Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RPT | ' | ' |
Entity Registrant Name | 'RAMCO GERSHENSON PROPERTIES TRUST | ' | ' |
Entity Central Index Key | '0000842183 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 66,828,516 | ' |
Entity Public Float | ' | ' | $914,993,387 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Income producing properties, at cost: | ' | ' | ||
Land | $284,686 | $166,500 | ||
Buildings and improvements | 1,340,531 | 952,671 | ||
Less accumulated depreciation and amortization | -253,292 | -237,462 | ||
Income producing properties, net | 1,371,925 | 881,709 | ||
Construction in progress and land held for development or sale | 101,974 | 98,541 | ||
Net real estate | 1,473,899 | 980,250 | ||
Equity investments in unconsolidated joint ventures | 30,931 | 95,987 | ||
Cash and cash equivalents | 5,795 | 4,233 | ||
Restricted cash | 3,454 | 3,892 | ||
Accounts receivable, net | 9,648 | 7,976 | ||
Other assets, net | 128,521 | 72,953 | ||
TOTAL ASSETS | 1,652,248 | 1,165,291 | ||
Notes payable: | ' | ' | ||
Senior unsecured notes payable | 365,000 | 180,000 | ||
Mortgages payable | 333,049 | 293,156 | ||
Unsecured revolving credit facility | 27,000 | 40,000 | ||
Junior subordinated notes | 28,125 | 28,125 | ||
Total notes payable | 753,174 | 541,281 | ||
Capital lease obligation | 5,686 | [1] | 6,023 | [1] |
Accounts payable and accrued expenses | 32,026 | 21,589 | ||
Other liabilities | 48,593 | 26,187 | ||
Distributions payable | 14,809 | 10,379 | ||
TOTAL LIABILITIES | 854,288 | 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 December 31, 2013 and December 31, 2012 | 100,000 | 100,000 | ||
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 66,669 and 48,489 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 667 | 485 | ||
Additional paid-in capital | 959,183 | 683,609 | ||
Accumulated distributions in excess of net income | -289,837 | -249,070 | ||
Accumulated other comprehensive income (loss) | 84 | -5,241 | ||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 770,097 | 529,783 | ||
Noncontrolling interest | 27,863 | 30,049 | ||
TOTAL SHAREHOLDERS' EQUITY | 797,960 | 559,832 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,652,248 | $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. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred shares, par (in dollars per share) | $0.01 | $0.01 |
Preferred shares, shares authorized | 2,000,000 | 2,000,000 |
Common shares of beneficial interest, par (in dollars per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized | 120,000,000 | 80,000,000 |
Common shares of beneficial interest, shares issued | 66,669,000 | 48,489,000 |
Common shares of beneficial interest, shares outstanding | 66,669,000 | 48,489,000 |
Series D Preferred Stock | ' | ' |
Cumulative Convertible Perpetual Preferred Shares, liquidation preference (in dollars per share) | $50 | $50 |
Cumulative Convertible Perpetual Preferred Shares, shares issued | 2,000,000 | 2,000,000 |
Cumulative Convertible Perpetual Preferred Shares, shares outstanding | 2,000,000 | 2,000,000 |
Cumulative Convertible Perpetual Preferred Shares, dividend rate percentage | 7.25% | 7.25% |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE | ' | ' | ' |
Minimum rent | $124,169 | $87,921 | $77,145 |
Percentage rent | 209 | 592 | 244 |
Recovery income from tenants | 40,018 | 30,721 | 28,815 |
Other property income | 3,337 | 1,927 | 4,057 |
Management and other fee income | 2,335 | 4,064 | 4,125 |
TOTAL REVENUE | 170,068 | 125,225 | 114,386 |
EXPENSES | ' | ' | ' |
Real estate taxes | 23,161 | 16,699 | 15,982 |
Recoverable operating expense | 20,194 | 15,447 | 13,992 |
Other non-recoverable operating expense | 3,006 | 2,802 | 3,454 |
Depreciation and amortization | 56,305 | 38,673 | 33,842 |
General and administrative expense | 22,273 | 19,446 | 19,646 |
TOTAL EXPENSES | 124,939 | 93,067 | 86,916 |
INCOME BEFORE OTHER INCOME AND EXPENSES, TAX AND DISCONTINUED OPERATIONS | 45,129 | 32,158 | 27,470 |
OTHER INCOME AND EXPENSES | ' | ' | ' |
Other expense, net | -965 | -66 | -257 |
Gain on sale of real estate | 4,279 | 69 | 231 |
(Loss) earnings from unconsolidated joint ventures | -4,759 | 3,248 | 1,669 |
Interest expense | -29,075 | -25,895 | -27,413 |
Amortization of deferred financing fees | -1,447 | -1,449 | -1,827 |
Provision for impairment | -9,669 | -1,387 | -16,917 |
Provision for impairment on equity investments in unconsolidated joint ventures | 0 | -386 | -9,611 |
Deferred gain recognized upon acquisition of real estate | 5,282 | 845 | 0 |
Loss on extinguishment of debt | -340 | 0 | -1,968 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX | 8,435 | 7,137 | -28,623 |
Income tax (provision) benefit | -64 | 34 | -795 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 8,371 | 7,171 | -29,418 |
DISCONTINUED OPERATIONS | ' | ' | ' |
Gain on sale of real estate | 2,120 | 336 | 9,406 |
Gain on extinguishment of debt | 0 | 307 | 1,218 |
Provision for impairment | 0 | -2,915 | -10,883 |
Income from discontinued operations | 971 | 2,193 | 1,177 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 3,091 | -79 | 918 |
NET INCOME (LOSS) | 11,462 | 7,092 | -28,500 |
Net (income) loss attributable to noncontrolling partner interest | -465 | 112 | 1,742 |
NET INCOME (LOSS) ATTRIBUTABLE TO RPT | 10,997 | 7,204 | -26,758 |
Preferred share dividends | -7,250 | -7,250 | -5,244 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | 3,747 | -46 | -32,002 |
EARNINGS (LOSS) PER COMMON SHARE, BASIC | ' | ' | ' |
Continuing operations (in dollars per share) | $0.01 | $0 | ($0.85) |
Discontinued operations (in dollars per share) | $0.05 | $0 | $0.01 |
Net income (loss) available to common shareholders (in dollars per share) | $0.06 | $0 | ($0.84) |
EARNINGS (LOSS) PER COMMON SHARE, DILUTED | ' | ' | ' |
Continuing operations (in dollars per share) | $0.01 | $0 | ($0.85) |
Discontinued operations (in dollars per share) | $0.05 | $0 | $0.01 |
Net income (loss) available to common shareholders (in dollars per share) | $0.06 | $0 | ($0.84) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' |
Basic (in shares) | 59,336 | 44,101 | 38,466 |
Diluted (in shares) | 59,728 | 44,101 | 38,466 |
Other comprehensive income (loss): | ' | ' | ' |
Net income (loss) | 11,462 | 7,092 | -28,500 |
Other comprehensive income (loss): | ' | ' | ' |
Gain (loss) on interest rate swaps | 5,520 | -2,745 | -2,828 |
Comprehensive income (loss) | 16,982 | 4,347 | -31,328 |
Comprehensive (income) loss attributable to noncontrolling interest | -195 | 153 | 179 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT | $16,787 | $4,500 | ($31,149) |
CONSOLIDATED_STATEMENTS_OF_SHA
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) Income | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2010 | $439,366 | ' | $379 | $563,370 | ($161,476) | $0 | $37,093 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | 8,337 | ' | 8 | 8,329 | ' | ' | ' |
Issuance of preferred shares | 96,642 | 100,000 | ' | -3,358 | ' | ' | ' |
Conversion and redemption of OP unit holders | -3 | ' | ' | ' | ' | ' | -3 |
Share-based compensation and other expense | 1,884 | ' | ' | 1,884 | ' | ' | ' |
Dividends declared to common shareholders | -25,203 | ' | ' | ' | -25,203 | ' | ' |
Dividends declared to preferred shareholders | -5,244 | ' | ' | ' | -5,244 | ' | ' |
Distributions declared to noncontrolling interests | -2,077 | ' | ' | ' | ' | ' | -2,077 |
Dividends paid on restricted shares | -207 | ' | ' | ' | -207 | ' | ' |
Purchase of partner's interest in consolidated variable interest entity | -993 | ' | ' | ' | ' | ' | -993 |
Other comprehensive loss adjustment | -2,828 | ' | ' | ' | ' | -2,649 | -179 |
Net income (loss) | -28,500 | ' | ' | ' | -26,758 | ' | -1,742 |
Ending Balance at Dec. 31, 2011 | 481,174 | 100,000 | 387 | 570,225 | -218,888 | -2,649 | 32,099 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | 111,468 | ' | 98 | 111,370 | ' | ' | ' |
Conversion and redemption of OP unit holders | -3 | ' | ' | ' | ' | ' | -3 |
Share-based compensation and other expense | 2,014 | ' | ' | 2,014 | ' | ' | ' |
Dividends declared to common shareholders | -29,863 | ' | ' | ' | -29,863 | ' | ' |
Dividends declared to preferred shareholders | -7,250 | ' | ' | ' | -7,250 | ' | ' |
Distributions declared to noncontrolling interests | -1,782 | ' | ' | ' | ' | ' | -1,782 |
Dividends paid on restricted shares | -273 | ' | ' | ' | -273 | ' | ' |
Other comprehensive loss adjustment | -2,745 | ' | ' | ' | ' | -2,592 | -153 |
Net income (loss) | 7,092 | ' | ' | ' | 7,204 | ' | -112 |
Ending 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 | 273,749 | ' | 181 | 273,568 | ' | ' | ' |
Conversion and redemption of OP unit holders | -1,243 | ' | ' | ' | ' | ' | -1,243 |
Share-based compensation and other expense | 2,007 | ' | ' | 2,006 | ' | ' | ' |
Dividends declared to common shareholders | -44,172 | ' | ' | ' | -44,172 | ' | ' |
Dividends declared to preferred shareholders | -7,250 | ' | ' | ' | -7,250 | ' | ' |
Distributions declared to noncontrolling interests | -1,603 | ' | ' | ' | ' | ' | -1,603 |
Dividends paid on restricted shares | -342 | ' | ' | ' | -342 | ' | ' |
Other comprehensive loss adjustment | 5,520 | ' | ' | ' | ' | 5,325 | 195 |
Net income (loss) | 11,462 | ' | ' | ' | 10,997 | ' | 465 |
Ending Balance at Dec. 31, 2013 | $797,960 | $100,000 | $667 | $959,183 | ($289,837) | $84 | $27,863 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $11,462 | $7,092 | ($28,500) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization, including discontinued operations | 56,841 | 39,822 | 37,026 |
Amortization of deferred financing fees, including discontinued operations | 1,447 | 1,454 | 1,879 |
Income tax provision (benefit) | 64 | -34 | 795 |
Loss (earnings) from unconsolidated joint ventures | 4,759 | -3,248 | -1,669 |
Distributions received from operations of unconsolidated joint ventures | 3,232 | 3,793 | 4,413 |
Provision for impairment, including discontinued operations | 9,669 | 1,387 | 16,917 |
Provision for impairment on equity investments in unconsolidated joint ventures | 0 | 386 | 9,611 |
Loss (gain) on extinguishment of debt, including discontinued operations | 0 | -307 | 750 |
Deferred gain recognized upon acquisition of real estate | -5,282 | -845 | 0 |
Gain on sale of real estate, including discontinued operations | -6,399 | -405 | -9,638 |
Amortization of premium on mortgages and notes payable, net | -541 | -30 | -35 |
Share-based compensation expense | 2,151 | 2,120 | 1,849 |
Long-term incentive cash compensation expense | 1,498 | 445 | 0 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -1,672 | 1,128 | -252 |
Other assets, net | -689 | 6,349 | 4,577 |
Accounts payable, accrued expenses and other liabilities | 9,043 | 172 | -3,903 |
Net cash provided by operating activities | 85,583 | 62,194 | 44,703 |
INVESTING ACTIVITIES | ' | ' | ' |
Acquisitions of real estate, net of assumed debt | -342,189 | -149,960 | -77,260 |
Development and capital improvements | -44,625 | -38,431 | -24,430 |
Net proceeds from sales of real estate | 33,916 | 10,292 | 28,803 |
Distributions from sale of joint venture property | 1,687 | 3,587 | 3,756 |
Decrease (increase) in restricted cash | 438 | 2,171 | -337 |
Investment in unconsolidated joint ventures | -4,979 | -3,869 | -9,279 |
Note repayment from third party | 0 | 3,000 | 0 |
Purchase of partner's equity in consolidated joint ventures | 0 | 0 | -1,000 |
Net cash used in investing activities | -355,752 | -173,210 | -79,747 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds on mortgages and notes payable | 185,000 | 45,000 | 135,586 |
Repayment of mortgages and notes payable | -121,817 | -24,200 | -79,840 |
Net proceeds (repayments) on revolving credit facility | -13,000 | 10,500 | -90,250 |
Payment of debt extinguishment costs | -340 | 0 | 0 |
Payment of deferred financing costs | -1,889 | -1,959 | -2,839 |
Proceeds from issuance of common shares | 274,295 | 111,468 | 8,819 |
Proceeds from issuance of preferred shares | 0 | 0 | 96,642 |
Repayment of capitalized lease obligation | -337 | -318 | -300 |
Conversion of operating partnership units for cash | -1,243 | 0 | 0 |
Dividends paid to preferred shareholders | -7,250 | -7,250 | -3,432 |
Dividends paid to common shareholders | -40,108 | -28,333 | -25,203 |
Distributions paid to operating partnership unit holders | -1,580 | -1,814 | -2,159 |
Net cash provided by financing activities | 271,731 | 103,094 | 37,024 |
Net change in cash and cash equivalents | 1,562 | -7,922 | 1,980 |
Cash and cash equivalents at beginning of period | 4,233 | 12,155 | 10,175 |
Cash and cash equivalents at end of period | 5,795 | 4,233 | 12,155 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | ' | ' | ' |
Assumption of debt related to acquisitions | 158,767 | 0 | 0 |
Conveyance of ownership interest to lender, release from mortgage obligation | 0 | 8,501 | 9,107 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' | ' |
Cash paid for interest (net of capitalized interest of $1,161, $996 and $325 in 2013, 2012 and 2011, respectively) | 30,631 | 25,686 | 28,747 |
Cash paid for federal income taxes | 0 | 16 | 63 |
Continuing and Discontinued Operations | ' | ' | ' |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Provision for impairment, including discontinued operations | $9,669 | $4,302 | $27,800 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Cash paid for interest, capitalized interest | $1,161 | $996 | $325 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Summary of Significant Accounting Policies | ' | |
Organization and Summary of Significant Accounting Policies | ||
Ramco-Gershenson Properties Trust, together with our 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 in strategic metropolitan markets throughout the Eastern, Midwestern and Central United States. Our property portfolio consists of 66 wholly owned shopping centers and one office building comprising approximately 13.1 million square feet. In addition, we are co-investor in and manager of two institutional 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 and 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. Our joint ventures are reported using equity method accounting. We earn fees from the joint ventures for managing, leasing, and redeveloping the shopping centers they own. We also own interests in three parcels of land held for development and five parcels of land adjacent to certain of our existing developed properties located in Florida, Georgia, Michigan, Tennessee, and Virginia. | ||
We made an election to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we annually distribute at least 90% of our taxable income to our shareholders and meet other conditions. | ||
Principles of Consolidation and Estimates | ||
The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (96.8%, 95.4% and 93.7% owned by us at December 31, 2013, 2012 and 2011, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. | ||
We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including our real estate joint venture partners. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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. | ||
Reclassifications | ||
Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2013 presentation, principally to reflect the sale of certain operating properties and the classification of those properties as "discontinued operations." | ||
Revenue Recognition and Accounts Receivable | ||
Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. | ||
Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and Recovery Income. | ||
We provide for bad debt expense based upon the allowance method of accounting. We continuously monitor the collectability of our accounts receivable from specific tenants, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe will be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2013 and 2012, our accounts receivable were $9.6 million and $8.0 million, respectively, net of allowances for doubtful accounts of $2.4 million and $2.6 million, respectively. | ||
In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2013 and 2012, net of allowances was $15.1 million and $14.8 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, we may be required to write down the straight-line rent receivable from those tenants, which would reduce our operating income. | ||
Real Estate | ||
Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend its useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. | ||
Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the assets. We will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is guaranteed and legally binding. | ||
We allocate the costs of acquisitions to assets acquired and liabilities assumed based on estimated fair values, replacement costs and appraised values. The purchase price of the acquired property is allocated to land, building, improvements and identifiable intangibles such as in-place leases, above/below market leases, out-of-market assumed mortgages, and gain on purchase, if any. The value allocated to above/below market leases is amortized over the related lease term and included in rental income in our consolidated statements of operations. Should a tenant terminate its lease prior to its stated expiration, all unamortized amounts relating to that lease would be written off. | ||
Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. | ||
The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. | ||
It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our pre-development projects. | ||
Accounting for the Impairment of Long-Lived Assets | ||
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 carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, geographic location, real estate values and expected holding period. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, are regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. | ||
Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. | ||
We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. Refer to Note 6 of the notes to the consolidated financial statements for further information. | ||
In 2013, we recorded impairment provisions totaling $9.7 million and consisted of: | ||
• | $0.3 million related to changes to estimated sales price assumptions for certain parcels of land held for development; and | |
• | $9.4 million of impairment provisions related to income producing properties that we have identified to be marketed for sale and the estimated sales price being lower than the net book value. | |
Investments in Real Estate Joint Ventures | ||
We have five equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. Refer to Note 7 of the notes to the consolidated financial statements for further information. | ||
We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates, or capitalization rates could be material to our consolidated financial statements. | ||
There were no impairment provisions on our equity investments in joint ventures recorded in 2013. | ||
Other Assets, net | ||
Other assets consist primarily of acquired lease intangibles, straight-line rent receivable, deferred leasing costs, deferred financing costs, and prepaid expenses. Deferred financing and leasing costs are amortized using the straight-line method over the terms of the respective agreements. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. | ||
Cash and Cash Equivalents | ||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). As of December 31, 2013, we had $7.5 million in excess of the FDIC insured limit. | ||
Recognition of Share-based Compensation Expense | ||
We grant share-based compensation awards to employees and trustees in the form of restricted common shares and stock options. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards. See Note 16 of the notes to the consolidated financial statements for further information. | ||
Income Tax Status | ||
We made an election to qualify, and believe our operating activities qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. | ||
Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2013, 2012, and 2011, we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. See Note 17 of the notes to the consolidated financial statements for further information. | ||
Variable Interest Entities | ||
Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||
We have evaluated our investments in joint ventures and determined that the joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. Accordingly, these investments are accounted for using the equity method. | ||
Noncontrolling Interest in Subsidiaries | ||
We have certain noncontrolling interest in subsidiaries that are exchangeable for our common shares on a 1:1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. | ||
Segment Information | ||
Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers are located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
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 within 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. The adoption of this guidance will not have an impact on our 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 the 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 did not have an impact on our 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 consolidated financial statements. | |
In July 2012 the FASB updated ASC 350 “Intangibles – Goodwill and Other – Testing Indefinite-Lived Intangible Assets for Impairment” with ASU 2012-02. This update amends the procedures for testing the impairment of indefinite-lived intangible assets by permitting an entity to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible assets are impaired. An entity’s assessment of the totality of events and circumstances and their impact on the entity’s indefinite-lived intangible assets will then be used as a basis for determining whether it is necessary to perform the quantitative impairment test as described in ASC 350-30. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have an impact on our consolidated financial statements. | |
In December 2011, the FASB updated ASC 220 “Comprehensive Income” with ASU 2011-12 “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05.” This update requires that all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-12 defers only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The provisions of ASU 2011-12 are effective for public companies in fiscal years beginning after December 15, 2011. The disclosures in this standard did not have an impact on our results of operations or financial position, other than the presentation of comprehensive income. | |
In December 2011, the FASB updated ASC 210 “Balance Sheet” with ASU 2011-11 “Disclosures about Offsetting Assets and Liabilities.” Under this update companies are required to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for annual reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of this guidance did not have an impact on our consolidated financial statements. | |
In September 2011, the FASB updated ASC 350 “Intangibles – Goodwill and Other” with ASU 2011-08 “Testing Goodwill for Impairment.” Under this update, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. This standard is effective for fiscal years beginning after December 15, 2011. The adoption of this guidance did not have an impact on our consolidated financial statements. | |
In June 2011, the FASB updated ASC 220 “Comprehensive Income” with ASU 2011-05 “Presentation of Comprehensive Income,” which requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This standard is to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. In December 2011, the FASB deferred portions of this update in its issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income.” ASU 2011-12 supersedes certain pending paragraphs in Update 2011-05. The amendments are being made to allow the FASB time to re-deliberate whether or not to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. The new disclosures in this standard did not have an impact on our results of operations or financial position, other than the presentation of comprehensive income. | |
In May 2011, the FASB updated ASC 820 “Fair Value Measurements and Disclosures” with ASU 2011-04 “Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS.” The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. This standard is to be applied prospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance did not have an impact on our consolidated financial statements. |
Real_Estate
Real Estate | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Real Estate | ' | ||||||||
Real Estate | |||||||||
Included in our net real estate are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization. | |||||||||
Land held for development or available for sale includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. Land available for sale was $19.9 million and $20.2 million at December 31, 2013 and 2012, respectively. | |||||||||
At December 31, 2013, we had three projects under pre-development. Our land held for development consisted of: | |||||||||
Carrying Value As of December 31, | |||||||||
2013 | 2012 | ||||||||
Development Project/Location | (In thousands) | ||||||||
Hartland Towne Square - Hartland Twp., MI | $ | 25,193 | $ | 25,210 | |||||
Lakeland Park Center - Lakeland, FL (1) | 11,774 | 21,909 | |||||||
Parkway Shops - Phase II - Jacksonville, FL | 11,673 | 14,193 | |||||||
Total | $ | 48,640 | $ | 61,312 | |||||
-1 | During 2013, we began construction on Phase I of Lakeland Park Center, located adjacent to our existing Shoppes of Lakeland shopping center. Land costs related to Phase I of the project were transferred to construction in progress. The costs shown in the table relate to land held for Phase II. | ||||||||
Construction in progress represents existing development and redevelopment projects. When projects are substantially complete and ready for their intended use, balances are transferred to land, buildings or improvements as appropriate. Construction in progress was $33.5 million and $17.0 million at December 31, 2013 and December 31, 2012, respectively. The increase was primarily due to the commencement of Phase I of Lakeland Park Center and ongoing redevelopment projects at existing centers. This increase was partially offset by the completion of Phase I of our Parkway shops development. The net cost of Phase I of Parkway was approximately $17.5 million. |
Property_Acquisitions_and_Disp
Property Acquisitions and Dispositions | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||
Property Acquisitions and Dispositions | ' | ||||||||||||||||||
Property Acquisitions and Dispositions | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
The following table provides a summary of our acquisitions during 2013, 2012 and 2011: | |||||||||||||||||||
Gross | |||||||||||||||||||
Property Name | Location | GLA | Date Acquired | Purchase Price | Debt | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
2013 | |||||||||||||||||||
Deerfield Towne Center | Mason (Cincinnati), OH | 461 | 12/19/13 | $ | 96,500 | $ | — | ||||||||||||
Deer Creek Shopping Center | Maplewood (St. Louis), MO | 208 | 11/15/13 | 23,878 | — | ||||||||||||||
Deer Grove Centre | Palatine (Chicago), IL | 236 | 8/26/13 | 20,000 | — | ||||||||||||||
Mount Prospect Plaza | Mt. Prospect (Chicago), 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 - 2013 | 3,558 | $ | 566,543 | $ | 158,767 | ||||||||||||||
2012 | |||||||||||||||||||
Spring Meadows Place II | Holland, OH | 50 | 12/19/12 | $ | 2,367 | $ | — | ||||||||||||
The Shoppes at Fox River - Phase II | Waukesha (Milwaukee), WI | 47 | 12/13/12 | 10,394 | — | ||||||||||||||
Southfield Expansion | Southfield, MI | 19 | 9/18/12 | 868 | — | ||||||||||||||
The Shoppes of Lakeland | Lakeland, FL | 184 | 9/6/12 | 28,000 | — | ||||||||||||||
Central Plaza | Ballwin (St. Louis), MO | 166 | 6/7/12 | 21,600 | — | ||||||||||||||
Harvest Junction North | Longmont (Boulder), CO | 159 | 6/1/12 | 38,181 | — | ||||||||||||||
Harvest Junction South | Longmont (Boulder), CO | 177 | 6/1/12 | 33,550 | — | ||||||||||||||
Nagawaukee Shopping Center | Delafield (Milwaukee), WI | 114 | 6/1/12 | 15,000 | — | ||||||||||||||
Total consolidated income producing acquisitions - 2012 | 916 | $ | 149,960 | $ | — | ||||||||||||||
2011 | |||||||||||||||||||
Town & Country Crossing | Town and Country (St. Louis), MO | 142 | 11/30/11 | $ | 37,850 | $ | — | ||||||||||||
Heritage Place | Creve Coeur (St. Louis), MO | 269 | 5/19/11 | 39,410 | — | ||||||||||||||
Total consolidated income producing acquisitions - 2011 | 411 | $ | 77,260 | $ | — | ||||||||||||||
(1) | Purchase price includes vacant land adjacent to the shopping center available for future development. | ||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded in general and administrative expenses approximately $1.3 million, $0.2 million, and $0.1 million, respectively, in costs associated with our acquisitions. | |||||||||||||||||||
The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. At the time of acquisition, these assets and liabilities were considered Level 2 fair value measurements: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Land | $ | 122,963 | $ | 38,756 | $ | 22,294 | |||||||||||||
Buildings and improvements | 406,743 | 100,216 | 48,971 | ||||||||||||||||
Above market leases | 6,977 | 1,874 | 996 | ||||||||||||||||
Lease origination costs | 50,577 | 2,522 | 7,733 | ||||||||||||||||
Other assets | 10,196 | 16,566 | 2,099 | ||||||||||||||||
Below market leases | (27,216 | ) | (9,974 | ) | (4,833 | ) | |||||||||||||
Premium for above market interest rates on assumed debt | (3,697 | ) | — | — | |||||||||||||||
Total purchase price allocated | $ | 566,543 | $ | 149,960 | $ | 77,260 | |||||||||||||
Total revenue and net income for the 2013 acquisitions included in our consolidated statement of operations for the year ended ended December 31, 2013 were $36.5 million and $8.7 million, respectively. | |||||||||||||||||||
Unaudited Proforma Information | |||||||||||||||||||
If the 2013 Acquisitions had occurred on January 1, 2012, our consolidated revenues and net income for the years ended December 31, 2013 and 2012 would have been as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Consolidated revenue | $ | 181,022 | $ | 168,390 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 4,938 | $ | 2,599 | |||||||||||||||
Dispositions | |||||||||||||||||||
The following table provides a summary of our disposition activity during 2013, 2012, and 2011. All of the properties disposed of were unencumbered: | |||||||||||||||||||
Gross | |||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Sold | Sales | Gain (loss) on Sale | |||||||||||||
Price | |||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
2013 | |||||||||||||||||||
Beacon Square | Grand Haven, MI | 51 | N/A | 12/6/13 | $ | 8,600 | $ | (74 | ) | ||||||||||
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 | 274 | $ | 22,480 | $ | 2,120 | ||||||||||||||
Hunter's Square - Land Parcel | Farmington Hills, MI | N/A | 0.1 | 12/11/13 | $ | 104 | $ | 72 | |||||||||||
Parkway Phase I - Moe's Southwest Grill Outparcel | Jacksonville, FL | N/A | 1 | 11/21/13 | 1,000 | 306 | |||||||||||||
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 | 17.8 | $ | 12,914 | $ | 4,279 | ||||||||||||||
Total 2013 consolidated dispositions | 274 | 17.8 | $ | 35,394 | $ | 6,399 | |||||||||||||
2012 | |||||||||||||||||||
Southbay SC and Pelican Plaza | Osprey and Sarasota, FL | 190 | N/A | 5/15/12 | $ | 5,600 | $ | 72 | |||||||||||
Eastridge Commons | Flint, MI | 170 | N/A | 2/27/12 | 1,750 | 137 | |||||||||||||
OfficeMax Center | Toledo, OH | 22 | N/A | 3/27/12 | 1,725 | 127 | |||||||||||||
Total consolidated income producing dispositions | 382 | $ | 9,075 | $ | 336 | ||||||||||||||
Outparcel | Roswell, GA | N/A | 2.26 | 2/14/12 | $ | 2,030 | $ | 69 | |||||||||||
Total consolidated land / outparcel dispositions | 2.26 | $ | 2,030 | $ | 69 | ||||||||||||||
Total 2012 consolidated dispositions | 382 | 2.26 | $ | 11,105 | $ | 405 | |||||||||||||
2011 | |||||||||||||||||||
Taylors Square | Greenville, SC | 34 | N/A | 12/20/11 | $ | 4,300 | $ | 1,020 | |||||||||||
Sunshine Plaza | Tamarac, FL | 237 | N/A | 7/11/11 | 15,000 | (32 | ) | ||||||||||||
Lantana Shopping Center | Lantana, FL | 123 | N/A | 4/29/11 | 16,942 | 6,209 | |||||||||||||
Total consolidated income producing dispositions | 394 | $ | 36,242 | $ | 7,197 | ||||||||||||||
Southbay Shopping Center - outparcel | Osprey, FL | N/A | 1.31 | 6/29/11 | $ | 2,625 | $ | 2,240 | |||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 0.95 | 3/2/11 | 678 | 74 | |||||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 1.02 | 1/21/11 | 663 | 127 | |||||||||||||
Total consolidated land / outparcel dispositions | 3.28 | $ | 3,966 | $ | 2,441 | ||||||||||||||
Total 2011 consolidated dispositions | 394 | 3.28 | $ | 40,208 | $ | 9,638 | |||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 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 guaranteed and legally binding. Refer to Note 1 under real estate for additional information regarding the sale of properties. As of December 31, 2013, 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Total revenue | $ | 2,175 | $ | 5,502 | $ | 10,617 | |||||||
Expenses: | |||||||||||||
Recoverable operating expenses and real estate taxes | 570 | 1,367 | 3,957 | ||||||||||
Other non-recoverable property operating expenses | 2 | 299 | 557 | ||||||||||
Depreciation and amortization | 537 | 1,149 | 3,184 | ||||||||||
Interest expense | — | 249 | 1,742 | ||||||||||
Operating income of properties sold | 1,066 | 2,438 | 1,177 | ||||||||||
Other expense | (95 | ) | (245 | ) | — | ||||||||
Gain on sale of properties | 2,120 | 336 | 9,406 | ||||||||||
Provision for impairment | — | (2,915 | ) | (10,883 | ) | ||||||||
Gain on extinguishment of debt | — | 307 | 1,218 | ||||||||||
Income (loss) from discontinued operations | $ | 3,091 | $ | (79 | ) | $ | 918 | ||||||
Impairment_Provisions
Impairment Provisions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Impairment Provisions | ' | |||||||||||
Impairment Provisions | ||||||||||||
We established provisions for impairment during the years ended December 31 for the following consolidated assets and unconsolidated joint venture investments: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Land held for development or available for sale (1) | $ | 327 | $ | 1,387 | $ | 11,468 | ||||||
Income producing properties marketed for sale (2) | 9,342 | 2,915 | 16,332 | |||||||||
Investments in unconsolidated joint ventures | — | 386 | 9,611 | |||||||||
Total | $ | 9,669 | $ | 4,688 | $ | 37,411 | ||||||
(1) | In 2013, changes to estimated sales price assumptions triggered an impairment provision of $0.3 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. | |||||||||||
(2) | In 2013, our decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $9.4 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. | |||||||||||
Our impairment provisions for our land available for sale and our income producing properties marketed for potential sale were based upon the difference between the present value of estimated sales prices of the available for sale parcels or properties and our allocated or net book basis of those parcels and properties. Future sales prices were estimated based upon comparable market transactions for similar land parcels or properties, market rates of return, and other market data relevant to estimating value for each land parcel or property. Our estimated fair value in these investments are classified as Level 3 of the fair value hierarchy under GAAP. Refer to Note 11 of the notes to the consolidated financial statements for a discussion of fair value measurements. |
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Entities | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||
Equity Investments in Unconsolidated Entities | ' | |||||||||||||||||||||||||
Equity Investments in Unconsolidated Entities | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
Combined financial information of our unconsolidated entities is summarized as follows: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Balance Sheets | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Investment in real estate, net | $ | 410,218 | $ | 796,584 | $ | 866,184 | ||||||||||||||||||||
Other assets | 27,462 | 56,631 | 61,377 | |||||||||||||||||||||||
Total Assets | $ | 437,680 | $ | 853,215 | $ | 927,561 | ||||||||||||||||||||
LIABILITIES AND OWNERS' EQUITY | ||||||||||||||||||||||||||
Mortgage notes payable | $ | 178,708 | $ | 360,302 | $ | 396,792 | ||||||||||||||||||||
Other liabilities | 7,885 | 13,866 | 16,547 | |||||||||||||||||||||||
Owners' equity | 251,087 | 479,047 | 514,222 | |||||||||||||||||||||||
Total Liabilities and Owners' Equity | $ | 437,680 | $ | 853,215 | $ | 927,561 | ||||||||||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 30,931 | $ | 95,987 | $ | 97,020 | ||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Total Revenue | $ | 42,778 | $ | 44,348 | $ | 46,567 | ||||||||||||||||||||
Total Expenses | 29,599 | 29,036 | 45,019 | |||||||||||||||||||||||
Income before other income and expenses and discontinued operations | 13,179 | 15,312 | 1,548 | |||||||||||||||||||||||
Gain on sale of land | — | 169 | — | |||||||||||||||||||||||
Interest expense | (9,200 | ) | (11,725 | ) | (14,076 | ) | ||||||||||||||||||||
Amortization of deferred financing fees | (269 | ) | (304 | ) | (378 | ) | ||||||||||||||||||||
Provision for impairment of long-lived assets | — | (7,622 | ) | (125 | ) | |||||||||||||||||||||
Gain on extinguishment of debt | — | 275 | — | |||||||||||||||||||||||
Income (loss) from continuing operations | 3,710 | (3,895 | ) | (13,031 | ) | |||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Provision for impairment of long-lived assets | — | — | (5,482 | ) | ||||||||||||||||||||||
Gain on extinguishment of debt | — | 736 | — | |||||||||||||||||||||||
Gain on sale of land | — | 624 | — | |||||||||||||||||||||||
(Loss) gain on sale of real estate (1) | (21,512 | ) | (61 | ) | 6,796 | |||||||||||||||||||||
Income (loss) from discontinued operations | $ | 1,015 | $ | 4,055 | $ | 4,517 | ||||||||||||||||||||
(Loss) income from discontinued operations | $ | (20,497 | ) | $ | 5,354 | $ | 5,831 | |||||||||||||||||||
Net Income (Loss) | $ | (16,787 | ) | $ | 1,459 | $ | (7,200 | ) | ||||||||||||||||||
RPT's share of (loss) earnings from unconsolidated joint ventures (2) | $ | (4,759 | ) | $ | 3,646 | $ | 1,669 | |||||||||||||||||||
(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 year ended December 31, 2012, our pro-rata share excludes $0.4 million in costs associated with the liquidation of two joint ventures concurrent with the extinguishment of their debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our consolidated statement of operations. | |||||||||||||||||||||||||
As of December 31, we had investments in the following unconsolidated entities: | ||||||||||||||||||||||||||
Ownership as of December 31, | Total Assets as of December 31, | Total Assets as of December 31, | ||||||||||||||||||||||||
Unconsolidated Entities | 2013 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ramco/Lion Venture LP | 30% | $ | 91,053 | $ | 495,585 | |||||||||||||||||||||
Ramco 450 Venture LLC | 20% | 293,410 | 303,107 | |||||||||||||||||||||||
Other Joint Ventures | (1) | 53,217 | 54,523 | |||||||||||||||||||||||
$ | 437,680 | $ | 853,215 | |||||||||||||||||||||||
(1) | Other JV's include joint ventures in which we own 7%-20% of the sole property in the joint venture. | |||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||
There were no acquisitions of shopping centers in 2013 and 2012 by any of our unconsolidated joint ventures. | ||||||||||||||||||||||||||
Dispositions | ||||||||||||||||||||||||||
The following table provides a summary of our unconsolidated joint venture property disposition activity during 2013, 2012 and 2011: | ||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Sold | Ownership % | Sales Price (at 100%) | Debt | (Loss) gain on Sale | ||||||||||||||||||
Repaid | (at 100%) | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Clarion Partners Portfolio | FL & MI | 2,246 | N/A | 3/25/13 | 20 | % | $ | 367,415 | $ | 149,514 | $ | (21,512 | ) | |||||||||||||
Total 2013 unconsolidated joint venture's dispositions | 2,246 | $ | 367,415 | $ | 149,514 | $ | (21,512 | ) | ||||||||||||||||||
2012 | ||||||||||||||||||||||||||
CVS Outparcel | Cartersville, GA | N/A | 1.21 | 10/22/12 | 20 | % | $ | 2,616 | $ | — | $ | 77 | ||||||||||||||
Wendy's Outparcel | Plantation, FL | N/A | 1 | 9/28/12 | 30 | % | 1,063 | — | 627 | |||||||||||||||||
Southfield Expansion | Southfield, MI | 19 | N/A | 9/18/12 | 50 | % | 396 | — | (138 | ) | ||||||||||||||||
Shoppes of Lakeland | Lakeland, FL | 184 | N/A | 9/6/12 | 7 | % | 28,000 | — | 166 | |||||||||||||||||
Autozone Outparcel | Cartersville, GA | N/A | 0.85 | 9/10/12 | 20 | % | 939 | — | 89 | |||||||||||||||||
Collins Pointe Shopping Center | Cartersville, GA | 81 | N/A | 6/1/12 | 20 | % | 4,650 | — | (89 | ) | ||||||||||||||||
Total 2012 unconsolidated joint venture's dispositions | 284 | 3.06 | $ | 37,664 | $ | — | $ | 732 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||||
Shenandoah Square | Davie, FL | 124 | N/A | 8/24/11 | 40 | % | $ | 21,950 | $ | 11,519 | $ | 6,796 | ||||||||||||||
Total 2011 unconsolidated joint venture's dispositions | 124 | — | $ | 21,950 | $ | 11,519 | $ | 6,796 | ||||||||||||||||||
Debt | ||||||||||||||||||||||||||
Our unconsolidated entities had the following debt outstanding at December 31, 2013: | ||||||||||||||||||||||||||
Entity Name | Balance Outstanding | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 140,883 | ||||||||||||||||||||||||
Ramco/Lion Venture LP (2) | 30,506 | |||||||||||||||||||||||||
Ramco 191 LLC (3) | 7,525 | |||||||||||||||||||||||||
178,914 | ||||||||||||||||||||||||||
Unamortized discount | (206 | ) | ||||||||||||||||||||||||
Total mortgage debt | $ | 178,708 | ||||||||||||||||||||||||
(1) | Maturities range from December 2015 to September 2023 with interest rates ranging from 1.9% 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%. The joint venture, in which we own a 7% interest, is in discussion with the lender to transfer the property ownership to the lender in consideration for repayment of the loan. | |||||||||||||||||||||||||
During 2013, the Ramco 450 Venture LLC, in which our ownership interest is 20%, refinanced the mortgage on: | ||||||||||||||||||||||||||
• | The Chester Springs shopping center with a new 3-year loan in the amount of $22.0 million with a variable interest based on LIBOR plus 1.7%; | |||||||||||||||||||||||||
• | The Plaza at Delray with a new 10-year loan in the amount of $46.0 million with an interest rate fixed at 4.4%; | |||||||||||||||||||||||||
• | Market Plaza. The new 5-year loan required the joint venture to pay down the outstanding principal balance from $24.5 million to $16.0 million. Our share of the pay down was $1.7 million. The interest rate is fixed at 2.9%; and | |||||||||||||||||||||||||
• | Repaid the mortgage on Olentangy Plaza in the amount of $21.6 million of which our share was $4.3 million. | |||||||||||||||||||||||||
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 property management fees 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 consolidated statements of operations: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Management fees | $ | 1,875 | $ | 2,564 | $ | 2,633 | ||||||||||||||||||||
Leasing fees | 390 | 1,026 | 918 | |||||||||||||||||||||||
Acquisition/disposition fees | — | 16 | 66 | |||||||||||||||||||||||
Construction fees | 61 | 318 | 364 | |||||||||||||||||||||||
Total | $ | 2,326 | $ | 3,924 | $ | 3,981 | ||||||||||||||||||||
Other_Assets_Net
Other Assets, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets, Net | ' | |||||||
Other Assets, Net | ||||||||
Other assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred leasing costs, net | $ | 26,617 | $ | 18,067 | ||||
Deferred financing costs, net | 6,513 | 6,073 | ||||||
Lease intangible assets, net | 69,635 | 25,611 | ||||||
Straight-line rent receivable, net | 15,115 | 14,799 | ||||||
Cash flow hedge marked-to-market asset | 2,244 | — | ||||||
Prepaid and other deferred expenses, net | 4,629 | 4,636 | ||||||
Other, net | 3,768 | 3,767 | ||||||
Other assets, net | $ | 128,521 | $ | 72,953 | ||||
Gross intangible assets of $89.1 million, attributable to lease origination costs and above market leases, have a remaining weighted-average amortization period of 4.7 years as of December 31, 2013. These assets are being amortized over the lives of the applicable leases to amortization expense and as a reduction to minimum rent revenue, respectively, over the initial terms of the respective leases. Amortization of the above market lease asset resulted in a reduction of revenue of approximately $2.1 million, $0.8 million, and $0.6 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||
The following table represents estimated aggregate amortization expense related to other assets as of December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
(In thousands) | ||||||||
2014 | $ | 23,355 | ||||||
2015 | 18,772 | |||||||
2016 | 14,207 | |||||||
2017 | 9,085 | |||||||
2018 | 7,318 | |||||||
Thereafter | 29,000 | |||||||
Total (1) | $ | 101,737 | ||||||
(1) Excludes straight-line rent receivable, prepaid and other deferred expenses, cash flow hedge, goodwill, and deferred leasing costs for assets not yet placed into service of $15.1 million, $4.6 million, $2.3 million, $2.1 million, and $2.7 million, respectively. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Senior unsecured notes | $ | 110,000 | $ | — | ||||
Unsecured term loan facilities | 255,000 | 180,000 | ||||||
Fixed rate mortgages | 329,875 | 293,139 | ||||||
Unsecured revolving credit facility | 27,000 | 40,000 | ||||||
Junior subordinated notes | 28,125 | 28,125 | ||||||
750,000 | 541,264 | |||||||
Unamortized premium | 3,174 | 17 | ||||||
$ | 753,174 | $ | 541,281 | |||||
Capital lease obligation (1) | $ | 5,686 | $ | 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. | |||||||
Mortgages and unsecured notes payable | ||||||||
We completed the following debt transactions during 2013: | ||||||||
• | In conjunction with our acquisitions, 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 being amortized over the remaining life of the loans and is decreasing 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; | |||||||
• | 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 4.0%; | |||||||
• | 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 with an interest rate at December 31, 2013 of 3.2%; and | |||||||
• | In December 2013, we exercised the accordion feature associated with the $50.0 million loan, increasing the loan to $75.0 million. In conjunction with the closing, we entered into two additional swap agreements totaling $25.0 million, with an interest rate at December 31, 2013 of 3.9%. | |||||||
The gross proceeds from these debt financings repaid 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%; | |||||||
• | Centre at Woodstock in the amount of $3.0 million with an interest rate of 6.9%; | |||||||
• | Hoover Eleven I in the amount of $1.3 million with an interest rate of 7.2%; and | |||||||
• | Hoover Eleven II in the amount of $2.2 million with an interest rate of 7.6%. | |||||||
Our fixed rate mortgages have interest rates ranging from 5.0% to 7.4% and are due at various maturity dates from May 2014 through June 2026. Included in fixed rate mortgages at December 31, 2013 and 2012 were unamortized premium balances related to the fair market value of debt of approximately $3.2 million and $17 thousand, respectively. The fixed rate mortgage notes are secured by mortgages on properties that have an approximate net book value of $313.2 million as of December 31, 2013. | ||||||||
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 December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
(In thousands) | ||||||||
2014 | $ | 33,456 | ||||||
2015 | 85,250 | |||||||
2016 (1) | 49,710 | |||||||
2017 | 232,222 | |||||||
2018 | 84,244 | |||||||
Thereafter | 265,118 | |||||||
Subtotal debt | 750,000 | |||||||
Unamortized premium | 3,174 | |||||||
Total debt (including unamortized premium) | $ | 753,174 | ||||||
(1) | Scheduled maturities in 2016 include $27.0 million which represents the balance of the unsecured revolving credit facility drawn as of December 31, 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. | ||||||||
Revolving Credit Facility | ||||||||
During 2013 we had net repayments of $13.0 million on our revolving credit facility and had outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying consolidated balance sheets, totaling $8.2 million. These letters of credit reduce borrowing availability under our bank facility. As of December 31, 2013, $204.8 million was available to be drawn on our $240 million unsecured revolving credit facility subject to certain covenants. | ||||||||
The revolving credit and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, tangible net worth and various other calculations. As of December 31, 2013, we were in compliance with these covenants. | ||||||||
Junior Subordinated Notes | ||||||||
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 3.30%. The maturity date is January 2038. | ||||||||
Capital lease | ||||||||
We have a capital ground lease at our Gaines Marketplace shopping center. Total amounts expensed as interest relating to this lease were $0.3 million for the year ended December 31, 2013 and $0.4 million for each of the years ended December 31, 2012 and 2011. | ||||||||
Approximate future rental payments under our capital ground lease are as follows: | ||||||||
Year Ending December 31, | Capital Lease(1) | |||||||
2014 | $ | 5,955 | ||||||
Total lease payments | 5,955 | |||||||
Less: amounts representing interest | (269 | ) | ||||||
Total | $ | 5,686 | ||||||
(1) Amounts represent a ground lease at one of our shopping centers that provides the option for us to purchase the land in October 2014 for approximately $5.0 million. |
Other_Liabilities_net
Other Liabilities, net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities, net | ' | |||||||
Other Liabilities, net | ||||||||
Other liabilities consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 40,386 | $ | 16,297 | ||||
Cash flow hedge marked-to-market liability | 2,297 | 5,574 | ||||||
Deferred liabilities | 2,637 | 1,970 | ||||||
Tenant security deposits | 2,940 | 1,948 | ||||||
Other, net | 333 | 398 | ||||||
Other liabilities, net | $ | 48,593 | $ | 26,187 | ||||
The increase in other liabilities was primarily due to the acquisitions that were completed in 2013 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 $3.1 million, $1.0 million, and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 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 quoted 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 asset or liability. | |||||||||||||||||||
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 derivative instruments as Level 2. Refer to Note 12 for additional information on our derivative financial instruments. | ||||||||||||||||||||
The table below presents the recorded amount of liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
2013 | (In thousands) | |||||||||||||||||||
Derivative assets - interest rate swaps | $ | 2,244 | $ | — | $ | 2,244 | $ | — | ||||||||||||
Derivative liabilities - interest rate swaps | $ | (2,297 | ) | $ | — | $ | (2,297 | ) | $ | — | ||||||||||
2012 | ||||||||||||||||||||
Derivative liabilities - interest rate swaps | $ | (5,574 | ) | $ | — | $ | (5,574 | ) | $ | — | ||||||||||
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 $649.9 million and $456.3 million as of December 31, 2013 and 2012, respectively, have fair values of approximately $650.9 million and $455.4 million, respectively. Variable rate debt’s fair value is estimated to be the carrying values of $100.1 million and $85.0 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Net Real Estate | ||||||||||||||||||||
Our net 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 Entities | ||||||||||||||||||||
Our equity investments in unconsolidated joint venture entities 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. | ||||||||||||||||||||
The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2013 and 2012 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
Assets | Total Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Income producing properties | $ | 26,520 | $ | — | $ | — | $ | 26,520 | $ | (9,342 | ) | |||||||||
Land available for sale | 5,568 | — | — | 5,568 | (327 | ) | ||||||||||||||
Total | $ | 32,088 | $ | — | $ | — | $ | 32,088 | $ | (9,669 | ) | |||||||||
2012 | ||||||||||||||||||||
Income producing properties | $ | 16,862 | $ | — | $ | — | $ | 16,862 | $ | (2,915 | ) | |||||||||
Land available for sale | 17,745 | — | — | 17,745 | (1,387 | ) | ||||||||||||||
Investments in unconsolidated entities | 1,164 | — | — | 1,164 | (386 | ) | ||||||||||||||
Total | $ | 35,771 | $ | — | $ | — | $ | 35,771 | $ | (4,688 | ) | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 our 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, calculation period and LIBOR rate. | |||||||||||||||||||
At December 31, 2013, we had seven interest rate swap agreements in effect for an aggregate notional amount of $210.0 million that were designated as cash flow hedges. The agreements provide for swapping one-month LIBOR interest rates ranging from 1.2% to 2.2% on $210.0 million of 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 December 31, 2013: | |||||||||||||||||||
Underlying Debt | Hedge | Notional | Fixed | Fair | Expiration | ||||||||||||||
Type | Value | Rate | Value | Date | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 2,211 | May-20 | |||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | 20 | May-20 | |||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | 13 | May-20 | |||||||||||||
$ | 75,000 | $ | 2,244 | ||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (1,249 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (668 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (317 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (63 | ) | Oct-18 | ||||||||||||
$ | 135,000 | $ | (2,297 | ) | |||||||||||||||
The following table presents the fair values of derivative financial instruments in our consolidated balance sheets as of December 31, 2013 and December 31, 2012, respectively: | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Other assets | $ | 2,244 | Other assets | $ | — | ||||||||||||||
Other liabilities | $ | (2,297 | ) | Other liabilities | $ | (5,574 | ) | ||||||||||||
The effect of derivative financial instruments on our consolidated statements of operations for the year ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
Amount of Gain (Loss) | Location of Loss Reclassified from Accumulated OCI | Amount of Loss Reclassified from | |||||||||||||||||
Recognized in OCI on Derivative | Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
Year Ended December 31, | into Income | Year Ended December 31, | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | 2013 | 2012 | (Effective Portion) | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | 2,244 | $ | — | Interest Expense | $ | (424 | ) | $ | — | |||||||||
Interest rate contracts - liabilities | 3,277 | (2,745 | ) | Interest Expense | (1,847 | ) | (1,782 | ) | |||||||||||
Total | $ | 5,521 | $ | (2,745 | ) | Total | $ | (2,271 | ) | $ | (1,782 | ) | |||||||
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
Revenues | ||||
Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2013, assuming no new or renegotiated leases or option extensions on lease agreements were as follows: | ||||
Year Ending December 31, | ||||
(In thousands) | ||||
2014 | $ | 143,115 | ||
2015 | 131,560 | |||
2016 | 113,735 | |||
2017 | 90,828 | |||
2018 | 74,957 | |||
Thereafter | 304,730 | |||
Total | $ | 858,925 | ||
Expenses | ||||
We have an operating lease for our corporate headquarters in Michigan for a term expiring in 2019. We also have an operating lease adjacent to our former Taylors Square shopping center. We recognized rent expense of $0.7 million for each of the years ended December 31, 2013 and 2012 and $0.8 million for the year ended December 31, 2011. Approximate future rental payments under our non-cancelable leases, assuming no option extensions are as follows: | ||||
Year Ending December 31, | ||||
(In thousands) | ||||
2014 | $ | 579 | ||
2015 | 462 | |||
2016 | 468 | |||
2017 | 475 | |||
2018 | 481 | |||
Thereafter | 942 | |||
Total | $ | 3,407 | ||
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 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”): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Income (loss) from continuing operations | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | |||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (355 | ) | 87 | 1,800 | ||||||||
Preferred share dividends | (7,250 | ) | (7,250 | ) | (5,244 | ) | ||||||
Allocation of continuing (income) loss to restricted share awards | (102 | ) | 29 | 267 | ||||||||
Income (loss) from continuing operations attributable to RPT | $ | 664 | $ | 37 | $ | (32,595 | ) | |||||
Income (loss) from discontinued operations | 3,091 | (79 | ) | 918 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (110 | ) | 25 | (58 | ) | |||||||
Allocation of discontinued (income) loss to restricted share awards | (20 | ) | 1 | (7 | ) | |||||||
Income (loss) from discontinued operations attributable to RPT | 2,961 | (53 | ) | 853 | ||||||||
Net income (loss) available to common shareholders | $ | 3,625 | $ | (16 | ) | $ | (31,742 | ) | ||||
Weighted average shares outstanding, Basic | 59,336 | 44,101 | 38,466 | |||||||||
Earnings (loss) per common share, Basic | ||||||||||||
Continuing operations | $ | 0.01 | $ | — | $ | (0.85 | ) | |||||
Discontinued operations | 0.05 | — | 0.01 | |||||||||
$ | 0.06 | $ | — | $ | (0.84 | ) | ||||||
The following table sets forth the computation of diluted EPS: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Income (loss) from continuing operations | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | |||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (355 | ) | 87 | 1,800 | ||||||||
Preferred share dividends | (7,250 | ) | (7,250 | ) | (5,244 | ) | ||||||
Allocation of continuing (income) loss to restricted share awards | (102 | ) | 29 | 267 | ||||||||
Allocation of over distributed continuing (income) loss to restricted share awards | — | (23 | ) | (38 | ) | |||||||
Income (loss) from continuing operations attributable to RPT | $ | 664 | $ | 14 | $ | (32,633 | ) | |||||
Income (loss) from discontinued operations | 3,091 | (79 | ) | 918 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (110 | ) | 25 | (58 | ) | |||||||
Allocation of discontinued (income) loss to restricted share awards | — | — | (1 | ) | ||||||||
Income (loss) from discontinued operations attributable to RPT | 2,981 | (54 | ) | 859 | ||||||||
Net income (loss) available to common shareholders | $ | 3,645 | $ | (40 | ) | $ | (31,774 | ) | ||||
Weighted average shares outstanding, Basic | 59,336 | 44,101 | 38,466 | |||||||||
Stock options and restricted share awards using the treasury method (1) | 392 | — | — | |||||||||
Dilutive effect of securities (2) | — | — | — | |||||||||
Weighted average shares outstanding, Diluted | 59,728 | 44,101 | 38,466 | |||||||||
Earnings (loss) per common share, Diluted | ||||||||||||
Continuing operations | $ | 0.01 | $ | — | $ | (0.85 | ) | |||||
Discontinued operations | 0.05 | — | 0.01 | |||||||||
$ | 0.06 | $ | — | $ | (0.84 | ) | ||||||
(1) | For the year ended December 31, 2012 stock options and restricted stock awards are anti-dilutive and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. | |||||||||||
(2) | 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. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
Shareholders’ Equity | ||
Underwritten public offerings | ||
During 2013, we completed two separate underwritten public offerings of newly issued common shares of beneficial interest, specifically: | ||
• | On November 13, 2013, we issued 4.5 million shares at $15.90 per share. Our total net proceeds, after deducting expenses, were approximately $70.4 million; and | |
• | On March 18, 2013, we issued 8.05 million shares at $15.55 per share. Our total net proceeds, after deducting expenses, were approximately $122.2 million. | |
In May 2012 we completed an underwritten public offering of 5.5 million newly issued common shares of beneficial interest at $12.10 per share. The underwriters were granted an option to purchase an additional 0.825 million common shares and they fully exercised that option on June 1, 2012. Our total net proceeds, after deducting expenses, were approximately $73.2 million. | ||
Controlled equity offerings | ||
In 2013, through our controlled equity offerings we issued 5.4 million common shares, at an average share price of $15.10, and received approximately $81.7 million in net proceeds, after sales commissions and fees of $1.2 million. | ||
In 2012, we issued 3.1 million common shares through our controlled equity offerings generating $38.1 million in net proceeds, after sales commissions and fees of $0.8 million. The average share price of shares issued under the controlled equity offering in 2012 was $12.79 per share. | ||
Our controlled equity offerings were issued under offerings registered in 2012 and 2013. In the third quarter 2012 we registered a new controlled equity offering whereby we may sell up to 6.0 million common shares of beneficial interest. As of December 31, 2013 all shares under this offering had been issued. In the third quarter 2013, we entered into agreements related to a new controlled equity offering whereby we may sell up to 8.0 million common shares of beneficial interest once the remaining shares of the previous offering have been issued. As of December 31, 2013 we had 7.8 million shares available for issuance. | ||
We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional shares of beneficial interest based on the average price of the shares acquired for the distribution. |
ShareBased_Compensation_and_Ot
Share-Based Compensation and Other Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation and Other Benefit Plans | ' | ||||||||||||||||||||
Share-Based Compensation and Other Benefit Plans | |||||||||||||||||||||
Incentive and Stock Option Plans | |||||||||||||||||||||
Share-based compensation is awarded under the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”). Under the plan 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 of our common shares, units or stock options, of which 1.9 million is available for issuance as of December 31, 2013. | |||||||||||||||||||||
The following share-based compensation plans have been terminated, except with respect to awards outstanding under each plan: | |||||||||||||||||||||
• | The 2009 Omnibus Long-Term Incentive Plan ("2009 LTIP") which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees; | ||||||||||||||||||||
• | The 2008 Restricted Share Plan for Non-Employee Trustees (the "Trustees' Plan") which allowed for the grant of restricted shares to non-employee trustees of the Company; | ||||||||||||||||||||
• | 2003 LTIP - allowed for the grant of stock options to our executive officers and employees. As of December 31, 2013, there were 146,993 options exercisable; and | ||||||||||||||||||||
• | 2003 Non-Employee Trustee Stock Option Plan – this plan provided for the annual grant of options to purchase our shares to our non-employee trustees. As of December 31, 2013, there were 44,000 options exercisable. | ||||||||||||||||||||
We recognized total share-based compensation expense of $3.6 million, $2.6 million, and $1.8 million for 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
Restricted Stock Share-Based Compensation | |||||||||||||||||||||
In 2013 and 2012 the compensation committee determined that the LTIP award would consist of 50% service based restricted shares and 50% performance-based cash awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (the “TSR Grants”). If the performance criterion is met the actual value of the grant earned will be determined and 50% 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 performance 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 it is determined that the performance criteria will not be met, compensation expense previously recognized would be reversed. We recognized compensation expense of $1.5 million and $0.4 million related to the cash awards during the year ended December 31, 2013 and 2012, respectively. No such cash awards existed in 2011. | |||||||||||||||||||||
In 2011, the compensation committee determined that the LTIP award for those years would consist of 50% service-based restricted shares and 50% performance-based grants to our senior management. The service-based restricted share awards include a five year vesting period and the compensation expense is recognized on a graded vesting basis. The performance-based share awards are also earned subject to a future performance measurement based on our three-year total shareholder return compared to a peer group (“TSR Grant”). Once the performance criterion is met and the actual number of shares earned is determined, certain shares will vest immediately while others will vest over an additional service period. We determine the grant date fair value of TSR Grants based upon a Monte Carlo Simulation model and recognize the compensation expense ratably over the vesting periods. | |||||||||||||||||||||
We recognized expense related to restricted share grants of $2.1 million, $2.2 million and $1.8 million during the years ended December 31, 2013 , 2012, and 2011, respectively. | |||||||||||||||||||||
A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Outstanding at the beginning of the year | 286,306 | $ | 11.83 | 229,722 | $ | 12.4 | 264,657 | $ | 10.78 | ||||||||||||
Granted | 293,732 | 15.68 | 135,223 | 11.3 | 119,964 | 13.34 | |||||||||||||||
Vested | (197,014 | ) | 10.07 | (68,683 | ) | 11.47 | (109,638 | ) | 11.04 | ||||||||||||
Forfeited or expired | (7,211 | ) | 13.38 | (9,956 | ) | 11.95 | (45,261 | ) | 13.12 | ||||||||||||
Outstanding at the end of the year | 375,813 | 13.71 | 286,306 | 11.83 | 229,722 | 12.4 | |||||||||||||||
As of December 31, 2013 there was approximately $4.5 million of total unrecognized compensation cost related to non-vested restricted share awards granted under our various share-based plans that we expect to recognize over a weighted average period of 4.2 years. | |||||||||||||||||||||
Stock Option Share-Based Compensation | |||||||||||||||||||||
We recognized approximately $0.1 million of expense related to options during each of the years ended December 31, 2012 and 2011. The fair values of each option granted used in determining the share-based compensation expense is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including risk-free rates, expected dividend yield of the underlying common shares, expected option life and expected volatility. | |||||||||||||||||||||
No options were granted under the LTIP in the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
The following table reflects the stock option activity for all plans described above: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares Under Option | Weighted-Average Exercise Price | Shares Under Option | Weighted-Average Exercise Price | Shares Under Option | Weighted-Average Exercise Price | ||||||||||||||||
Outstanding at the beginning of the year | 227,743 | $ | 27.81 | 272,201 | $ | 25.98 | 323,948 | $ | 25.06 | ||||||||||||
Granted | — | — | — | — | — | ||||||||||||||||
Exercised | (25,000 | ) | 9.61 | (25,000 | ) | 9.61 | (25,000 | ) | 9.61 | ||||||||||||
Forfeited or expired | (11,750 | ) | 25.34 | (19,458 | ) | 25.65 | (26,747 | ) | 30.18 | ||||||||||||
Outstanding at the end of the year | 190,993 | $ | 30.34 | 227,743 | $ | 27.81 | 272,201 | $ | 25.98 | ||||||||||||
Exercisable at the end of year | 190,993 | $ | 30.34 | 202,743 | $ | 30.05 | 222,201 | $ | 29.67 | ||||||||||||
The following tables summarize information about options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | Exercisable | Weighted-Average Exercise Price | ||||||||||||||||
23.77 - $27.96 | 69,917 | 1.1 | $ | 26.88 | 69,917 | $ | 26.88 | ||||||||||||||
28.80 - $29.06 | 49,806 | 2 | 29.01 | 49,806 | 29.01 | ||||||||||||||||
34.30 - $36.50 | 71,270 | 3.2 | 34.67 | 71,270 | 34.67 | ||||||||||||||||
190,993 | 2.1 | $ | 30.34 | 190,993 | $ | 30.34 | |||||||||||||||
We received cash of approximately $0.2 million from options exercised during each of the years ended December 31, 2013, 2012 and 2011. The impact of the cash receipt is included in financing activities in the accompanying consolidated statements of cash flows. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income 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 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 carryforwards. | |
As of December 31, 2013, we had a federal and state deferred tax asset of $0.2 million, net of a valuation allowance of $9.8 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 carryforwards and tax basis differences where there is uncertainty regarding their realizability. | |
During the years ended December 31, 2013 and 2012, we recorded an income tax provision of approximately $64,000 and an income tax benefit of $34,000, respectively. | |
We had no unrecognized tax benefits as of or during the three year period ended December 31, 2013. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013. No material interest or penalties relating to income taxes were recognized in the statement of operations for the years ended December 31, 2013, 2012, and 2011 or in the consolidated balance sheets as of December 31, 2013, 2012, and 2011. It is our accounting policy to classify interest and penalties relating to unrecognized tax benefits as tax expense. As of December 31, 2013, returns for the calendar years 2010 through 2013 remain subject to examination by the Internal Revenue Service (“IRS”) and various state and local tax jurisdictions. As of December 31, 2013, certain returns for calendar year 2009 also remain subject to examination by various state and local tax jurisdictions. | |
Sales Tax | |
We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Transactions with Related Parties | ' | ||||
Transactions with Related Parties | |||||
During 2011 we had agreements with various partnerships and performed management services on behalf of entities owned in part by certain of our trustees and/or officers. The following revenue was earned during the year ended December 31, 2011 from these related parties: | |||||
Year Ended December 31, 2011 | |||||
(In thousands) | |||||
Management fees | $ | 72 | |||
Leasing fees | 12 | ||||
Other | 110 | ||||
Total | $ | 194 | |||
These agreements were terminated with the sale of the joint venture’s sole property, Shenandoah Shopping Center, in August 2011. We had no receivables from related parties at December 31, 2013 and 2012, respectively. | |||||
For additional related party information Refer to Note 7 Equity investments in unconsolidated entities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2013, we had entered into agreements for construction costs of approximately $13.1 million. | |
Litigation | |
We are currently involved in certain litigation arising in the ordinary course of business. | |
Environmental Matters | |
Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment (“Environmental Laws”), a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances disposed, stored, released, generated, manufactured or discharged from, on, at, onto, under or in such property. Environmental Laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence or release of such hazardous or toxic substance. The presence of such substances, or the failure to properly remediate such substances when present, released or discharged, may adversely affect the owner’s ability to sell or rent such property or to borrow using such property as collateral. The cost of any required remediation and the liability of the owner or operator therefore as to any property is generally not limited under such Environmental Laws and could exceed the value of the property and/or the aggregate assets of the owner or operator. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the cost of removal or remediation of such substances at a disposal or treatment facility, whether or not such facility is owned or operated by such persons. In addition to any action required by Federal, state or local authorities, the presence or release of hazardous or toxic substances on or from any property could result in private plaintiffs bringing claims for personal injury or other causes of action. | |
In connection with ownership (direct or indirect), operation, management and development of real properties, we may be potentially liable for remediation, releases or injury. In addition, Environmental Laws impose on owners or operators the requirement of on-going compliance with rules and regulations regarding business-related activities that may affect the environment. Such activities include, for example, the ownership or use of transformers or underground tanks, the treatment or discharge of waste waters or other materials, the removal or abatement of asbestos-containing materials (“ACMs”) or lead-containing paint during renovations or otherwise, or notification to various parties concerning the potential presence of regulated matters, including ACMs. Failure to comply with such requirements could result in difficulty in the lease or sale of any affected property and/or the imposition of monetary penalties, fines or other sanctions in addition to the costs required to attain compliance. Several of our properties have or may contain ACMs or underground storage tanks (“USTs”); however, we are not aware of any potential environmental liability which could reasonably be expected to have a material impact on our financial position or results of operations. No assurance can be given that future laws, ordinances or regulations will not impose any material environmental requirement or liability, or that a material adverse environmental condition does not otherwise exist. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
We have evaluated subsequent events through the date that the consolidated financial statements were issued. | |
Subsequent to December 31, 2013, we executed a sale agreement for a Florida property in the amount of $7.3 million. The agreement is subject to contingencies for due diligence. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table sets forth the quarterly results of operations for the year ended December 31, 2013: | ||||||||||||||||
Quarters Ended 2013 | ||||||||||||||||
March 31 (1) | June 30 (1) | September 30 (1) | December 31 (1) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Total revenue | $ | 33,938 | $ | 42,703 | $ | 45,411 | $ | 48,016 | ||||||||
Income before other income and expenses, tax and discontinued operations | $ | 8,230 | $ | 11,310 | $ | 13,110 | $ | 12,479 | ||||||||
Income (loss) from continuing operations | $ | 4,827 | $ | 4,093 | $ | 4,816 | $ | (5,365 | ) | |||||||
Income from discontinued operations | $ | 447 | $ | 1,689 | $ | 899 | $ | 56 | ||||||||
Net income (loss) | $ | 5,274 | $ | 5,782 | $ | 5,715 | $ | (5,309 | ) | |||||||
Net (income) loss attributable to noncontrolling partner interest | (225 | ) | (208 | ) | (201 | ) | 169 | |||||||||
Preferred share dividends | (1,812 | ) | (1,813 | ) | (1,813 | ) | (1,812 | ) | ||||||||
Net income (loss) available to common shareholders | $ | 3,237 | $ | 3,761 | $ | 3,701 | $ | (6,952 | ) | |||||||
Earnings (loss) per common share, basic: (2) | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | (0.11 | ) | |||||||
Discontinued operations | 0.01 | 0.03 | 0.01 | — | ||||||||||||
$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.11 | ) | ||||||||
Earnings (loss) per common share, diluted:(2) | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | (0.11 | ) | |||||||
Discontinued operations | 0.01 | 0.03 | 0.01 | — | ||||||||||||
$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.11 | ) | ||||||||
(1) | Amounts are reclassified to reflect the reporting of discontinued operations. | |||||||||||||||
(2) | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2013. | |||||||||||||||
The following table sets forth the quarterly results of operations for the years ended December 31, 2012: | ||||||||||||||||
Quarters Ended 2012 | ||||||||||||||||
March 31 (1) | June 30 (1) | September 30 (1) | December 31 (1) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Total revenue | $ | 30,040 | $ | 30,117 | $ | 31,764 | $ | 33,304 | ||||||||
Income before other income and expenses, tax and discontinued operations | $ | 8,219 | $ | 7,319 | $ | 7,837 | $ | 8,783 | ||||||||
Income from continuing operations | $ | 1,644 | $ | 1,323 | $ | 2,685 | $ | 1,519 | ||||||||
(Loss) income from discontinued operations | $ | (1,696 | ) | $ | 841 | $ | 636 | $ | 140 | |||||||
Net (loss) income | $ | (52 | ) | $ | 2,164 | $ | 3,321 | $ | 1,659 | |||||||
Net loss (income) attributable to noncontrolling partner interest | 534 | (185 | ) | (158 | ) | (79 | ) | |||||||||
Preferred share dividends | (1,812 | ) | (1,813 | ) | (1,813 | ) | (1,812 | ) | ||||||||
Net (loss) income available to common shareholders | $ | (1,330 | ) | $ | 166 | $ | 1,350 | $ | (232 | ) | ||||||
(Loss) earnings per common share, basic: (2) | ||||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | ||||||
Discontinued operations | (0.04 | ) | 0.01 | 0.01 | — | |||||||||||
$ | (0.03 | ) | $ | — | $ | 0.03 | $ | (0.01 | ) | |||||||
(Loss) earnings per common share, diluted:(2) | ||||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | ||||||
Discontinued operations | (0.04 | ) | 0.01 | 0.01 | — | |||||||||||
$ | (0.03 | ) | $ | — | $ | 0.03 | $ | (0.01 | ) | |||||||
(1) | Amounts are reclassified to reflect the reporting of discontinued operations. | |||||||||||||||
(2) | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2012. |
SUMMARY_OF_REAL_ESTATE_AND_ACC
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands of dollars) | ||||||||||||||||||||||||||||||||||||||
INITIAL COST | Capitalized Subsequent to | GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||||
TO COMPANY | Acquisition or | CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Improvements, Net of Impairments | Land | Building & Improvements | Total | Accumulated Depreciation | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Auburn Mile | MI | $ | 6,673 | $ | 15,704 | $ | — | $ | (7,110 | ) | $ | 5,917 | $ | 2,677 | $ | 8,594 | $ | 1,984 | 2000 | 1999 | ||||||||||||||||||
Central Plaza | MO | — | 10,250 | 10,909 | (18 | ) | 10,250 | 10,891 | 21,141 | 685 | 1970 | 2012 | ||||||||||||||||||||||||||
Centre at Woodstock | GA | — | 1,880 | 10,801 | (294 | ) | 1,987 | 10,400 | 12,387 | 2,437 | 1997 | 2004 | ||||||||||||||||||||||||||
Clinton Pointe | MI | — | 1,175 | 10,499 | 351 | 1,175 | 10,850 | 12,025 | 2,903 | 1992 | 2003 | |||||||||||||||||||||||||||
Clinton Valley | MI | — | 1,500 | 13,498 | 9,741 | 1,625 | 23,114 | 24,739 | 9,262 | 1977 / 1985 | 1996 | |||||||||||||||||||||||||||
Cocoa Commons | MI | — | 2,188 | 7,613 | (1 | ) | 2,188 | 7,612 | 9,800 | 197 | 2001/2008 | 2013 | ||||||||||||||||||||||||||
Conyers Crossing | GA | — | 729 | 6,562 | 589 | 729 | 7,151 | 7,880 | 2,639 | 1978 | 1998 | |||||||||||||||||||||||||||
Coral Creek Shops | FL | — | 1,565 | 14,085 | 580 | 1,572 | 14,658 | 16,230 | 4,221 | 1992 | 2002 | |||||||||||||||||||||||||||
Crossroads Centre | OH | 26,937 | 5,800 | 20,709 | 3,096 | 4,904 | 24,701 | 29,605 | 8,816 | 2001 | 2001 | |||||||||||||||||||||||||||
Cypress Point | FL | — | 2,968 | 17,637 | 8 | 2,968 | 17,645 | 20,613 | 439 | 1983 | 2013 | |||||||||||||||||||||||||||
Deer Creek Shopping Center | MO | — | 6,070 | 18,105 | — | 6,070 | 18,105 | 24,175 | 88 | 1970's/2013 | 2013 | |||||||||||||||||||||||||||
Deer Grove Centre | IL | — | 8,408 | 8,197 | — | 8,408 | 8,197 | 16,605 | 181 | 1997 | 2013 | |||||||||||||||||||||||||||
Deerfield Towne Center | OH | — | 6,868 | 78,551 | — | 6,868 | 78,551 | 85,419 | 112 | 2004/Theater 2007 | 2013 | |||||||||||||||||||||||||||
East Town Plaza | WI | — | 1,768 | 16,216 | 2,804 | 1,768 | 19,020 | 20,788 | 5,708 | 1992 | 2000 | |||||||||||||||||||||||||||
Fairlane Meadows | MI | — | 3,255 | 17,620 | 4,547 | 3,260 | 22,162 | 25,422 | 5,542 | 1987 / 2007 | 2003 / 2005 | |||||||||||||||||||||||||||
Fraser Shopping Center | MI | — | 363 | 3,263 | 735 | 363 | 3,998 | 4,361 | 1,679 | 1977 | 1996 | |||||||||||||||||||||||||||
Gaines Marketplace | MI | — | 226 | 6,782 | 8,871 | 8,343 | 7,536 | 15,879 | 1,611 | 2004 | 2004 | |||||||||||||||||||||||||||
Harvest Junction North | CO | — | 8,254 | 25,232 | 207 | 5,593 | 28,100 | 33,693 | 1,172 | 2006 | 2012 | |||||||||||||||||||||||||||
Harvest Junction South | CO | — | 6,241 | 22,856 | 136 | 6,241 | 22,992 | 29,233 | 1,101 | 2006 | 2012 | |||||||||||||||||||||||||||
Heritage Place | MO | — | 13,899 | 22,506 | 301 | 13,899 | 22,807 | 36,706 | 2,410 | 1989 | 2011 | |||||||||||||||||||||||||||
Holcomb Center | GA | — | 658 | 5,953 | 9,993 | 658 | 15,946 | 16,604 | 4,619 | 1986 | 1996 | |||||||||||||||||||||||||||
Hoover Eleven | MI | — | 3,308 | 29,778 | 4,413 | 3,304 | 34,195 | 37,499 | 8,335 | 1989 | 2003 | |||||||||||||||||||||||||||
Horizon Village | GA | — | 1,133 | 10,200 | 137 | 1,143 | 10,327 | 11,470 | 3,278 | 1996 | 2002 | |||||||||||||||||||||||||||
Hunters Square | MI | — | 7,673 | 52,774 | 249 | 7,652 | 53,044 | 60,696 | 1,287 | 1988 | 2013 | |||||||||||||||||||||||||||
Jackson Crossing | MI | 23,827 | 2,249 | 20,237 | 16,444 | 2,249 | 36,681 | 38,930 | 13,517 | 1967 | 1996 | |||||||||||||||||||||||||||
Jackson West | MI | 16,426 | 2,806 | 6,270 | 6,198 | 2,691 | 12,583 | 15,274 | 4,956 | 1996 | 1996 | |||||||||||||||||||||||||||
Lake Orion Plaza | MI | — | 470 | 4,234 | 1,182 | 1,241 | 4,645 | 5,886 | 2,155 | 1977 | 1996 | |||||||||||||||||||||||||||
Lakeshore Marketplace | MI | — | 2,018 | 18,114 | 5,410 | 3,402 | 22,140 | 25,542 | 5,574 | 1996 | 2003 | |||||||||||||||||||||||||||
Liberty Square | IL | — | 2,670 | 11,862 | (49 | ) | 2,670 | 11,813 | 14,483 | 1,389 | 1987 | 2010 | ||||||||||||||||||||||||||
Livonia Plaza | MI | — | 1,317 | 11,786 | 193 | 1,317 | 11,979 | 13,296 | 3,301 | 1988 | 2003 | |||||||||||||||||||||||||||
Marketplace of Delray | FL | — | 7,922 | 18,910 | 345 | 7,922 | 19,255 | 27,177 | 553 | 1981/2010 | 2013 | |||||||||||||||||||||||||||
Merchants' Square | IN | — | 4,997 | 18,346 | 695 | 4,997 | 19,041 | 24,038 | 4,061 | 1970 | 2010 | |||||||||||||||||||||||||||
INITIAL COST | Capitalized Subsequent to | GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||||
TO COMPANY | Acquisition or | CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Improvements, Net of Impairments | Land | Building & Improvements | Total | Accumulated Depreciation | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Mission Bay | FL | — | 33,975 | 48,159 | 721 | 33,975 | 48,880 | 82,855 | 1,248 | 1989 | 2013 | |||||||||||||||||||||||||||
Mount Prospect Plaza | IL | — | 11,633 | 21,767 | — | 11,633 | 21,767 | 33,400 | 414 | 1958/1987/2012 | 2013 | |||||||||||||||||||||||||||
Nagawaukee Shopping Center | WI | 8,940 | 7,549 | 30,898 | (5 | ) | 7,549 | 30,893 | 38,442 | 987 | 1994/2004/2008 | 2012/2013 | ||||||||||||||||||||||||||
Naples Towne Centre | FL | — | 218 | 1,964 | 5,079 | 807 | 6,454 | 7,261 | 2,632 | 1982 | 1996 | |||||||||||||||||||||||||||
New Towne Plaza | MI | 18,939 | 817 | 7,354 | 5,794 | 817 | 13,148 | 13,965 | 5,594 | 1975 | 1996 | |||||||||||||||||||||||||||
Northwest Crossing | TN | — | 1,854 | 11,566 | (1,872 | ) | 969 | 10,579 | 11,548 | 3,144 | 1989 / 1999 | 1997 / 1999 | ||||||||||||||||||||||||||
Oak Brook Square | MI | — | 955 | 8,591 | 5,405 | 955 | 13,996 | 14,951 | 5,253 | 1982 | 1996 | |||||||||||||||||||||||||||
Parkway Shops | FL | — | 3,145 | 14,539 | — | 3,145 | 14,539 | 17,684 | 311 | 2013 | 2013 | |||||||||||||||||||||||||||
Promenade at Pleasant Hill | GA | — | 3,891 | 22,520 | (358 | ) | 3,440 | 22,613 | 26,053 | 5,471 | 1993 | 2004 | ||||||||||||||||||||||||||
River City Marketplace | FL | 110,000 | 19,768 | 73,859 | 8,477 | 11,140 | 90,964 | 102,104 | 18,290 | 2005 | 2005 | |||||||||||||||||||||||||||
River Crossing Centre | FL | — | 728 | 6,459 | 67 | 728 | 6,526 | 7,254 | 1,764 | 1998 | 2003 | |||||||||||||||||||||||||||
Rivertowne Square | FL | — | 954 | 8,587 | 1,750 | 954 | 10,337 | 11,291 | 3,164 | 1980 | 1998 | |||||||||||||||||||||||||||
Roseville Towne Center | MI | — | 1,403 | 13,195 | 3,581 | 582 | 17,597 | 18,179 | 6,214 | 1963 | 1996 | |||||||||||||||||||||||||||
Rossford Pointe | OH | — | 796 | 3,087 | 2,367 | 797 | 5,453 | 6,250 | 1,145 | 2006 | 2005 | |||||||||||||||||||||||||||
Shoppes of Lakeland | FL | — | 5,503 | 20,236 | 835 | 5,503 | 21,071 | 26,574 | 798 | 1985 | 1996 | |||||||||||||||||||||||||||
Shops at Old Orchard | MI | — | 2,864 | 16,698 | 57 | 2,864 | 16,755 | 19,619 | 400 | 1972/2011 | 2013 | |||||||||||||||||||||||||||
Southfield Plaza | MI | — | 1,121 | 10,777 | 29 | 1,121 | 10,806 | 11,927 | 5,788 | 1969 | 1996 | |||||||||||||||||||||||||||
Spring Meadows Place (1) | OH | 29,352 | 2,646 | 16,758 | 5,450 | 2,637 | 22,217 | 24,854 | 8,116 | 1987 | 1996 | |||||||||||||||||||||||||||
Tel-Twelve | MI | — | 3,819 | 43,181 | 32,016 | 3,819 | 75,197 | 79,016 | 28,979 | 1968 | 1996 | |||||||||||||||||||||||||||
The Crossroads | FL | — | 1,850 | 16,650 | 598 | 1,857 | 17,241 | 19,098 | 4,971 | 1988 | 2002 | |||||||||||||||||||||||||||
The Shoppes at Fox River | WI | — | 8,534 | 26,227 | 1,572 | 7,295 | 29,038 | 36,333 | 2,504 | 2009 | 2010 | |||||||||||||||||||||||||||
The Town Center at Aquia Office Building | VA | 14,042 | — | — | 16,377 | 4,615 | 11,762 | 16,377 | 2,247 | 2009 | 1998 | |||||||||||||||||||||||||||
Town & Country Crossing | MO | — | 8,395 | 26,465 | 1,652 | 8,395 | 28,117 | 36,512 | 1,861 | 2008 | 2011 | |||||||||||||||||||||||||||
Treasure Coast Commons | FL | 7,992 | 2,924 | 10,644 | — | 2,924 | 10,644 | 13,568 | 274 | 1996 | 2013 | |||||||||||||||||||||||||||
Troy Marketplace | MI | 21,238 | 4,581 | 19,041 | 110 | 4,581 | 19,151 | 23,732 | 506 | 2000/2010 | 2013 | |||||||||||||||||||||||||||
Troy Marketplace II | MI | — | 3,790 | 10,292 | 468 | 3,790 | 10,760 | 14,550 | 379 | 2000/2010 | 2013 | |||||||||||||||||||||||||||
Troy Towne Center | OH | — | 930 | 8,372 | (64 | ) | 813 | 8,425 | 9,238 | 3,774 | 1990 | 1996 | ||||||||||||||||||||||||||
Village Lakes Shopping Center | FL | — | 862 | 7,768 | 4,693 | 862 | 12,461 | 13,323 | 3,667 | 1987 | 1997 | |||||||||||||||||||||||||||
Village Plaza | FL | 8,851 | 2,531 | 12,688 | 439 | 2,531 | 13,127 | 15,658 | 319 | 1989 | 2013 | |||||||||||||||||||||||||||
Vista Plaza | FL | 10,557 | 3,667 | 16,769 | 237 | 3,667 | 17,006 | 20,673 | 394 | 1998 | 2013 | |||||||||||||||||||||||||||
West Broward | FL | — | 5,339 | 11,521 | — | 5,339 | 11,521 | 16,860 | 299 | 1965 | 2013 | |||||||||||||||||||||||||||
West Allis Towne Centre | WI | — | 1,866 | 16,789 | 13,936 | 1,866 | 30,725 | 32,591 | 9,773 | 1987 | 1996 | |||||||||||||||||||||||||||
West Oaks I | MI | 26,101 | — | 6,304 | 12,109 | 1,768 | 16,645 | 18,413 | 6,526 | 1979 | 1996 | |||||||||||||||||||||||||||
West Oaks II (2) | MI | — | 1,391 | 12,519 | 6,934 | 1,391 | 19,453 | 20,844 | 7,794 | 1986 | 1996 | |||||||||||||||||||||||||||
Winchester Center | MI | — | 5,667 | 18,559 | 185 | 5,667 | 18,744 | 24,411 | 575 | 1980 | 2013 | |||||||||||||||||||||||||||
Land Held for Future Development (3) | Various | 28,266 | 14,026 | 28,367 | 48,640 | 22,019 | 70,659 | — | N/A | N/A | ||||||||||||||||||||||||||||
Land Available for Sale (4) | Various | 10,931 | 27,252 | (13,249 | ) | 20,409 | 4,525 | 24,934 | 1,505 | N/A | N/A | |||||||||||||||||||||||||||
TOTALS | $ | 329,875 | $ | 331,495 | $ | 1,182,186 | $ | 213,510 | $ | 353,219 | $ | 1,373,972 | $ | 1,727,191 | $ | 253,292 | ||||||||||||||||||||||
(1) The property's mortgage loan is cross-collateralized with West Oaks II. | ||||||||||||||||||||||||||||||||||||||
(2) The property's mortgage loan is cross-collateralized with a portion of Spring Meadows Place. | ||||||||||||||||||||||||||||||||||||||
(3) Primarily in Harland, MI, Lakeland, FL and Jacksonville, FL. | ||||||||||||||||||||||||||||||||||||||
(4) Primarily in Stafford County, VA and Harland, MI.. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||
REAL ESTATE INVESTMENT AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of total real estate carrying value: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,217,712 | $ | 1,084,457 | $ | 1,074,095 | ||||||||||||||||||||||||||||||||
Additions during period: | ||||||||||||||||||||||||||||||||||||||
Improvements | 38,613 | 27,527 | 21,240 | |||||||||||||||||||||||||||||||||||
Acquisition | 530,697 | 138,971 | 71,265 | |||||||||||||||||||||||||||||||||||
Deductions during period: | ||||||||||||||||||||||||||||||||||||||
Cost of real estate sold/written off | (50,162 | ) | (28,941 | ) | (54,343 | ) | ||||||||||||||||||||||||||||||||
Impairment | (9,669 | ) | (4,302 | ) | (27,800 | ) | ||||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,727,191 | $ | 1,217,712 | $ | 1,084,457 | ||||||||||||||||||||||||||||||||
Reconciliation of accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 237,462 | $ | 222,722 | $ | 213,919 | ||||||||||||||||||||||||||||||||
Depreciation Expense | 39,469 | 25,059 | 28,242 | |||||||||||||||||||||||||||||||||||
Cost of real estate sold/written off | (23,639 | ) | (10,319 | ) | (19,439 | ) | ||||||||||||||||||||||||||||||||
Balance at end of year | $ | 253,292 | $ | 237,462 | $ | 222,722 | ||||||||||||||||||||||||||||||||
Aggregate cost for federal income tax purposes | $ | 1,781,084 | $ | 1,210,358 | $ | 1,073,016 | ||||||||||||||||||||||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation and Estimates | ' | |
Principles of Consolidation and Estimates | ||
The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (96.8%, 95.4% and 93.7% owned by us at December 31, 2013, 2012 and 2011, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. | ||
We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including our real estate joint venture partners. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2013 presentation, principally to reflect the sale of certain operating properties and the classification of those properties as "discontinued operations." | ||
Revenue Recognition and Accounts Receivable | ' | |
Revenue Recognition and Accounts Receivable | ||
Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. | ||
Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and Recovery Income. | ||
We provide for bad debt expense based upon the allowance method of accounting. We continuously monitor the collectability of our accounts receivable from specific tenants, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe will be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2013 and 2012, our accounts receivable were $9.6 million and $8.0 million, respectively, net of allowances for doubtful accounts of $2.4 million and $2.6 million, respectively. | ||
In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2013 and 2012, net of allowances was $15.1 million and $14.8 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, we may be required to write down the straight-line rent receivable from those tenants, which would reduce our operating income. | ||
Real Estate | ' | |
Real Estate | ||
Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend its useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. | ||
Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the assets. We will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is guaranteed and legally binding. | ||
We allocate the costs of acquisitions to assets acquired and liabilities assumed based on estimated fair values, replacement costs and appraised values. The purchase price of the acquired property is allocated to land, building, improvements and identifiable intangibles such as in-place leases, above/below market leases, out-of-market assumed mortgages, and gain on purchase, if any. The value allocated to above/below market leases is amortized over the related lease term and included in rental income in our consolidated statements of operations. Should a tenant terminate its lease prior to its stated expiration, all unamortized amounts relating to that lease would be written off. | ||
Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. | ||
The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. | ||
It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our pre-development projects. | ||
Accounting for the Impairment of Long-Lived Assets | ' | |
Accounting for the Impairment of Long-Lived Assets | ||
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 carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, geographic location, real estate values and expected holding period. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, are regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. | ||
Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. | ||
We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. Refer to Note 6 of the notes to the consolidated financial statements for further information. | ||
In 2013, we recorded impairment provisions totaling $9.7 million and consisted of: | ||
• | $0.3 million related to changes to estimated sales price assumptions for certain parcels of land held for development; and | |
• | $9.4 million of impairment provisions related to income producing properties that we have identified to be marketed for sale and the estimated sales price being lower than the net book value. | |
Investments in Real Estate Joint Ventures | ' | |
Investments in Real Estate Joint Ventures | ||
We have five equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. Refer to Note 7 of the notes to the consolidated financial statements for further information. | ||
We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates, or capitalization rates could be material to our consolidated financial statements. | ||
There were no impairment provisions on our equity investments in joint ventures recorded in 2013. | ||
Other Assets, net | ' | |
Other Assets, net | ||
Other assets consist primarily of acquired lease intangibles, straight-line rent receivable, deferred leasing costs, deferred financing costs, and prepaid expenses. Deferred financing and leasing costs are amortized using the straight-line method over the terms of the respective agreements. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). As of December 31, 2013, we had $7.5 million in excess of the FDIC insured limit. | ||
Recognition of Share-based Compensation Expense | ' | |
Recognition of Share-based Compensation Expense | ||
We grant share-based compensation awards to employees and trustees in the form of restricted common shares and stock options. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards. See Note 16 of the notes to the consolidated financial statements for further information. | ||
Income Tax Status | ' | |
Income Tax Status | ||
We made an election to qualify, and believe our operating activities qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. | ||
Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2013, 2012, and 2011, we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. See Note 17 of the notes to the consolidated financial statements for further information. | ||
Variable Interest Entities | ' | |
Variable Interest Entities | ||
Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||
We have evaluated our investments in joint ventures and determined that the joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. Accordingly, these investments are accounted for using the equity method. | ||
Noncontrolling Interest in Subsidiaries | ' | |
Noncontrolling Interest in Subsidiaries | ||
We have certain noncontrolling interest in subsidiaries that are exchangeable for our common shares on a 1:1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. | ||
Segment Information | ' | |
Segment Information | ||
Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers are located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
Real_EstateTables
Real Estate(Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Land Held for Development | ' | ||||||||
Our land held for development consisted of: | |||||||||
Carrying Value As of December 31, | |||||||||
2013 | 2012 | ||||||||
Development Project/Location | (In thousands) | ||||||||
Hartland Towne Square - Hartland Twp., MI | $ | 25,193 | $ | 25,210 | |||||
Lakeland Park Center - Lakeland, FL (1) | 11,774 | 21,909 | |||||||
Parkway Shops - Phase II - Jacksonville, FL | 11,673 | 14,193 | |||||||
Total | $ | 48,640 | $ | 61,312 | |||||
Property_Acquisitions_and_Disp1
Property Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||
Summary of Income Producing Properties Acquired | ' | ||||||||||||||||||
The following table provides a summary of our acquisitions during 2013, 2012 and 2011: | |||||||||||||||||||
Gross | |||||||||||||||||||
Property Name | Location | GLA | Date Acquired | Purchase Price | Debt | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
2013 | |||||||||||||||||||
Deerfield Towne Center | Mason (Cincinnati), OH | 461 | 12/19/13 | $ | 96,500 | $ | — | ||||||||||||
Deer Creek Shopping Center | Maplewood (St. Louis), MO | 208 | 11/15/13 | 23,878 | — | ||||||||||||||
Deer Grove Centre | Palatine (Chicago), IL | 236 | 8/26/13 | 20,000 | — | ||||||||||||||
Mount Prospect Plaza | Mt. Prospect (Chicago), 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 - 2013 | 3,558 | $ | 566,543 | $ | 158,767 | ||||||||||||||
2012 | |||||||||||||||||||
Spring Meadows Place II | Holland, OH | 50 | 12/19/12 | $ | 2,367 | $ | — | ||||||||||||
The Shoppes at Fox River - Phase II | Waukesha (Milwaukee), WI | 47 | 12/13/12 | 10,394 | — | ||||||||||||||
Southfield Expansion | Southfield, MI | 19 | 9/18/12 | 868 | — | ||||||||||||||
The Shoppes of Lakeland | Lakeland, FL | 184 | 9/6/12 | 28,000 | — | ||||||||||||||
Central Plaza | Ballwin (St. Louis), MO | 166 | 6/7/12 | 21,600 | — | ||||||||||||||
Harvest Junction North | Longmont (Boulder), CO | 159 | 6/1/12 | 38,181 | — | ||||||||||||||
Harvest Junction South | Longmont (Boulder), CO | 177 | 6/1/12 | 33,550 | — | ||||||||||||||
Nagawaukee Shopping Center | Delafield (Milwaukee), WI | 114 | 6/1/12 | 15,000 | — | ||||||||||||||
Total consolidated income producing acquisitions - 2012 | 916 | $ | 149,960 | $ | — | ||||||||||||||
2011 | |||||||||||||||||||
Town & Country Crossing | Town and Country (St. Louis), MO | 142 | 11/30/11 | $ | 37,850 | $ | — | ||||||||||||
Heritage Place | Creve Coeur (St. Louis), MO | 269 | 5/19/11 | 39,410 | — | ||||||||||||||
Total consolidated income producing acquisitions - 2011 | 411 | $ | 77,260 | $ | — | ||||||||||||||
(1) | Purchase price includes vacant land adjacent to the shopping center available for future development. | ||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded in general and administrative expenses approximately $1.3 million, $0.2 million, and $0.1 million, respectively, in costs associated with our acquisitions. | |||||||||||||||||||
Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | ' | ||||||||||||||||||
The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. At the time of acquisition, these assets and liabilities were considered Level 2 fair value measurements: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Land | $ | 122,963 | $ | 38,756 | $ | 22,294 | |||||||||||||
Buildings and improvements | 406,743 | 100,216 | 48,971 | ||||||||||||||||
Above market leases | 6,977 | 1,874 | 996 | ||||||||||||||||
Lease origination costs | 50,577 | 2,522 | 7,733 | ||||||||||||||||
Other assets | 10,196 | 16,566 | 2,099 | ||||||||||||||||
Below market leases | (27,216 | ) | (9,974 | ) | (4,833 | ) | |||||||||||||
Premium for above market interest rates on assumed debt | (3,697 | ) | — | — | |||||||||||||||
Total purchase price allocated | $ | 566,543 | $ | 149,960 | $ | 77,260 | |||||||||||||
Pro Forma Revenue and Net Income | ' | ||||||||||||||||||
If the 2013 Acquisitions had occurred on January 1, 2012, our consolidated revenues and net income for the years ended December 31, 2013 and 2012 would have been as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Consolidated revenue | $ | 181,022 | $ | 168,390 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 4,938 | $ | 2,599 | |||||||||||||||
Summary of Disposition Activity | ' | ||||||||||||||||||
The following table provides a summary of our disposition activity during 2013, 2012, and 2011. All of the properties disposed of were unencumbered: | |||||||||||||||||||
Gross | |||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Sold | Sales | Gain (loss) on Sale | |||||||||||||
Price | |||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
2013 | |||||||||||||||||||
Beacon Square | Grand Haven, MI | 51 | N/A | 12/6/13 | $ | 8,600 | $ | (74 | ) | ||||||||||
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 | 274 | $ | 22,480 | $ | 2,120 | ||||||||||||||
Hunter's Square - Land Parcel | Farmington Hills, MI | N/A | 0.1 | 12/11/13 | $ | 104 | $ | 72 | |||||||||||
Parkway Phase I - Moe's Southwest Grill Outparcel | Jacksonville, FL | N/A | 1 | 11/21/13 | 1,000 | 306 | |||||||||||||
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 | 17.8 | $ | 12,914 | $ | 4,279 | ||||||||||||||
Total 2013 consolidated dispositions | 274 | 17.8 | $ | 35,394 | $ | 6,399 | |||||||||||||
2012 | |||||||||||||||||||
Southbay SC and Pelican Plaza | Osprey and Sarasota, FL | 190 | N/A | 5/15/12 | $ | 5,600 | $ | 72 | |||||||||||
Eastridge Commons | Flint, MI | 170 | N/A | 2/27/12 | 1,750 | 137 | |||||||||||||
OfficeMax Center | Toledo, OH | 22 | N/A | 3/27/12 | 1,725 | 127 | |||||||||||||
Total consolidated income producing dispositions | 382 | $ | 9,075 | $ | 336 | ||||||||||||||
Outparcel | Roswell, GA | N/A | 2.26 | 2/14/12 | $ | 2,030 | $ | 69 | |||||||||||
Total consolidated land / outparcel dispositions | 2.26 | $ | 2,030 | $ | 69 | ||||||||||||||
Total 2012 consolidated dispositions | 382 | 2.26 | $ | 11,105 | $ | 405 | |||||||||||||
2011 | |||||||||||||||||||
Taylors Square | Greenville, SC | 34 | N/A | 12/20/11 | $ | 4,300 | $ | 1,020 | |||||||||||
Sunshine Plaza | Tamarac, FL | 237 | N/A | 7/11/11 | 15,000 | (32 | ) | ||||||||||||
Lantana Shopping Center | Lantana, FL | 123 | N/A | 4/29/11 | 16,942 | 6,209 | |||||||||||||
Total consolidated income producing dispositions | 394 | $ | 36,242 | $ | 7,197 | ||||||||||||||
Southbay Shopping Center - outparcel | Osprey, FL | N/A | 1.31 | 6/29/11 | $ | 2,625 | $ | 2,240 | |||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 0.95 | 3/2/11 | 678 | 74 | |||||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 1.02 | 1/21/11 | 663 | 127 | |||||||||||||
Total consolidated land / outparcel dispositions | 3.28 | $ | 3,966 | $ | 2,441 | ||||||||||||||
Total 2011 consolidated dispositions | 394 | 3.28 | $ | 40,208 | $ | 9,638 | |||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Total revenue | $ | 2,175 | $ | 5,502 | $ | 10,617 | |||||||
Expenses: | |||||||||||||
Recoverable operating expenses and real estate taxes | 570 | 1,367 | 3,957 | ||||||||||
Other non-recoverable property operating expenses | 2 | 299 | 557 | ||||||||||
Depreciation and amortization | 537 | 1,149 | 3,184 | ||||||||||
Interest expense | — | 249 | 1,742 | ||||||||||
Operating income of properties sold | 1,066 | 2,438 | 1,177 | ||||||||||
Other expense | (95 | ) | (245 | ) | — | ||||||||
Gain on sale of properties | 2,120 | 336 | 9,406 | ||||||||||
Provision for impairment | — | (2,915 | ) | (10,883 | ) | ||||||||
Gain on extinguishment of debt | — | 307 | 1,218 | ||||||||||
Income (loss) from discontinued operations | $ | 3,091 | $ | (79 | ) | $ | 918 | ||||||
Impairment_Provisions_Tables
Impairment Provisions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Summary of Impairment Provisions | ' | |||||||||||
We established provisions for impairment during the years ended December 31 for the following consolidated assets and unconsolidated joint venture investments: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Land held for development or available for sale (1) | $ | 327 | $ | 1,387 | $ | 11,468 | ||||||
Income producing properties marketed for sale (2) | 9,342 | 2,915 | 16,332 | |||||||||
Investments in unconsolidated joint ventures | — | 386 | 9,611 | |||||||||
Total | $ | 9,669 | $ | 4,688 | $ | 37,411 | ||||||
(1) | In 2013, changes to estimated sales price assumptions triggered an impairment provision of $0.3 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. | |||||||||||
(2) | In 2013, our decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $9.4 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. |
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Balance Sheets | ' | |||||||||||||||||||||||||
Combined financial information of our unconsolidated entities is summarized as follows: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Balance Sheets | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Investment in real estate, net | $ | 410,218 | $ | 796,584 | $ | 866,184 | ||||||||||||||||||||
Other assets | 27,462 | 56,631 | 61,377 | |||||||||||||||||||||||
Total Assets | $ | 437,680 | $ | 853,215 | $ | 927,561 | ||||||||||||||||||||
LIABILITIES AND OWNERS' EQUITY | ||||||||||||||||||||||||||
Mortgage notes payable | $ | 178,708 | $ | 360,302 | $ | 396,792 | ||||||||||||||||||||
Other liabilities | 7,885 | 13,866 | 16,547 | |||||||||||||||||||||||
Owners' equity | 251,087 | 479,047 | 514,222 | |||||||||||||||||||||||
Total Liabilities and Owners' Equity | $ | 437,680 | $ | 853,215 | $ | 927,561 | ||||||||||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 30,931 | $ | 95,987 | $ | 97,020 | ||||||||||||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | ' | |||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Total Revenue | $ | 42,778 | $ | 44,348 | $ | 46,567 | ||||||||||||||||||||
Total Expenses | 29,599 | 29,036 | 45,019 | |||||||||||||||||||||||
Income before other income and expenses and discontinued operations | 13,179 | 15,312 | 1,548 | |||||||||||||||||||||||
Gain on sale of land | — | 169 | — | |||||||||||||||||||||||
Interest expense | (9,200 | ) | (11,725 | ) | (14,076 | ) | ||||||||||||||||||||
Amortization of deferred financing fees | (269 | ) | (304 | ) | (378 | ) | ||||||||||||||||||||
Provision for impairment of long-lived assets | — | (7,622 | ) | (125 | ) | |||||||||||||||||||||
Gain on extinguishment of debt | — | 275 | — | |||||||||||||||||||||||
Income (loss) from continuing operations | 3,710 | (3,895 | ) | (13,031 | ) | |||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Provision for impairment of long-lived assets | — | — | (5,482 | ) | ||||||||||||||||||||||
Gain on extinguishment of debt | — | 736 | — | |||||||||||||||||||||||
Gain on sale of land | — | 624 | — | |||||||||||||||||||||||
(Loss) gain on sale of real estate (1) | (21,512 | ) | (61 | ) | 6,796 | |||||||||||||||||||||
Income (loss) from discontinued operations | $ | 1,015 | $ | 4,055 | $ | 4,517 | ||||||||||||||||||||
(Loss) income from discontinued operations | $ | (20,497 | ) | $ | 5,354 | $ | 5,831 | |||||||||||||||||||
Net Income (Loss) | $ | (16,787 | ) | $ | 1,459 | $ | (7,200 | ) | ||||||||||||||||||
RPT's share of (loss) earnings from unconsolidated joint ventures (2) | $ | (4,759 | ) | $ | 3,646 | $ | 1,669 | |||||||||||||||||||
(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 year ended December 31, 2012, our pro-rata share excludes $0.4 million in costs associated with the liquidation of two joint ventures concurrent with the extinguishment of their debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our consolidated statement of operations. | |||||||||||||||||||||||||
Investments in Unconsolidated Joint Ventures | ' | |||||||||||||||||||||||||
As of December 31, we had investments in the following unconsolidated entities: | ||||||||||||||||||||||||||
Ownership as of December 31, | Total Assets as of December 31, | Total Assets as of December 31, | ||||||||||||||||||||||||
Unconsolidated Entities | 2013 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ramco/Lion Venture LP | 30% | $ | 91,053 | $ | 495,585 | |||||||||||||||||||||
Ramco 450 Venture LLC | 20% | 293,410 | 303,107 | |||||||||||||||||||||||
Other Joint Ventures | (1) | 53,217 | 54,523 | |||||||||||||||||||||||
$ | 437,680 | $ | 853,215 | |||||||||||||||||||||||
(1) | Other JV's include joint ventures in which we own 7%-20% of the sole property in the joint venture. | |||||||||||||||||||||||||
Summary of Disposition Activity | ' | |||||||||||||||||||||||||
The following table provides a summary of our disposition activity during 2013, 2012, and 2011. All of the properties disposed of were unencumbered: | ||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Sold | Sales | Gain (loss) on Sale | ||||||||||||||||||||
Price | ||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Beacon Square | Grand Haven, MI | 51 | N/A | 12/6/13 | $ | 8,600 | $ | (74 | ) | |||||||||||||||||
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 | 274 | $ | 22,480 | $ | 2,120 | |||||||||||||||||||||
Hunter's Square - Land Parcel | Farmington Hills, MI | N/A | 0.1 | 12/11/13 | $ | 104 | $ | 72 | ||||||||||||||||||
Parkway Phase I - Moe's Southwest Grill Outparcel | Jacksonville, FL | N/A | 1 | 11/21/13 | 1,000 | 306 | ||||||||||||||||||||
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 | 17.8 | $ | 12,914 | $ | 4,279 | |||||||||||||||||||||
Total 2013 consolidated dispositions | 274 | 17.8 | $ | 35,394 | $ | 6,399 | ||||||||||||||||||||
2012 | ||||||||||||||||||||||||||
Southbay SC and Pelican Plaza | Osprey and Sarasota, FL | 190 | N/A | 5/15/12 | $ | 5,600 | $ | 72 | ||||||||||||||||||
Eastridge Commons | Flint, MI | 170 | N/A | 2/27/12 | 1,750 | 137 | ||||||||||||||||||||
OfficeMax Center | Toledo, OH | 22 | N/A | 3/27/12 | 1,725 | 127 | ||||||||||||||||||||
Total consolidated income producing dispositions | 382 | $ | 9,075 | $ | 336 | |||||||||||||||||||||
Outparcel | Roswell, GA | N/A | 2.26 | 2/14/12 | $ | 2,030 | $ | 69 | ||||||||||||||||||
Total consolidated land / outparcel dispositions | 2.26 | $ | 2,030 | $ | 69 | |||||||||||||||||||||
Total 2012 consolidated dispositions | 382 | 2.26 | $ | 11,105 | $ | 405 | ||||||||||||||||||||
2011 | ||||||||||||||||||||||||||
Taylors Square | Greenville, SC | 34 | N/A | 12/20/11 | $ | 4,300 | $ | 1,020 | ||||||||||||||||||
Sunshine Plaza | Tamarac, FL | 237 | N/A | 7/11/11 | 15,000 | (32 | ) | |||||||||||||||||||
Lantana Shopping Center | Lantana, FL | 123 | N/A | 4/29/11 | 16,942 | 6,209 | ||||||||||||||||||||
Total consolidated income producing dispositions | 394 | $ | 36,242 | $ | 7,197 | |||||||||||||||||||||
Southbay Shopping Center - outparcel | Osprey, FL | N/A | 1.31 | 6/29/11 | $ | 2,625 | $ | 2,240 | ||||||||||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 0.95 | 3/2/11 | 678 | 74 | ||||||||||||||||||||
River City Shopping Center - outparcel | Jacksonville, FL | N/A | 1.02 | 1/21/11 | 663 | 127 | ||||||||||||||||||||
Total consolidated land / outparcel dispositions | 3.28 | $ | 3,966 | $ | 2,441 | |||||||||||||||||||||
Total 2011 consolidated dispositions | 394 | 3.28 | $ | 40,208 | $ | 9,638 | ||||||||||||||||||||
Debt Outstanding of Unconsolidated Entities | ' | |||||||||||||||||||||||||
Our unconsolidated entities had the following debt outstanding at December 31, 2013: | ||||||||||||||||||||||||||
Entity Name | Balance Outstanding | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 140,883 | ||||||||||||||||||||||||
Ramco/Lion Venture LP (2) | 30,506 | |||||||||||||||||||||||||
Ramco 191 LLC (3) | 7,525 | |||||||||||||||||||||||||
178,914 | ||||||||||||||||||||||||||
Unamortized discount | (206 | ) | ||||||||||||||||||||||||
Total mortgage debt | $ | 178,708 | ||||||||||||||||||||||||
(1) | Maturities range from December 2015 to September 2023 with interest rates ranging from 1.9% 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 consolidated statements of operations: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Management fees | $ | 1,875 | $ | 2,564 | $ | 2,633 | ||||||||||||||||||||
Leasing fees | 390 | 1,026 | 918 | |||||||||||||||||||||||
Acquisition/disposition fees | — | 16 | 66 | |||||||||||||||||||||||
Construction fees | 61 | 318 | 364 | |||||||||||||||||||||||
Total | $ | 2,326 | $ | 3,924 | $ | 3,981 | ||||||||||||||||||||
Unconsolidated joint ventures | ' | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||||
Summary of Disposition Activity | ' | |||||||||||||||||||||||||
The following table provides a summary of our unconsolidated joint venture property disposition activity during 2013, 2012 and 2011: | ||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Sold | Ownership % | Sales Price (at 100%) | Debt | (Loss) gain on Sale | ||||||||||||||||||
Repaid | (at 100%) | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Clarion Partners Portfolio | FL & MI | 2,246 | N/A | 3/25/13 | 20 | % | $ | 367,415 | $ | 149,514 | $ | (21,512 | ) | |||||||||||||
Total 2013 unconsolidated joint venture's dispositions | 2,246 | $ | 367,415 | $ | 149,514 | $ | (21,512 | ) | ||||||||||||||||||
2012 | ||||||||||||||||||||||||||
CVS Outparcel | Cartersville, GA | N/A | 1.21 | 10/22/12 | 20 | % | $ | 2,616 | $ | — | $ | 77 | ||||||||||||||
Wendy's Outparcel | Plantation, FL | N/A | 1 | 9/28/12 | 30 | % | 1,063 | — | 627 | |||||||||||||||||
Southfield Expansion | Southfield, MI | 19 | N/A | 9/18/12 | 50 | % | 396 | — | (138 | ) | ||||||||||||||||
Shoppes of Lakeland | Lakeland, FL | 184 | N/A | 9/6/12 | 7 | % | 28,000 | — | 166 | |||||||||||||||||
Autozone Outparcel | Cartersville, GA | N/A | 0.85 | 9/10/12 | 20 | % | 939 | — | 89 | |||||||||||||||||
Collins Pointe Shopping Center | Cartersville, GA | 81 | N/A | 6/1/12 | 20 | % | 4,650 | — | (89 | ) | ||||||||||||||||
Total 2012 unconsolidated joint venture's dispositions | 284 | 3.06 | $ | 37,664 | $ | — | $ | 732 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||||
Shenandoah Square | Davie, FL | 124 | N/A | 8/24/11 | 40 | % | $ | 21,950 | $ | 11,519 | $ | 6,796 | ||||||||||||||
Total 2011 unconsolidated joint venture's dispositions | 124 | — | $ | 21,950 | $ | 11,519 | $ | 6,796 | ||||||||||||||||||
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets Consisted | ' | |||||||
Other assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred leasing costs, net | $ | 26,617 | $ | 18,067 | ||||
Deferred financing costs, net | 6,513 | 6,073 | ||||||
Lease intangible assets, net | 69,635 | 25,611 | ||||||
Straight-line rent receivable, net | 15,115 | 14,799 | ||||||
Cash flow hedge marked-to-market asset | 2,244 | — | ||||||
Prepaid and other deferred expenses, net | 4,629 | 4,636 | ||||||
Other, net | 3,768 | 3,767 | ||||||
Other assets, net | $ | 128,521 | $ | 72,953 | ||||
Estimated Aggregate Amortization Expense Related to Other Assets | ' | |||||||
The following table represents estimated aggregate amortization expense related to other assets as of December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
(In thousands) | ||||||||
2014 | $ | 23,355 | ||||||
2015 | 18,772 | |||||||
2016 | 14,207 | |||||||
2017 | 9,085 | |||||||
2018 | 7,318 | |||||||
Thereafter | 29,000 | |||||||
Total (1) | $ | 101,737 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Instrument [Line Items] | ' | |||||||
Summary of Mortgages, Notes Payable and Capital Lease Obligation | ' | |||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Senior unsecured notes | $ | 110,000 | $ | — | ||||
Unsecured term loan facilities | 255,000 | 180,000 | ||||||
Fixed rate mortgages | 329,875 | 293,139 | ||||||
Unsecured revolving credit facility | 27,000 | 40,000 | ||||||
Junior subordinated notes | 28,125 | 28,125 | ||||||
750,000 | 541,264 | |||||||
Unamortized premium | 3,174 | 17 | ||||||
$ | 753,174 | $ | 541,281 | |||||
Capital lease obligation (1) | $ | 5,686 | $ | 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 December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
(In thousands) | ||||||||
2014 | $ | 33,456 | ||||||
2015 | 85,250 | |||||||
2016 (1) | 49,710 | |||||||
2017 | 232,222 | |||||||
2018 | 84,244 | |||||||
Thereafter | 265,118 | |||||||
Subtotal debt | 750,000 | |||||||
Unamortized premium | 3,174 | |||||||
Total debt (including unamortized premium) | $ | 753,174 | ||||||
(1) | Scheduled maturities in 2016 include $27.0 million which represents the balance of the unsecured revolving credit facility drawn as of December 31, 2013. | |||||||
Capital Lease Obligations | ' | |||||||
Debt Instrument [Line Items] | ' | |||||||
Approximate Future Rental Payments under Capital Ground Lease | ' | |||||||
Approximate future rental payments under our capital ground lease are as follows: | ||||||||
Year Ending December 31, | Capital Lease(1) | |||||||
2014 | $ | 5,955 | ||||||
Total lease payments | 5,955 | |||||||
Less: amounts representing interest | (269 | ) | ||||||
Total | $ | 5,686 | ||||||
(1) Amounts represent a ground lease at one of our shopping centers that provides the option for us to purchase the land in October 2014 for approximately $5.0 million. |
Other_Liabilities_net_Tables
Other Liabilities, net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Summary of Other Liabilities | ' | |||||||
Other liabilities consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 40,386 | $ | 16,297 | ||||
Cash flow hedge marked-to-market liability | 2,297 | 5,574 | ||||||
Deferred liabilities | 2,637 | 1,970 | ||||||
Tenant security deposits | 2,940 | 1,948 | ||||||
Other, net | 333 | 398 | ||||||
Other liabilities, net | $ | 48,593 | $ | 26,187 | ||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Recorded Amount of Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||
The table below presents the recorded amount of liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
2013 | (In thousands) | |||||||||||||||||||
Derivative assets - interest rate swaps | $ | 2,244 | $ | — | $ | 2,244 | $ | — | ||||||||||||
Derivative liabilities - interest rate swaps | $ | (2,297 | ) | $ | — | $ | (2,297 | ) | $ | — | ||||||||||
2012 | ||||||||||||||||||||
Derivative liabilities - interest rate swaps | $ | (5,574 | ) | $ | — | $ | (5,574 | ) | $ | — | ||||||||||
Recorded Amounts of Assets on Nonrecurring Basis | ' | |||||||||||||||||||
The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2013 and 2012 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
Assets | Total Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Income producing properties | $ | 26,520 | $ | — | $ | — | $ | 26,520 | $ | (9,342 | ) | |||||||||
Land available for sale | 5,568 | — | — | 5,568 | (327 | ) | ||||||||||||||
Total | $ | 32,088 | $ | — | $ | — | $ | 32,088 | $ | (9,669 | ) | |||||||||
2012 | ||||||||||||||||||||
Income producing properties | $ | 16,862 | $ | — | $ | — | $ | 16,862 | $ | (2,915 | ) | |||||||||
Land available for sale | 17,745 | — | — | 17,745 | (1,387 | ) | ||||||||||||||
Investments in unconsolidated entities | 1,164 | — | — | 1,164 | (386 | ) | ||||||||||||||
Total | $ | 35,771 | $ | — | $ | — | $ | 35,771 | $ | (4,688 | ) | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 December 31, 2013: | |||||||||||||||||||
Underlying Debt | Hedge | Notional | Fixed | Fair | Expiration | ||||||||||||||
Type | Value | Rate | Value | Date | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 2,211 | May-20 | |||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | 20 | May-20 | |||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | 13 | May-20 | |||||||||||||
$ | 75,000 | $ | 2,244 | ||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (1,249 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (668 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (317 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (63 | ) | Oct-18 | ||||||||||||
$ | 135,000 | $ | (2,297 | ) | |||||||||||||||
Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||
The following table presents the fair values of derivative financial instruments in our consolidated balance sheets as of December 31, 2013 and December 31, 2012, respectively: | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Other assets | $ | 2,244 | Other assets | $ | — | ||||||||||||||
Other liabilities | $ | (2,297 | ) | 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 consolidated statements of operations for the year ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
Amount of Gain (Loss) | Location of Loss Reclassified from Accumulated OCI | Amount of Loss Reclassified from | |||||||||||||||||
Recognized in OCI on Derivative | Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
Year Ended December 31, | into Income | Year Ended December 31, | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | 2013 | 2012 | (Effective Portion) | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | 2,244 | $ | — | Interest Expense | $ | (424 | ) | $ | — | |||||||||
Interest rate contracts - liabilities | 3,277 | (2,745 | ) | Interest Expense | (1,847 | ) | (1,782 | ) | |||||||||||
Total | $ | 5,521 | $ | (2,745 | ) | Total | $ | (2,271 | ) | $ | (1,782 | ) | |||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Schedule Of Operating Leases [Line Items] | ' | |||
Approximate Future Minimum Revenues from Rentals under Non-cancelable Operating Leases | ' | |||
Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2013, assuming no new or renegotiated leases or option extensions on lease agreements were as follows: | ||||
Year Ending December 31, | ||||
(In thousands) | ||||
2014 | $ | 143,115 | ||
2015 | 131,560 | |||
2016 | 113,735 | |||
2017 | 90,828 | |||
2018 | 74,957 | |||
Thereafter | 304,730 | |||
Total | $ | 858,925 | ||
Noncancelable Lease Obligations | ' | |||
Schedule Of Operating Leases [Line Items] | ' | |||
Approximate Future Minimum Revenues from Rentals under Non-cancelable Operating Leases | ' | |||
Approximate future rental payments under our non-cancelable leases, assuming no option extensions are as follows: | ||||
Year Ending December 31, | ||||
(In thousands) | ||||
2014 | $ | 579 | ||
2015 | 462 | |||
2016 | 468 | |||
2017 | 475 | |||
2018 | 481 | |||
Thereafter | 942 | |||
Total | $ | 3,407 | ||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Basic EPS | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ' | |||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table sets forth the computation of basic earnings per share (“EPS”): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Income (loss) from continuing operations | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | |||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (355 | ) | 87 | 1,800 | ||||||||
Preferred share dividends | (7,250 | ) | (7,250 | ) | (5,244 | ) | ||||||
Allocation of continuing (income) loss to restricted share awards | (102 | ) | 29 | 267 | ||||||||
Income (loss) from continuing operations attributable to RPT | $ | 664 | $ | 37 | $ | (32,595 | ) | |||||
Income (loss) from discontinued operations | 3,091 | (79 | ) | 918 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (110 | ) | 25 | (58 | ) | |||||||
Allocation of discontinued (income) loss to restricted share awards | (20 | ) | 1 | (7 | ) | |||||||
Income (loss) from discontinued operations attributable to RPT | 2,961 | (53 | ) | 853 | ||||||||
Net income (loss) available to common shareholders | $ | 3,625 | $ | (16 | ) | $ | (31,742 | ) | ||||
Weighted average shares outstanding, Basic | 59,336 | 44,101 | 38,466 | |||||||||
Earnings (loss) per common share, Basic | ||||||||||||
Continuing operations | $ | 0.01 | $ | — | $ | (0.85 | ) | |||||
Discontinued operations | 0.05 | — | 0.01 | |||||||||
$ | 0.06 | $ | — | $ | (0.84 | ) | ||||||
Diluted EPS | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ' | |||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table sets forth the computation of diluted EPS: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Income (loss) from continuing operations | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | |||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (355 | ) | 87 | 1,800 | ||||||||
Preferred share dividends | (7,250 | ) | (7,250 | ) | (5,244 | ) | ||||||
Allocation of continuing (income) loss to restricted share awards | (102 | ) | 29 | 267 | ||||||||
Allocation of over distributed continuing (income) loss to restricted share awards | — | (23 | ) | (38 | ) | |||||||
Income (loss) from continuing operations attributable to RPT | $ | 664 | $ | 14 | $ | (32,633 | ) | |||||
Income (loss) from discontinued operations | 3,091 | (79 | ) | 918 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest | (110 | ) | 25 | (58 | ) | |||||||
Allocation of discontinued (income) loss to restricted share awards | — | — | (1 | ) | ||||||||
Income (loss) from discontinued operations attributable to RPT | 2,981 | (54 | ) | 859 | ||||||||
Net income (loss) available to common shareholders | $ | 3,645 | $ | (40 | ) | $ | (31,774 | ) | ||||
Weighted average shares outstanding, Basic | 59,336 | 44,101 | 38,466 | |||||||||
Stock options and restricted share awards using the treasury method (1) | 392 | — | — | |||||||||
Dilutive effect of securities (2) | — | — | — | |||||||||
Weighted average shares outstanding, Diluted | 59,728 | 44,101 | 38,466 | |||||||||
Earnings (loss) per common share, Diluted | ||||||||||||
Continuing operations | $ | 0.01 | $ | — | $ | (0.85 | ) | |||||
Discontinued operations | 0.05 | — | 0.01 | |||||||||
$ | 0.06 | $ | — | $ | (0.84 | ) | ||||||
(1) | For the year ended December 31, 2012 stock options and restricted stock awards are anti-dilutive and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. | |||||||||||
(2) | 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_and_Ot1
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Activity of Service Based Restricted Shares under LTIP | ' | ||||||||||||||||||||
A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Outstanding at the beginning of the year | 286,306 | $ | 11.83 | 229,722 | $ | 12.4 | 264,657 | $ | 10.78 | ||||||||||||
Granted | 293,732 | 15.68 | 135,223 | 11.3 | 119,964 | 13.34 | |||||||||||||||
Vested | (197,014 | ) | 10.07 | (68,683 | ) | 11.47 | (109,638 | ) | 11.04 | ||||||||||||
Forfeited or expired | (7,211 | ) | 13.38 | (9,956 | ) | 11.95 | (45,261 | ) | 13.12 | ||||||||||||
Outstanding at the end of the year | 375,813 | 13.71 | 286,306 | 11.83 | 229,722 | 12.4 | |||||||||||||||
Stock Option Activity for All Plans | ' | ||||||||||||||||||||
The following table reflects the stock option activity for all plans described above: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares Under Option | Weighted-Average Exercise Price | Shares Under Option | Weighted-Average Exercise Price | Shares Under Option | Weighted-Average Exercise Price | ||||||||||||||||
Outstanding at the beginning of the year | 227,743 | $ | 27.81 | 272,201 | $ | 25.98 | 323,948 | $ | 25.06 | ||||||||||||
Granted | — | — | — | — | — | ||||||||||||||||
Exercised | (25,000 | ) | 9.61 | (25,000 | ) | 9.61 | (25,000 | ) | 9.61 | ||||||||||||
Forfeited or expired | (11,750 | ) | 25.34 | (19,458 | ) | 25.65 | (26,747 | ) | 30.18 | ||||||||||||
Outstanding at the end of the year | 190,993 | $ | 30.34 | 227,743 | $ | 27.81 | 272,201 | $ | 25.98 | ||||||||||||
Exercisable at the end of year | 190,993 | $ | 30.34 | 202,743 | $ | 30.05 | 222,201 | $ | 29.67 | ||||||||||||
Summary of Options Outstanding | ' | ||||||||||||||||||||
The following tables summarize information about options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | Exercisable | Weighted-Average Exercise Price | ||||||||||||||||
23.77 - $27.96 | 69,917 | 1.1 | $ | 26.88 | 69,917 | $ | 26.88 | ||||||||||||||
28.80 - $29.06 | 49,806 | 2 | 29.01 | 49,806 | 29.01 | ||||||||||||||||
34.30 - $36.50 | 71,270 | 3.2 | 34.67 | 71,270 | 34.67 | ||||||||||||||||
190,993 | 2.1 | $ | 30.34 | 190,993 | $ | 30.34 | |||||||||||||||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Revenue Earned from Related Parties | ' | ||||
The following revenue was earned during the year ended December 31, 2011 from these related parties: | |||||
Year Ended December 31, 2011 | |||||
(In thousands) | |||||
Management fees | $ | 72 | |||
Leasing fees | 12 | ||||
Other | 110 | ||||
Total | $ | 194 | |||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table sets forth the quarterly results of operations for the year ended December 31, 2013: | ||||||||||||||||
Quarters Ended 2013 | ||||||||||||||||
March 31 (1) | June 30 (1) | September 30 (1) | December 31 (1) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Total revenue | $ | 33,938 | $ | 42,703 | $ | 45,411 | $ | 48,016 | ||||||||
Income before other income and expenses, tax and discontinued operations | $ | 8,230 | $ | 11,310 | $ | 13,110 | $ | 12,479 | ||||||||
Income (loss) from continuing operations | $ | 4,827 | $ | 4,093 | $ | 4,816 | $ | (5,365 | ) | |||||||
Income from discontinued operations | $ | 447 | $ | 1,689 | $ | 899 | $ | 56 | ||||||||
Net income (loss) | $ | 5,274 | $ | 5,782 | $ | 5,715 | $ | (5,309 | ) | |||||||
Net (income) loss attributable to noncontrolling partner interest | (225 | ) | (208 | ) | (201 | ) | 169 | |||||||||
Preferred share dividends | (1,812 | ) | (1,813 | ) | (1,813 | ) | (1,812 | ) | ||||||||
Net income (loss) available to common shareholders | $ | 3,237 | $ | 3,761 | $ | 3,701 | $ | (6,952 | ) | |||||||
Earnings (loss) per common share, basic: (2) | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | (0.11 | ) | |||||||
Discontinued operations | 0.01 | 0.03 | 0.01 | — | ||||||||||||
$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.11 | ) | ||||||||
Earnings (loss) per common share, diluted:(2) | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | (0.11 | ) | |||||||
Discontinued operations | 0.01 | 0.03 | 0.01 | — | ||||||||||||
$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.11 | ) | ||||||||
(1) | Amounts are reclassified to reflect the reporting of discontinued operations. | |||||||||||||||
(2) | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2013. | |||||||||||||||
The following table sets forth the quarterly results of operations for the years ended December 31, 2012: | ||||||||||||||||
Quarters Ended 2012 | ||||||||||||||||
March 31 (1) | June 30 (1) | September 30 (1) | December 31 (1) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Total revenue | $ | 30,040 | $ | 30,117 | $ | 31,764 | $ | 33,304 | ||||||||
Income before other income and expenses, tax and discontinued operations | $ | 8,219 | $ | 7,319 | $ | 7,837 | $ | 8,783 | ||||||||
Income from continuing operations | $ | 1,644 | $ | 1,323 | $ | 2,685 | $ | 1,519 | ||||||||
(Loss) income from discontinued operations | $ | (1,696 | ) | $ | 841 | $ | 636 | $ | 140 | |||||||
Net (loss) income | $ | (52 | ) | $ | 2,164 | $ | 3,321 | $ | 1,659 | |||||||
Net loss (income) attributable to noncontrolling partner interest | 534 | (185 | ) | (158 | ) | (79 | ) | |||||||||
Preferred share dividends | (1,812 | ) | (1,813 | ) | (1,813 | ) | (1,812 | ) | ||||||||
Net (loss) income available to common shareholders | $ | (1,330 | ) | $ | 166 | $ | 1,350 | $ | (232 | ) | ||||||
(Loss) earnings per common share, basic: (2) | ||||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | ||||||
Discontinued operations | (0.04 | ) | 0.01 | 0.01 | — | |||||||||||
$ | (0.03 | ) | $ | — | $ | 0.03 | $ | (0.01 | ) | |||||||
(Loss) earnings per common share, diluted:(2) | ||||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | ||||||
Discontinued operations | (0.04 | ) | 0.01 | 0.01 | — | |||||||||||
$ | (0.03 | ) | $ | — | $ | 0.03 | $ | (0.01 | ) | |||||||
(1) | Amounts are reclassified to reflect the reporting of discontinued operations. | |||||||||||||||
(2) | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2012. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Investment | ||||||
parcel | ||||||
Segment | ||||||
sqft | ||||||
Contract | ||||||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Area of an real estate property | 13,100,000 | ' | ' | |||
Number of joint ventures | 5 | ' | ' | |||
Number of parcels of land held for development adjacent to Company owned developed properties | 5 | ' | ' | |||
Percentage of taxable income required to distribute annually to maintain REIT qualification | 90.00% | ' | ' | |||
Ownership interest in Ramco-Gershenson Properties, L. P. | 96.80% | 95.40% | 93.70% | |||
Non-voting and voting common stock, percentage of ownership | 100.00% | ' | ' | |||
Accounts receivable, net | $9,648,000 | $7,976,000 | ' | |||
Allowances for doubtful accounts receivable | 2,400,000 | 2,600,000 | ' | |||
Straight-line rent receivable, net | 15,100,000 | 14,800,000 | ' | |||
Maximum period project is not depreciated following completion | '1 year | ' | ' | |||
Maximum period indirect project costs associated with construction are capitalized | '1 year | ' | ' | |||
Provision for impairment | 9,669,000 | 1,387,000 | 16,917,000 | |||
Equity investments in unconsolidated joint venture entities | 5 | ' | ' | |||
Amount in excess of the FDIC insured limit | 7,500,000 | ' | ' | |||
Provision for impairment related to investments in real estate | 0 | 386,000 | 9,611,000 | |||
Noncontrolling interest, exchange ratio for Company common stock | 1 | ' | ' | |||
Number of reportable segment individual properties aggregated | 1 | ' | ' | |||
Shopping centers | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Number of real estate properties owned and managed | 66 | ' | ' | |||
Number of joint ventures | 2 | ' | ' | |||
Office building | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Number of real estate properties owned and managed | 1 | ' | ' | |||
Long lived assets | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Provision for impairment | 9,700,000 | ' | ' | |||
Land available for sale | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Number of parcels of land owned | 3 | ' | ' | |||
Provision for impairment | 327,000 | [1] | 1,387,000 | [1] | 11,468,000 | [1] |
Income producing properties | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Provision for impairment | $9,342,000 | [2] | $2,915,000 | [2] | $16,332,000 | [2] |
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 | ' | ' | |||
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 | ' | ' | |||
Smaller joint ventures | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Number of joint ventures | 3 | ' | ' | |||
Minimum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Percentage of taxable income required to distribute annually to maintain REIT qualification | 90.00% | ' | ' | |||
Maximum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Concentration of percentage of revenue contributed by individual property | 10.00% | ' | ' | |||
Buildings | Minimum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '10 years | ' | ' | |||
Buildings | Maximum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '40 years | ' | ' | |||
Parking lot surfacing and equipment | Minimum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '5 years | ' | ' | |||
Parking lot surfacing and equipment | Maximum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '30 years | ' | ' | |||
Other capitalized property plant and equipment | Minimum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '15 years | ' | ' | |||
Other capitalized property plant and equipment | Maximum | ' | ' | ' | |||
Basis of Presentation [Line Items] | ' | ' | ' | |||
Property plant and equipment, estimated useful lives | '25 years | ' | ' | |||
[1] | In 2013, changes to estimated sales price assumptions triggered an impairment provision of $0.3 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. | |||||
[2] | In 2013, our decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $9.4 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | ' | ' |
Land held for development or sale | $19,900,000 | $20,200,000 |
Constructions in progress | 33,500,000 | 17,000,000 |
Construction cost of development | 48,640,000 | 61,312,000 |
Parkway Shops | Phase I | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Construction cost of development | $17,500,000 | ' |
Real_Estate_Land_Held_for_Deve
Real Estate (Land Held for Development) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property | ||||
Real Estate Properties [Line Items] | ' | ' | ||
Projects under pre-development, number of properties | 3 | ' | ||
Costs incurred to date | $48,640 | $61,312 | ||
Hartland Towne Square | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Location | 'Hartland Twp., MI | 'Hartland Twp., MI | ||
Costs incurred to date | 25,193 | 25,210 | ||
Lakeland Park Center | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Location | 'Lakeland, FL | 'Lakeland, FL | ||
Costs incurred to date | 11,774 | [1] | 21,909 | [1] |
Parkway Shops | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Location | 'FL | ' | ||
Parkway Shops | Phase II | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Location | 'Jacksonville, FL | 'Jacksonville, FL | ||
Costs incurred to date | $11,673 | $14,193 | ||
[1] | During 2013, we began construction on Phase I of Lakeland Park Center, located adjacent to our existing Shoppes of Lakeland shopping center. Land costs related to Phase I of the project were transferred to construction in progress. The costs shown in the table relate to land held for Phase II. |
Property_Acquisitions_and_Disp2
Property Acquisitions and Dispositions - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' |
Costs associated with acquisitions recorded during period | $1.30 | $0.20 | $0.10 |
Total revenue from 2013 acquisitions included in consolidated statement of operations | 36.5 | ' | ' |
Net income from 2013 acquisitions included in consolidated statement of operations | $8.70 | ' | ' |
Property_Acquisitions_and_Disp3
Property Acquisitions and Dispositions (Summary of Acquisitions) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |||||||||||||||||||
In Thousands, unless otherwise specified | sqft | sqft | sqft | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Deerfield Towne Center | Deerfield Towne Center | Deer Creek Shopping Center | Deer Creek Shopping Center | Deer Grove Centre | Deer Grove Centre | Mount Prospect Plaza | Mount Prospect Plaza | The Shoppes at Nagawaukee | Clarion Partners Portfolio - 12 Income Producing Properties | Spring Meadows Place II | The Shoppes at Fox River - Phase II | Southfield Expansion | The Shoppes of Lakeland | Central Plaza | Harvest Junction North | Harvest Junction South | Nagawaukee Shopping Center | Town & Country Crossing | Town & Country Crossing | Town & Country Crossing | Heritage Place | Heritage Place | Heritage Place | |||||||||||||||||||
sqft | sqft | sqft | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | Total consolidated income producing acquisitions | |||||||||||||||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Location | ' | ' | ' | ' | ' | ' | 'OH | 'Mason (Cincinnati), OH | 'MO | 'Maplewood (St. Louis), MO | 'IL | 'Palatine (Chicago), IL | 'IL | 'Mt. Prospect (Chicago), IL | 'Delafield, WI | 'FL & MI | 'Holland, OH | 'Waukesha (Milwaukee), WI | 'Southfield, MI | 'Lakeland, FL | 'Ballwin (St. Louis), MO | 'Longmont (Boulder), CO | 'Longmont (Boulder), CO | 'Delafield (Milwaukee), WI | 'MO | 'Town and Country (St. Louis), MO | ' | 'MO | 'Creve Coeur (St. Louis), MO | ' | |||||||||||||||||||
GLA | 274,000 | 382,000 | 394,000 | 3,558,000 | 916,000 | 411,000 | ' | 461,000 | ' | 208,000 | ' | 236,000 | ' | 301,000 | 106,000 | 2,246,000 | 50,000 | 47,000 | 19,000 | 184,000 | 166,000 | 159,000 | 177,000 | 114,000 | ' | 142,000 | ' | ' | 269,000 | ' | |||||||||||||||||||
Date Acquired | ' | ' | ' | ' | ' | ' | ' | 19-Dec-13 | ' | 15-Nov-13 | ' | 26-Aug-13 | ' | 20-Jun-13 | 18-Apr-13 | 25-Mar-13 | 19-Dec-12 | 13-Dec-12 | 18-Sep-12 | 6-Sep-12 | 7-Jun-12 | 1-Jun-12 | 1-Jun-12 | 1-Jun-12 | ' | 30-Nov-11 | ' | ' | 19-May-11 | ' | |||||||||||||||||||
Gross Purchase Price | ' | ' | ' | $566,543 | [1] | $149,960 | [1] | $77,260 | [1] | ' | $96,500 | [1] | ' | $23,878 | [1] | ' | $20,000 | [1] | ' | $36,100 | [1] | $22,650 | [1] | $367,415 | [1] | $2,367 | [1] | $10,394 | [1] | $868 | [1] | $28,000 | [1] | $21,600 | [1] | $38,181 | [1] | $33,550 | [1] | $15,000 | [1] | ' | $37,850 | [1] | ' | ' | $39,410 | [1] | ' |
Gross Debt | ' | ' | ' | $158,767 | $0 | $0 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | $9,253 | $149,514 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | $0 | ' | ' | $0 | |||||||||||||||||||
[1] | Purchase price includes vacant land adjacent to the shopping center available for future development. |
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) (Level 2, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Other assets | $10,196 | $16,566 | $2,099 |
Premium for above market interest rates on assumed debt | -3,697 | 0 | 0 |
Total purchase price allocated | 566,543 | 149,960 | 77,260 |
Land | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Land, buildings and improvements | 122,963 | 38,756 | 22,294 |
Buildings and improvements | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Land, buildings and improvements | 406,743 | 100,216 | 48,971 |
Above market leases | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Amortizable intangible assets | 6,977 | 1,874 | 996 |
Lease origination costs | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Amortizable intangible assets | 50,577 | 2,522 | 7,733 |
Below market leases | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Below market leases | ($27,216) | ($9,974) | ($4,833) |
Property_Acquisitions_and_Disp5
Property Acquisitions and Dispositions (Pro Forma Revenue and Income) (Details) (Total consolidated income producing acquisitions, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Total consolidated income producing acquisitions | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Consolidated revenue | $181,022 | $168,390 |
Consolidated net income available to common shareholders | $4,938 | $2,599 |
Property_Acquisitions_and_Disp6
Property Acquisitions and Dispositions (Summary of Disposition Activity) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sqft | sqft | acre | |
acre | acre | sqft | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
GLA | 274,000 | 382,000 | 394,000 |
Acreage | 17.8 | 2.26 | 3.28 |
Gross Sales Price | $35,394 | $11,105 | $40,208 |
Gain (Loss) on Sale | 6,399 | 405 | 9,638 |
Hunter's Square - Land Parcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'MI | ' | ' |
Roseville Towne Center - Wal-Mart parcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'MI | ' | ' |
Consolidated income producing dispositions | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
GLA | 274,000 | 382,000 | 394,000 |
Gross Sales Price | 22,480 | 9,075 | 36,242 |
Gain (Loss) on Sale | 2,120 | 336 | 7,197 |
Consolidated income producing dispositions | Beacon Square | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Grand Haven, MI | ' | ' |
GLA | 51,000 | ' | ' |
Date Sold | 6-Dec-13 | ' | ' |
Gross Sales Price | 8,600 | ' | ' |
Gain (Loss) on Sale | -74 | ' | ' |
Consolidated income producing dispositions | Edgewood Towne Center | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Lansing, MI | ' | ' |
GLA | 86,000 | ' | ' |
Date Sold | 27-Sep-13 | ' | ' |
Gross Sales Price | 5,480 | ' | ' |
Gain (Loss) on Sale | 657 | ' | ' |
Consolidated income producing dispositions | Mays Crossing | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Stockbridge, GA | ' | ' |
GLA | 137,000 | ' | ' |
Date Sold | 9-Apr-13 | ' | ' |
Gross Sales Price | 8,400 | ' | ' |
Gain (Loss) on Sale | 1,537 | ' | ' |
Consolidated income producing dispositions | Southbay SC and Pelican Plaza | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Osprey and Sarasota, FL | ' |
GLA | ' | 190,000 | ' |
Date Sold | ' | 15-May-12 | ' |
Gross Sales Price | ' | 5,600 | ' |
Gain (Loss) on Sale | ' | 72 | ' |
Consolidated income producing dispositions | Eastridge Commons | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Flint, MI | ' |
GLA | ' | 170,000 | ' |
Date Sold | ' | 27-Feb-12 | ' |
Gross Sales Price | ' | 1,750 | ' |
Gain (Loss) on Sale | ' | 137 | ' |
Consolidated income producing dispositions | OfficeMax Center | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Toledo, OH | ' |
GLA | ' | 22,000 | ' |
Date Sold | ' | 27-Mar-12 | ' |
Gross Sales Price | ' | 1,725 | ' |
Gain (Loss) on Sale | ' | 127 | ' |
Consolidated income producing dispositions | Taylors Square | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Greenville, SC | ' |
GLA | ' | ' | 34,000 |
Date Sold | ' | ' | 20-Dec-11 |
Gross Sales Price | ' | 4,300 | ' |
Gain (Loss) on Sale | ' | 1,020 | ' |
Consolidated income producing dispositions | Sunshine Plaza | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Tamarac, FL | ' |
GLA | ' | ' | 237,000 |
Date Sold | ' | ' | 11-Jul-11 |
Gross Sales Price | ' | 15,000 | ' |
Gain (Loss) on Sale | ' | -32 | ' |
Consolidated income producing dispositions | Lantana Shopping Center | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Lantana, FL | ' |
GLA | ' | ' | 123,000 |
Date Sold | ' | ' | 29-Apr-11 |
Gross Sales Price | ' | 16,942 | ' |
Gain (Loss) on Sale | ' | 6,209 | ' |
Consolidated land / outparcel dispositions | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Acreage | 17.8 | 2.26 | 3.28 |
Gross Sales Price | 12,914 | 2,030 | 3,966 |
Gain (Loss) on Sale | 4,279 | 69 | 2,441 |
Consolidated land / outparcel dispositions | Hunter's Square - Land Parcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Farmington Hills, MI | ' | ' |
Acreage | 0.1 | ' | ' |
Date Sold | 11-Dec-13 | ' | ' |
Gross Sales Price | 104 | ' | ' |
Gain (Loss) on Sale | 72 | ' | ' |
Consolidated land / outparcel dispositions | Parkway Phase I - Moe's Southwest Grill Outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Jacksonville, FL | ' | ' |
Acreage | 1 | ' | ' |
Date Sold | 21-Nov-13 | ' | ' |
Gross Sales Price | 1,000 | ' | ' |
Gain (Loss) on Sale | 306 | ' | ' |
Consolidated land / outparcel dispositions | Jacksonville North Industrial - The Learning Experience Outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Jacksonville, FL | ' | ' |
Acreage | 1 | ' | ' |
Date Sold | 26-Sep-13 | ' | ' |
Gross Sales Price | 510 | ' | ' |
Gain (Loss) on Sale | -13 | ' | ' |
Consolidated land / outparcel dispositions | Parkway Phase I - Mellow Mushroom Outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Jacksonville, FL | ' | ' |
Acreage | 1.2 | ' | ' |
Date Sold | 22-May-13 | ' | ' |
Gross Sales Price | 1,200 | ' | ' |
Gain (Loss) on Sale | 332 | ' | ' |
Consolidated land / outparcel dispositions | Roseville Towne Center - Wal-Mart parcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Roseville, MI | ' | ' |
Acreage | 11.6 | ' | ' |
Date Sold | 15-Feb-13 | ' | ' |
Gross Sales Price | 7,500 | ' | ' |
Gain (Loss) on Sale | 3,030 | ' | ' |
Consolidated land / outparcel dispositions | Parkway Phase I - BJ's Restaurant Outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | 'Jacksonville, FL | ' | ' |
Acreage | 2.9 | ' | ' |
Date Sold | 24-Jan-13 | ' | ' |
Gross Sales Price | 2,600 | ' | ' |
Gain (Loss) on Sale | 552 | ' | ' |
Consolidated land / outparcel dispositions | Outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Roswell, GA | ' |
Acreage | ' | 2.26 | ' |
Date Sold | ' | 14-Feb-12 | ' |
Gross Sales Price | ' | 2,030 | ' |
Gain (Loss) on Sale | ' | 69 | ' |
Consolidated land / outparcel dispositions | Southbay Shopping Center - outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Osprey, FL | ' |
Acreage | ' | ' | 1.31 |
Date Sold | ' | ' | 29-Jun-11 |
Gross Sales Price | ' | ' | 2,625 |
Gain (Loss) on Sale | ' | ' | 2,240 |
Consolidated land / outparcel dispositions | River City Shopping Center - outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Jacksonville, FL | ' |
Acreage | ' | ' | 0.95 |
Date Sold | ' | ' | 2-Mar-11 |
Gross Sales Price | ' | ' | 678 |
Gain (Loss) on Sale | ' | ' | 74 |
Consolidated land / outparcel dispositions | River City Shopping Center - outparcel | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Location | ' | 'Jacksonville, FL | ' |
Acreage | ' | ' | 1.02 |
Date Sold | ' | ' | 21-Jan-11 |
Gross Sales Price | ' | ' | 663 |
Gain (Loss) on Sale | ' | ' | $127 |
Discontinued_Operations_Summar
Discontinued Operations (Summary of Selected Operating Results for Properties Sold or Held for Sale) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | $2,175 | $5,502 | $10,617 | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Recoverable operating expenses and real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 570 | 1,367 | 3,957 | ||||||||
Other non-recoverable property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 299 | 557 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 537 | 1,149 | 3,184 | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 249 | 1,742 | ||||||||
Operating income of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,066 | 2,438 | 1,177 | ||||||||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -95 | -245 | 0 | ||||||||
Gain on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | 2,120 | 336 | 9,406 | ||||||||
Provision for impairment | ' | ' | ' | ' | ' | ' | ' | ' | -9,669 | -1,387 | -16,917 | ||||||||
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -340 | 0 | -1,968 | ||||||||
Income (loss) from discontinued operations | 56 | [1] | 899 | [1] | 1,689 | [1] | 447 | [1] | 140 | [1] | 636 | [1] | 841 | [1] | -1,696 | [1] | 3,091 | -79 | 918 |
Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Provision for impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,915 | -10,883 | ||||||||
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $307 | $1,218 | ||||||||
[1] | Amounts are reclassified to reflect the reporting of discontinued operations. |
Impairment_Provisions_Summary_
Impairment Provisions (Summary of Impairment Provisions) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Provision for impairment | $9,669 | $1,387 | $16,917 | |||
Provision for impairment related to investments in real estate | 0 | 386 | 9,611 | |||
Total | 9,669 | 4,688 | 37,411 | |||
Land held for development or available for sale | ' | ' | ' | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Provision for impairment | 327 | [1] | 1,387 | [1] | 11,468 | [1] |
Income producing properties marketed for sale | ' | ' | ' | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Provision for impairment | $9,342 | [2] | $2,915 | [2] | $16,332 | [2] |
[1] | In 2013, changes to estimated sales price assumptions triggered an impairment provision of $0.3 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. | |||||
[2] | In 2013, our decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $9.4 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. |
Impairment_Provisions_Summary_1
Impairment Provisions (Summary of Impairment Provisions) (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Impairment provision on properties | $9,669 | $4,688 | $37,411 | |||
Provision for impairment | 9,669 | 1,387 | 16,917 | |||
Land held for development or available for sale | ' | ' | ' | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Provision for impairment | 327 | [1] | 1,387 | [1] | 11,468 | [1] |
Land held for development or available for sale | Changes to estimated sales price assumptions and additional costs to complete to ready parcels for sale | ' | ' | ' | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Impairment provision on properties | 300 | ' | ' | |||
Wholly-owned income producing properties | ' | ' | ' | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | |||
Provision for impairment | $9,400 | ' | ' | |||
[1] | In 2013, changes to estimated sales price assumptions triggered an impairment provision of $0.3 million. Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Contract | Minimum | Maximum | Chester Springs | Marketplace of Delray | Olentangy Plaza | Markey Plaza | Markey Plaza | RAMCO-GERSHENSON PROPERTIES TRUST | RAMCO-GERSHENSON PROPERTIES TRUST | Ramco 450 Venture LLC | ||
Olentangy Plaza | Markey Plaza | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture agreement | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | 7.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | 20.00% |
New property mortgage loans, term | ' | '3 years | ' | ' | ' | '10 years | ' | '5 years | ' | ' | ' | ' |
New property mortgage loans | ' | ' | ' | ' | $22,000,000 | $46,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate above LIBOR | ' | ' | ' | ' | 1.70% | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | 4.40% | ' | 2.90% | ' | ' | ' | ' |
Repayments of mortgage loans | 100,500,000 | ' | ' | ' | ' | ' | 21,600,000 | ' | ' | 4,300,000 | ' | ' |
Net book value of mortgages on properties | ' | $158,800,000 | ' | ' | ' | ' | ' | $16,000,000 | $24,500,000 | ' | $1,700,000 | ' |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Entities (Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Investment in real estate, net | $410,218 | $796,584 | $866,184 |
Other assets | 27,462 | 56,631 | 61,377 |
Total Assets | 437,680 | 853,215 | 927,561 |
LIABILITIES AND OWNERS' EQUITY | ' | ' | ' |
Mortgage notes payable | 178,708 | 360,302 | 396,792 |
Other liabilities | 7,885 | 13,866 | 16,547 |
Owners' equity | 251,087 | 479,047 | 514,222 |
Total Liabilities and Owners' Equity | 437,680 | 853,215 | 927,561 |
RPT's equity investments in unconsolidated joint ventures | $30,931 | $95,987 | $97,020 |
Equity_Investments_in_Unconsol4
Equity Investments in Unconsolidated Entities (Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | |||
Total Revenue | $42,778 | $44,348 | $46,567 | |||
Total Expenses | 29,599 | 29,036 | 45,019 | |||
Income before other income and expenses and discontinued operations | 13,179 | 15,312 | 1,548 | |||
Gain on sale of land | 0 | 169 | 0 | |||
Interest expense | -9,200 | -11,725 | -14,076 | |||
Amortization of deferred financing fees | -269 | -304 | -378 | |||
Provision for impairment of long-lived assets | 0 | -7,622 | -125 | |||
Gain on extinguishment of debt | 0 | 275 | 0 | |||
Income (loss) from continuing operations | 3,710 | -3,895 | -13,031 | |||
Discontinued operations | ' | ' | ' | |||
Provision for impairment of long-lived assets | 0 | 0 | -5,482 | |||
Gain on extinguishment of debt | 0 | 736 | 0 | |||
Gain on sale of land | 0 | 624 | 0 | |||
(Loss) gain on sale of real estate | -21,512 | [1] | -61 | [1] | 6,796 | [1] |
Income (loss) from discontinued operations | 1,015 | 4,055 | 4,517 | |||
(Loss) income from discontinued operations | -20,497 | 5,354 | 5,831 | |||
Net Income (Loss) | -16,787 | 1,459 | -7,200 | |||
RPT's share of (loss) earnings from unconsolidated joint ventures | ($4,759) | [2] | $3,646 | [2] | $1,669 | [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 year ended December 31, 2012, our pro-rata share excludes $0.4 million in costs associated with the liquidation of two joint ventures concurrent with the extinguishment of their debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on our consolidated statement of operations. |
Equity_Investments_in_Unconsol5
Equity Investments in Unconsolidated Entities (Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations) (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | ||||
Pro-rata Share | Ramco/Lion Venture LP | Shopping centers | Shopping centers | |||||||
Property | Property | Property | Ramco/Lion Venture LP | |||||||
Property | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Number of joint venture properties liquidated | ' | ' | ' | 2 | ' | ' | 12 | |||
Ownership interest sold, percentage | ' | ' | ' | ' | ' | ' | 100.00% | |||
Proceeds from liquidation of properties | ' | ' | ' | ' | ' | ' | $367,400,000 | |||
Gain (Loss) on sale of real estate | -21,512,000 | [1] | -61,000 | [1] | 6,796,000 | [1] | ' | ' | ' | -21,500,000 |
Liquidation related expense | ' | ' | ' | $400,000 | ' | ' | ' | |||
Number of real estate properties owned and managed | ' | ' | ' | ' | 3 | 66 | ' | |||
[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 Entities (Investments in Unconsolidated Joint Ventures) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Total Assets | $437,680 | $853,215 | $927,561 | ||
Ramco/Lion Venture LP | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Percentage of ownership interest | 30.00% | ' | ' | ||
Total Assets | 91,053 | 495,585 | ' | ||
Ramco 450 Venture LLC | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Percentage of ownership interest | 20.00% | ' | ' | ||
Total Assets | 293,410 | 303,107 | ' | ||
Other Joint Ventures | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Total Assets | $53,217 | [1] | $54,523 | [1] | ' |
[1] | Other JV's include joint ventures in which we own 7%-20% of the sole property in the joint venture. |
Equity_Investments_in_Unconsol7
Equity Investments in Unconsolidated Entities (Investments in Unconsolidated Joint Ventures) (Parenthetical) (Detail) | Dec. 31, 2013 |
Minimum | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership interest | 7.00% |
Minimum | Other Joint Ventures | ' |
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% |
Maximum | Other Joint Ventures | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership interest | 20.00% |
Equity_Investments_in_Unconsol8
Equity Investments in Unconsolidated Entities (Disposition Activity of Equity Investments in Unconsolidated Entities) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sqft | acre | acre | ||
acre | sqft | sqft | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
GLA | ' | 274,000 | 382,000 | 394,000 |
Acreage | ' | 17.8 | 2.26 | 3.28 |
Gross Sales Price (at 100%) | ' | $35,394 | $11,105 | $40,208 |
Gross Debt Repaid | 100,500 | ' | ' | ' |
Gain (Loss) on Sale (at 100%) | ' | 6,399 | 405 | 9,638 |
Southfield Expansion | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | 'MI | ' | ' |
Unconsolidated joint ventures | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
GLA | ' | 2,246,000 | 284,000 | 124,000 |
Acreage | ' | ' | 3.06 | ' |
Gross Sales Price (at 100%) | ' | 367,415 | 37,664 | 21,950 |
Gross Debt Repaid | ' | 149,514 | 0 | 11,519 |
Gain (Loss) on Sale (at 100%) | ' | -21,512 | 732 | 6,796 |
Unconsolidated joint ventures | Clarion Partners Portfolio | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | 'FL & MI | ' | ' |
GLA | ' | 2,246,000 | ' | ' |
Date Sold | ' | 25-Mar-13 | ' | ' |
Ownership % | ' | 20.00% | ' | ' |
Gross Sales Price (at 100%) | ' | 367,415 | ' | ' |
Gross Debt Repaid | ' | 149,514 | ' | ' |
Gain (Loss) on Sale (at 100%) | ' | -21,512 | ' | ' |
Unconsolidated joint ventures | CVS Outparcel | Outparcel | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Cartersville, GA | ' |
Acreage | ' | ' | 1.21 | ' |
Date Sold | ' | ' | 22-Oct-12 | ' |
Ownership % | ' | ' | 20.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 2,616 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | 77 | ' |
Unconsolidated joint ventures | Wendy's Outparcel | Outparcel | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Plantation, FL | ' |
Acreage | ' | ' | 1 | ' |
Date Sold | ' | ' | 28-Sep-12 | ' |
Ownership % | ' | ' | 30.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 1,063 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | 627 | ' |
Unconsolidated joint ventures | Southfield Expansion | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Southfield, MI | ' |
GLA | ' | ' | 19,000 | ' |
Date Sold | ' | ' | 18-Sep-12 | ' |
Ownership % | ' | ' | 50.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 396 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | -138 | ' |
Unconsolidated joint ventures | Shoppes of Lakeland | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Lakeland, FL | ' |
GLA | ' | ' | 184,000 | ' |
Date Sold | ' | ' | 6-Sep-12 | ' |
Ownership % | ' | ' | 7.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 28,000 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | 166 | ' |
Unconsolidated joint ventures | Autozone Outparcel | Outparcel | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Cartersville, GA | ' |
Acreage | ' | ' | 0.85 | ' |
Date Sold | ' | ' | 10-Sep-12 | ' |
Ownership % | ' | ' | 20.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 939 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | 89 | ' |
Unconsolidated joint ventures | Collins Pointe Shopping Center | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | 'Cartersville, GA | ' |
GLA | ' | ' | 81,000 | ' |
Date Sold | ' | ' | 1-Jun-12 | ' |
Ownership % | ' | ' | 20.00% | ' |
Gross Sales Price (at 100%) | ' | ' | 4,650 | ' |
Gross Debt Repaid | ' | ' | 0 | ' |
Gain (Loss) on Sale (at 100%) | ' | ' | -89 | ' |
Unconsolidated joint ventures | Shenandoah Square | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Location | ' | ' | ' | 'Davie, FL |
GLA | ' | ' | ' | 124,000 |
Date Sold | ' | ' | ' | 24-Aug-11 |
Ownership % | ' | ' | ' | 40.00% |
Gross Sales Price (at 100%) | ' | ' | ' | 21,950 |
Gross Debt Repaid | ' | ' | ' | 11,519 |
Gain (Loss) on Sale (at 100%) | ' | ' | ' | $6,796 |
Equity_Investments_in_Unconsol9
Equity Investments in Unconsolidated Entities (Outstanding Debt of Unconsolidated Entities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ' | |
Fixed rate mortgages | $333,049 | $293,156 | ' | |
Unamortized discount | -3,174 | -17 | ' | |
Total mortgage debt | 178,708 | 360,302 | 396,792 | |
Unconsolidated joint ventures | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Fixed rate mortgages | 178,914 | ' | ' | |
Unamortized discount | 206 | ' | ' | |
Total mortgage debt | 178,708 | ' | ' | |
Unconsolidated joint ventures | Ramco/Lion Venture LP | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Fixed rate mortgages | 140,883 | [1] | ' | ' |
Unconsolidated joint ventures | Ramco 450 Venture LLC | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Fixed rate mortgages | 30,506 | [2] | ' | ' |
Unconsolidated joint ventures | Ramco 191 LLC | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Fixed rate mortgages | $7,525 | [3] | ' | ' |
[1] | Maturities range from December 2015 to September 2023 with interest rates ranging from 1.9% 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%. |
Recovered_Sheet1
Equity Investments in Unconsolidated Entities (Outstanding Debt of Unconsolidated Entities) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Ramco/Lion Venture LP | ' |
Debt Instrument [Line Items] | ' |
Mortgage debt interest rate, minimum | 1.90% |
Mortgage debt interest rate, maximum | 5.80% |
Percentage of ownership interest | 30.00% |
Ramco 450 Venture LLC | ' |
Debt Instrument [Line Items] | ' |
Mortgage debt interest rate, minimum | 5.00% |
Percentage of ownership interest | 20.00% |
Ramco 191 LLC | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate above LIBOR | 3.50% |
Percentage of ownership interest | 7.00% |
Minimum | ' |
Debt Instrument [Line Items] | ' |
Percentage of ownership interest | 7.00% |
Maximum | ' |
Debt Instrument [Line Items] | ' |
Percentage of ownership interest | 30.00% |
Recovered_Sheet2
Equity Investments in Unconsolidated Entities (Information of Fees Earned) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Management fees | $1,875 | $2,564 | $2,633 |
Leasing fees | 390 | 1,026 | 918 |
Acquisition/disposition fees | 0 | 16 | 66 |
Construction fees | 61 | 318 | 364 |
Total | $2,326 | $3,924 | $3,981 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' |
Lease intangible assets, gross | $89.10 | ' | ' |
Remaining weighted-average amortization period | '4 years 8 months 12 days | ' | ' |
Amortization of intangible assets | $2.10 | $0.80 | $0.60 |
Other_Assets_Net_Components_of
Other Assets, Net (Components of Other Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred leasing costs, net | $26,617 | $18,067 |
Deferred financing costs, net | 6,513 | 6,073 |
Lease intangible assets, net | 69,635 | 25,611 |
Straight-line rent receivable, net | 15,115 | 14,799 |
Cash flow hedge marked-to-market asset | 2,244 | 0 |
Prepaid and other deferred expenses, net | 4,629 | 4,636 |
Other, net | 3,768 | 3,767 |
Other assets, net | $128,521 | $72,953 |
Other_Assets_Net_Estimated_Agg
Other Assets, Net (Estimated Aggregate Amortization Expense) (Detail) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Amortization Expense of Other Assets, Fiscal Year Maturity [Abstract] | ' | |
2014 | $23,355 | |
2015 | 18,772 | |
2016 | 14,207 | |
2017 | 9,085 | |
2018 | 7,318 | |
Thereafter | 29,000 | |
Total | $101,737 | [1] |
[1] | Excludes straight-line rent receivable, prepaid and other deferred expenses, cash flow hedge, goodwill, and deferred leasing costs for assets not yet placed into service of $15.1 million, $4.6 million, $2.3 million, $2.1 million, and $2.7 million, respectively. |
Other_Assets_Net_Estimated_Agg1
Other Assets, Net (Estimated Aggregate Amortization Expense) (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Straight-line rent receivable | $15,100,000 | $14,800,000 |
Prepaid and other deferred expenses | 4,629,000 | 4,636,000 |
Cash flow hedge | 2,244,000 | 0 |
Goodwill | 2,700,000 | ' |
Deferred leasing costs | $2,100,000 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
MortgageLoan | MortgageLoan | Unsecured Debt | Unsecured Term Loan | Unsecured Term Loan | Fixed Rate Mortgages | Fixed Rate Mortgages | Junior Subordinated Notes | Mission Bay | Hunter's Square - Land Parcel | Winchester Center | East Town Plaza | Centre at Woodstock | Hoover Eleven I | Hoover Eleven II | Swap [Member] | |||
Private Placement Notes | Contract | Interest Rate after January 2013 | Unsecured Term Loan | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgages assumed | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of mortgages on properties | ' | $158,800,000 | ' | ' | ' | ' | ' | $313,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to mortgages and notes payable | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgages repaid | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of mortgage loans | 100,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | ' | 110,000,000 | 75,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 |
Weighted average interest rate | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt, term | ' | '3 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused borrowing capacity amount | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt, fixed interest rate | ' | ' | ' | ' | ' | 3.90% | 3.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of swap agreements entered into in conjunction with debt financing | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,200,000 | 33,000,000 | 25,300,000 | 10,100,000 | 3,000,000 | 1,300,000 | 2,200,000 | ' |
Mortgage debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | 8.20% | 8.10% | 5.50% | 6.90% | 7.20% | 7.60% | ' |
Mortgage debt interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium | ' | 3,174,000 | 17,000 | ' | ' | ' | ' | 3,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds (repayments) on revolving credit facility | ' | -13,000,000 | 10,500,000 | -90,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit, outstanding balance | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | 204,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | 240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Capital ground lease, amount expensed as interest | ' | $300,000 | $400,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Mortgages_Note
Debt (Summary of Mortgages, Notes Payable and Capital Lease Obligation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Senior unsecured notes | $110,000 | $0 | ||
Unsecured term loan facilities | 255,000 | 180,000 | ||
Fixed rate mortgages | 333,049 | 293,156 | ||
Unsecured revolving credit facility | 27,000 | 40,000 | ||
Junior subordinated notes | 28,125 | 28,125 | ||
Junior subordinated notes | 750,000 | 541,264 | ||
Unamortized premium | 3,174 | 17 | ||
Total notes payable | 753,174 | 541,281 | ||
Capital lease obligation | 5,686 | [1] | 6,023 | [1] |
Fixed Rate Mortgages | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fixed rate mortgages | 329,875 | 293,139 | ||
Unamortized premium | $3,200 | $0 | ||
[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) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Ground lease, expiration term | '99 years |
Debt_Scheduled_Principal_Payme
Debt (Scheduled Principal Payments on Mortgages and Notes Payable) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | |
2014 | $33,456 | ' | |
2015 | 85,250 | ' | |
2016 | 49,710 | [1] | ' |
2017 | 232,222 | ' | |
2018 | 84,244 | ' | |
Thereafter | 265,118 | ' | |
Subtotal debt | 750,000 | 541,264 | |
Unamortized premium | 3,174 | 17 | |
Total notes payable | $753,174 | $541,281 | |
[1] | Scheduled maturities in 2016 include $27.0 million which represents the balance of the unsecured revolving credit facility drawn as of December 31, 2013. |
Debt_Scheduled_Principal_Payme1
Debt (Scheduled Principal Payments on Mortgages and Notes Payable) (Parenthetical) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Debt instrument maturity in year four | $232,222 |
Unsecured Revolving Credit Facility | ' |
Debt Instrument [Line Items] | ' |
Debt instrument maturity in year four | $27,000 |
Debt_Summary_of_Future_Rental_
Debt (Summary of Future Rental Payments Under Capital Ground Lease) (Detail) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | |
2014 | $5,955 | [1] |
Total lease payments | 5,955 | [1] |
Less: amounts representing interest | -269 | [1] |
Total | $5,686 | [1] |
[1] | Amounts represent a ground lease at one of our shopping centers that provides the option for us to purchase the land in October 2014 for approximately $5.0 million. |
Debt_Summary_of_Future_Rental_1
Debt (Summary of Future Rental Payments Under Capital Ground Lease) (Parenthetical) (Detail) (Land, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Land | ' |
Capital Leased Assets [Line Items] | ' |
Option to purchase leased asset, price | $5 |
Other_Liabilities_Net_Addition
Other Liabilities, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Liabilities Disclosure [Abstract] | ' | ' | ' |
Increase in revenue, accretion of below market leases | $3.10 | $1 | $0.60 |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Lease intangible liabilities, net | $40,386 | $16,297 |
Cash flow hedge marked-to-market liability | 2,297 | 5,574 |
Deferred liabilities | 2,637 | 1,970 |
Tenant security deposits | 2,940 | 1,948 |
Other, net | 333 | 398 |
Other liabilities, net | $48,593 | $26,187 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | $753,174,000 | $541,281,000 |
Fixed Rate Mortgages | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | 649,900,000 | 456,300,000 |
Long term debt, fair value | 650,900,000 | 455,400,000 |
Floating Rate Debt | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | 100,100,000 | 85,000,000 |
Long term debt, fair value | $100,100,000 | $85,000,000 |
Fair_Value_Recorded_Amount_of_
Fair Value (Recorded Amount of Liabilities Measured at Fair Value on Recurring Basis) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets - interest rate swaps | $2,244 | ' |
Derivative liabilities - interest rate swaps | -2,297 | -5,574 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets - interest rate swaps | 2,244 | ' |
Derivative liabilities - interest rate swaps | ($2,297) | ($5,574) |
Fair_Value_Recorded_Amount_of_1
Fair Value (Recorded Amount of Assets Marked to Fair Value on Nonrecurring Basis) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | $32,088 | $35,771 |
Total Losses | -9,669 | -4,688 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | 32,088 | 35,771 |
Income producing properties | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | 26,520 | 16,862 |
Total Losses | -9,342 | -2,915 |
Income producing properties | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | 26,520 | 16,862 |
Land available for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | 5,568 | 17,745 |
Total Losses | -327 | -1,387 |
Land available for sale | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | 5,568 | 17,745 |
Investments in unconsolidated entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | 1,164 |
Total Losses | ' | -386 |
Investments in unconsolidated entities | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | $1,164 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | Investment |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Number of interest swap agreements | 7 |
Notional amount of derivatives | $210 |
Minimum | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Derivative interest rate, one-month LIBOR | 1.20% |
Maximum | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Derivative interest rate, one-month LIBOR | 2.20% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Summary of Notional Values and Fair Values of Derivative Financial Instruments) (Details) (USD $) | Dec. 31, 2013 |
Derivative Assets | ' |
Notional Value | $75,000,000 |
Fair Value | 2,244,000 |
Derivative Liabilities | ' |
Notional Value | 135,000,000 |
Fair Value | -2,297,000 |
Unsecured term loan facility with: 1.4600%, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Notional Value | 50,000,000 |
Fixed Rate | 1.46% |
Fair Value | 2,211,000 |
Derivative Liabilities | ' |
Fixed Rate | 1.46% |
Unsecured term loan facility with: 2.1500%, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Notional Value | 15,000,000 |
Fixed Rate | 2.15% |
Fair Value | 20,000 |
Derivative Liabilities | ' |
Fixed Rate | 2.15% |
Unsecured term loan facility with: 2.1500%, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Notional Value | 10,000,000 |
Fixed Rate | 2.15% |
Fair Value | 13,000 |
Derivative Liabilities | ' |
Fixed Rate | 2.15% |
Unsecured term loan facility with: 1.2175 % Swap Rate, Expiration Date 04/2016 | ' |
Derivative Assets | ' |
Fixed Rate | 1.22% |
Derivative Liabilities | ' |
Notional Value | 75,000,000 |
Fixed Rate | 1.22% |
Fair Value | -1,249,000 |
Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed Rate | 2.05% |
Derivative Liabilities | ' |
Notional Value | 30,000,000 |
Fixed Rate | 2.05% |
Fair Value | -668,000 |
Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed Rate | 1.85% |
Derivative Liabilities | ' |
Notional Value | 25,000,000 |
Fixed Rate | 1.85% |
Fair Value | -317,000 |
Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed Rate | 1.84% |
Derivative Liabilities | ' |
Notional Value | 5,000,000 |
Fixed Rate | 1.84% |
Fair Value | ($63,000) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets - interest rate swaps | $2,244 | ' |
Derivative liabilities - interest rate swaps | -2,297 | -5,574 |
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets - interest rate swaps | ' | 0 |
Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities - interest rate swaps | ($2,297) | ($5,574) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $5,521 | ($2,745) |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -2,271 | -1,782 |
Interest Rate Contracts | Interest Expense | Derivative Assets | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 2,244 | 0 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -424 | 0 |
Interest Rate Contracts | Interest Expense | Derivative Liabilities | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 3,277 | -2,745 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,847) | ($1,782) |
Lease_Additional_Information_D
Lease - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Operating lease, expiration year | 31-Dec-19 | ' | ' |
Rent expense | $0.70 | $0.70 | $0.80 |
Leases_Summary_of_Revenues_fro
Leases (Summary of Revenues from Rentals Under Non-Cancellable Operating Lease Agreements) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $143,115 |
2015 | 131,560 |
2016 | 113,735 |
2017 | 90,828 |
2018 | 74,957 |
Thereafter | 304,730 |
Total | $858,925 |
Leases_Summary_of_Approximate_
Leases (Summary of Approximate Future Rental Payments under Lease Agreements) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $579 |
2015 | 462 |
2016 | 468 |
2017 | 475 |
2018 | 481 |
Thereafter | 942 |
Total | $3,407 |
Earnings_per_Common_Share_Comp
Earnings per Common Share (Computation of Basic Earnings Per Share) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations | ($5,365) | [1] | $4,816 | [1] | $4,093 | [1] | $4,827 | [1] | $1,519 | [1] | $2,685 | [1] | $1,323 | [1] | $1,644 | [1] | $8,371 | $7,171 | ($29,418) |
Net (income) loss from continuing operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -355 | 87 | 1,800 | ||||||||
Preferred share dividends | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -7,250 | -7,250 | -5,244 |
Allocation of continuing (income) loss to restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | -102 | 29 | 267 | ||||||||
Income (loss) from discontinued operations | 56 | [1] | 899 | [1] | 1,689 | [1] | 447 | [1] | 140 | [1] | 636 | [1] | 841 | [1] | -1,696 | [1] | 3,091 | -79 | 918 |
Net (income) loss from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -110 | 25 | -58 | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | -6,952 | [1] | 3,701 | [1] | 3,761 | [1] | 3,237 | [1] | -232 | [1] | 1,350 | [1] | 166 | [1] | -1,330 | [1] | 3,747 | -46 | -32,002 |
Weighted average shares outstanding, Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 59,336 | 44,101 | 38,466 | ||||||||
EARNINGS (LOSS) PER COMMON SHARE, BASIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations (in dollars per share) | ($0.11) | [1],[2] | $0.05 | [1],[2] | $0.03 | [1],[2] | $0.05 | [1],[2] | ($0.01) | [1],[2] | $0.02 | [1],[2] | ($0.01) | [1],[2] | $0.01 | [1],[2] | $0.01 | $0 | ($0.85) |
Discontinued operations (in dollars per share) | $0 | [1],[2] | $0.01 | [1],[2] | $0.03 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0.01 | [1],[2] | ($0.04) | [1],[2] | $0.05 | $0 | $0.01 |
Net income (loss) available to common shareholders (in dollars per share) | ($0.11) | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | ($0.01) | [1],[2] | $0.03 | [1],[2] | $0 | [1],[2] | ($0.03) | [1],[2] | $0.06 | $0 | ($0.84) |
Basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations attributable to RPT | ' | ' | ' | ' | ' | ' | ' | ' | 664 | 37 | -32,595 | ||||||||
Allocation of discontinued (income) loss to restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 1 | -7 | ||||||||
Income (loss) from discontinued operations attributable to RPT | ' | ' | ' | ' | ' | ' | ' | ' | 2,961 | -53 | 853 | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | $3,625 | ($16) | ($31,742) | ||||||||
[1] | Amounts are reclassified to reflect the reporting of discontinued operations. | ||||||||||||||||||
[2] | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2012. |
Earnings_per_Common_Share_Comp1
Earnings per Common Share (Computation of Diluted Earnings Per Share ("EPS")) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) from continuing operations | ($5,365) | [1] | $4,816 | [1] | $4,093 | [1] | $4,827 | [1] | $1,519 | [1] | $2,685 | [1] | $1,323 | [1] | $1,644 | [1] | $8,371 | $7,171 | ($29,418) | |||
Net (income) loss from continuing operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -355 | 87 | 1,800 | |||||||||||
Preferred share dividends | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -7,250 | -7,250 | -5,244 | |||
Allocation of continuing (income) loss to restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | -102 | 29 | 267 | |||||||||||
Allocation of over distributed continuing (income) loss to restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -23 | -38 | |||||||||||
Income (loss) from discontinued operations | 56 | [1] | 899 | [1] | 1,689 | [1] | 447 | [1] | 140 | [1] | 636 | [1] | 841 | [1] | -1,696 | [1] | 3,091 | -79 | 918 | |||
Net (income) loss from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -110 | 25 | -58 | |||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | -6,952 | [1] | 3,701 | [1] | 3,761 | [1] | 3,237 | [1] | -232 | [1] | 1,350 | [1] | 166 | [1] | -1,330 | [1] | 3,747 | -46 | -32,002 | |||
Weighted average shares outstanding, Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 59,336 | 44,101 | 38,466 | |||||||||||
Stock options and restricted share awards using the treasury method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 392 | [2] | 0 | [2] | 0 | [2] | ||||||||
Dilutive effect of securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||
Weighted average shares outstanding, Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 59,728 | 44,101 | 38,466 | |||||||||||
EARNINGS (LOSS) PER COMMON SHARE, DILUTED | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations (in dollars per share) | ($0.11) | [1],[4] | $0.05 | [1],[4] | $0.03 | [1],[4] | $0.05 | [1],[4] | ($0.01) | [1],[4] | $0.02 | [1],[4] | ($0.01) | [1],[4] | $0.01 | [1],[4] | $0.01 | $0 | ($0.85) | |||
Discontinued operations (in dollars per share) | $0 | [1],[4] | $0.01 | [1],[4] | $0.03 | [1],[4] | $0.01 | [1],[4] | $0 | [1],[4] | $0.01 | [1],[4] | $0.01 | [1],[4] | ($0.04) | [1],[4] | $0.05 | $0 | $0.01 | |||
Net income (loss) available to common shareholders (in dollars per share) | ($0.11) | [1],[4] | $0.06 | [1],[4] | $0.06 | [1],[4] | $0.06 | [1],[4] | ($0.01) | [1],[4] | $0.03 | [1],[4] | $0 | [1],[4] | ($0.03) | [1],[4] | $0.06 | $0 | ($0.84) | |||
Diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) from continuing operations attributable to RPT | ' | ' | ' | ' | ' | ' | ' | ' | 664 | 14 | -32,633 | |||||||||||
Allocation of discontinued (income) loss to restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | |||||||||||
Income (loss) from discontinued operations attributable to RPT | ' | ' | ' | ' | ' | ' | ' | ' | 2,981 | -54 | 859 | |||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | $3,645 | ($40) | ($31,774) | |||||||||||
[1] | Amounts are reclassified to reflect the reporting of discontinued operations. | |||||||||||||||||||||
[2] | For the year ended December 31, 2012 stock options and restricted stock awards are anti-dilutive and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. | |||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||
[4] | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2012. |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 13, 2013 | Mar. 18, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock | Underwritten Public Offering | Underwritten Public Offering | Underwritten Public Offering | Controlled Equity Offering | Controlled Equity Offering | Controlled Equity Offering | Controlled Equity Offering | ||||
offering | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | ||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of public offerings | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stocks (in shares) | ' | ' | ' | ' | 4,500,000 | 8,050,000 | 5,500,000 | 5,400,000 | 3,100,000 | ' | ' |
Issuance of shares, offer price (in dollars per share) | ' | ' | ' | ' | $15.90 | $15.55 | $12.10 | $15.10 | $12.79 | ' | ' |
Proceeds from issuance of common stock | $274,295,000 | $111,468,000 | $8,819,000 | ' | $70,400,000 | $122,200,000 | $73,200,000 | $81,700,000 | $38,100,000 | ' | ' |
Over-allotment shares purchased by underwriters | ' | ' | ' | ' | ' | ' | 825,000 | ' | ' | ' | ' |
Sales commissions and fees on issuance of shares | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | $800,000 | ' | ' |
Shares available for issuance | 120,000,000 | 80,000,000 | ' | ' | ' | ' | ' | 7,800,000 | ' | 8,000,000 | 6,000,000 |
ShareBased_Compensation_and_Ot2
Share-Based Compensation and Other Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $3,600,000 | $2,600,000 | $1,800,000 |
Performance-based liability awards, measurement period | '3 years | '3 years | '3 years |
Percentage of award to be paid in cash | 50.00% | ' | ' |
Compensation expense related to cash awards | 1,500,000 | 400,000 | 0 |
Expense related to restricted share grants | 2,100,000 | 2,200,000 | 1,800,000 |
Total unrecognized compensation expense | 4,500,000 | ' | ' |
Total unrecognized compensation expense, weighted average period of recognition | '4 years 2 months 12 days | ' | ' |
Compensation expense related to options | ' | 100,000 | 100,000 |
Cash proceeds from stock option exercised | $200,000 | $200,000 | $200,000 |
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 | ' | ' |
Number of shares available for issuance | 1,900,000 | ' | ' |
2003 LTIP | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of options exercisable | 146,993 | ' | ' |
2003 and 1997 Non-Employee Trustee Stock Option Plans | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of options exercisable | 44,000 | ' | ' |
Service-based restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of stock award grants | 50.00% | 50.00% | 50.00% |
Performance-based awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of stock award grants | 50.00% | 50.00% | 50.00% |
Service and performance-based stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | ' | ' | '5 years |
ShareBased_Compensation_and_Ot3
Share-Based Compensation and Other Benefit Plans (Summary of Activity of Service Based Restricted Shares Under LTIP) (Detail) (Service-based restricted stock, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Service-based restricted stock | ' | ' | ' |
Number of Shares | ' | ' | ' |
Outstanding at the beginning of the year (in shares) | 286,306 | 229,722 | 264,657 |
Granted (in shares) | 293,732 | 135,223 | 119,964 |
Vested (in shares) | -197,014 | -68,683 | -109,638 |
Forfeited or expired (in shares) | -7,211 | -9,956 | -45,261 |
Outstanding at the end of the year (in shares) | 375,813 | 286,306 | 229,722 |
Weighted- Average Grant Date Fair Value | ' | ' | ' |
Outstanding at the beginning of the year (in dollars per share) | $11.83 | $12.40 | $10.78 |
Granted (in dollars per share) | $15.68 | $11.30 | $13.34 |
Vested (in dollars per share) | $10.07 | $11.47 | $11.04 |
Forfeited or expired (in dollars per share) | $13.38 | $11.95 | $13.12 |
Outstanding at the end of the year (in dollars per share) | $13.71 | $11.83 | $12.40 |
ShareBased_Compensation_and_Ot4
Share-Based Compensation and Other Benefit Plans (Stock Option Activity) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares Under Option | ' | ' | ' |
Outstanding at the beginning of the year (in shares) | 227,743 | 272,201 | 323,948 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | -25,000 | -25,000 | -25,000 |
Forfeited or expired (in shares) | -11,750 | -19,458 | -26,747 |
Outstanding at the end of the year (in shares) | 190,993 | 227,743 | 272,201 |
Exercisable at the end of year (in shares) | 190,993 | 202,743 | 222,201 |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the year (in dollars per share) | $27.81 | $25.98 | $25.06 |
Granted (in dollars per share) | ' | $0 | $0 |
Exercised (in dollars per share) | $9.61 | $9.61 | $9.61 |
Forfeited or expired (in dollars per share) | $25.34 | $25.65 | $30.18 |
Outstanding at the end of the year (in dollars per share) | $30.34 | $27.81 | $25.98 |
Exercisable at the end of year (in dollars per share) | $30.34 | $30.05 | $29.67 |
ShareBased_Compensation_and_Ot5
Share-Based Compensation and Other Benefit Plans (Summary of Stock Option Outstanding) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding (in shares) | 190,993 | 227,743 | 272,201 | 323,948 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years 1 month 6 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $30.34 | $27.81 | $25.98 | $25.06 |
Options Exercisable (in shares) | 190,993 | 202,743 | 222,201 | ' |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $30.34 | $30.05 | $29.67 | ' |
23.77 - $27.96 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Price, Lower Limit | $23.77 | ' | ' | ' |
Range of Exercise Price, Upper Limit | $27.96 | ' | ' | ' |
Options Outstanding (in shares) | 69,917 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '1 year 1 month 6 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $26.88 | ' | ' | ' |
Options Exercisable (in shares) | 69,917 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $26.88 | ' | ' | ' |
28.80 - $29.06 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Price, Lower Limit | $28.80 | ' | ' | ' |
Range of Exercise Price, Upper Limit | $29.06 | ' | ' | ' |
Options Outstanding (in shares) | 49,806 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $29.01 | ' | ' | ' |
Options Exercisable (in shares) | 49,806 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $29.01 | ' | ' | ' |
34.30 - $36.50 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Price, Lower Limit | $34.30 | ' | ' | ' |
Range of Exercise Price, Upper Limit | $36.50 | ' | ' | ' |
Options Outstanding (in shares) | 71,270 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '3 years 2 months 12 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $34.67 | ' | ' | ' |
Options Exercisable (in shares) | 71,270 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $34.67 | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Percentage of taxable income required to distribute annually to maintain REIT qualification, (in hundredths) | 90.00% | ' | ' |
Income tax provision (benefit) | $64,000 | ($34,000) | $795,000 |
Federal | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Federal and state deferred tax asset, valuation allowance | 9,800,000 | ' | ' |
State | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Federal and state deferred tax asset | $200,000 | ' | ' |
Transactions_with_Related_Part2
Transactions with Related Parties (Revenue From Related Parties) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Management fees | $1,875 | $2,564 | $2,633 |
Leasing fees | 390 | 1,026 | 918 |
Related Party Transactions | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Management fees | ' | ' | 72 |
Leasing fees | ' | ' | 12 |
Other | ' | ' | 110 |
Total | ' | ' | $194 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Construction costs related to development and expansion | $13.10 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Sales Agreement, USD $) | Feb. 26, 2014 |
In Millions, unless otherwise specified | |
Sales Agreement | ' |
Subsequent Event [Line Items] | ' |
Real estate investment property | $7.30 |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | $48,016 | [1] | $45,411 | [1] | $42,703 | [1] | $33,938 | [1] | $33,304 | [1] | $31,764 | [1] | $30,117 | [1] | $30,040 | [1] | $170,068 | $125,225 | $114,386 |
Income before other income and expenses, tax and discontinued operations | 12,479 | [1] | 13,110 | [1] | 11,310 | [1] | 8,230 | [1] | 8,783 | [1] | 7,837 | [1] | 7,319 | [1] | 8,219 | [1] | 45,129 | 32,158 | 27,470 |
Income (loss) from continuing operations | -5,365 | [1] | 4,816 | [1] | 4,093 | [1] | 4,827 | [1] | 1,519 | [1] | 2,685 | [1] | 1,323 | [1] | 1,644 | [1] | 8,371 | 7,171 | -29,418 |
Income (loss) from discontinued operations | 56 | [1] | 899 | [1] | 1,689 | [1] | 447 | [1] | 140 | [1] | 636 | [1] | 841 | [1] | -1,696 | [1] | 3,091 | -79 | 918 |
NET INCOME (LOSS) | -5,309 | [1] | 5,715 | [1] | 5,782 | [1] | 5,274 | [1] | 1,659 | [1] | 3,321 | [1] | 2,164 | [1] | -52 | [1] | 11,462 | 7,092 | -28,500 |
Net (income) loss attributable to noncontrolling partner interest | 169 | [1] | -201 | [1] | -208 | [1] | -225 | [1] | -79 | [1] | -158 | [1] | -185 | [1] | 534 | [1] | -465 | 112 | 1,742 |
Preferred share dividends | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -1,812 | [1] | -1,813 | [1] | -1,813 | [1] | -1,812 | [1] | -7,250 | -7,250 | -5,244 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | ($6,952) | [1] | $3,701 | [1] | $3,761 | [1] | $3,237 | [1] | ($232) | [1] | $1,350 | [1] | $166 | [1] | ($1,330) | [1] | $3,747 | ($46) | ($32,002) |
(Loss) earnings per common share, basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations (in dollars per share) | ($0.11) | [1],[2] | $0.05 | [1],[2] | $0.03 | [1],[2] | $0.05 | [1],[2] | ($0.01) | [1],[2] | $0.02 | [1],[2] | ($0.01) | [1],[2] | $0.01 | [1],[2] | $0.01 | $0 | ($0.85) |
Discontinued operations (in dollars per share) | $0 | [1],[2] | $0.01 | [1],[2] | $0.03 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0.01 | [1],[2] | ($0.04) | [1],[2] | $0.05 | $0 | $0.01 |
Net income (loss) available to common shareholders (in dollars per share) | ($0.11) | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | ($0.01) | [1],[2] | $0.03 | [1],[2] | $0 | [1],[2] | ($0.03) | [1],[2] | $0.06 | $0 | ($0.84) |
(Loss) earnings per common share, diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations (in dollars per share) | ($0.11) | [1],[2] | $0.05 | [1],[2] | $0.03 | [1],[2] | $0.05 | [1],[2] | ($0.01) | [1],[2] | $0.02 | [1],[2] | ($0.01) | [1],[2] | $0.01 | [1],[2] | $0.01 | $0 | ($0.85) |
Discontinued operations (in dollars per share) | $0 | [1],[2] | $0.01 | [1],[2] | $0.03 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0.01 | [1],[2] | ($0.04) | [1],[2] | $0.05 | $0 | $0.01 |
Net income (loss) available to common shareholders (in dollars per share) | ($0.11) | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | $0.06 | [1],[2] | ($0.01) | [1],[2] | $0.03 | [1],[2] | $0 | [1],[2] | ($0.03) | [1],[2] | $0.06 | $0 | ($0.84) |
[1] | Amounts are reclassified to reflect the reporting of discontinued operations. | ||||||||||||||||||
[2] | EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2012. |
Recovered_Sheet3
Summary of Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Encumbrances | 329,875 | |
Initial Cost to Company, Land | 331,495 | |
Initial Cost to Company, Building & Improvements | 1,182,186 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 213,510 | |
Gross Amounts at which Carried at Close of Period, Land | 353,219 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,373,972 | |
Gross Amounts at which Carried at Close of Period, Total | 1,727,191 | |
Accumulated Depreciation | -253,292 | |
Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Acquired | '2012 | |
Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Acquired | '2013 | |
Auburn Mile | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 6,673 | |
Initial Cost to Company, Land | 15,704 | |
Initial Cost to Company, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -7,110 | |
Gross Amounts at which Carried at Close of Period, Land | 5,917 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 2,677 | |
Gross Amounts at which Carried at Close of Period, Total | 8,594 | |
Accumulated Depreciation | 1,984 | |
Date Constructed | '2000 | |
Date Acquired | '1999 | |
Central Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 10,250 | |
Initial Cost to Company, Building & Improvements | 10,909 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -18 | |
Gross Amounts at which Carried at Close of Period, Land | 10,250 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,891 | |
Gross Amounts at which Carried at Close of Period, Total | 21,141 | |
Accumulated Depreciation | 685 | |
Date Constructed | '1970 | |
Date Acquired | '2012 | |
Centre at Woodstock | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,880 | |
Initial Cost to Company, Building & Improvements | 10,801 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -294 | |
Gross Amounts at which Carried at Close of Period, Land | 1,987 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,400 | |
Gross Amounts at which Carried at Close of Period, Total | 12,387 | |
Accumulated Depreciation | 2,437 | |
Date Constructed | '1997 | |
Date Acquired | '2004 | |
Clinton Pointe | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,175 | |
Initial Cost to Company, Building & Improvements | 10,499 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 351 | |
Gross Amounts at which Carried at Close of Period, Land | 1,175 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,850 | |
Gross Amounts at which Carried at Close of Period, Total | 12,025 | |
Accumulated Depreciation | 2,903 | |
Date Constructed | '1992 | |
Date Acquired | '2003 | |
Clinton Valley | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,500 | |
Initial Cost to Company, Building & Improvements | 13,498 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,741 | |
Gross Amounts at which Carried at Close of Period, Land | 1,625 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,114 | |
Gross Amounts at which Carried at Close of Period, Total | 24,739 | |
Accumulated Depreciation | 9,262 | |
Date Acquired | '1996 | |
Clinton Valley | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1977 | |
Clinton Valley | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1985 | |
Cocoa Commons | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 2,188 | |
Initial Cost to Company, Building & Improvements | 7,613 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -1 | |
Gross Amounts at which Carried at Close of Period, Land | 2,188 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 7,612 | |
Gross Amounts at which Carried at Close of Period, Total | 9,800 | |
Accumulated Depreciation | 197 | |
Date Acquired | '2013 | |
Cocoa Commons | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2001 | |
Cocoa Commons | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2008 | |
Conyers Crossing | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 729 | |
Initial Cost to Company, Building & Improvements | 6,562 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 589 | |
Gross Amounts at which Carried at Close of Period, Land | 729 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 7,151 | |
Gross Amounts at which Carried at Close of Period, Total | 7,880 | |
Accumulated Depreciation | 2,639 | |
Date Constructed | '1978 | |
Date Acquired | '1998 | |
Coral Creek Shops | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,565 | |
Initial Cost to Company, Building & Improvements | 14,085 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 580 | |
Gross Amounts at which Carried at Close of Period, Land | 1,572 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,658 | |
Gross Amounts at which Carried at Close of Period, Total | 16,230 | |
Accumulated Depreciation | 4,221 | |
Date Constructed | '1992 | |
Date Acquired | '2002 | |
Crossroads Centre | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'OH | |
Encumbrances | 26,937 | |
Initial Cost to Company, Land | 5,800 | |
Initial Cost to Company, Building & Improvements | 20,709 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,096 | |
Gross Amounts at which Carried at Close of Period, Land | 4,904 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,701 | |
Gross Amounts at which Carried at Close of Period, Total | 29,605 | |
Accumulated Depreciation | 8,816 | |
Date Constructed | '2001 | |
Date Acquired | '2001 | |
Cypress Point | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 2,968 | |
Initial Cost to Company, Building & Improvements | 17,637 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 8 | |
Gross Amounts at which Carried at Close of Period, Land | 2,968 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,645 | |
Gross Amounts at which Carried at Close of Period, Total | 20,613 | |
Accumulated Depreciation | 439 | |
Date Constructed | '1983 | |
Date Acquired | '2013 | |
Deer Creek Shopping Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 6,070 | |
Initial Cost to Company, Building & Improvements | 18,105 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 6,070 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,105 | |
Gross Amounts at which Carried at Close of Period, Total | 24,175 | |
Accumulated Depreciation | 88 | |
Date Acquired | '2013 | |
Deer Creek Shopping Center | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1970 | |
Deer Creek Shopping Center | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2013 | |
Deer Grove Centre | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'IL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 8,408 | |
Initial Cost to Company, Building & Improvements | 8,197 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 8,408 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 8,197 | |
Gross Amounts at which Carried at Close of Period, Total | 16,605 | |
Accumulated Depreciation | 181 | |
Date Constructed | '1997 | |
Date Acquired | '2013 | |
Deerfield Towne Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'OH | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 6,868 | |
Initial Cost to Company, Building & Improvements | 78,551 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 6,868 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 78,551 | |
Gross Amounts at which Carried at Close of Period, Total | 85,419 | |
Accumulated Depreciation | 112 | |
Date Acquired | '2013 | |
Deerfield Towne Center | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2004 | |
Deerfield Towne Center | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2007 | |
East Town Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'WI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,768 | |
Initial Cost to Company, Building & Improvements | 16,216 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,804 | |
Gross Amounts at which Carried at Close of Period, Land | 1,768 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,020 | |
Gross Amounts at which Carried at Close of Period, Total | 20,788 | |
Accumulated Depreciation | 5,708 | |
Date Constructed | '1992 | |
Date Acquired | '2000 | |
Fairlane Meadows | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,255 | |
Initial Cost to Company, Building & Improvements | 17,620 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,547 | |
Gross Amounts at which Carried at Close of Period, Land | 3,260 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,162 | |
Gross Amounts at which Carried at Close of Period, Total | 25,422 | |
Accumulated Depreciation | 5,542 | |
Fairlane Meadows | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1987 | |
Date Acquired | '2003 | |
Fairlane Meadows | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2007 | |
Date Acquired | '2005 | |
Fraser Shopping Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 363 | |
Initial Cost to Company, Building & Improvements | 3,263 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 735 | |
Gross Amounts at which Carried at Close of Period, Land | 363 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 3,998 | |
Gross Amounts at which Carried at Close of Period, Total | 4,361 | |
Accumulated Depreciation | 1,679 | |
Date Constructed | '1977 | |
Date Acquired | '1996 | |
Gaines Marketplace | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 226 | |
Initial Cost to Company, Building & Improvements | 6,782 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 8,871 | |
Gross Amounts at which Carried at Close of Period, Land | 8,343 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 7,536 | |
Gross Amounts at which Carried at Close of Period, Total | 15,879 | |
Accumulated Depreciation | 1,611 | |
Date Constructed | '2004 | |
Date Acquired | '2004 | |
Harvest Junction North | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 8,254 | |
Initial Cost to Company, Building & Improvements | 25,232 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 207 | |
Gross Amounts at which Carried at Close of Period, Land | 5,593 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 28,100 | |
Gross Amounts at which Carried at Close of Period, Total | 33,693 | |
Accumulated Depreciation | 1,172 | |
Date Constructed | '2006 | |
Date Acquired | '2012 | |
Harvest Junction South | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 6,241 | |
Initial Cost to Company, Building & Improvements | 22,856 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 136 | |
Gross Amounts at which Carried at Close of Period, Land | 6,241 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,992 | |
Gross Amounts at which Carried at Close of Period, Total | 29,233 | |
Accumulated Depreciation | 1,101 | |
Date Constructed | '2006 | |
Date Acquired | '2012 | |
Heritage Place | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 13,899 | |
Initial Cost to Company, Building & Improvements | 22,506 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 301 | |
Gross Amounts at which Carried at Close of Period, Land | 13,899 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,807 | |
Gross Amounts at which Carried at Close of Period, Total | 36,706 | |
Accumulated Depreciation | 2,410 | |
Date Constructed | '1989 | |
Date Acquired | '2011 | |
Holcomb Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 658 | |
Initial Cost to Company, Building & Improvements | 5,953 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,993 | |
Gross Amounts at which Carried at Close of Period, Land | 658 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 15,946 | |
Gross Amounts at which Carried at Close of Period, Total | 16,604 | |
Accumulated Depreciation | 4,619 | |
Date Constructed | '1986 | |
Date Acquired | '1996 | |
Hoover Eleven | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,308 | |
Initial Cost to Company, Building & Improvements | 29,778 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,413 | |
Gross Amounts at which Carried at Close of Period, Land | 3,304 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 34,195 | |
Gross Amounts at which Carried at Close of Period, Total | 37,499 | |
Accumulated Depreciation | 8,335 | |
Date Constructed | '1989 | |
Date Acquired | '2003 | |
Horizon Village | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,133 | |
Initial Cost to Company, Building & Improvements | 10,200 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 137 | |
Gross Amounts at which Carried at Close of Period, Land | 1,143 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,327 | |
Gross Amounts at which Carried at Close of Period, Total | 11,470 | |
Accumulated Depreciation | 3,278 | |
Date Constructed | '1996 | |
Date Acquired | '2002 | |
Hunter's Square - Land Parcel | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 7,673 | |
Initial Cost to Company, Building & Improvements | 52,774 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 249 | |
Gross Amounts at which Carried at Close of Period, Land | 7,652 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 53,044 | |
Gross Amounts at which Carried at Close of Period, Total | 60,696 | |
Accumulated Depreciation | 1,287 | |
Date Constructed | '1988 | |
Date Acquired | '2013 | |
Jackson Crossing | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 23,827 | |
Initial Cost to Company, Land | 2,249 | |
Initial Cost to Company, Building & Improvements | 20,237 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 16,444 | |
Gross Amounts at which Carried at Close of Period, Land | 2,249 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 36,681 | |
Gross Amounts at which Carried at Close of Period, Total | 38,930 | |
Accumulated Depreciation | 13,517 | |
Date Constructed | '1967 | |
Date Acquired | '1996 | |
Jackson West | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 16,426 | |
Initial Cost to Company, Land | 2,806 | |
Initial Cost to Company, Building & Improvements | 6,270 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,198 | |
Gross Amounts at which Carried at Close of Period, Land | 2,691 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,583 | |
Gross Amounts at which Carried at Close of Period, Total | 15,274 | |
Accumulated Depreciation | 4,956 | |
Date Constructed | '1996 | |
Date Acquired | '1996 | |
Lake Orion Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 470 | |
Initial Cost to Company, Building & Improvements | 4,234 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,182 | |
Gross Amounts at which Carried at Close of Period, Land | 1,241 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 4,645 | |
Gross Amounts at which Carried at Close of Period, Total | 5,886 | |
Accumulated Depreciation | 2,155 | |
Date Constructed | '1977 | |
Date Acquired | '1996 | |
Lakeshore Marketplace | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 2,018 | |
Initial Cost to Company, Building & Improvements | 18,114 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,410 | |
Gross Amounts at which Carried at Close of Period, Land | 3,402 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,140 | |
Gross Amounts at which Carried at Close of Period, Total | 25,542 | |
Accumulated Depreciation | 5,574 | |
Date Constructed | '1996 | |
Date Acquired | '2003 | |
Liberty Square | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'IL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 2,670 | |
Initial Cost to Company, Building & Improvements | 11,862 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -49 | |
Gross Amounts at which Carried at Close of Period, Land | 2,670 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,813 | |
Gross Amounts at which Carried at Close of Period, Total | 14,483 | |
Accumulated Depreciation | 1,389 | |
Date Constructed | '1987 | |
Date Acquired | '2010 | |
Livonia Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,317 | |
Initial Cost to Company, Building & Improvements | 11,786 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 193 | |
Gross Amounts at which Carried at Close of Period, Land | 1,317 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,979 | |
Gross Amounts at which Carried at Close of Period, Total | 13,296 | |
Accumulated Depreciation | 3,301 | |
Date Constructed | '1988 | |
Date Acquired | '2003 | |
Marketplace of Delray | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 7,922 | |
Initial Cost to Company, Building & Improvements | 18,910 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 345 | |
Gross Amounts at which Carried at Close of Period, Land | 7,922 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,255 | |
Gross Amounts at which Carried at Close of Period, Total | 27,177 | |
Accumulated Depreciation | 553 | |
Date Acquired | '2013 | |
Marketplace of Delray | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1981 | |
Marketplace of Delray | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2010 | |
Merchants' Square | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'IN | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 4,997 | |
Initial Cost to Company, Building & Improvements | 18,346 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 695 | |
Gross Amounts at which Carried at Close of Period, Land | 4,997 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,041 | |
Gross Amounts at which Carried at Close of Period, Total | 24,038 | |
Accumulated Depreciation | 4,061 | |
Date Constructed | '1970 | |
Date Acquired | '2010 | |
Mission Bay | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 33,975 | |
Initial Cost to Company, Building & Improvements | 48,159 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 721 | |
Gross Amounts at which Carried at Close of Period, Land | 33,975 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 48,880 | |
Gross Amounts at which Carried at Close of Period, Total | 82,855 | |
Accumulated Depreciation | 1,248 | |
Date Constructed | '1989 | |
Date Acquired | '2013 | |
Mount Prospect Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'IL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 11,633 | |
Initial Cost to Company, Building & Improvements | 21,767 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 11,633 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,767 | |
Gross Amounts at which Carried at Close of Period, Total | 33,400 | |
Accumulated Depreciation | 414 | |
Date Acquired | '2013 | |
Mount Prospect Plaza | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1958 | |
Mount Prospect Plaza | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2012 | |
Nagawaukee Shopping Center (1) | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'WI | |
Encumbrances | 8,940 | |
Initial Cost to Company, Land | 7,549 | |
Initial Cost to Company, Building & Improvements | 30,898 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -5 | |
Gross Amounts at which Carried at Close of Period, Land | 7,549 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,893 | |
Gross Amounts at which Carried at Close of Period, Total | 38,442 | |
Accumulated Depreciation | 987 | |
Nagawaukee Shopping Center (1) | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1994 | |
Nagawaukee Shopping Center (1) | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2008 | |
Naples Towne Centre | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 218 | |
Initial Cost to Company, Building & Improvements | 1,964 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,079 | |
Gross Amounts at which Carried at Close of Period, Land | 807 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 6,454 | |
Gross Amounts at which Carried at Close of Period, Total | 7,261 | |
Accumulated Depreciation | 2,632 | |
Date Constructed | '1982 | |
Date Acquired | '1996 | |
New Towne Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 18,939 | |
Initial Cost to Company, Land | 817 | |
Initial Cost to Company, Building & Improvements | 7,354 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,794 | |
Gross Amounts at which Carried at Close of Period, Land | 817 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,148 | |
Gross Amounts at which Carried at Close of Period, Total | 13,965 | |
Accumulated Depreciation | 5,594 | |
Date Constructed | '1975 | |
Date Acquired | '1996 | |
Northwest Crossing | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'TN | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,854 | |
Initial Cost to Company, Building & Improvements | 11,566 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -1,872 | |
Gross Amounts at which Carried at Close of Period, Land | 969 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,579 | |
Gross Amounts at which Carried at Close of Period, Total | 11,548 | |
Accumulated Depreciation | 3,144 | |
Northwest Crossing | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1989 | |
Date Acquired | '1997 | |
Northwest Crossing | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1999 | |
Date Acquired | '1999 | |
Oak Brook Square | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 955 | |
Initial Cost to Company, Building & Improvements | 8,591 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,405 | |
Gross Amounts at which Carried at Close of Period, Land | 955 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,996 | |
Gross Amounts at which Carried at Close of Period, Total | 14,951 | |
Accumulated Depreciation | 5,253 | |
Date Constructed | '1982 | |
Date Acquired | '1996 | |
Parkway Shops | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,145 | |
Initial Cost to Company, Building & Improvements | 14,539 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 3,145 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,539 | |
Gross Amounts at which Carried at Close of Period, Total | 17,684 | |
Accumulated Depreciation | 311 | |
Date Constructed | '2013 | |
Date Acquired | '2013 | |
Promenade at Pleasant Hill | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,891 | |
Initial Cost to Company, Building & Improvements | 22,520 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -358 | |
Gross Amounts at which Carried at Close of Period, Land | 3,440 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,613 | |
Gross Amounts at which Carried at Close of Period, Total | 26,053 | |
Accumulated Depreciation | 5,471 | |
Date Constructed | '1993 | |
Date Acquired | '2004 | |
River City Marketplace | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 110,000 | |
Initial Cost to Company, Land | 19,768 | |
Initial Cost to Company, Building & Improvements | 73,859 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 8,477 | |
Gross Amounts at which Carried at Close of Period, Land | 11,140 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 90,964 | |
Gross Amounts at which Carried at Close of Period, Total | 102,104 | |
Accumulated Depreciation | 18,290 | |
Date Constructed | '2005 | |
Date Acquired | '2005 | |
River Crossing Centre | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 728 | |
Initial Cost to Company, Building & Improvements | 6,459 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 67 | |
Gross Amounts at which Carried at Close of Period, Land | 728 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 6,526 | |
Gross Amounts at which Carried at Close of Period, Total | 7,254 | |
Accumulated Depreciation | 1,764 | |
Date Constructed | '1998 | |
Date Acquired | '2003 | |
Rivertowne Square | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 954 | |
Initial Cost to Company, Building & Improvements | 8,587 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,750 | |
Gross Amounts at which Carried at Close of Period, Land | 954 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,337 | |
Gross Amounts at which Carried at Close of Period, Total | 11,291 | |
Accumulated Depreciation | 3,164 | |
Date Constructed | '1980 | |
Date Acquired | '1998 | |
Roseville Towne Center - Wal-Mart parcel | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,403 | |
Initial Cost to Company, Building & Improvements | 13,195 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,581 | |
Gross Amounts at which Carried at Close of Period, Land | 582 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,597 | |
Gross Amounts at which Carried at Close of Period, Total | 18,179 | |
Accumulated Depreciation | 6,214 | |
Date Constructed | '1963 | |
Date Acquired | '1996 | |
Rossford Pointe | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'OH | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 796 | |
Initial Cost to Company, Building & Improvements | 3,087 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,367 | |
Gross Amounts at which Carried at Close of Period, Land | 797 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 5,453 | |
Gross Amounts at which Carried at Close of Period, Total | 6,250 | |
Accumulated Depreciation | 1,145 | |
Date Constructed | '2006 | |
Date Acquired | '2005 | |
Shoppes of Lakeland | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 5,503 | |
Initial Cost to Company, Building & Improvements | 20,236 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 835 | |
Gross Amounts at which Carried at Close of Period, Land | 5,503 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,071 | |
Gross Amounts at which Carried at Close of Period, Total | 26,574 | |
Accumulated Depreciation | 798 | |
Date Constructed | '1985 | |
Date Acquired | '1996 | |
Shops at Old Orchard | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 2,864 | |
Initial Cost to Company, Building & Improvements | 16,698 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 57 | |
Gross Amounts at which Carried at Close of Period, Land | 2,864 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 16,755 | |
Gross Amounts at which Carried at Close of Period, Total | 19,619 | |
Accumulated Depreciation | 400 | |
Date Acquired | '2013 | |
Shops at Old Orchard | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '1972 | |
Shops at Old Orchard | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2011 | |
Southfield Expansion | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,121 | |
Initial Cost to Company, Building & Improvements | 10,777 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 29 | |
Gross Amounts at which Carried at Close of Period, Land | 1,121 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,806 | |
Gross Amounts at which Carried at Close of Period, Total | 11,927 | |
Accumulated Depreciation | 5,788 | |
Date Constructed | '1969 | |
Date Acquired | '1996 | |
Spring Meadows Place | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'OH | [1] |
Encumbrances | 29,352 | [1] |
Initial Cost to Company, Land | 2,646 | [1] |
Initial Cost to Company, Building & Improvements | 16,758 | [1] |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,450 | [1] |
Gross Amounts at which Carried at Close of Period, Land | 2,637 | [1] |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,217 | [1] |
Gross Amounts at which Carried at Close of Period, Total | 24,854 | [1] |
Accumulated Depreciation | 8,116 | [1] |
Date Constructed | '1987 | [1] |
Date Acquired | '1996 | [1] |
Tel-Twelve | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,819 | |
Initial Cost to Company, Building & Improvements | 43,181 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 32,016 | |
Gross Amounts at which Carried at Close of Period, Land | 3,819 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 75,197 | |
Gross Amounts at which Carried at Close of Period, Total | 79,016 | |
Accumulated Depreciation | 28,979 | |
Date Constructed | '1968 | |
Date Acquired | '1996 | |
The Crossroads | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,850 | |
Initial Cost to Company, Building & Improvements | 16,650 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 598 | |
Gross Amounts at which Carried at Close of Period, Land | 1,857 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,241 | |
Gross Amounts at which Carried at Close of Period, Total | 19,098 | |
Accumulated Depreciation | 4,971 | |
Date Constructed | '1988 | |
Date Acquired | '2002 | |
The Shoppes at Fox River | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'WI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 8,534 | |
Initial Cost to Company, Building & Improvements | 26,227 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,572 | |
Gross Amounts at which Carried at Close of Period, Land | 7,295 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,038 | |
Gross Amounts at which Carried at Close of Period, Total | 36,333 | |
Accumulated Depreciation | 2,504 | |
Date Constructed | '2009 | |
Date Acquired | '2010 | |
The Town Center at Aquia Office Building | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'VA | |
Encumbrances | 14,042 | |
Initial Cost to Company, Land | 0 | |
Initial Cost to Company, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 16,377 | |
Gross Amounts at which Carried at Close of Period, Land | 4,615 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,762 | |
Gross Amounts at which Carried at Close of Period, Total | 16,377 | |
Accumulated Depreciation | 2,247 | |
Date Constructed | '2009 | |
Date Acquired | '1998 | |
Town & Country Crossing | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MO | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 8,395 | |
Initial Cost to Company, Building & Improvements | 26,465 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,652 | |
Gross Amounts at which Carried at Close of Period, Land | 8,395 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 28,117 | |
Gross Amounts at which Carried at Close of Period, Total | 36,512 | |
Accumulated Depreciation | 1,861 | |
Date Constructed | '2008 | |
Date Acquired | '2011 | |
Treasure Coast Commons | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 7,992 | |
Initial Cost to Company, Land | 2,924 | |
Initial Cost to Company, Building & Improvements | 10,644 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 2,924 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,644 | |
Gross Amounts at which Carried at Close of Period, Total | 13,568 | |
Accumulated Depreciation | 274 | |
Date Constructed | '1996 | |
Date Acquired | '2013 | |
Troy Marketplace | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 21,238 | |
Initial Cost to Company, Land | 4,581 | |
Initial Cost to Company, Building & Improvements | 19,041 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 110 | |
Gross Amounts at which Carried at Close of Period, Land | 4,581 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,151 | |
Gross Amounts at which Carried at Close of Period, Total | 23,732 | |
Accumulated Depreciation | 506 | |
Date Acquired | '2013 | |
Troy Marketplace | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2000 | |
Troy Marketplace | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2010 | |
Troy Marketplace II | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 3,790 | |
Initial Cost to Company, Building & Improvements | 10,292 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 468 | |
Gross Amounts at which Carried at Close of Period, Land | 3,790 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,760 | |
Gross Amounts at which Carried at Close of Period, Total | 14,550 | |
Accumulated Depreciation | 379 | |
Date Acquired | '2013 | |
Troy Marketplace II | Period One | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2000 | |
Troy Marketplace II | Period Two | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Date Constructed | '2010 | |
Troy Towne Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'OH | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 930 | |
Initial Cost to Company, Building & Improvements | 8,372 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -64 | |
Gross Amounts at which Carried at Close of Period, Land | 813 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 8,425 | |
Gross Amounts at which Carried at Close of Period, Total | 9,238 | |
Accumulated Depreciation | 3,774 | |
Date Constructed | '1990 | |
Date Acquired | '1996 | |
Village Lakes Shopping Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 862 | |
Initial Cost to Company, Building & Improvements | 7,768 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,693 | |
Gross Amounts at which Carried at Close of Period, Land | 862 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,461 | |
Gross Amounts at which Carried at Close of Period, Total | 13,323 | |
Accumulated Depreciation | 3,667 | |
Date Constructed | '1987 | |
Date Acquired | '1997 | |
Village Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 8,851 | |
Initial Cost to Company, Land | 2,531 | |
Initial Cost to Company, Building & Improvements | 12,688 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 439 | |
Gross Amounts at which Carried at Close of Period, Land | 2,531 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,127 | |
Gross Amounts at which Carried at Close of Period, Total | 15,658 | |
Accumulated Depreciation | 319 | |
Date Constructed | '1989 | |
Date Acquired | '2013 | |
Vista Plaza | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 10,557 | |
Initial Cost to Company, Land | 3,667 | |
Initial Cost to Company, Building & Improvements | 16,769 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 237 | |
Gross Amounts at which Carried at Close of Period, Land | 3,667 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,006 | |
Gross Amounts at which Carried at Close of Period, Total | 20,673 | |
Accumulated Depreciation | 394 | |
Date Constructed | '1998 | |
Date Acquired | '2013 | |
West Broward | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 5,339 | |
Initial Cost to Company, Building & Improvements | 11,521 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |
Gross Amounts at which Carried at Close of Period, Land | 5,339 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,521 | |
Gross Amounts at which Carried at Close of Period, Total | 16,860 | |
Accumulated Depreciation | 299 | |
Date Constructed | '1965 | |
Date Acquired | '2013 | |
West Allis Towne Centre | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'WI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 1,866 | |
Initial Cost to Company, Building & Improvements | 16,789 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 13,936 | |
Gross Amounts at which Carried at Close of Period, Land | 1,866 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,725 | |
Gross Amounts at which Carried at Close of Period, Total | 32,591 | |
Accumulated Depreciation | 9,773 | |
Date Constructed | '1987 | |
Date Acquired | '1996 | |
West Oaks I | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 26,101 | |
Initial Cost to Company, Land | 0 | |
Initial Cost to Company, Building & Improvements | 6,304 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 12,109 | |
Gross Amounts at which Carried at Close of Period, Land | 1,768 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 16,645 | |
Gross Amounts at which Carried at Close of Period, Total | 18,413 | |
Accumulated Depreciation | 6,526 | |
Date Constructed | '1979 | |
Date Acquired | '1996 | |
West Oaks II | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | [2] |
Encumbrances | 0 | [2] |
Initial Cost to Company, Land | 1,391 | [2] |
Initial Cost to Company, Building & Improvements | 12,519 | [2] |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,934 | [2] |
Gross Amounts at which Carried at Close of Period, Land | 1,391 | [2] |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,453 | [2] |
Gross Amounts at which Carried at Close of Period, Total | 20,844 | [2] |
Accumulated Depreciation | 7,794 | [2] |
Date Constructed | '1986 | [2] |
Date Acquired | '1996 | [2] |
Winchester Center | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MI | |
Encumbrances | 0 | |
Initial Cost to Company, Land | 5,667 | |
Initial Cost to Company, Building & Improvements | 18,559 | |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 185 | |
Gross Amounts at which Carried at Close of Period, Land | 5,667 | |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,744 | |
Gross Amounts at which Carried at Close of Period, Total | 24,411 | |
Accumulated Depreciation | 575 | |
Date Constructed | '1980 | |
Date Acquired | '2013 | |
Land Held for Future Development | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Initial Cost to Company, Land | 28,266 | [3] |
Initial Cost to Company, Building & Improvements | 14,026 | [3] |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 28,367 | [3] |
Gross Amounts at which Carried at Close of Period, Land | 48,640 | [3] |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,019 | [3] |
Gross Amounts at which Carried at Close of Period, Total | 70,659 | [3] |
Accumulated Depreciation | 0 | |
Land available for sale | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Initial Cost to Company, Land | 10,931 | [3] |
Initial Cost to Company, Building & Improvements | 27,252 | [3] |
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | -13,249 | [3] |
Gross Amounts at which Carried at Close of Period, Land | 20,409 | [3] |
Gross Amounts at which Carried at Close of Period, Building & Improvements | 4,525 | [3] |
Gross Amounts at which Carried at Close of Period, Total | 24,934 | [3] |
Accumulated Depreciation | 1,505 | [3] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmVkYTU1MzE3ZjE2MzQ4YmE4MjA4NzM5OTdlY2RhYzdlfFRleHRTZWxlY3Rpb246NDlCQTZEQTY3RkFCMzhDNzU3OTQ1OTA2RjM4NjIzODgM} | |
[2] | The property's mortgage loan is cross-collateralized with a portion of Spring Meadows Place. | |
[3] | . |
Real_Estate_Investment_and_Acc
Real Estate Investment and Accumulated Depreciation Roll Forward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of total real estate carrying value: | ' | ' | ' |
Balance at beginning of year | $1,217,712 | $1,084,457 | $1,074,095 |
Improvements | 38,613 | 27,527 | 21,240 |
Acquisition | 530,697 | 138,971 | 71,265 |
Cost of real estate sold/written off | -50,162 | -28,941 | -54,343 |
Impairment | -9,669 | -4,302 | -27,800 |
Balance at end of year | 1,727,191 | 1,217,712 | 1,084,457 |
Reconciliation of accumulated depreciation: | ' | ' | ' |
Balance at beginning of year | 237,462 | 222,722 | 213,919 |
Depreciation Expense | 39,469 | 25,059 | 28,242 |
Cost of real estate sold/written off | -23,639 | -10,319 | -19,439 |
Balance at end of year | 253,292 | 237,462 | 222,722 |
Aggregate cost for federal income tax purposes | $1,781,084 | $1,210,358 | $1,073,016 |