012, respectively. | ||
As of September 30, 2013, we had $5.1 million of total unrecognized compensation expense related to unvested restricted shares, options granted under our plans and performance based equity and cash awards. This expense is expected to be recognized over a weighted-average period of 4.5 years. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes |
Income Taxes | |
We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders. As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes. | |
Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our Taxable REIT Subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities. | |
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies. Our temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carry forwards. | |
As of September 30, 2013, we had a federal and state deferred tax asset of $11.2 million, net of a valuation allowance of $10.9 million. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. The valuation allowances relate to net operating loss carry forwards and tax basis differences where there is uncertainty regarding their realizability. | |
We recorded an income tax provision of approximately $1,000 and an income tax benefit of approximately $17,000 for the nine months ended September 30, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Construction Costs | |
In connection with the development and expansion of various shopping centers as of September 30, 2013, we had entered into agreements for construction costs of approximately $17.7 million. | |
Litigation | |
We are currently involved in certain litigation arising in the ordinary course of business; however, we do not believe that any of this litigation will have a material effect on our consolidated financial statements. | |
Leases | |
We lease office space for our corporate headquarters under an operating lease. We also have operating leases for land at one of our shopping centers and a capital ground lease at our Gaines Marketplace Shopping Center. Total amounts expensed relating to these leases was $0.8 million for each of the the nine months ended September 30, 2013 and 2012. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentations (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Organization | Organization |
Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company”), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing community shopping centers located predominantly in the Eastern, Midwestern and Central regions of the United States. As of September 30, 2013, our property portfolio consists of 65 wholly owned shopping centers and one office building comprising approximately 12.5 million square feet. In addition, we are co-investor in and manager of two joint ventures that own portfolios of shopping centers. We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.7 million square feet. We own 30% of Ramco/Lion Venture L.P., an entity that owns three shopping centers comprising approximately 0.8 million square feet. We also have ownership interests in three smaller joint ventures that each own a shopping center. In addition, we own interests in three parcels of land held for development or sale and five parcels of land adjacent to certain of our existing developed properties located in Florida, Georgia, Michigan, Tennessee, and Virginia. Most of our properties are anchored by supermarkets and/or national chain stores. The Company’s credit risk, therefore, is concentrated in the retail industry. | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (96.5% and 95.4% owned by the Company at September 30, 2013 and December 31, 2012, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest. We have elected to be a REIT for federal income tax purposes. All intercompany balances and transactions have been eliminated in consolidation. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. | |
Sales Tax | Sales Taxes |
We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. | |
Reclassifications | Reclassifications |
Certain reclassifications of prior period amounts, primarily related to discontinued operations, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In July 2013, the FASB updated ASC 740 "Income Taxes" with ASU 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists." The objective of this update is to reduce the diversity in practice related to the presentation of certain unrecognized tax benefits. The amendments in this update require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for those instances described above, except in certain situations described in the update. For public entities, ASU 2013-11 is effective for fiscal years beginning after December 15, 2013 and interim periods with those years. The guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Early adoption and retrospective application are permitted. We are evaluating the impact that this update may have on our condensed consolidated financial statements. | |
In July 2013, the FASB updated ASC 815 "Derivatives and Hedging" with ASU 2013-10 "Inclusion of the Fed Funds Effective Swap Rate (of Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes." ASU 2013-10 permits the Overnight Index Swap ("OIS") Rate, also referred to as the Fed Funds effective Swap Rate, to be used as a U.S. benchmark for hedge accounting purposes, in addition to London Interbank Offered Rate ("LIBOR") and interest rate on direct U.S. Treasury obligations. The guidance also removes the restriction on using different benchmarks for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedges entered into on or after July 17, 2013. The adoption of this guidance will not have a material impact on our condensed consolidated financial statements. | |
In February 2013, the FASB updated ASC 220 “Comprehensive Income” with ASU 2013-2 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-2 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-2 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-2 are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance concerns disclosure only and did not have an impact on our condensed consolidated financial statements. |
Property_Acquisitions_and_Disp1
Property Acquisitions and Dispositions (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||
Summary of Income Producing Properties Acquired | The following table provides a summary of our acquisition activity for the nine months ended September 30, 2013: | ||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Date | Purchase | Assumed | ||||||||||||||||||
Acquired | Price | Debt | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Deer Grove Centre | Palatine, IL | 236 | 8/26/13 | $ | 20,000 | $ | — | ||||||||||||||||
Mount Prospect Plaza | Mt. Prospect, IL | 301 | 6/20/13 | 36,100 | — | ||||||||||||||||||
The Shoppes at Nagawaukee | Delafield, WI | 106 | 4/18/13 | 22,650 | 9,253 | ||||||||||||||||||
Clarion Partners Portfolio - | FL & MI | 2,246 | 3/25/13 | 367,415 | 149,514 | ||||||||||||||||||
12 Income Producing Properties | |||||||||||||||||||||||
Total consolidated income producing acquisitions | 2,889 | $ | 446,165 | $ | 158,767 | ||||||||||||||||||
Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | The aggregate fair value of our 2013 acquisitions through September 30, 2013, was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. | ||||||||||||||||||||||
Allocated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Land | $ | 110,025 | |||||||||||||||||||||
Buildings and improvements | 310,086 | ||||||||||||||||||||||
Above market leases | 4,895 | ||||||||||||||||||||||
Lease origination costs | 36,600 | ||||||||||||||||||||||
Other assets | 6,283 | ||||||||||||||||||||||
Below market leases | (18,027 | ) | |||||||||||||||||||||
Premium for above market interest rates on assumed debt | (3,697 | ) | |||||||||||||||||||||
Total purchase price allocated | $ | 446,165 | |||||||||||||||||||||
Schedule of Revenue and Net Income From Acquisitions | Total revenue and net income for the 2013 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2013 were as follows: | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total revenue from 2013 acquisitions | $ | 2,183 | $ | 2,754 | |||||||||||||||||||
Net income from 2013 acquisitions | $ | 610 | $ | 743 | |||||||||||||||||||
Pro Forma Revenue and Net Income | If the 2013 Acquisitions had occurred on January 1, 2012, our consolidated revenues and net income for the three and nine months ended September 30, 2013 and 2012 would have been as follows: | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Consolidated revenue | $ | 47,120 | $ | 43,608 | $ | 133,793 | $ | 127,736 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 3,930 | $ | 1,746 | $ | 11,890 | $ | 3,913 | |||||||||||||||
Summary of Disposition Activity | The following table provides a summary of our disposition activity for the nine months ended September 30, 2013: | ||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain | ||||||||||||||||
Sold | Price | Repaid | on Sale | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Edgewood Towne Center | Lansing, MI | 86 | N/A | 9/27/13 | $ | 5,480 | $ | — | $ | 657 | |||||||||||||
Mays Crossing | Stockbridge, GA | 137 | N/A | 4/9/13 | 8,400 | — | 1,537 | ||||||||||||||||
Total consolidated income producing dispositions | 223 | $ | 13,880 | $ | — | $ | 2,194 | ||||||||||||||||
Jacksonville North Industrial - The Learning Experience Outparcel | Jacksonville, FL | N/A | 1 | 9/26/13 | $ | 510 | $ | — | $ | (13 | ) | ||||||||||||
Parkway Phase I - Mellow Mushroom Outparcel | Jacksonville, FL | N/A | 1.2 | 5/22/13 | 1,200 | — | 332 | ||||||||||||||||
Roseville Towne Center - Wal-Mart parcel | Roseville, MI | N/A | 11.6 | 2/15/13 | 7,500 | — | 3,030 | ||||||||||||||||
Parkway Phase I - BJ's Restaurant Outparcel | Jacksonville, FL | N/A | 2.9 | 1/24/13 | 2,600 | — | 552 | ||||||||||||||||
Total consolidated land / outparcel dispositions | 16.7 | $ | 11,810 | $ | — | $ | 3,901 | ||||||||||||||||
Total consolidated dispositions | 223 | 16.7 | $ | 25,690 | $ | — | $ | 6,095 | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||
Summary of Selected Operating Results for Properties Sold or Held for Sale | The following table provides a summary of selected operating results for those properties sold during the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Total revenue | $ | 254 | $ | 715 | $ | 1,176 | $ | 3,608 | |||||||||
Expenses: | |||||||||||||||||
Recoverable operating expenses | 71 | 168 | 351 | 1,056 | |||||||||||||
Other non-recoverable property operating expenses | 30 | 2 | 48 | 268 | |||||||||||||
Depreciation and amortization | 60 | 133 | 261 | 734 | |||||||||||||
Interest expense | — | — | — | 248 | |||||||||||||
Operating income of properties sold | 93 | 412 | 516 | 1,302 | |||||||||||||
Other income (expense) | 8 | — | (62 | ) | (106 | ) | |||||||||||
Gain on sale of properties | 657 | — | 2,194 | 336 | |||||||||||||
Gain on early extinguishment of debt | — | — | — | 307 | |||||||||||||
Provision for impairment | — | — | — | (2,536 | ) | ||||||||||||
Income (loss) from discontinued operations | $ | 758 | $ | 412 | $ | 2,648 | $ | (697 | ) | ||||||||
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Balance Sheets | The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: | ||||||||||||||||
Balance Sheets | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in real estate, net | $ | 411,947 | $ | 796,584 | |||||||||||||
Cash, accounts receivable and other assets | 28,779 | 56,631 | |||||||||||||||
Total Assets | $ | 440,726 | $ | 853,215 | |||||||||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||||||||
Mortgage notes payable | $ | 177,974 | $ | 360,302 | |||||||||||||
Other liabilities | 7,511 | 13,866 | |||||||||||||||
Owners' equity | 255,241 | 479,047 | |||||||||||||||
Total Liabilities and Owners' Equity | $ | 440,726 | $ | 853,215 | |||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 31,819 | $ | 95,987 | |||||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Statements of Operations | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||||
Total Revenue | $ | 10,561 | $ | 10,476 | $ | 32,286 | $ | 30,973 | |||||||||
Total Expenses | 9,589 | 10,372 | 29,568 | 31,003 | |||||||||||||
Income (loss) before other income and expenses and discontinued operations | 972 | 104 | 2,718 | (30 | ) | ||||||||||||
Gain on extinguishment of debt | — | 77 | — | 77 | |||||||||||||
Income from continuing operations | 972 | 181 | 2,718 | 47 | |||||||||||||
Discontinued operations | |||||||||||||||||
Provision for impairment of long-lived assets | — | — | — | (712 | ) | ||||||||||||
Gain on extinguishment of debt | — | — | — | 198 | |||||||||||||
Gain on sale of land | — | 716 | — | 716 | |||||||||||||
Gain (loss) on sale of real estate (1) | — | 28 | (21,512 | ) | (61 | ) | |||||||||||
Income from discontinued operations | 215 | 1,716 | 1,376 | 5,296 | |||||||||||||
Income (loss) from discontinued operations | 215 | 2,460 | (20,136 | ) | 5,437 | ||||||||||||
Net income (loss) | $ | 1,187 | $ | 2,641 | $ | (17,418 | ) | $ | 5,484 | ||||||||
RPT's share of earnings (loss) from unconsolidated joint ventures (2) | $ | 387 | $ | 975 | $ | (5,027 | ) | $ | 2,481 | ||||||||
(1) | In March, 2013 Ramco/Lion Venture LP sold 12 shopping centers to us. The aggregate purchase price for 100% of the shopping centers was $367.4 million resulting in a loss on the sale of $21.5 million to the joint venture. The properties are located in Florida and Michigan. Three properties remain in this joint venture. | ||||||||||||||||
(2) | For the three and the nine months ended September 30, 2012, our pro-rata share excludes $33,000 related to the acquisition of the partner's interest in a joint venture. In addition, for the nine months ended September 30, 2012, our pro-rata share excludes $0.43 million in costs associated with the liquidation of a joint venture concurrent with the extinguishment of its debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our statement of operations. | ||||||||||||||||
Investments in Unconsolidated Joint Ventures | As of September 30, 2013, we had investments in the following unconsolidated joint ventures: | ||||||||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||||||||
September 30, | September 30, | December 31, | |||||||||||||||
Unconsolidated Entities | 2013 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Ramco/Lion Venture LP (1) | 30% | $ | 92,285 | $ | 495,585 | ||||||||||||
Ramco 450 Venture LLC | 20% | 294,789 | 303,107 | ||||||||||||||
Other Joint Ventures | 7%-20% | 53,652 | 54,523 | ||||||||||||||
$ | 440,726 | $ | 853,215 | ||||||||||||||
(1) | The decrease in total assets is related to the March, 2013 sale of 12 shopping centers with a book value of $387.3 million. | ||||||||||||||||
Debt Outstanding of Unconsolidated Entities | Our unconsolidated joint ventures had the following debt outstanding at September 30, 2013: | ||||||||||||||||
Balance | |||||||||||||||||
Entity Name | Outstanding | ||||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 139,963 | |||||||||||||||
Ramco/Lion Venture LP (2) | 30,634 | ||||||||||||||||
Other Joint Ventures (3) | 7,612 | ||||||||||||||||
$ | 178,209 | ||||||||||||||||
Unamortized premium | (235 | ) | |||||||||||||||
Total mortgage debt | $ | 177,974 | |||||||||||||||
(1) | Maturities range from November 2013 to September 2023 with interest rates ranging from 2.9% to 5.8% | ||||||||||||||||
(2) | Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5% interest rate. | ||||||||||||||||
(3) | Balance relates to Paulding Pavilion’s mortgage loan which has a maturity date of January 2014. The interest rate is variable based on LIBOR plus 3.50%. | ||||||||||||||||
Information of Fees Earned | The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Management fees | $ | 389 | $ | 636 | $ | 1,469 | $ | 2,006 | |||||||||
Leasing fees | 172 | 253 | 320 | 683 | |||||||||||||
Construction fees | 5 | 132 | 53 | 246 | |||||||||||||
Total | $ | 566 | $ | 1,021 | $ | 1,842 | $ | 2,935 | |||||||||
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets Consisted | Other assets consist of the following: | ||||||||
September 30, | December 31, 2012 | ||||||||
2013 | |||||||||
(In thousands) | |||||||||
Deferred leasing costs, net | $ | 22,550 | $ | 18,067 | |||||
Deferred financing costs, net | 6,367 | 6,073 | |||||||
Lease intangible assets, net | 56,965 | 25,611 | |||||||
Straight-line rent receivable, net | 14,660 | 14,799 | |||||||
Cash flow hedge marked-to-market asset | 1,499 | — | |||||||
Prepaid and other deferred expenses, net | 5,109 | 4,636 | |||||||
Other, net | 3,925 | 3,767 | |||||||
Other assets, net | $ | 111,075 | $ | 72,953 | |||||
Other_Liabilities_net_Tables
Other Liabilities, net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Summary of Other Liabilities | Other liabilities consist of the following: | ||||||||
September 30, | December 31, 2012 | ||||||||
2013 | |||||||||
(In thousands) | |||||||||
Lease intangible liabilities, net | $ | 31,826 | $ | 16,297 | |||||
Cash flow hedge marked-to-market liability | 3,016 | 5,574 | |||||||
Deferred liabilities | 3,679 | 1,970 | |||||||
Tenant security deposits | 2,902 | 1,948 | |||||||
Other, net | 348 | 398 | |||||||
Other liabilities, net | $ | 41,771 | $ | 26,187 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Mortgages, Notes Payable and Capital Lease Obligation | The following table summarizes our mortgages and notes payable and capital lease obligation as of September 30, 2013 and December 31, 2012: | ||||||||
Notes Payable | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 110,000 | $ | — | |||||
Unsecured term loan facilities | 230,000 | 180,000 | |||||||
Fixed rate mortgages | 334,687 | 293,139 | |||||||
Unsecured revolving credit facility | 10,000 | 40,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
712,812 | 541,264 | ||||||||
Unamortized premium | 3,351 | 17 | |||||||
$ | 716,163 | $ | 541,281 | ||||||
Capital lease obligation (1) | $ | 5,772 | $ | 6,023 | |||||
(1) | 99 year ground lease expires 9/30/2103. However, an anchor tenant’s exercise of its option to purchase its parcel in October 2014 would require us to purchase the real estate that is subject to the ground lease. | ||||||||
Scheduled Principal Payments on Mortgages and Notes Payable | The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2013: | ||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2013 (October 1 - December 31) | $ | 1,330 | |||||||
2014 | 34,691 | ||||||||
2015 | 86,581 | ||||||||
2016 (1) | 33,182 | ||||||||
2017 | 232,531 | ||||||||
Thereafter | 324,497 | ||||||||
Subtotal debt | 712,812 | ||||||||
Unamortized premium | 3,351 | ||||||||
Total debt (including unamortized premium) | $ | 716,163 | |||||||
(1) | Scheduled maturities in 2016 include $10.0 million which represents the balance of the unsecured revolving credit facility drawn as of September 30, 2013. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Recorded Amount of Liabilities Measured at Fair Value on Recurring Basis | The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2013. | ||||||||||||||||
Total | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets - interest rate swaps | $ | 1,499 | $ | — | $ | 1,499 | $ | — | |||||||||
Derivative liabilities - interest rate swaps | $ | (3,016 | ) | $ | — | $ | (3,016 | ) | $ | — | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Summary of Notional Values and Fair Values of Derivative Financial Instruments | The following table summarizes the notional values and fair values of our derivative financial instruments as of September 30, 2013: | ||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 1,499 | May-20 | |||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (1,416 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (939 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (557 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (104 | ) | Oct-18 | ||||||||||||
$ | 135,000 | $ | (3,016 | ) | |||||||||||||||
Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheets | The following table presents the fair values of derivative financial instruments in our condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, respectively: | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | Other assets | $ | 1,499 | Other assets | $ | — | |||||||||||||
Interest rate contracts - liabilities | Other liabilities | $ | (3,016 | ) | Other liabilities | $ | (5,574 | ) | |||||||||||
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of derivative financial instruments on our condensed consolidated statements of operations for the nine months ended September 30, 2013 and 2012 is summarized as follows: | ||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Loss | |||||||||||||||||
Recognized in OCI on Derivative | Loss | Reclassified from | |||||||||||||||||
(Effective Portion) | Reclassified from | Accumulated OCI into | |||||||||||||||||
Accumulated OCI | Income (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Nine Months Ended September 30, | into Income | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | (Effective Portion) | 2013 | 2012 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | 1,499 | $ | — | Interest Expense | $ | (243 | ) | $ | — | |||||||||
Interest rate contracts - liabilities | 2,557 | (3,163 | ) | Interest Expense | (1,380 | ) | (1,319 | ) | |||||||||||
Total | $ | 4,056 | $ | (3,163 | ) | Total | $ | (1,623 | ) | $ | (1,319 | ) | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Basic earnings per share | |||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic earnings per share (“EPS”): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 4,957 | $ | 2,909 | $ | 14,123 | $ | 6,130 | |||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (174 | ) | (139 | ) | (540 | ) | 136 | ||||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (39 | ) | (11 | ) | (103 | ) | (18 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 2,931 | $ | 946 | $ | 8,042 | $ | 810 | |||||||||
Income (loss) from discontinued operations | 758 | 412 | 2,648 | (697 | ) | ||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (26 | ) | (19 | ) | (94 | ) | 55 | ||||||||||
Allocation of discontinued (income) loss to restricted share awards | (6 | ) | (3 | ) | (20 | ) | 6 | ||||||||||
Income (loss) from discontinued operations attributable to RPT | 726 | 390 | 2,534 | (636 | ) | ||||||||||||
Net income available to common shareholders | $ | 3,657 | $ | 1,336 | $ | 10,576 | $ | 174 | |||||||||
Weighted average shares outstanding, Basic | 61,102 | 46,911 | 57,626 | 42,834 | |||||||||||||
Income (loss) per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.02 | $ | 0.14 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.04 | (0.02 | ) | ||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.03 | $ | 0.18 | $ | — | |||||||||
Diluted EPS | |||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of diluted EPS: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 4,957 | $ | 2,909 | $ | 14,123 | $ | 6,130 | |||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (174 | ) | (139 | ) | (540 | ) | 136 | ||||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (39 | ) | (11 | ) | (103 | ) | (18 | ) | |||||||||
Allocation of over distributed continuing income to restricted share awards | (6 | ) | (5 | ) | (17 | ) | (16 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 2,925 | $ | 941 | $ | 8,025 | $ | 794 | |||||||||
Income (loss) from discontinued operations | 758 | 412 | 2,648 | (697 | ) | ||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (26 | ) | (19 | ) | (94 | ) | 55 | ||||||||||
Allocation of discontinued (income) loss to restricted share awards | (1 | ) | (2 | ) | (2 | ) | 1 | ||||||||||
Income (loss) from discontinued operations attributable to RPT | 731 | 391 | 2,552 | (641 | ) | ||||||||||||
Net Income available to common shareholders | $ | 3,656 | $ | 1,332 | $ | 10,577 | $ | 153 | |||||||||
Weighted average shares outstanding, Basic | 61,102 | 46,911 | 57,626 | 42,834 | |||||||||||||
Stock options and restricted stock awards using the treasury method | 470 | 286 | 471 | 281 | |||||||||||||
Dilutive effect of securities (1) | — | — | — | — | |||||||||||||
Weighted average shares outstanding, Diluted | 61,572 | 47,197 | 58,097 | 43,115 | |||||||||||||
Income (loss) per common share, Diluted | |||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.02 | $ | 0.14 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.04 | (0.02 | ) | ||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.03 | $ | 0.18 | $ | — | |||||||||
(1) | The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentations - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Contract | ||
sqft | ||
PartnershipUnit | ||
Basis of Presentation [Line Items] | ||
Area of an real estate property | 12,500,000 | |
Number of joint ventures | 5 | |
Ownership interest in Ramco-Gershenson Properties, L. P. | 96.50% | 95.40% |
Shopping centers | ||
Basis of Presentation [Line Items] | ||
Number of real estate properties owned and managed | 65 | |
Number of joint ventures | 2 | |
Office building | ||
Basis of Presentation [Line Items] | ||
Number of real estate properties owned and managed | 1 | |
Ramco/Lion Venture LP | ||
Basis of Presentation [Line Items] | ||
Percentage of ownership | 30.00% | |
Ramco/Lion Venture LP | Shopping centers | ||
Basis of Presentation [Line Items] | ||
Number of real estate properties owned and managed | 3 | |
Area of an real estate property | 800,000 | |
Ramco 450 Venture LLC | ||
Basis of Presentation [Line Items] | ||
Percentage of ownership | 20.00% | |
Ramco 450 Venture LLC | Shopping centers | ||
Basis of Presentation [Line Items] | ||
Number of real estate properties owned and managed | 8 | |
Area of an real estate property | 1,700,000 | |
Smaller joint ventures | ||
Basis of Presentation [Line Items] | ||
Number of joint ventures | 3 | |
Smaller joint ventures | Shopping centers | ||
Basis of Presentation [Line Items] | ||
Number of real estate properties owned and managed | 3 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Phase I - Parkway Shops | ||
Real Estate Properties [Line Items] | |||
Land held for development or sale | $67.40 | $81.50 | |
Constructions in progress | 29.6 | 17 | |
Construction cost of development | $17.50 |
Property_Acquisitions_and_Disp2
Property Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 25, 2013 | Mar. 25, 2013 |
Clarion Partners Portfolio - 12 Income Producing Properties | Ramco/Lion Venture LP | ||
Property | Property | ||
Schedule of Equity Method Investments [Line Items] | |||
Number of property acquisition | 12 | 3 | |
Percentage of ownership interest | 30.00% | ||
Deferred gain | $5.30 | ||
Equity Interest proportion | 30.00% |
Property_Acquisitions_and_Disp3
Property Acquisitions and Dispositions - Summary of Acquisitions (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
acre | |
Business Acquisition [Line Items] | |
GLA | 223,000 |
Gross Purchase Price | $446,165 |
Total consolidated income producing acquisitions | |
Business Acquisition [Line Items] | |
GLA | 2,889,000 |
Gross Purchase Price | 446,165 |
Gross Assumed Debt | 158,767 |
Deer Grove Centre | Total consolidated income producing acquisitions | |
Business Acquisition [Line Items] | |
Location | Palatine, IL |
GLA | 236,000 |
Gross Purchase Price | 20,000 |
Gross Assumed Debt | 0 |
Mount Prospect Plaza | Total consolidated income producing acquisitions | |
Business Acquisition [Line Items] | |
Location | Mt. Prospect, IL |
GLA | 301,000 |
Gross Purchase Price | 36,100 |
Gross Assumed Debt | 0 |
The Shoppes at Nagawaukee | Total consolidated income producing acquisitions | |
Business Acquisition [Line Items] | |
Location | Delafield, WI |
GLA | 106,000 |
Gross Purchase Price | 22,650 |
Gross Assumed Debt | 9,253 |
Clarion Partners Portfolio - 12 Income Producing Properties | Total consolidated income producing acquisitions | |
Business Acquisition [Line Items] | |
Location | FL & MI |
GLA | 2,246,000 |
Gross Purchase Price | 367,415 |
Gross Assumed Debt | $149,514 |
Property_Acquisitions_and_Disp4
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in accordance with Accounting Guidance for Business Combinations (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | |
Other assets | $6,283 |
Premium for above market interest rates on assumed debt | -3,697 |
Total purchase price allocated | 446,165 |
Above market leases | |
Business Acquisition [Line Items] | |
Amortizable intangible assets | 4,895 |
Lease origination costs | |
Business Acquisition [Line Items] | |
Amortizable intangible assets | 36,600 |
Below market leases | |
Business Acquisition [Line Items] | |
Below market leases | -18,027 |
Land | |
Business Acquisition [Line Items] | |
Land, Buildings and improvements | 110,025 |
Buildings and improvements | |
Business Acquisition [Line Items] | |
Land, Buildings and improvements | $310,086 |
Property_Acquisitions_and_Disp5
Property Acquisitions and Dispositions Property Acquisitions and Dispositions - Revenue and Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition [Line Items] | ||||
Net income from 2013 acquisitions | $5,514 | $3,163 | $16,137 | $5,624 |
Clarion | ||||
Business Acquisition [Line Items] | ||||
Total revenue from 2013 acquisitions | 2,183 | |||
Net income from 2013 acquisitions | 610 | |||
Total consolidated income producing acquisitions | ||||
Business Acquisition [Line Items] | ||||
Total revenue from 2013 acquisitions | 2,754 | |||
Net income from 2013 acquisitions | $743 |
Property_Acquisitions_and_Disp6
Property Acquisitions and Dispositions Property Acquisitions and Dispositions - Pro forma Revenue and Income (Details) (Total consolidated income producing acquisitions, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total consolidated income producing acquisitions | ||||
Business Acquisition [Line Items] | ||||
Consolidated revenue | $47,120 | $43,608 | $133,793 | $127,736 |
Consolidated net income available to common shareholders | $3,930 | $1,746 | $11,890 | $3,913 |
Property_Acquisitions_and_Disp7
Property Acquisitions and Dispositions - Summary of Disposition Activity (Detail) (USD $) | 9 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
acre | Total consolidated income producing dispositions | Total consolidated income producing dispositions | Total consolidated income producing dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | ||
acre | Edgewood Towne Center | Mays Crossing | acre | Jacksonville North Industrial - The Learning Experience Outparcel | Parkway Phase I - Mellow Mushroom Outparcel | Roseville Towne Center - Wal-Mart parcel | Parkway Phase I - BJ's Restaurant Outparcel | |||
acre | acre | acre | acre | acre | acre | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Location | Lansing, MI | Stockbridge, GA | Jacksonville, FL | Jacksonville, FL | Roseville, MI | Jacksonville, FL | ||||
GLA | 223,000 | 223,000 | 86,000 | 137,000 | ||||||
Acreage | 16.7 | 16.7 | 1 | 1.2 | 11.6 | 2.9 | ||||
Gross Sales Price | $25,690 | $13,880 | $5,480 | $8,400 | $11,810 | $510 | $1,200 | $7,500 | $2,600 | |
Gross Debt Repaid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Gain on Sale | $6,095 | $405 | $2,194 | $657 | $1,537 | $3,901 | ($13) | $332 | $3,030 | $552 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Selected Operating Results for Properties Sold or Held for Sale (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Total revenue | $254 | $715 | $1,176 | $3,608 |
Expenses: | ||||
Recoverable operating expenses | 71 | 168 | 351 | 1,056 |
Other non-recoverable property operating expenses | 30 | 2 | 48 | 268 |
Depreciation and amortization | 60 | 133 | 261 | 734 |
Interest expense | 0 | 0 | 0 | 248 |
Operating income of properties sold | 93 | 412 | 516 | 1,302 |
Other income (expense) | 8 | 0 | -62 | -106 |
Gain on sale of properties | 657 | 0 | 2,194 | 336 |
Gain on extinguishment of debt | 0 | 0 | 0 | 307 |
Provision for impairment | 0 | 0 | 0 | -2,536 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $758 | $412 | $2,648 | ($697) |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||
Number of joint venture agreement | 5 | |
Repayments of long-term debt | $0 | |
Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 7.00% | |
Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 30.00% | |
Ramco 450 Venture LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Ramco 450 Venture LLC | The Plaza at Delray | ||
Schedule of Equity Method Investments [Line Items] | ||
New property mortgage loans, term | 10 years | |
New property mortgage loans | 46,000,000 | |
Ramco 450 Venture LLC | Olentangy Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Repayments of long-term debt | 21,600,000 | |
Ramco 450 Venture LLC | Olentangy Plaza | Ramco-Gershenson Properties Trust | ||
Schedule of Equity Method Investments [Line Items] | ||
Repayments of long-term debt | 4,300,000 | |
Ramco 450 Venture LLC | Market Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
New property mortgage loans, term | 5 years | |
Net book value of mortgage on properties | 24,500,000 | |
Ramco 450 Venture LLC | Market Plaza | Ramco-Gershenson Properties Trust | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Net book value of mortgage on properties | $16,000,000 | $1,700,000 |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Investment in real estate, net | $411,947 | $796,584 |
Cash, accounts receivable and other assets | 28,779 | 56,631 |
Total Assets | 440,726 | 853,215 |
LIABILITIES AND OWNERS' EQUITY | ||
Mortgage notes payable | 177,974 | 360,302 |
Other liabilities | 7,511 | 13,866 |
Owners' equity | 255,241 | 479,047 |
Total Liabilities and Owners' Equity | 440,726 | 853,215 |
RPT's equity investments in unconsolidated joint ventures | $31,819 | $95,987 |
Equity_Investments_in_Unconsol4
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Total Revenue | $10,561 | $10,476 | $32,286 | $30,973 | ||||
Total Expenses | 9,589 | 10,372 | 29,568 | 31,003 | ||||
Income (loss) before other income and expenses and discontinued operations | 972 | 104 | 2,718 | -30 | ||||
Gain on extinguishment of debt | 0 | 77 | 0 | 77 | ||||
Income from continuing operations | 972 | 181 | 2,718 | 47 | ||||
Discontinued operations | ||||||||
Provision for impairment of long-lived assets | 0 | 0 | 0 | -712 | ||||
Gain on extinguishment of debt | 0 | 0 | 0 | 198 | ||||
Gain on sale of land | 0 | 716 | 0 | 716 | ||||
Gain (loss) on sale of real estate | 0 | [1] | 28 | [1] | -21,512 | [1] | -61 | [1] |
Income from discontinued operations | 215 | 1,716 | 1,376 | 5,296 | ||||
Income (loss) from discontinued operations | 215 | 2,460 | -20,136 | 5,437 | ||||
Net income (loss) | 1,187 | 2,641 | -17,418 | 5,484 | ||||
RPT's share of earnings from unconsolidated joint ventures | $387 | [2] | $975 | [2] | ($5,027) | [2] | $2,481 | [2] |
[1] | In March, 2013 Ramco/Lion Venture LP sold 12 shopping centers to us. The aggregate purchase price for 100% of the shopping centers was $367.4 million resulting in a loss on the sale of $21.5 million to the joint venture. The properties are located in Florida and Michigan. Three properties remain in this joint venture. | |||||||
[2] | For the three and the nine months ended September 30, 2012, our pro-rata share excludes $33,000 related to the acquisition of the partner's interest in a joint venture. In addition, for the nine months ended September 30, 2012, our pro-rata share excludes $0.43 million in costs associated with the liquidation of a joint venture concurrent with the extinguishment of its debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our statement of operations. |
Equity_Investments_in_Unconsol5
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | |||||
Ramco/Lion Venture LP | Ramco/Lion Venture LP | Ramco/Lion Venture LP | Ramco/Lion Venture LP | Shopping centers | Shopping centers | |||||||||
Property | Pro-rata Share | Property | Ramco/Lion Venture LP | |||||||||||
Property | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of real estate properties sold | 12 | 12 | ||||||||||||
Percentage of ownership interest sold | 100.00% | |||||||||||||
Proceeds from portion of shopping center sold | $367,400,000 | |||||||||||||
Gain (loss) on sale of real estate | 0 | [1] | 28,000 | [1] | -21,512,000 | [1] | -61,000 | [1] | -21,500,000 | |||||
Number of real estate properties owned and managed | 65 | 3 | ||||||||||||
Acquisition of partner's interest excluded from pro-rata share of earnings (loss) of joint venture | 33,000 | 33,000 | ||||||||||||
Liquidation related expense | $430,000 | |||||||||||||
[1] | In March, 2013 Ramco/Lion Venture LP sold 12 shopping centers to us. The aggregate purchase price for 100% of the shopping centers was $367.4 million resulting in a loss on the sale of $21.5 million to the joint venture. The properties are located in Florida and Michigan. Three properties remain in this joint venture. |
Equity_Investments_in_Unconsol6
Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | $440,726 | $853,215 | ||
Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 7.00% | |||
Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 30.00% | |||
Ramco/Lion Venture LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 30.00% | [1] | ||
Total Assets | 92,285 | [1] | 495,585 | [1] |
Ramco 450 Venture LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
Total Assets | 294,789 | 303,107 | ||
Other Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | $53,652 | $54,523 | ||
Other Joint Ventures | Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 7.00% | |||
Other Joint Ventures | Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
[1] | The decrease in total assets is related to the March, 2013 sale of 12 shopping centers with a book value of $387.3 million. |
Equity_Investments_in_Unconsol7
Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Parenthetical) (Detail) (Ramco/Lion Venture LP, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Property | |
Ramco/Lion Venture LP | |
Schedule of Equity Method Investments [Line Items] | |
Number of shopping centers sold | 12 |
Book value of shopping centers sold | $387.30 |
Equity_Investments_in_Unconsol8
Equity Investments in Unconsolidated Joint Ventures - Debt Outstanding of Unconsolidated Entities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | Ramco 450 Venture LLC | Ramco 450 Venture LLC | Ramco/Lion Venture LP | Ramco 191 LLC | Unconsolidated joint ventures | Unconsolidated joint ventures | Unconsolidated joint ventures | Unconsolidated joint ventures | |||||
Minimum | Maximum | Ramco 450 Venture LLC | Ramco/Lion Venture LP | Ramco 191 LLC | |||||||||
Debt Instrument [Line Items] | |||||||||||||
Total mortgage debt | $338,038 | $293,156 | $178,209 | $139,963 | [1] | $30,634 | [2] | $7,612 | [3] | ||||
Unamortized premium | -3,351 | -17 | -235 | ||||||||||
Total mortgage debt | $177,974 | $360,302 | $177,974 | ||||||||||
Debt instrument maturity date | 2013-04 | 2023-01 | 2015-10 | 2014-01 | |||||||||
Mortgage debt interest rate, minimum | 2.90% | ||||||||||||
Mortgage debt interest rate, maximum | 5.80% | ||||||||||||
Mortgage debt interest rate | 5.00% | ||||||||||||
Debt instrument interest rate above LIBOR | 3.50% | ||||||||||||
[1] | Maturities range from November 2013 to September 2023 with interest rates ranging from 2.9% to 5.8% | ||||||||||||
[2] | alance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5% interest rate. | ||||||||||||
[3] | Balance relates to Paulding Pavilion’s mortgage loan which has a maturity date of January 2014. The interest rate is variable based on LIBOR plus 3.50%. |
Equity_Investments_in_Unconsol9
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Management fees | $389 | $636 | $1,469 | $2,006 |
Leasing fees | 172 | 253 | 320 | 683 |
Construction fees | 5 | 132 | 53 | 246 |
Total | $566 | $1,021 | $1,842 | $2,935 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Accumulated amortization of other assets | $40 | $35.70 | |
Amortization of intangible assets | 1.5 | 0.6 | |
Allowances Straight-line rent receivables | $4 | $3 |
Other_Assets_Net_Detail
Other Assets, Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs, net | $22,550 | $18,067 |
Deferred financing costs, net | 6,367 | 6,073 |
Lease intangible assets, net | 56,965 | 25,611 |
Straight-line rent receivable, net | 14,660 | 14,799 |
Cash flow hedge marked-to-market asset | 1,499 | 0 |
Prepaid and other deferred expenses, net | 5,109 | 4,636 |
Other, net | 3,925 | 3,767 |
Other assets, net | $111,075 | $72,953 |
Other_Liabilities_Net_Addition
Other Liabilities, Net - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Other Liabilities Disclosure [Abstract] | ||
Increase in revenue, accretion of below market leases | $2.20 | $0.60 |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Lease intangible liabilities, net | $31,826 | $16,297 |
Cash flow hedge marked-to-market liability | 3,016 | 5,574 |
Deferred liabilities | 3,679 | 1,970 |
Tenant security deposits | 2,902 | 1,948 |
Other, net | 348 | 398 |
Other liabilities, net | $41,771 | $26,187 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Unsecured Term Loan Facility, Three | Fixed Rate Mortgages | Fixed Rate Mortgages | Fixed Rate Mortgages | Fixed Rate Mortgages | Unsecured Debt | Unsecured Debt | Junior subordinated notes | Junior subordinated notes | Clarion Partners Portfolio - 12 Income Producing Properties | Clarion Partners Portfolio - 12 Income Producing Properties | Mission Bay | Hunters Square | Winchester Center | East Town Plaza | Centre at Woodstock | ||||
Minimum | Maximum | tranche | Private Placement, Senior Unsecured Term Loan | Interest Rate after January 2013 | MortgageLoan | MortgageLoan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of mortgage | 8 | ||||||||||||||||||
Net book value of mortgage on properties | $349,300,000 | $158,800,000 | |||||||||||||||||
Adjustment to mortgages and notes payable | 3,700,000 | ||||||||||||||||||
Number of mortgages repaid | 3 | ||||||||||||||||||
Repayments of long-term debt | 0 | 100,500,000 | |||||||||||||||||
Mortgage debt interest rate, minimum | 5.00% | ||||||||||||||||||
Mortgage debt interest rate, maximum | 7.60% | ||||||||||||||||||
Unamortized premium | 3,351,000 | 17,000 | 3,400,000 | 17,000 | |||||||||||||||
Net (repayments) borrowings on revolving credit facility | -30,000,000 | 15,500,000 | |||||||||||||||||
Credit facility | 10,000,000 | ||||||||||||||||||
Letter of credit, outstanding balance | 8,200,000 | ||||||||||||||||||
Senior unsecured notes | 50,000,000 | 110,000,000 | |||||||||||||||||
Number of tranches | 3 | ||||||||||||||||||
Weighted average interest rate | 4.04% | ||||||||||||||||||
Other long-term debt, term | 7 years | ||||||||||||||||||
Unused borrowing capacity amount | 25,000,000 | ||||||||||||||||||
Other long term debt, fixed interest rate | 3.50% | ||||||||||||||||||
Proceeds from issuance of long-term debt | 160,000,000 | ||||||||||||||||||
Extinguishment of debt, amount | $42,200,000 | $33,000,000 | $25,300,000 | $10,100,000 | $3,000,000 | ||||||||||||||
Mortgage debt interest rate | 6.60% | 8.20% | 8.10% | 5.50% | 6.90% | ||||||||||||||
Debt instrument maturity date | 2014-05 | 2026-06 | 2038-01 | ||||||||||||||||
Debt instrument interest rate above LIBOR | 3.30% |
Debt_Summary_of_Mortgages_Note
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $110,000 | $0 | |||
Unsecured term loan facilities | 230,000 | 180,000 | |||
Total mortgage debt | 338,038 | 293,156 | |||
Unsecured revolving credit facility | 10,000 | 40,000 | |||
Junior subordinated notes | 28,125 | 28,125 | |||
Subtotal debt | 712,812 | 541,264 | |||
Unamortized premium | 3,351 | 17 | |||
Total notes payable | 716,163 | 541,281 | |||
Capital lease obligation | 5,772 | [1] | 6,023 | [1] | |
Fixed Rate Mortgages | |||||
Debt Instrument [Line Items] | |||||
Total mortgage debt | 334,687 | 293,139 | |||
Unamortized premium | $3,400 | $17 | |||
[1] | 99 year ground lease expires 9/30/2103. However, an anchor tenant’s exercise of its option to purchase its parcel in October 2014 would require us to purchase the real estate that is subject to the ground lease. |
Debt_Summary_of_Mortgages_Note1
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Ground lease, expiration term | 99 years |
Ground lease, expiration date | 30-Sep-03 |
Ground lease, option to purchase date | 31-Oct-14 |
Debt_Scheduled_Principal_Payme
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
2013 (October 1 - December 31) | $1,330 | ||
2014 | 34,691 | ||
2015 | 86,581 | ||
2016 | 33,182 | [1] | |
2017 | 232,531 | ||
Thereafter | 324,497 | ||
Subtotal debt | 712,812 | 541,264 | |
Unamortized premium | 3,351 | 17 | |
Total notes payable | $716,163 | $541,281 | |
[1] | Scheduled maturities in 2016 include $10.0 million which represents the balance of the unsecured revolving credit facility drawn as of September 30, 2013. |
Debt_Scheduled_Principal_Payme1
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity in year four | $33,182 | [1] |
Unsecured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity in year four | $10,000 | |
[1] | Scheduled maturities in 2016 include $10.0 million which represents the balance of the unsecured revolving credit facility drawn as of September 30, 2013. |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | $716,163,000 | $541,281,000 |
Level 2 | Fixed Rate Mortgages | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | 629,700,000 | 456,300,000 |
Long term debt, fair value | 630,200,000 | 455,400,000 |
Level 2 | Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | $83,100,000 | $85,000,000 |
Fair_Value_Recorded_Amount_of_
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |
Derivative assets - interest rate swaps | $1,499 |
Derivative liabilities - interest rate swaps | -3,016 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |
Derivative assets - interest rate swaps | 1,499 |
Derivative liabilities - interest rate swaps | ($3,016) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
Investment | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Number of interest swap agreements | 5 |
Notional amount of derivatives | $185,000,000 |
Minimum | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative interest rate, one-month LIBOR interest rate | 1.20% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative interest rate, one-month LIBOR interest rate | 2.00% |
Unsecured Term Loan Facility, One | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Notional amount of derivatives | 75,000,000 |
Unsecured Term Loan Facility, Two | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Notional amount of derivatives | 60,000,000 |
Unsecured Term Loan Facility, Three | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Notional amount of derivatives | $50,000,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2013 |
Derivative Assets | |
Fair Value | $1,499,000 |
Derivative Liabilities | |
Fair Value | -3,016,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |
Derivative Liabilities | |
Notional Amount | 135,000,000 |
Fair Value | -3,016,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Usecured term loan facility with: 1.4600 % Swap Rate, Expiration Date 05/2020 | |
Derivative Assets | |
Notional Amount | 50,000,000 |
Fixed rate | 1.46% |
Fair Value | 1,499,000 |
Derivative Liabilities | |
Fixed rate | 1.46% |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.2175 % Swap Rate, Expiration Date 04/2016 | |
Derivative Assets | |
Fixed rate | 1.22% |
Derivative Liabilities | |
Notional Amount | 75,000,000 |
Fixed rate | 1.22% |
Fair Value | -1,416,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018 | |
Derivative Assets | |
Fixed rate | 2.05% |
Derivative Liabilities | |
Notional Amount | 30,000,000 |
Fixed rate | 2.05% |
Fair Value | -939,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018 | |
Derivative Assets | |
Fixed rate | 1.85% |
Derivative Liabilities | |
Notional Amount | 25,000,000 |
Fixed rate | 1.85% |
Fair Value | -557,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018 | |
Derivative Assets | |
Fixed rate | 1.84% |
Derivative Liabilities | |
Notional Amount | 5,000,000 |
Fixed rate | 1.84% |
Fair Value | ($104,000) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts - assets | $1,499 | |
Interest rate contracts - liabilities | -3,016 | |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts - liabilities | -3,016 | |
Interest Rate Swap | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts - assets | 1,499 | 0 |
Interest Rate Swap | Designated as Hedging Instrument | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts - liabilities | ($5,574) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (Interest Rate Contracts, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $4,056 | ($3,163) |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -1,623 | -1,319 |
Derivative Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 1,499 | 0 |
Derivative Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 2,557 | -3,163 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -1,319 | |
Interest Expense | Derivative Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -243 | 0 |
Interest Expense | Derivative Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,380) |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations | $4,957 | $2,909 | $14,123 | $6,130 |
Net (income) loss from continuing operations attributable to noncontrolling interest | -174 | -139 | -540 | 136 |
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 |
Allocation of continuing income to restricted share awards | -39 | -11 | -103 | -18 |
Income (loss) from discontinued operations | 758 | 412 | 2,648 | -697 |
Net (income) loss from discontinued operations attributable to noncontrolling interest | -26 | -19 | -94 | 55 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 3,701 | 1,350 | 10,699 | 186 |
Weighted average shares outstanding, Basic (in shares) | 61,102 | 46,911 | 57,626 | 42,834 |
Income (loss) per common share, Basic | ||||
Continuing operations (in usd per share) | $0.05 | $0.02 | $0.14 | $0.02 |
Discontinued operations (in usd per share) | $0.01 | $0.01 | $0.04 | ($0.02) |
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.03 | $0.18 | $0 |
Basic earnings per share | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations attributable to RPT | 2,931 | 946 | 8,042 | 810 |
Allocation of discontinued (income) loss to restricted share awards | -6 | -3 | -20 | 6 |
Income (loss) from discontinued operations attributable to RPT | 726 | 390 | 2,534 | -636 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $3,657 | $1,336 | $10,576 | $174 |
Earnings_Per_Common_Share_Comp1
Earnings Per Common Share - Computation of Diluted Earnings Per Share ("EPS") (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Income from continuing operations | $4,957 | $2,909 | $14,123 | $6,130 | ||||
Net (income) loss from continuing operations attributable to noncontrolling interest | -174 | -139 | -540 | 136 | ||||
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 | ||||
Allocation of continuing income to restricted share awards | -39 | -11 | -103 | -18 | ||||
Allocation of over distributed continuing income to restricted share awards | -6 | -5 | -17 | -16 | ||||
Income (loss) from discontinued operations | 758 | 412 | 2,648 | -697 | ||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | -26 | -19 | -94 | 55 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 3,701 | 1,350 | 10,699 | 186 | ||||
Weighted average shares outstanding, Basic (in shares) | 61,102 | 46,911 | 57,626 | 42,834 | ||||
Stock options and restricted stock awards using the treasury method (in shares) | 470 | 286 | 471 | 281 | ||||
Dilutive effect of securities (in shares) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Weighted average shares outstanding, Diluted (in shares) | 61,572 | 47,197 | 58,097 | 43,115 | ||||
Income (loss) per common share, Diluted | ||||||||
Continuing operations (in usd per share) | $0.05 | $0.02 | $0.14 | $0.02 | ||||
Discontinued operations (in usd per share) | $0.01 | $0.01 | $0.04 | ($0.02) | ||||
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.03 | $0.18 | $0 | ||||
Diluted EPS | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Income from continuing operations attributable to RPT | 2,925 | 941 | 8,025 | 794 | ||||
Allocation of discontinued (income) loss to restricted share awards | -1 | -2 | -2 | 1 | ||||
Income (loss) from discontinued operations attributable to RPT | 731 | 391 | 2,552 | -641 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $3,656 | $1,332 | $10,577 | $153 | ||||
[1] | The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation, number of options terminated | 190,993 | |
Share-based compensation expenses | $2.70 | $1.80 |
Performance-based liability awards, measurement period | 3 years | |
Share based compensation, restricted stock options description | Per the plan 50% vested on the date of the grant and the balance vest on the first anniversary of the date of the grant. | |
Percentage of award to be paid in cash | 50.00% | |
Compensation expense related to cash awards | 1.1 | 0.2 |
Total unrecognized compensation expense | $5.10 | |
Total unrecognized compensation expense, weighted average period of recognition | 4 years 6 months | |
Long-Term Incentive Plan ("LTIP") | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized for grant | 2,000,000 | |
Share based compensation, number of options available for issuance | 1,665,314 | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service based restricted stock, shares granted during period | 189,178 | |
Performance-based liability awards, measurement period | 3 years | |
Share based compensation, restricted stock options percentage vested per the plan | 50.00% | |
Restricted stock | Nonemployee trustees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service based restricted stock, shares granted during period | 25,688 | |
Service based restricted stock, vesting period | 1 year | |
Service-based restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service based restricted stock, shares granted during period | 91,710 | |
Service based restricted stock, vesting period | 5 years |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Line Items] | ||||
Percentage of taxable income required to distribute annually to maintain REIT qualification, (in hundredths) | 90.00% | 90.00% | ||
Income tax benefit (provision) | $29,000 | $19,000 | ($1,000) | $17,000 |
Federal and State Income Taxes | ||||
Income Taxes [Line Items] | ||||
Federal and state deferred tax asset | 11,200,000 | 11,200,000 | ||
Federal and state deferred tax asset, valuation allowance | $10,900,000 | $10,900,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||
Construction costs related to development and expansion | $17.70 | |
Operating and capital leases expenses | $0.80 | $0.80 |