Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 15, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'RAMCO GERSHENSON PROPERTIES TRUST | ' |
Entity Central Index Key | '0000842183 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'RPT | ' |
Entity Common Stock, Shares Outstanding | ' | 77,562,513 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income producing properties, at cost: | ' | ' |
Land | $344,236 | $284,686 |
Buildings and improvements | 1,590,448 | 1,340,531 |
Less accumulated depreciation and amortization | -276,197 | -253,292 |
Income producing properties, net | 1,658,487 | 1,371,925 |
Construction in progress and land available for development or sale | 87,254 | 101,974 |
Real estate held for sale | 10,786 | 0 |
Net real estate | 1,756,527 | 1,473,899 |
Equity investments in unconsolidated joint ventures | 28,564 | 30,931 |
Cash and cash equivalents | 11,826 | 5,795 |
Restricted cash | 4,919 | 3,454 |
Accounts receivable (net of allowance for doubtful accounts of $2,441 and $2,351 as of September 30, 2014 and December 31, 2013, respectively) | 11,601 | 9,648 |
Other assets, net | 174,483 | 128,521 |
TOTAL ASSETS | 1,987,920 | 1,652,248 |
Notes payable: | ' | ' |
Senior unsecured notes payable | 420,000 | 365,000 |
Mortgages payable | 365,049 | 333,049 |
Unsecured revolving credit facility | 120,000 | 27,000 |
Junior subordinated notes | 28,125 | 28,125 |
Total notes payable | 933,174 | 753,174 |
Capital lease obligation | 1,887 | 5,686 |
Accounts payable and accrued expenses | 41,471 | 32,026 |
Other liabilities | 63,811 | 48,593 |
Distributions payable | 17,868 | 14,809 |
TOTAL LIABILITIES | 1,058,211 | 854,288 |
Commitments and Contingencies | ' | ' |
Ramco-Gershenson Properties Trust (RPT) Shareholders' Equity: | ' | ' |
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 2,000 shares issued and outstanding as of September 30, 2014 and December 31, 2013 | 100,000 | 100,000 |
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 77,563 and 66,669 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 776 | 667 |
Additional paid-in capital | 1,129,907 | 959,183 |
Accumulated distributions in excess of net income | -327,006 | -289,837 |
Accumulated other comprehensive (loss) income | -727 | 84 |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 902,950 | 770,097 |
Noncontrolling interest | 26,759 | 27,863 |
TOTAL SHAREHOLDERS' EQUITY | 929,709 | 797,960 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,987,920 | $1,652,248 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts receivable, allowance for doubtful accounts | $2,441 | $2,351 |
Preferred shares, par (in shares) | $0.01 | $0.01 |
Common shares of beneficial interest, par (in usd per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares issued (in shares) | 77,563,000 | 66,669,000 |
Common shares of beneficial interest, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 77,563,000 | 66,669,000 |
Series D Preferred Stock | ' | ' |
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, shares issued (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, shares outstanding (in shares) | 2,000,000 | 2,000,000 |
Cumulative Perpetual Convertible Preferred Shares, liquidation preference (in usd per share) | $50 | $50 |
Cumulative Perpetual Convertible Preferred Shares, dividend rate percentage | 7.25% | 7.25% |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUE | ' | ' | ' | ' |
Minimum rent | $40,735 | $33,043 | $114,056 | $89,277 |
Percentage rent | 54 | 85 | 207 | 200 |
Recovery income from tenants | 12,725 | 10,158 | 36,829 | 28,158 |
Other property income | 1,047 | 1,560 | 2,586 | 2,574 |
Management and other fee income | 582 | 565 | 1,528 | 1,842 |
TOTAL REVENUE | 55,143 | 45,411 | 155,206 | 122,051 |
EXPENSES | ' | ' | ' | ' |
Real estate taxes | 7,217 | 6,351 | 21,931 | 16,685 |
Recoverable operating expense | 6,440 | 4,825 | 18,338 | 13,663 |
Other non-recoverable operating expense | 942 | 668 | 2,626 | 2,135 |
Depreciation and amortization | 19,178 | 15,094 | 60,577 | 40,422 |
Acquisition costs | 1,189 | 103 | 1,722 | 784 |
General and administrative expense | 5,395 | 5,260 | 16,095 | 15,713 |
TOTAL EXPENSES | 40,361 | 32,301 | 121,289 | 89,402 |
OPERATING INCOME | 14,782 | 13,110 | 33,917 | 32,649 |
OTHER INCOME AND EXPENSES | ' | ' | ' | ' |
Other expense, net | -243 | -400 | -615 | -716 |
Gain (loss) on sale of real estate | 258 | -13 | 2,930 | 3,901 |
Earnings (loss) from unconsolidated joint ventures | 455 | 387 | -336 | -5,027 |
Interest expense | -8,645 | -7,915 | -23,876 | -21,284 |
Amortization of deferred financing fees | -342 | -382 | -1,115 | -1,069 |
Deferred gain recognized on real estate | 0 | 0 | 117 | 5,282 |
Loss on extinguishment of debt | 0 | 0 | -860 | 0 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX | 6,265 | 4,787 | 10,162 | 13,736 |
Income tax (provision) benefit | -2 | 29 | -18 | -1 |
INCOME FROM CONTINUING OPERATIONS | 6,263 | 4,816 | 10,144 | 13,735 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' |
Gain on sale of real estate | 0 | 657 | 0 | 2,194 |
Income from discontinued operations | 0 | 242 | 0 | 842 |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 899 | 0 | 3,036 |
NET INCOME | 6,263 | 5,715 | 10,144 | 16,771 |
Net income attributable to noncontrolling partner interest | -180 | -201 | -303 | -634 |
NET INCOME ATTRIBUTABLE TO RPT | 6,083 | 5,514 | 9,841 | 16,137 |
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 4,270 | 3,701 | 4,403 | 10,699 |
EARNINGS PER COMMON SHARE, BASIC | ' | ' | ' | ' |
Continuing operations (in usd per share) | $0.06 | $0.05 | $0.06 | $0.13 |
Discontinued operations (in usd per share) | $0 | $0.01 | $0 | $0.05 |
Net (loss) income available to common shareholders (in usd per share) | $0.06 | $0.06 | $0.06 | $0.18 |
EARNINGS PER COMMON SHARE, DILUTED | ' | ' | ' | ' |
Continuing operations (in usd per share) | $0.06 | $0.05 | $0.06 | $0.13 |
Discontinued operations (in usd per share) | $0 | $0.01 | $0 | $0.05 |
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.06 | $0.06 | $0.18 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic (in shares) | 74,840 | 61,102 | 70,283 | 57,626 |
Diluted (in shares) | 75,080 | 61,572 | 70,520 | 58,097 |
OTHER COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | 6,263 | 5,715 | 10,144 | 16,771 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Gain (loss) on interest rate swaps | 1,236 | -620 | -840 | 4,056 |
Comprehensive income | 7,499 | 5,095 | 9,304 | 20,827 |
Comprehensive (income) loss attributable to noncontrolling interest | -38 | 22 | 29 | -149 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT | $7,461 | $5,117 | $9,333 | $20,678 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
December 31, 2013 at Dec. 31, 2013 | $797,960 | $100,000 | $667 | $959,183 | ($289,837) | $84 | $27,863 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | 170,404 | ' | 107 | 170,297 | ' | ' | ' |
Conversion and redemption of OP unit holders | -84 | ' | ' | ' | ' | ' | -84 |
Share-based compensation and other expense, net of shares withheld for employee taxes | 429 | ' | 2 | 427 | ' | ' | ' |
Dividends declared to common shareholders | -41,303 | ' | ' | ' | -41,303 | ' | ' |
Dividends declared to preferred shareholders | -5,438 | ' | ' | ' | -5,438 | ' | ' |
Distributions declared to noncontrolling interests | -1,294 | ' | ' | ' | ' | ' | -1,294 |
Dividends declared to deferred shares | -269 | ' | ' | ' | -269 | ' | ' |
Other comprehensive income adjustment | -840 | ' | ' | ' | ' | -811 | -29 |
Net income | 10,144 | ' | ' | ' | 9,841 | ' | 303 |
September 30, 2014 at Sep. 30, 2014 | $929,709 | $100,000 | $776 | $1,129,907 | ($327,006) | ($727) | $26,759 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $10,144 | $16,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization, including discontinued operations | 60,577 | 40,909 |
Amortization of deferred financing fees, including discontinued operations | 1,115 | 1,069 |
Income tax provision | 18 | 1 |
Loss from unconsolidated joint ventures | 336 | 5,027 |
Distributions received from operations of unconsolidated joint ventures | 1,759 | 2,198 |
Loss on extinguishment of debt, including discontinued operations | 860 | 0 |
Deferred gain recognized on real estate | -117 | -5,282 |
Gain on sale of real estate, including discontinued operations | -2,930 | -6,095 |
Amortization of premium on mortgages, net | -791 | -364 |
Share-based compensation expense | 1,618 | 1,614 |
Long-term incentive cash compensation expense | 1,588 | 1,064 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | -1,953 | -1,212 |
Other assets, net | 2,433 | -951 |
Accounts payable, accrued expenses and other liabilities | 2,954 | 11,407 |
Net cash provided by operating activities | 77,611 | 66,156 |
INVESTING ACTIVITIES | ' | ' |
Acquisition of real estate, net of assumed debt | -263,463 | -222,071 |
Development and capital improvements | -56,774 | -29,928 |
Net proceeds from sales of real estate | 10,753 | 24,570 |
Distributions from sale of joint venture property | 0 | 1,687 |
Increase in restricted cash | -1,465 | -4,528 |
Investment in unconsolidated joint ventures | 0 | -4,979 |
Net cash used in investing activities | -310,949 | -235,249 |
FINANCING ACTIVITIES | ' | ' |
Proceeds on mortgages and notes payable | 175,000 | 160,000 |
Repayment of mortgages and notes payable | -152,673 | -117,345 |
Net proceeds (repayments) on revolving credit facility | 93,000 | -30,000 |
Payment of deferred financing costs | -764 | -1,363 |
Proceeds from issuance of common stock | 170,404 | 194,975 |
Repayment of capitalized lease obligation | -269 | -251 |
Conversion of operating partnership units for cash | -84 | -1,239 |
Dividends paid to preferred shareholders | -5,438 | -5,438 |
Dividends paid to common shareholders | -38,540 | -28,539 |
Distributions paid to operating partnership unit holders | -1,267 | -1,158 |
Net cash provided by financing activities | 239,369 | 169,642 |
Net change in cash and cash equivalents | 6,031 | 549 |
Cash and cash equivalents at beginning of period | 5,795 | 4,233 |
Cash and cash equivalents at end of period | 11,826 | 4,782 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | ' | ' |
Assumption of debt related to acquisitions | 58,634 | 158,767 |
Revaluation of Capital Lease Obligation | 4,697 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for interest (net of capitalized interest of $1,606 and $770 in 2014 and 2013, respectively) | 24,529 | 21,225 |
Cash paid for federal income taxes | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash paid for interest, capitalized interest | $1,606 | $770 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentations | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentations | ' |
Organization and Basis of Presentations | |
Organization | |
Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company” or "RPT"), 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. As of September 30, 2014, our property portfolio consists of 70 wholly owned shopping centers and one office building comprising approximately 14.5 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 1.6 million square feet. We own 30% of Ramco/Lion Venture L.P., an entity that owns three shopping centers comprising approximately 0.8 million square feet. We also have ownership interests in two joint ventures that each own a single shopping center. In addition, we own interests in three parcels of land available for development and five parcels of land available for sale. Most of our properties are anchored by supermarkets and/or national chain stores. The Company’s credit risk, therefore, is concentrated in the retail industry. | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (97.2% and 96.8% owned by the Company at September 30, 2014 and December 31, 2013, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest. We have elected to be a REIT for federal income tax purposes. All intercompany balances and transactions have been eliminated in consolidation. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. | |
Reclassifications | |
Certain reclassifications of prior period amounts, primarily related to discontinued operations, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, “Compensation — Stock Compensation” (“ASC 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements. | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics is the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. We are currently evaluating the guidance and have not determined the impact this standard may have on the consolidated financial statements nor decided upon the method of adoption. | |
In April 2014, FASB issued ASU 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. For public entities, ASU 2014-08 is effective prospectively for fiscal years beginning after December 15, 2014; however, early adoption is permitted, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and have applied the provisions prospectively. | |
Prior to the adoption of ASU 2014-08, the results of operations for operating properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Operations. Beginning with the period ended March 31, 2014, in general, our activity related to individual sales of properties wholly-owned or co-owned with joint ventures will no longer be classified as Discontinued Operations. |
Real_Estate
Real Estate | 9 Months Ended |
Sep. 30, 2014 | |
Real Estate [Abstract] | ' |
Real Estate | ' |
Real Estate | |
Included in our net real estate assets are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization. | |
We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the 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. | |
Land available for development or 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. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land available for development or sale was $72.6 million and $68.5 million at September 30, 2014 and December 31, 2013, respectively. | |
Construction in progress represents existing development, redevelopment and tenant build-out projects. When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate. Construction in progress was $14.7 million and $33.5 million at September 30, 2014 and December 31, 2013, respectively. | |
The decrease in construction in progress from December 31, 2013 to September 30, 2014 was due primarily to the substantial completion of Phase I of Lakeland Park Center, located in Lakeland, Florida. The cost to date for Lakeland Park Center Phase I is approximately $32.0 million, excluding initial land costs. This decrease is offset in part by costs associated with the commencement of Phase II of Parkway Shops located in Jacksonville, Florida which commenced in the third quarter of 2014, as well as by costs associated with redevelopment and expansion projects at various centers. |
Property_Acquisitions_and_Disp
Property Acquisitions and Dispositions | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||
Property Acquisitions and Dispositions | ' | ||||||||||||||||||||||
Property Acquisitions and Dispositions | |||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||
The following table provides a summary of our acquisition activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Purchase | Assumed | |||||||||||||||||
Acquired | Price | Debt | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Front Range Village | Fort Collins, CO | 459 | N/A | 9/4/14 | $ | 128,250 | $ | — | |||||||||||||||
Buttermilk Towne Center | Crescent Spring, KY | 278 | N/A | 8/22/14 | 41,900 | — | |||||||||||||||||
Woodbury Lakes (1) | Woodbury, MN | 305 | N/A | 7/22/14 | 65,250 | — | |||||||||||||||||
Bridgewater Falls Shopping Center | Hamilton, OH | 504 | N/A | 7/10/14 | 85,542 | 58,634 | |||||||||||||||||
Total consolidated income producing acquisitions | 1,546 | $ | 320,942 | $ | 58,634 | ||||||||||||||||||
The Shoppes at Fox River | Waukesha, WI | N/A | 9.9 | 9/8/14 | $ | 1,216 | $ | — | |||||||||||||||
Total consolidated land / outparcel acquisitions | 9.9 | $ | 1,216 | $ | — | ||||||||||||||||||
Total Acquisitions | 1,546 | 9.9 | $ | 322,158 | $ | 58,634 | |||||||||||||||||
(1) The purchase price includes $0.75 million for a 1.3 acre parcel purchased August 29, 2014 adjacent to the shopping center. | |||||||||||||||||||||||
The aggregate fair value of our 2014 acquisitions through September 30, 2014, was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. Some of the purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined: | |||||||||||||||||||||||
Allocated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Land | $ | 54,668 | |||||||||||||||||||||
Buildings and improvements | 235,322 | ||||||||||||||||||||||
Above market leases | 4,775 | ||||||||||||||||||||||
Lease origination costs | 23,343 | ||||||||||||||||||||||
Other assets | 30,883 | ||||||||||||||||||||||
Capital lease obligation | (1,167 | ) | |||||||||||||||||||||
Below market leases | (18,836 | ) | |||||||||||||||||||||
Premium for above market interest rates on assumed debt | (6,830 | ) | |||||||||||||||||||||
Total purchase price allocated | $ | 322,158 | |||||||||||||||||||||
Included in other assets is approximately $17.5 million related to the fair value of a public improvement fee income agreement at Front Range Village that is in place until 2039 and approximately $6.1 million related to the fair value of a real estate tax exemption agreement at Buttermilk Towne Center that is in place until 2032. | |||||||||||||||||||||||
Total revenue and net income for the 2014 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2014 were as follows: | |||||||||||||||||||||||
Three and Nine Months Ended | |||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total revenue from 2014 acquisitions | $ | 4,973 | |||||||||||||||||||||
Net income from 2014 acquisitions | $ | 536 | |||||||||||||||||||||
Unaudited Proforma Information | |||||||||||||||||||||||
If the 2014 Acquisitions had occurred on January 1, 2013, our consolidated revenues and net income for the three and nine months ended September 30, 2014 and 2013 would have been as follows: | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Consolidated revenue | $ | 58,568 | $ | 48,837 | $ | 175,153 | $ | 142,000 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 5,090 | $ | 4,522 | $ | 7,880 | $ | 14,176 | |||||||||||||||
Dispositions | |||||||||||||||||||||||
The following table provides a summary of our disposition activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain (loss) | ||||||||||||||||
Sold | Price | Repaid | on Sale | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
The Town Center at Aquia - El Gran Charro Outparcel | Stafford, VA | 6 | N/A | 5/28/14 | $ | 1,730 | $ | — | $ | 123 | |||||||||||||
Naples Towne Centre | Naples, FL | 135 | N/A | 4/17/14 | 7,150 | — | 2,343 | ||||||||||||||||
Total consolidated income producing dispositions | 141 | $ | 8,880 | $ | — | $ | 2,466 | ||||||||||||||||
Parkway Phase I - Wendy's Outparcel | Jacksonville, FL | N/A | 1 | 8/27/14 | $ | 900 | $ | — | $ | 258 | |||||||||||||
Parkway Phase I - Express Oil Change Outparcel | Jacksonville, FL | N/A | 0.7 | 6/13/14 | 680 | — | 215 | ||||||||||||||||
Hartland - Taco Bell Outparcel | Hartland, MI | N/A | 0.8 | 5/1/14 | 650 | $ | — | $ | (9 | ) | |||||||||||||
Total consolidated land / outparcel dispositions | 2.5 | $ | 2,230 | $ | — | $ | 464 | ||||||||||||||||
Total consolidated dispositions | 141 | 2.5 | $ | 11,110 | $ | — | $ | 2,930 | |||||||||||||||
Pursuant to the criteria established under ASC 360, Property, Plant, and Equipment, we will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and we are able to conclude that the sale of the property within one year is probable. Pursuant to our adoption of ASU 2014-08 the results of operations of properties classified as held for sale will not be classified as Discontinued Operations in the Condensed Consolidated Statements of Operations. As of September 30, 2014 we had two income producing properties classified as held for sale. There were no properties held for sale as of September 30, 2013. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Discontinued Operations | ' | ||||||||||
Discontinued Operations | |||||||||||
We have adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and have applied the provisions prospectively. The following table provides a summary of selected operating results during the three and nine months ended September 30, 2013 for those properties classified as Discontinued Operations prior to our adoption of ASU 2014-08: | |||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||
(in thousands) | |||||||||||
Total revenue | $ | 502 | $ | 1,963 | |||||||
Expenses: | |||||||||||
Recoverable operating expenses | 115 | 509 | |||||||||
Other non-recoverable property operating expenses | 12 | 73 | |||||||||
Depreciation and amortization | 132 | 489 | |||||||||
Other expense | 1 | 50 | |||||||||
Operating income from discontinued operations | 242 | 842 | |||||||||
Gain on sale of properties | 657 | 2,194 | |||||||||
Income from discontinued operations | $ | 899 | $ | 3,036 | |||||||
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | ' | ||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | |||||||||||||||||
We have four joint venture agreements whereby we own between 7% and 30% of the equity in the joint venture. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. | |||||||||||||||||
The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: | |||||||||||||||||
Balance Sheets | September 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Income producing properties, net | $ | 392,926 | $ | 410,218 | |||||||||||||
Cash, accounts receivable and other assets | 24,265 | 27,462 | |||||||||||||||
Total Assets | $ | 417,191 | $ | 437,680 | |||||||||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||||||||
Mortgage notes payable | $ | 170,448 | $ | 178,708 | |||||||||||||
Other liabilities | 7,704 | 7,885 | |||||||||||||||
Owners' equity | 239,039 | 251,087 | |||||||||||||||
Total Liabilities and Owners' Equity | $ | 417,191 | $ | 437,680 | |||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 28,564 | $ | 30,931 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Statements of Operations | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | |||||||||||||||||
Total revenue | $ | 10,425 | $ | 10,649 | $ | 31,927 | $ | 32,384 | |||||||||
Total expenses (1) | 7,012 | 7,251 | 31,973 | 22,111 | |||||||||||||
Income (loss) before other income, expense, and discontinued operations | 3,413 | 3,398 | (46 | ) | 10,273 | ||||||||||||
Gain on sale of land (2) | — | 740 | |||||||||||||||
Interest expense | (1,820 | ) | (2,269 | ) | (5,511 | ) | (7,236 | ) | |||||||||
Gain on extinguishment of debt (3) | — | — | 529 | — | |||||||||||||
Amortization of deferred financing fees | (77 | ) | (68 | ) | (229 | ) | (197 | ) | |||||||||
Income (loss) from continuing operations | 1,516 | 1,061 | (4,517 | ) | 2,840 | ||||||||||||
Discontinued operations (4) | |||||||||||||||||
Loss on sale of real estate (5) | — | — | — | (21,512 | ) | ||||||||||||
Income from discontinued operations | — | 126 | — | 1,260 | |||||||||||||
Income (loss) from discontinued operations | — | 126 | — | (20,252 | ) | ||||||||||||
Net income (loss) | $ | 1,516 | $ | 1,187 | $ | (4,517 | ) | $ | (17,412 | ) | |||||||
RPT's share of earnings (loss) from unconsolidated joint ventures | $ | 455 | $ | 387 | $ | (336 | ) | $ | (5,027 | ) | |||||||
(1) | The increase for the nine months ended September 30, 2014 is due to accelerated depreciation expense recorded in the second quarter 2014 related to redevelopment projects. | ||||||||||||||||
(2) | The gain on sale relates to a joint venture property that was sold in 2011 and additional proceeds received in June 2014. Our share of the gain was approximately $0.4 million. | ||||||||||||||||
(3) | As a result of a property conveyance, a joint venture recognized a gain on extinguishment of debt of which our share was approximately $0.1 million. | ||||||||||||||||
(4) | Beginning in the first quarter of 2014 discontinued operations reflects results of operations for those properties classified as discontinued operations as of December 31, 2013. | ||||||||||||||||
(5) | In March 2013, Ramco/Lion Venture LP sold 12 shopping centers to us resulting in a loss on the sale of $21.5 million to the joint venture. | ||||||||||||||||
As of September 30, 2014, we had investments in the following unconsolidated joint ventures: | |||||||||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||||||||
September 30, | September 30, | December 31, | |||||||||||||||
Unconsolidated Entities | 2014 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC | 20% | $ | 282,285 | $ | 293,410 | ||||||||||||
Ramco/Lion Venture LP | 30% | 89,265 | 91,053 | ||||||||||||||
Other Joint Ventures | —% | 45,641 | 53,217 | ||||||||||||||
$ | 417,191 | $ | 437,680 | ||||||||||||||
There was no acquisition activity in the nine months ended September 30, 2014 and 2013 by any of our unconsolidated joint ventures. | |||||||||||||||||
Debt | |||||||||||||||||
Our unconsolidated joint ventures had the following debt outstanding at September 30, 2014: | |||||||||||||||||
Balance | |||||||||||||||||
Entity Name | Outstanding | ||||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 140,454 | |||||||||||||||
Ramco/Lion Venture LP (2) | 30,116 | ||||||||||||||||
$ | 170,570 | ||||||||||||||||
Unamortized premium | (122 | ) | |||||||||||||||
Total mortgage debt | $ | 170,448 | |||||||||||||||
(1) | Maturities range from October 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 5.0% interest rate. | ||||||||||||||||
On March 31, 2014, Ramco 191 LLC, in which our ownership interest was 20%, completed the conveyance of its ownership interest in its sole remaining shopping center to the noteholder in lieu of repayment of a non-recourse loan in the amount of $7.5 million of which our share was $1.5 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 a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered. | |||||||||||||||||
The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Management fees | $ | 379 | $ | 389 | $ | 1,145 | $ | 1,469 | |||||||||
Leasing fees | 160 | 172 | 266 | 320 | |||||||||||||
Construction fees | 43 | 4 | 117 | 53 | |||||||||||||
Total | $ | 582 | $ | 565 | $ | 1,528 | $ | 1,842 | |||||||||
Other_Assets_Net
Other Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets, Net | ' | ||||||||
Other Assets, Net | |||||||||
Other assets consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Deferred leasing costs, net | $ | 34,666 | $ | 26,617 | |||||
Deferred financing costs, net | 5,314 | 6,513 | |||||||
Lease intangible assets, net | 82,318 | 69,635 | |||||||
Straight-line rent receivable, net | 15,389 | 15,115 | |||||||
Cash flow hedge mark-to-market asset | 1,215 | 2,244 | |||||||
Prepaid and other deferred expenses, net | 7,612 | 4,629 | |||||||
Other, net | 27,969 | 3,768 | |||||||
Other assets, net | $ | 174,483 | $ | 128,521 | |||||
Total accumulated amortization of other assets was $54.2 million and $44.0 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||
Intangible assets attributable to lease origination costs and for above-market leases are being amortized over the lives of the applicable lease. Amortization of lease origination costs is an increase to amortization expense and amortization of above-market leases is a reduction to minimum rent revenue over the applicable terms of the respective leases. Amortization of the above-market leases resulted in a reduction of revenue of approximately $2.0 million and $1.5 million for the nine months ended September 30, 2014 and 2013, respectively. All other intangible assets are amortized over the life of the asset and are an increase to amortization expense. | |||||||||
Straight-line rent receivables are recorded net of allowances of $4.2 million and $3.8 million at September 30, 2014 and December 31, 2013, respectively. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of September 30, 2014 and December 31, 2013: | |||||||||
Notes Payable | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 210,000 | $ | 110,000 | |||||
Unsecured term loan facilities | 210,000 | 255,000 | |||||||
Fixed rate mortgages | 355,836 | 329,875 | |||||||
Unsecured revolving credit facility | 120,000 | 27,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
923,961 | 750,000 | ||||||||
Unamortized premium | 9,213 | 3,174 | |||||||
$ | 933,174 | $ | 753,174 | ||||||
Capital lease obligation | $ | 1,887 | $ | 5,686 | |||||
In May 2014, we completed a $100 million private placement of senior unsecured notes consisting of $50 million of notes with a ten-year term with a fixed interest rate of 4.65% and $50 million of notes with a twelve-year term at a fixed interest rate of 4.74%. A "shelf" facility allows for an additional $50 million in notes to the same purchaser within the next three years, subject to approval, pricing and documentation. | |||||||||
Also in May 2014, we closed a $75 million senior unsecured term loan with an additional $75 million accordion feature. The loan has a seven-year term and bears interest at an annual rate of LIBOR plus 1.25% to 2.25% (initially 1.7%) depending upon our leverage or credit rating. The interest expense is hedged with an existing interest rate swap expiring in April 2016, resulting in an effective fixed initial annual rate of 2.9%. | |||||||||
The combined proceeds from the May 2014 financings were used to repay $45 million of variable-rate bank term debt due 2017, $75 million of bank term debt also due in 2017, the $45 million balance on our unsecured revolving line of credit, as well as for general corporate purposes. | |||||||||
In September 2014, we entered into an agreement to issue $100 million of private placement senior unsecured notes. The financing will consist of $50 million of notes with a ten-year term priced at a fixed interest rate of 4.16% and $50 million of notes with a twelve-year term priced at a fixed interest rate of 4.30%. The notes are expected to be sold in the fourth quarter 2014 with net proceeds to be used to reduce the balance outstanding on our revolving credit facility. | |||||||||
During the nine months ended September 30, 2014 we had the following mortgage transactions: | |||||||||
• | In conjunction with our acquisition of Bridgewater Falls, we assumed a mortgage loan with a $58.6 million principal balance outstanding and an interest rate of 5.7%. We recorded a premium of approximately $6.8 million based upon the fair value of the loan on the date it was assumed. This mortgage premium is being amortized to interest expense over the remaining life of the loan; and | ||||||||
• | We repaid mortgages securing the following properties: | ||||||||
◦ | The Auburn Mile in the amount of $6.6 million with an interest rate of 5.4%; and | ||||||||
◦ | Crossroads Centre in the amount of $23.2 million with an interest rate of 5.4%. | ||||||||
Our $355.8 million of fixed rate mortgages have interest rates ranging from 5.0% to 7.4% and are due at various maturity dates from June 2015 through June 2026. Included in fixed rate mortgages at September 30, 2014 and December 31, 2013 were unamortized premium balances related to the fair market value of debt of approximately $9.2 million and $3.2 million, respectively. The fixed rate mortgage notes are secured by mortgages on properties that have an approximate net book value of $372.8 million as of September 30, 2014. | |||||||||
We had net borrowings of $93.0 million under our revolving credit facility during the nine months ended September 30, 2014 with a balance of $120.0 million as of September 30, 2014. Outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaled $7.0 million. These letters of credit reduce borrowing availability under our bank facility. | |||||||||
Our revolving credit facility, term loans and unsecured notes contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of September 30, 2014, we were in compliance with these covenants. | |||||||||
The mortgage loans encumbering our properties, including properties held by our unconsolidated joint ventures, are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. | |||||||||
We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. | |||||||||
The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2014: | |||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2014 (Oct 1 - December 31) | $ | 1,122 | |||||||
2015 | 86,117 | ||||||||
2016 | 143,619 | ||||||||
2017 | 113,196 | ||||||||
2018 | 85,275 | ||||||||
Thereafter | 494,632 | ||||||||
Subtotal debt | 923,961 | ||||||||
Unamortized premium | 9,213 | ||||||||
Total debt (including unamortized premium) | $ | 933,174 | |||||||
We have no mortgage maturities until the second quarter of 2015. It is our intent to repay maturing mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing. |
Other_Liabilities_net
Other Liabilities, net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities, net | ' | ||||||||
Other Liabilities, net | |||||||||
Other liabilities consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible liabilities, net | $ | 55,579 | $ | 40,386 | |||||
Cash flow hedge mark-to-market liability | 2,108 | 2,297 | |||||||
Deferred liabilities | 2,560 | 2,637 | |||||||
Tenant security deposits | 3,276 | 2,940 | |||||||
Other, net | 288 | 333 | |||||||
Other liabilities, net | $ | 63,811 | $ | 48,593 | |||||
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 in revenue of $3.7 million and $2.2 million for the nine months ended September 30, 2014 and 2013, respectively. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Fair Value | |||||||||||||||||
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements. These levels are: | |||||||||||||||||
Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
Level 2 | Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||
The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. | |||||||||||||||||
Derivative Assets and Liabilities | |||||||||||||||||
All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify these instruments as Level 2. Refer to Note 10 for additional information on our derivative financial instruments. | |||||||||||||||||
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2014. | |||||||||||||||||
Total | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets - interest rate swaps | $ | 1,215 | $ | — | $ | 1,215 | $ | — | |||||||||
Derivative liabilities - interest rate swaps | $ | (2,108 | ) | $ | — | $ | (2,108 | ) | $ | — | |||||||
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 $775.8 million and $649.9 million as of September 30, 2014 and December 31, 2013, respectively, have fair values of approximately $796.5 million and $650.9 million, respectively. Variable rate debt’s fair value is estimated to be the carrying values of $148.1 million and $100.1 million as of September 30, 2014 and December 31, 2013, respectively. We classify our debt as Level 2. | |||||||||||||||||
The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis: | |||||||||||||||||
Net Real Estate | |||||||||||||||||
Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. | |||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | |||||||||||||||||
Our equity investments in unconsolidated joint ventures are subject to impairment testing on a nonrecurring basis if there is an indication that a decrease in the value of our investment has occurred that is other-than-temporary. To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the asset. To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value. We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period. | |||||||||||||||||||
At September 30, 2014, we had seven interest rate swap agreements with an aggregate notional amount of $210.0 million that were designated as cash flow hedges. The agreements provided for swapping one-month LIBOR interest rates ranging from 1.2% to 2.2% 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 September 30, 2014: | |||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 1,215 | May-20 | |||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (829 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (599 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (316 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (59 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | (183 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | (122 | ) | May-20 | ||||||||||||
$ | 160,000 | $ | (2,108 | ) | |||||||||||||||
The following table presents the fair values of derivative financial instruments in our condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | Other assets | $ | 1,215 | Other assets | $ | 2,244 | |||||||||||||
Interest rate contracts - liabilities | Other liabilities | $ | (2,108 | ) | Other liabilities | $ | (2,297 | ) | |||||||||||
The effect of derivative financial instruments on our condensed consolidated statements of operations for the nine months ended September 30, 2014 and 2013 is summarized as follows: | |||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Loss | |||||||||||||||||
Recognized in OCI on Derivative | Loss | Reclassified from | |||||||||||||||||
(Effective Portion) | Reclassified from | Accumulated OCI into | |||||||||||||||||
Accumulated OCI | Income (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Nine Months Ended September 30, | into Income | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | (1,029 | ) | $ | 1,499 | Interest Expense | $ | (876 | ) | $ | (243 | ) | |||||||
Interest rate contracts - liabilities | 189 | 2,557 | Interest Expense | (1,424 | ) | (1,380 | ) | ||||||||||||
Total | $ | (840 | ) | $ | 4,056 | Total | $ | (2,300 | ) | $ | (1,623 | ) | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||
Earnings Per Common Share | |||||||||||||||||
The following table sets forth the computation of basic earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 6,263 | $ | 4,816 | $ | 10,144 | $ | 13,735 | |||||||||
Net income from continuing operations attributable to noncontrolling interest | (180 | ) | (169 | ) | (303 | ) | (526 | ) | |||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (65 | ) | (37 | ) | (162 | ) | (99 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 4,205 | $ | 2,797 | $ | 4,241 | $ | 7,672 | |||||||||
Income from discontinued operations | — | 899 | — | 3,036 | |||||||||||||
Net income from discontinued operations attributable to noncontrolling interest | — | (32 | ) | — | (108 | ) | |||||||||||
Allocation of discontinued income to restricted share awards | — | (7 | ) | — | (24 | ) | |||||||||||
Income from discontinued operations attributable to RPT | — | 860 | — | 2,904 | |||||||||||||
Net income available to common shareholders | $ | 4,205 | $ | 3,657 | $ | 4,241 | $ | 10,576 | |||||||||
Weighted average shares outstanding, Basic | 74,840 | 61,102 | 70,283 | 57,626 | |||||||||||||
Income per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.13 | |||||||||
Discontinued operations | — | 0.01 | — | 0.05 | |||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||||
The following table sets forth the computation of diluted EPS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 6,263 | $ | 4,816 | $ | 10,144 | $ | 13,735 | |||||||||
Net income from continuing operations attributable to noncontrolling interest | (180 | ) | (169 | ) | (303 | ) | (526 | ) | |||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (65 | ) | (37 | ) | (162 | ) | (99 | ) | |||||||||
Allocation of over distributed continuing income to restricted share awards | — | (6 | ) | — | (17 | ) | |||||||||||
Income from continuing operations attributable to RPT | $ | 4,205 | $ | 2,791 | $ | 4,241 | $ | 7,655 | |||||||||
Income from discontinued operations | — | 899 | — | 3,036 | |||||||||||||
Net income from discontinued operations attributable to noncontrolling interest | — | (32 | ) | — | (108 | ) | |||||||||||
Allocation of discontinued income to restricted share awards | — | (1 | ) | — | (3 | ) | |||||||||||
Income from discontinued operations attributable to RPT | — | 866 | — | 2,925 | |||||||||||||
Net income available to common shareholders | $ | 4,205 | $ | 3,657 | $ | 4,241 | $ | 10,580 | |||||||||
Weighted average shares outstanding, Basic | 74,840 | 61,102 | 70,283 | 57,626 | |||||||||||||
Stock options and restricted stock awards using the treasury method | 240 | 470 | 237 | 471 | |||||||||||||
Dilutive effect of securities (1) | — | — | — | — | |||||||||||||
Weighted average shares outstanding, Diluted | 75,080 | 61,572 | 70,520 | 58,097 | |||||||||||||
Income per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.13 | |||||||||
Discontinued operations | — | 0.01 | — | 0.05 | |||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||||
(1) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
Sharebased_Compensation_Plans
Share-based Compensation Plans | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Share-based Compensation Plans | ' | |
Share-based Compensation Plans | ||
As of September 30, 2014, we have one share-based compensation plan in effect. The 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) under which our compensation committee may grant, subject to the Company’s performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards to trustees, officers and other key employees. The 2012 LTIP allows us to issue up to 2,000,000 shares of our common stock, units or stock options, of which 1,706,688 remained available for issuance at September 30, 2014. | ||
In addition, as of September 30, 2014, we had 197,849 share awards that were granted under plans which terminated when the 2012 LTIP became effective. These awards have various expiration dates through June 2017. | ||
During the nine months ended September 30, 2014, we had the following activity: | ||
• | granted 31,304 shares of restricted stock to non-employee trustees that vest over one year; | |
• | issued restricted stock related to the 2011 performance-based units. The measurement period was January 1, 2011 through December 31, 2013 and measured our three-year shareholder return compared to our peer group. Our rank in comparison to the peer group resulted in a grant of 159,424 shares of restricted stock. Per the plan, 50% vested on the date of the grant and the balance vests on the first anniversary of the date of the grant; | |
• | granted 114,114 shares of service-based restricted stock that vest over five years. The service-based awards were valued based on our closing stock price as of the grant date of March 1, 2014 and the expense is recognized on a graded vesting basis; and | |
• | granted performance-based cash units that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”). If the performance criterion is met, the actual value of the units 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. | |
We recognized share-based compensation expense of $1.6 million for each of the nine months ended September 30, 2014 and September 30, 2013. | ||
Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three-year measurement period the performance criteria are not met, compensation expense previously recognized would be reversed. Compensation expense related to the cash awards was $1.6 million and $1.1 million for the nine months ended September 30, 2014 and 2013, respectively. | ||
As of September 30, 2014, we had $5.5 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards. This expense is expected to be recognized over a weighted-average period of 4.4 years. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Taxes | ' |
Taxes | |
Income Taxes | |
We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders. As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes. | |
Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our Taxable REIT Subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities. | |
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies. Our temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carry forwards. | |
As of September 30, 2014, we had a federal and state deferred tax asset of $10.4 million, and a valuation allowance of $10.2 million. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. The valuation allowances relate to net operating loss carry forwards and tax basis differences where there is uncertainty regarding their realizability. | |
We recorded income tax provisions of approximately $18,000 and $1,000 for the nine months ended September 30, 2014 and 2013, respectively. | |
Sales Taxes | |
We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Construction Costs | |
In connection with the development and expansion of various shopping centers as of September 30, 2014, we had entered into agreements for construction costs of approximately $17.1 million. | |
Litigation | |
We are currently involved in certain litigation arising in the ordinary course of business; however, we do not believe that any of this litigation will have a material effect on our consolidated financial statements. | |
Leases | |
Operating Leases | |
We lease office space for our corporate headquarters under an operating lease and have operating leases for land at one of our shopping centers. | |
Capital Leases | |
We have ground leases at Gaines Marketplace Shopping Center and Buttermilk Towne Center, both of which we have recorded as capital leases. | |
We recognized rent expense related to these leases of $0.7 million and $0.8 million for the the nine months ended September 30, 2014 and 2013, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. | |
Subsequent to September 30, 2014 we completed the sale of Northwest Crossing located in Knoxville, Tennessee and Fraser Shopping Center located in Fraser, MI for $15.5 million and $3.3 million, respectively. | |
In addition we amended our unsecured revolving credit facility. The amended facility provides commitments totaling $350 million from nine banks and has a final maturity date in October 2019. Borrowings under the facility bear interest at varying rates depending on the Company’s leverage ratio (the current borrowing rate under the new facility being LIBOR plus 135 basis points). |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentations (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Organization | |
Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company” or "RPT"), 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. As of September 30, 2014, our property portfolio consists of 70 wholly owned shopping centers and one office building comprising approximately 14.5 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 1.6 million square feet. We own 30% of Ramco/Lion Venture L.P., an entity that owns three shopping centers comprising approximately 0.8 million square feet. We also have ownership interests in two joint ventures that each own a single shopping center. In addition, we own interests in three parcels of land available for development and five parcels of land available for sale. Most of our properties are anchored by supermarkets and/or national chain stores. The Company’s credit risk, therefore, is concentrated in the retail industry. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (97.2% and 96.8% owned by the Company at September 30, 2014 and December 31, 2013, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest. We have elected to be a REIT for federal income tax purposes. All intercompany balances and transactions have been eliminated in consolidation. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications of prior period amounts, primarily related to discontinued operations, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, “Compensation — Stock Compensation” (“ASC 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements. | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics is the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. We are currently evaluating the guidance and have not determined the impact this standard may have on the consolidated financial statements nor decided upon the method of adoption. | |
In April 2014, FASB issued ASU 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. For public entities, ASU 2014-08 is effective prospectively for fiscal years beginning after December 15, 2014; however, early adoption is permitted, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and have applied the provisions prospectively. | |
Prior to the adoption of ASU 2014-08, the results of operations for operating properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Operations. Beginning with the period ended March 31, 2014, in general, our activity related to individual sales of properties wholly-owned or co-owned with joint ventures will no longer be classified as Discontinued Operations. |
Property_Acquisitions_and_Disp1
Property Acquisitions and Dispositions (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||
Summary of Acquisition Activity | ' | ||||||||||||||||||||||
The following table provides a summary of our acquisition activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Purchase | Assumed | |||||||||||||||||
Acquired | Price | Debt | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Front Range Village | Fort Collins, CO | 459 | N/A | 9/4/14 | $ | 128,250 | $ | — | |||||||||||||||
Buttermilk Towne Center | Crescent Spring, KY | 278 | N/A | 8/22/14 | 41,900 | — | |||||||||||||||||
Woodbury Lakes (1) | Woodbury, MN | 305 | N/A | 7/22/14 | 65,250 | — | |||||||||||||||||
Bridgewater Falls Shopping Center | Hamilton, OH | 504 | N/A | 7/10/14 | 85,542 | 58,634 | |||||||||||||||||
Total consolidated income producing acquisitions | 1,546 | $ | 320,942 | $ | 58,634 | ||||||||||||||||||
The Shoppes at Fox River | Waukesha, WI | N/A | 9.9 | 9/8/14 | $ | 1,216 | $ | — | |||||||||||||||
Total consolidated land / outparcel acquisitions | 9.9 | $ | 1,216 | $ | — | ||||||||||||||||||
Total Acquisitions | 1,546 | 9.9 | $ | 322,158 | $ | 58,634 | |||||||||||||||||
(1) The purchase price includes $0.75 million for a 1.3 acre parcel purchased August 29, 2014 adjacent to the shopping center. | |||||||||||||||||||||||
Schedule of Fair Value of Acquisition Activity | ' | ||||||||||||||||||||||
The aggregate fair value of our 2014 acquisitions through September 30, 2014, was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. Some of the purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined: | |||||||||||||||||||||||
Allocated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Land | $ | 54,668 | |||||||||||||||||||||
Buildings and improvements | 235,322 | ||||||||||||||||||||||
Above market leases | 4,775 | ||||||||||||||||||||||
Lease origination costs | 23,343 | ||||||||||||||||||||||
Other assets | 30,883 | ||||||||||||||||||||||
Capital lease obligation | (1,167 | ) | |||||||||||||||||||||
Below market leases | (18,836 | ) | |||||||||||||||||||||
Premium for above market interest rates on assumed debt | (6,830 | ) | |||||||||||||||||||||
Total purchase price allocated | $ | 322,158 | |||||||||||||||||||||
Schedule of Revenue and Net Income From Acquisitions | ' | ||||||||||||||||||||||
Total revenue and net income for the 2014 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2014 were as follows: | |||||||||||||||||||||||
Three and Nine Months Ended | |||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total revenue from 2014 acquisitions | $ | 4,973 | |||||||||||||||||||||
Net income from 2014 acquisitions | $ | 536 | |||||||||||||||||||||
Pro Forma Revenue and Net Income | ' | ||||||||||||||||||||||
If the 2014 Acquisitions had occurred on January 1, 2013, our consolidated revenues and net income for the three and nine months ended September 30, 2014 and 2013 would have been as follows: | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Consolidated revenue | $ | 58,568 | $ | 48,837 | $ | 175,153 | $ | 142,000 | |||||||||||||||
Consolidated net income available to common shareholders | $ | 5,090 | $ | 4,522 | $ | 7,880 | $ | 14,176 | |||||||||||||||
Summary of Disposition Activity | ' | ||||||||||||||||||||||
The following table provides a summary of our disposition activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||
Gross | |||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain (loss) | ||||||||||||||||
Sold | Price | Repaid | on Sale | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
The Town Center at Aquia - El Gran Charro Outparcel | Stafford, VA | 6 | N/A | 5/28/14 | $ | 1,730 | $ | — | $ | 123 | |||||||||||||
Naples Towne Centre | Naples, FL | 135 | N/A | 4/17/14 | 7,150 | — | 2,343 | ||||||||||||||||
Total consolidated income producing dispositions | 141 | $ | 8,880 | $ | — | $ | 2,466 | ||||||||||||||||
Parkway Phase I - Wendy's Outparcel | Jacksonville, FL | N/A | 1 | 8/27/14 | $ | 900 | $ | — | $ | 258 | |||||||||||||
Parkway Phase I - Express Oil Change Outparcel | Jacksonville, FL | N/A | 0.7 | 6/13/14 | 680 | — | 215 | ||||||||||||||||
Hartland - Taco Bell Outparcel | Hartland, MI | N/A | 0.8 | 5/1/14 | 650 | $ | — | $ | (9 | ) | |||||||||||||
Total consolidated land / outparcel dispositions | 2.5 | $ | 2,230 | $ | — | $ | 464 | ||||||||||||||||
Total consolidated dispositions | 141 | 2.5 | $ | 11,110 | $ | — | $ | 2,930 | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Summary of Selected Operating Results for Properties Classified as Discontinued Operations | ' | ||||||||||
The following table provides a summary of selected operating results during the three and nine months ended September 30, 2013 for those properties classified as Discontinued Operations prior to our adoption of ASU 2014-08: | |||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||
(in thousands) | |||||||||||
Total revenue | $ | 502 | $ | 1,963 | |||||||
Expenses: | |||||||||||
Recoverable operating expenses | 115 | 509 | |||||||||
Other non-recoverable property operating expenses | 12 | 73 | |||||||||
Depreciation and amortization | 132 | 489 | |||||||||
Other expense | 1 | 50 | |||||||||
Operating income from discontinued operations | 242 | 842 | |||||||||
Gain on sale of properties | 657 | 2,194 | |||||||||
Income from discontinued operations | $ | 899 | $ | 3,036 | |||||||
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary of Combined Financial Information for Unconsolidated Joint Ventures, Balance Sheets | ' | ||||||||||||||||
The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: | |||||||||||||||||
Balance Sheets | September 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Income producing properties, net | $ | 392,926 | $ | 410,218 | |||||||||||||
Cash, accounts receivable and other assets | 24,265 | 27,462 | |||||||||||||||
Total Assets | $ | 417,191 | $ | 437,680 | |||||||||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||||||||
Mortgage notes payable | $ | 170,448 | $ | 178,708 | |||||||||||||
Other liabilities | 7,704 | 7,885 | |||||||||||||||
Owners' equity | 239,039 | 251,087 | |||||||||||||||
Total Liabilities and Owners' Equity | $ | 417,191 | $ | 437,680 | |||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | 28,564 | $ | 30,931 | |||||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Statements of Operations | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | |||||||||||||||||
Total revenue | $ | 10,425 | $ | 10,649 | $ | 31,927 | $ | 32,384 | |||||||||
Total expenses (1) | 7,012 | 7,251 | 31,973 | 22,111 | |||||||||||||
Income (loss) before other income, expense, and discontinued operations | 3,413 | 3,398 | (46 | ) | 10,273 | ||||||||||||
Gain on sale of land (2) | — | 740 | |||||||||||||||
Interest expense | (1,820 | ) | (2,269 | ) | (5,511 | ) | (7,236 | ) | |||||||||
Gain on extinguishment of debt (3) | — | — | 529 | — | |||||||||||||
Amortization of deferred financing fees | (77 | ) | (68 | ) | (229 | ) | (197 | ) | |||||||||
Income (loss) from continuing operations | 1,516 | 1,061 | (4,517 | ) | 2,840 | ||||||||||||
Discontinued operations (4) | |||||||||||||||||
Loss on sale of real estate (5) | — | — | — | (21,512 | ) | ||||||||||||
Income from discontinued operations | — | 126 | — | 1,260 | |||||||||||||
Income (loss) from discontinued operations | — | 126 | — | (20,252 | ) | ||||||||||||
Net income (loss) | $ | 1,516 | $ | 1,187 | $ | (4,517 | ) | $ | (17,412 | ) | |||||||
RPT's share of earnings (loss) from unconsolidated joint ventures | $ | 455 | $ | 387 | $ | (336 | ) | $ | (5,027 | ) | |||||||
(1) | The increase for the nine months ended September 30, 2014 is due to accelerated depreciation expense recorded in the second quarter 2014 related to redevelopment projects. | ||||||||||||||||
(2) | The gain on sale relates to a joint venture property that was sold in 2011 and additional proceeds received in June 2014. Our share of the gain was approximately $0.4 million. | ||||||||||||||||
(3) | As a result of a property conveyance, a joint venture recognized a gain on extinguishment of debt of which our share was approximately $0.1 million. | ||||||||||||||||
(4) | Beginning in the first quarter of 2014 discontinued operations reflects results of operations for those properties classified as discontinued operations as of December 31, 2013. | ||||||||||||||||
(5) | In March 2013, Ramco/Lion Venture LP sold 12 shopping centers to us resulting in a loss on the sale of $21.5 million to the joint venture. | ||||||||||||||||
Investments in Unconsolidated Joint Ventures | ' | ||||||||||||||||
As of September 30, 2014, we had investments in the following unconsolidated joint ventures: | |||||||||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||||||||
September 30, | September 30, | December 31, | |||||||||||||||
Unconsolidated Entities | 2014 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC | 20% | $ | 282,285 | $ | 293,410 | ||||||||||||
Ramco/Lion Venture LP | 30% | 89,265 | 91,053 | ||||||||||||||
Other Joint Ventures | —% | 45,641 | 53,217 | ||||||||||||||
$ | 417,191 | $ | 437,680 | ||||||||||||||
Debt Outstanding of Unconsolidated Joint Ventures | ' | ||||||||||||||||
Our unconsolidated joint ventures had the following debt outstanding at September 30, 2014: | |||||||||||||||||
Balance | |||||||||||||||||
Entity Name | Outstanding | ||||||||||||||||
(In thousands) | |||||||||||||||||
Ramco 450 Venture LLC (1) | $ | 140,454 | |||||||||||||||
Ramco/Lion Venture LP (2) | 30,116 | ||||||||||||||||
$ | 170,570 | ||||||||||||||||
Unamortized premium | (122 | ) | |||||||||||||||
Total mortgage debt | $ | 170,448 | |||||||||||||||
(1) | Maturities range from October 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 5.0% interest rate. | ||||||||||||||||
Information of Fees Earned | ' | ||||||||||||||||
The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Management fees | $ | 379 | $ | 389 | $ | 1,145 | $ | 1,469 | |||||||||
Leasing fees | 160 | 172 | 266 | 320 | |||||||||||||
Construction fees | 43 | 4 | 117 | 53 | |||||||||||||
Total | $ | 582 | $ | 565 | $ | 1,528 | $ | 1,842 | |||||||||
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets Consisted | ' | ||||||||
Other assets consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Deferred leasing costs, net | $ | 34,666 | $ | 26,617 | |||||
Deferred financing costs, net | 5,314 | 6,513 | |||||||
Lease intangible assets, net | 82,318 | 69,635 | |||||||
Straight-line rent receivable, net | 15,389 | 15,115 | |||||||
Cash flow hedge mark-to-market asset | 1,215 | 2,244 | |||||||
Prepaid and other deferred expenses, net | 7,612 | 4,629 | |||||||
Other, net | 27,969 | 3,768 | |||||||
Other assets, net | $ | 174,483 | $ | 128,521 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Mortgages, Notes Payable and Capital Lease Obligation | ' | ||||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of September 30, 2014 and December 31, 2013: | |||||||||
Notes Payable | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 210,000 | $ | 110,000 | |||||
Unsecured term loan facilities | 210,000 | 255,000 | |||||||
Fixed rate mortgages | 355,836 | 329,875 | |||||||
Unsecured revolving credit facility | 120,000 | 27,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
923,961 | 750,000 | ||||||||
Unamortized premium | 9,213 | 3,174 | |||||||
$ | 933,174 | $ | 753,174 | ||||||
Capital lease obligation | $ | 1,887 | $ | 5,686 | |||||
Scheduled Principal Payments on Mortgages and Notes Payable | ' | ||||||||
The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2014: | |||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2014 (Oct 1 - December 31) | $ | 1,122 | |||||||
2015 | 86,117 | ||||||||
2016 | 143,619 | ||||||||
2017 | 113,196 | ||||||||
2018 | 85,275 | ||||||||
Thereafter | 494,632 | ||||||||
Subtotal debt | 923,961 | ||||||||
Unamortized premium | 9,213 | ||||||||
Total debt (including unamortized premium) | $ | 933,174 | |||||||
Other_Liabilities_net_Tables
Other Liabilities, net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Summary of Other Liabilities | ' | ||||||||
Other liabilities consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible liabilities, net | $ | 55,579 | $ | 40,386 | |||||
Cash flow hedge mark-to-market liability | 2,108 | 2,297 | |||||||
Deferred liabilities | 2,560 | 2,637 | |||||||
Tenant security deposits | 3,276 | 2,940 | |||||||
Other, net | 288 | 333 | |||||||
Other liabilities, net | $ | 63,811 | $ | 48,593 | |||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2014. | |||||||||||||||||
Total | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets - interest rate swaps | $ | 1,215 | $ | — | $ | 1,215 | $ | — | |||||||||
Derivative liabilities - interest rate swaps | $ | (2,108 | ) | $ | — | $ | (2,108 | ) | $ | — | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Summary of Notional Values and Fair Values of Derivative Financial Instruments | ' | ||||||||||||||||||
The following table summarizes the notional values and fair values of our derivative financial instruments as of September 30, 2014: | |||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 50,000 | 1.46 | % | $ | 1,215 | May-20 | |||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (829 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (599 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (316 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (59 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | (183 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | (122 | ) | May-20 | ||||||||||||
$ | 160,000 | $ | (2,108 | ) | |||||||||||||||
Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||
The following table presents the fair values of derivative financial instruments in our condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Derivatives designated as | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||
hedging instruments | Location | Value | Location | Value | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | Other assets | $ | 1,215 | Other assets | $ | 2,244 | |||||||||||||
Interest rate contracts - liabilities | Other liabilities | $ | (2,108 | ) | Other liabilities | $ | (2,297 | ) | |||||||||||
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | ' | ||||||||||||||||||
The effect of derivative financial instruments on our condensed consolidated statements of operations for the nine months ended September 30, 2014 and 2013 is summarized as follows: | |||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Loss | |||||||||||||||||
Recognized in OCI on Derivative | Loss | Reclassified from | |||||||||||||||||
(Effective Portion) | Reclassified from | Accumulated OCI into | |||||||||||||||||
Accumulated OCI | Income (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Nine Months Ended September 30, | into Income | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | (1,029 | ) | $ | 1,499 | Interest Expense | $ | (876 | ) | $ | (243 | ) | |||||||
Interest rate contracts - liabilities | 189 | 2,557 | Interest Expense | (1,424 | ) | (1,380 | ) | ||||||||||||
Total | $ | (840 | ) | $ | 4,056 | Total | $ | (2,300 | ) | $ | (1,623 | ) | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 6,263 | $ | 4,816 | $ | 10,144 | $ | 13,735 | |||||||||
Net income from continuing operations attributable to noncontrolling interest | (180 | ) | (169 | ) | (303 | ) | (526 | ) | |||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (65 | ) | (37 | ) | (162 | ) | (99 | ) | |||||||||
Income from continuing operations attributable to RPT | $ | 4,205 | $ | 2,797 | $ | 4,241 | $ | 7,672 | |||||||||
Income from discontinued operations | — | 899 | — | 3,036 | |||||||||||||
Net income from discontinued operations attributable to noncontrolling interest | — | (32 | ) | — | (108 | ) | |||||||||||
Allocation of discontinued income to restricted share awards | — | (7 | ) | — | (24 | ) | |||||||||||
Income from discontinued operations attributable to RPT | — | 860 | — | 2,904 | |||||||||||||
Net income available to common shareholders | $ | 4,205 | $ | 3,657 | $ | 4,241 | $ | 10,576 | |||||||||
Weighted average shares outstanding, Basic | 74,840 | 61,102 | 70,283 | 57,626 | |||||||||||||
Income per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.13 | |||||||||
Discontinued operations | — | 0.01 | — | 0.05 | |||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||||
The following table sets forth the computation of diluted EPS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Income from continuing operations | $ | 6,263 | $ | 4,816 | $ | 10,144 | $ | 13,735 | |||||||||
Net income from continuing operations attributable to noncontrolling interest | (180 | ) | (169 | ) | (303 | ) | (526 | ) | |||||||||
Preferred share dividends | (1,813 | ) | (1,813 | ) | (5,438 | ) | (5,438 | ) | |||||||||
Allocation of continuing income to restricted share awards | (65 | ) | (37 | ) | (162 | ) | (99 | ) | |||||||||
Allocation of over distributed continuing income to restricted share awards | — | (6 | ) | — | (17 | ) | |||||||||||
Income from continuing operations attributable to RPT | $ | 4,205 | $ | 2,791 | $ | 4,241 | $ | 7,655 | |||||||||
Income from discontinued operations | — | 899 | — | 3,036 | |||||||||||||
Net income from discontinued operations attributable to noncontrolling interest | — | (32 | ) | — | (108 | ) | |||||||||||
Allocation of discontinued income to restricted share awards | — | (1 | ) | — | (3 | ) | |||||||||||
Income from discontinued operations attributable to RPT | — | 866 | — | 2,925 | |||||||||||||
Net income available to common shareholders | $ | 4,205 | $ | 3,657 | $ | 4,241 | $ | 10,580 | |||||||||
Weighted average shares outstanding, Basic | 74,840 | 61,102 | 70,283 | 57,626 | |||||||||||||
Stock options and restricted stock awards using the treasury method | 240 | 470 | 237 | 471 | |||||||||||||
Dilutive effect of securities (1) | — | — | — | — | |||||||||||||
Weighted average shares outstanding, Diluted | 75,080 | 61,572 | 70,520 | 58,097 | |||||||||||||
Income per common share, Basic | |||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.13 | |||||||||
Discontinued operations | — | 0.01 | — | 0.05 | |||||||||||||
Net income available to common shareholders | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||||
(1) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentations - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Contract | ||
sqft | ||
PartnershipUnit | ||
Basis of Presentation [Line Items] | ' | ' |
Number of Joint Ventures | 5 | ' |
Area of an real estate property | 14,500,000 | ' |
Ownership interest in Ramco-Gershenson Properties, L. P. | 97.20% | 96.80% |
Shopping Centers | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Number of Joint Ventures | 2 | ' |
Number of real estate properties owned and managed | 70 | ' |
Office building | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Number of real estate properties owned and managed | 1 | ' |
Ramco/Lion Venture LP | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Percentage of ownership | 20.00% | ' |
Ramco/Lion Venture LP | Shopping Centers | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Number of real estate properties owned and managed | 8 | ' |
Area of an real estate property | 1,600,000 | ' |
Ramco 450 Venture LLC | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Percentage of ownership | 30.00% | ' |
Ramco 450 Venture LLC | 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 | 2 | ' |
Smaller joint ventures | Shopping Centers | ' | ' |
Basis of Presentation [Line Items] | ' | ' |
Number of real estate properties owned and managed | 3 | ' |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Land held for development or sale | $72.60 | $68.50 |
Constructions in progress | 14.7 | 33.5 |
Lakeland Park Center Phase I | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Constructions in progress | $32 | ' |
Property_Acquisitions_and_Disp2
Property Acquisitions and Dispositions - Summary of Disposition Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Producing Property Acquisitions | Total consolidated land / outparcel acquisitions | Income Producing Property Dispositions | Income Producing Property Dispositions | Income Producing Property Dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Total consolidated land / outparcel dispositions | Front Range Village | Front Range Village | Buttermilk Towne Center | Buttermilk Towne Center | Woodbury Lakes | Woodbury Lakes | Woodbury Lakes | Bridgewater Falls Shopping Center | The Shoppes at Fox River | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | ||||||||
sqft | acre | sqft | The Town Center at Aquia - El Gran Charro Outparcel | Naples Towne Centre | acre | Parkway Phase I - Wendy's Outparcel | Parkway Phase I - Express Oil Change Outparcel | Hartland - Taco Bell Outparcel | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Income Producing Property Acquisitions | Total consolidated land / outparcel acquisitions | Property | Property | Property | Property | ||||||||||
sqft | sqft | acre | acre | acre | sqft | sqft | sqft | acre | sqft | acre | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Land | $54,668,000 | ' | $54,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Buildings and improvements | 235,322,000 | ' | 235,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Above market leases | 4,775,000 | ' | 4,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Lease origination costs | 23,343,000 | ' | 23,343,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other assets | 30,883,000 | ' | 30,883,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital lease obligation | 1,167,000 | ' | 1,167,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Below market leases | -18,836,000 | ' | -18,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Premium for above market interest rates on assumed debt | -6,830,000 | ' | -6,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total purchase price allocated | 322,158,000 | ' | 322,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of public improvement fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of real estate tax exemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenue from 2014 acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,973,000 | ' | |||
Net income from 2014 acquisitions | 6,083,000 | 5,514,000 | 9,841,000 | 16,137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 536,000 | ' | |||
Location | ' | ' | ' | ' | ' | ' | ' | 'Stafford, VA | 'Naples, FL | ' | 'Jacksonville, FL | 'Jacksonville, FL | 'Hartland, MI | ' | 'Fort Collins, CO | ' | 'Crescent Spring, KY | ' | 'Woodbury, MN | [1] | ' | 'Hamilton, OH | 'Waukesha, WI | ' | ' | ' | ' | ||
GLA | ' | ' | ' | ' | 1,546,000 | ' | 141,000 | 6,000 | 135,000 | ' | ' | ' | ' | ' | 459,000 | ' | 278,000 | ' | 305,000 | [1] | 1.3 | [1] | 504,000 | ' | ' | ' | ' | ' | |
Acreage | ' | ' | ' | ' | ' | 9.9 | ' | ' | ' | 2.5 | 1 | 0.7 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | 9.9 | ' | ' | ' | ' | |||
Date Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Sep-14 | ' | 22-Aug-14 | ' | 22-Jul-14 | [1] | ' | 10-Jul-14 | 8-Sep-14 | ' | ' | ' | ' | ||
Purchase Price | ' | ' | 322,158,000 | ' | 320,942,000 | 1,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | 128,250,000 | ' | 41,900,000 | 750,000 | [1] | 65,250,000 | [1] | ' | 85,542,000 | 1,216,000 | ' | ' | ' | ' | |
Assumed Debt | ' | ' | 58,634,000 | ' | 58,634,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,634,000 | ' | ' | ' | ' | ' | |||
Date Sold | ' | ' | ' | ' | ' | ' | ' | 28-May-14 | 17-Apr-14 | ' | 27-Aug-14 | 13-Jun-14 | 1-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales Price | ' | ' | 11,110,000 | ' | ' | ' | 8,880,000 | 1,730,000 | 7,150,000 | 2,230,000 | 900,000 | 680,000 | 650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Repaid | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gain on Sale | ' | ' | 2,930,000 | ' | ' | ' | 2,466,000 | 123,000 | 2,343,000 | 464,000 | 258,000 | 215,000 | -9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,568,000 | 48,837,000 | 175,153,000 | 142,000,000 | |||
Consolidated net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,090,000 | $4,522,000 | $7,880,000 | $14,176,000 | |||
Number of properties held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 0 | 2 | 0 | |||
[1] | The purchase price includes $0.75 million for a 1.3 acre parcel purchased August 29, 2014 adjacent to the shopping center. |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Selected Operating Results for Properties Sold or Held for Sale (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Total revenue | ' | $502 | ' | $1,963 |
Expenses: | ' | ' | ' | ' |
Recoverable operating expenses | ' | 115 | ' | 509 |
Other non-recoverable property operating expenses | ' | 12 | ' | 73 |
Depreciation and amortization | ' | 132 | ' | 489 |
Other expense | ' | 1 | ' | 50 |
Operating income from discontinued operations | ' | 242 | ' | 842 |
Gain on sale of properties | 0 | 657 | 0 | 2,194 |
INCOME FROM DISCONTINUED OPERATIONS | $0 | $899 | $0 | $3,036 |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Contract | Minimum | Maximum | Ramco/Lion Venture LP | Ramco/Lion Venture LP | Ramco/Lion Venture LP | |
PartnershipUnit | Olentangy Plaza | Olentangy Plaza | ||||
Ramco-Gershenson Properties Trust | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Joint Ventures | 5 | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | 7.00% | 30.00% | 20.00% | ' | ' |
Repayments of long-term debt | $0 | ' | ' | ' | $7,500 | $1,500 |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Income producing properties, net | $392,926 | $410,218 |
Cash, accounts receivable and other assets | 24,265 | 27,462 |
Total Assets | 417,191 | 437,680 |
LIABILITIES AND OWNERS' EQUITY | ' | ' |
Mortgage notes payable | 170,448 | 178,708 |
Other liabilities | 7,704 | 7,885 |
Owners' equity | 239,039 | 251,087 |
Total Liabilities and Owners' Equity | 417,191 | 437,680 |
RPT's equity investments in unconsolidated joint ventures | $28,564 | $30,931 |
Equity_Investments_in_Unconsol4
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' | ||||
Total revenue | $10,425 | $10,649 | $31,927 | $32,384 | ||||
Total expenses | 7,012 | [1] | 7,251 | [1] | 31,973 | [1] | 22,111 | [1] |
Income (loss) before other income, expense, and discontinued operations | 3,413 | 3,398 | -46 | 10,273 | ||||
Gain on sale of land | 0 | [2] | ' | [2] | 740 | [2] | ' | [2] |
Interest expense | -1,820 | -2,269 | -5,511 | -7,236 | ||||
Gain on extinguishment of debt | 0 | [3] | 0 | [3] | 529 | [3] | 0 | [3] |
Amortization of deferred financing fees | -77 | -68 | -229 | -197 | ||||
Income (loss) from continuing operations | 1,516 | 1,061 | -4,517 | 2,840 | ||||
Discontinued operations | ' | ' | ' | ' | ||||
Loss on sale of real estate | 0 | [4] | 0 | [4] | 0 | [4] | -21,512 | [4] |
Income from discontinued operations | 0 | 126 | 0 | 1,260 | ||||
Income (loss) from discontinued operations | 0 | 126 | 0 | -20,252 | ||||
Net income (loss) | 1,516 | 1,187 | -4,517 | -17,412 | ||||
RPT's share of earnings (loss) from unconsolidated joint ventures | $455 | $387 | ($336) | ($5,027) | ||||
[1] | The increase for the nine months ended September 30, 2014 is due to accelerated depreciation expense recorded in the second quarter 2014 related to redevelopment projects. | |||||||
[2] | The gain on sale relates to a joint venture property that was sold in 2011 and additional proceeds received in June 2014. Our share of the gain was approximately $0.4 million. | |||||||
[3] | As a result of a property conveyance, a joint venture recognized a gain on extinguishment of debt of which our share was approximately $0.1 million. | |||||||
[4] | In March 2013, Ramco/Lion Venture LP sold 12 shopping centers to us resulting in a loss on the sale of $21.5 million to the joint venture. |
Equity_Investments_in_Unconsol5
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | ||||
Ramco 450 Venture LLC | Shopping Centers | Ramco-Gershenson Properties Trust | |||||||||
Ramco 450 Venture LLC | |||||||||||
Property | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Gain on sale of land | $0 | [1] | ' | [1] | $740 | [1] | ' | [1] | ' | ' | $400 |
Gain on extinguishment of debt | 0 | [2] | 0 | [2] | 529 | [2] | 0 | [2] | ' | ' | 100 |
Number of real estate properties sold | ' | ' | ' | ' | ' | 12 | ' | ||||
(Loss) on sale of real estate | $0 | [3] | $0 | [3] | $0 | [3] | ($21,512) | [3] | ($21,500) | ' | ' |
[1] | The gain on sale relates to a joint venture property that was sold in 2011 and additional proceeds received in June 2014. Our share of the gain was approximately $0.4 million. | ||||||||||
[2] | As a result of a property conveyance, a joint venture recognized a gain on extinguishment of debt of which our share was approximately $0.1 million. | ||||||||||
[3] | In March 2013, Ramco/Lion Venture LP sold 12 shopping centers to us resulting in a loss on the sale of $21.5 million to the joint venture. |
Equity_Investments_in_Unconsol6
Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total Assets | $417,191 | $437,680 |
Ramco 450 Venture LLC | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percentage of ownership interest | 30.00% | ' |
Total Assets | 89,265 | 91,053 |
Ramco/Lion Venture LP | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percentage of ownership interest | 20.00% | ' |
Total Assets | 282,285 | 293,410 |
Other Joint Ventures | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total Assets | $45,641 | $53,217 |
Equity_Investments_in_Unconsol7
Equity Investments in Unconsolidated Joint Ventures - Debt Outstanding of Unconsolidated Entities (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||
Minimum | Maximum | Ramco/Lion Venture LP | Ramco/Lion Venture LP | Ramco/Lion Venture LP | Ramco 450 Venture LLC | Ramco 191 LLC | Unconsolidated joint ventures | Unconsolidated joint ventures | Unconsolidated joint ventures | Olentangy Plaza | Olentangy Plaza | |||||
Minimum | Maximum | Ramco/Lion Venture LP | Ramco 450 Venture LLC | Ramco/Lion Venture LP | Ramco-Gershenson Properties Trust | |||||||||||
Ramco/Lion Venture LP | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total mortgage debt | $365,049 | $333,049 | ' | ' | ' | ' | ' | ' | ' | $170,570 | $140,454 | [1] | $30,116 | [2] | ' | ' |
Unamortized premium | -9,213 | -3,174 | ' | ' | ' | ' | ' | ' | ' | -122 | ' | ' | ' | ' | ||
Total mortgage debt | 170,448 | 178,708 | ' | ' | ' | ' | ' | ' | ' | 170,448 | ' | ' | ' | ' | ||
Mortgage debt interest rate, minimum | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage debt interest rate, maximum | ' | ' | ' | ' | ' | ' | 5.80% | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage debt interest rate | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | ' | ' | 7.00% | 30.00% | 20.00% | ' | ' | 30.00% | 20.00% | ' | ' | ' | ' | ' | ||
Repayments of long-term debt | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500 | $1,500 | ||
[1] | Maturities range from October 2015 to September 2023 with interest rates ranging from 1.9% to 5.8% | |||||||||||||||
[2] | Balance relates to Millennium Parkbs mortgage loan which has a maturity date of October 2015 with a 5.0% interest rate. |
Equity_Investments_in_Unconsol8
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' |
Management fees | $379 | $389 | $1,145 | $1,469 |
Leasing fees | 160 | 172 | 266 | 320 |
Construction fees | 43 | 4 | 117 | 53 |
Total | $582 | $565 | $1,528 | $1,842 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' |
Accumulated amortization of other assets | $54.20 | ' | $44 |
Amortization of intangible assets | 2 | 1.5 | ' |
Allowances straight-line rent receivables | $4.20 | ' | $3.80 |
Other_Assets_Net_Detail
Other Assets, Net (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred leasing costs, net | $34,666 | $26,617 |
Deferred financing costs, net | 5,314 | 6,513 |
Lease intangible assets, net | 82,318 | 69,635 |
Straight-line rent receivable, net | 15,389 | 15,115 |
Cash flow hedge mark-to-market asset | 1,215 | 2,244 |
Prepaid and other deferred expenses, net | 7,612 | 4,629 |
Other, net | 27,969 | 3,768 |
Other assets, net | $174,483 | $128,521 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | |
Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Loans Payable | Fixed Rate Mortgages | Fixed Rate Mortgages | Bridgewater Falls | Bridgewater Falls | Auburn Mile | Crossroads Centre | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Interest Rate Swap | ||||
Senior Unsecured Note 12-Year Term | Senior Unsecured Note 12-Year Term | Senior Unsecured Note 10-Year Term | Senior Unsecured Note 10-Year Term | Variable-Rate Bank Term Debt Due 2017 | Bank Term Debt Due 2017 | Senior Unsecured Term Loan | Fixed Rate Mortgages | Fixed Rate Mortgages | Loans Payable | Loans Payable | Loans Payable | Unsecured Revolving Credit Facility | Loans Payable | ||||||||||
Senior Unsecured Term Loan | Senior Unsecured Term Loan | Senior Unsecured Term Loan | Senior Unsecured Term Loan | ||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | $100,000,000 | $100,000,000 | $50,000,000 | $50,000,000 | $50,000,000 | $50,000,000 | ' | ' | $75,000,000 | ' | ' | $58,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt, term | ' | ' | ' | ' | ' | '12 years | '12 years | '10 years | '10 years | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Borrowing Capacity | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Borrowing Capacity Term | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 1.25% | 2.25% | ' | ' |
Fixed rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.90% |
Repayments of long-term debt | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' |
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | 23,200,000 | ' | ' | ' | ' | ' |
Mortgage debt interest rate | ' | ' | ' | ' | ' | 4.30% | 4.74% | 4.16% | 4.65% | ' | ' | ' | ' | ' | 5.70% | ' | 5.40% | 5.40% | ' | ' | ' | ' | ' |
Mortgages payable | 365,049,000 | ' | 333,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 355,836,000 | 329,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium | 9,213,000 | ' | 3,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 3,200,000 | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' |
Net book value of mortgage on properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 372,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net repayments on revolving credit facility | 93,000,000 | -30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility | 120,000,000 | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit, outstanding balance | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Mortgages_Note
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior unsecured notes | $210,000 | $110,000 |
Unsecured term loan facilities | 210,000 | 255,000 |
Total mortgage debt | 365,049 | 333,049 |
Unsecured revolving credit facility | 120,000 | 27,000 |
Junior subordinated notes | 28,125 | 28,125 |
Subtotal debt | 923,961 | 750,000 |
Capital lease obligation | 1,887 | 5,686 |
Unamortized premium | 9,213 | 3,174 |
Total notes payable | 933,174 | 753,174 |
Fixed Rate Mortgages | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total mortgage debt | 355,836 | 329,875 |
Unamortized premium | $9,200 | $3,200 |
Debt_Scheduled_Principal_Payme
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 (Oct 1 - December 31) | $1,122 | ' |
2015 | 86,117 | ' |
2016 | 143,619 | ' |
2017 | 113,196 | ' |
2018 | 85,275 | ' |
Thereafter | 494,632 | ' |
Subtotal debt | 923,961 | 750,000 |
Unamortized premium | 9,213 | 3,174 |
Total notes payable | $933,174 | $753,174 |
Other_Liabilities_Net_Addition
Other Liabilities, Net - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other Liabilities Disclosure [Abstract] | ' | ' |
Increase in revenue, accretion of below market leases | $3.70 | $2.20 |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Lease intangible liabilities, net | $55,579 | $40,386 |
Cash flow hedge mark-to-market liability | 2,108 | 2,297 |
Deferred liabilities | 2,560 | 2,637 |
Tenant security deposits | 3,276 | 2,940 |
Other, net | 288 | 333 |
Other liabilities, net | $63,811 | $48,593 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | $933,174,000 | $753,174,000 |
Level 2 | Fixed Rate Mortgages | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | 775,800,000 | 649,900,000 |
Long term debt, fair value | 796,500,000 | 650,900,000 |
Level 2 | Floating Rate Debt | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Long term debt, carrying amount | $148,100,000 | $100,100,000 |
Fair_Value_Recorded_Amount_of_
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' |
Derivative assets - interest rate swaps | $1,215 |
Derivative liabilities - interest rate swaps | -2,108 |
Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' |
Derivative assets - interest rate swaps | 0 |
Derivative liabilities - interest rate swaps | 0 |
Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' |
Derivative assets - interest rate swaps | 1,215 |
Derivative liabilities - interest rate swaps | -2,108 |
Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' |
Derivative assets - interest rate swaps | 0 |
Derivative liabilities - interest rate swaps | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Interest Rate Swap, Cash Flow Hedging, Designated as Hedging Instrument, USD $) | Sep. 30, 2014 |
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 interest rate | 1.20% |
Maximum | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Derivative interest rate, one-month LIBOR interest rate | 2.20% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Derivative Assets | ' |
Fair Value | $1,215 |
Derivative Liabilities | ' |
Fair Value | -2,108 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ' |
Derivative Liabilities | ' |
Notional Amount | 160,000 |
Fair Value | -2,108 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4600 % Swap Rate, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Notional Amount | 50,000 |
Fixed rate | 1.46% |
Fair Value | 1,215 |
Derivative Liabilities | ' |
Fixed rate | 1.46% |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.2175 % Swap Rate, Expiration Date 04/2016 | ' |
Derivative Assets | ' |
Fixed rate | 1.22% |
Derivative Liabilities | ' |
Notional Amount | 75,000 |
Fixed rate | 1.22% |
Fair Value | -829 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed rate | 2.05% |
Derivative Liabilities | ' |
Notional Amount | 30,000 |
Fixed rate | 2.05% |
Fair Value | -599 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed rate | 1.85% |
Derivative Liabilities | ' |
Notional Amount | 25,000 |
Fixed rate | 1.85% |
Fair Value | -316 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018 | ' |
Derivative Assets | ' |
Fixed rate | 1.84% |
Derivative Liabilities | ' |
Notional Amount | 5,000 |
Fixed rate | 1.84% |
Fair Value | -59 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Fixed rate | 2.15% |
Derivative Liabilities | ' |
Notional Amount | 15,000 |
Fixed rate | 2.15% |
Fair Value | -183 |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ' |
Derivative Assets | ' |
Fixed rate | 2.15% |
Derivative Liabilities | ' |
Notional Amount | 10,000 |
Fixed rate | 2.15% |
Fair Value | ($122) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts - assets | $1,215 | ' |
Interest rate contracts - liabilities | -2,108 | ' |
Interest Rate Swap | Designated as Hedging Instrument | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts - assets | 1,215 | 2,244 |
Interest Rate Swap | Designated as Hedging Instrument | Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts - liabilities | ($2,108) | ($2,297) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (Interest Rate Contracts, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Rate Swap | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ($840) | $4,056 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -2,300 | -1,623 |
Derivative Assets | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -1,029 | 1,499 |
Derivative Liabilities | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 189 | 2,557 |
Interest Expense | Derivative Assets | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -876 | -243 |
Interest Expense | Derivative Liabilities | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,424) | ($1,380) |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income from continuing operations | $6,263 | $4,816 | $10,144 | $13,735 |
Net income from continuing operations attributable to noncontrolling interest | -180 | -169 | -303 | -526 |
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 |
Allocation of continuing income to restricted share awards | -65 | -37 | -162 | -99 |
Income from discontinued operations | 0 | 899 | 0 | 3,036 |
Net income from discontinued operations attributable to noncontrolling interest | 0 | -32 | 0 | -108 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 4,270 | 3,701 | 4,403 | 10,699 |
Weighted average shares outstanding, Basic (in shares) | 74,840 | 61,102 | 70,283 | 57,626 |
Income per common share, Basic | ' | ' | ' | ' |
Continuing operations (in usd per share) | $0.06 | $0.05 | $0.06 | $0.13 |
Discontinued operations (in usd per share) | $0 | $0.01 | $0 | $0.05 |
Net (loss) income available to common shareholders (in usd per share) | $0.06 | $0.06 | $0.06 | $0.18 |
Basic Shares | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income from continuing operations attributable to RPT | 4,205 | 2,797 | 4,241 | 7,672 |
Income from discontinued operations | 0 | 899 | 0 | 3,036 |
Net income from discontinued operations attributable to noncontrolling interest | 0 | -32 | 0 | -108 |
Allocation of discontinued income to restricted share awards | 0 | -7 | 0 | -24 |
Income from discontinued operations attributable to RPT | 0 | 860 | 0 | 2,904 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $4,205 | $3,657 | $4,241 | $10,576 |
Earnings_Per_Common_Share_Comp1
Earnings Per Common Share - Computation of Diluted Earnings Per Share ("EPS") (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations | $6,263 | $4,816 | $10,144 | $13,735 | ||||
Net income from continuing operations attributable to noncontrolling interest | -180 | -169 | -303 | -526 | ||||
Preferred share dividends | -1,813 | -1,813 | -5,438 | -5,438 | ||||
Allocation of continuing income to restricted share awards | -65 | -37 | -162 | -99 | ||||
Allocation of over distributed continuing income to restricted share awards | 0 | -6 | 0 | -17 | ||||
Income from discontinued operations | 0 | 899 | 0 | 3,036 | ||||
Net income from discontinued operations attributable to noncontrolling interest | 0 | -32 | 0 | -108 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 4,270 | 3,701 | 4,403 | 10,699 | ||||
Weighted average shares outstanding, Basic (in shares) | 74,840 | 61,102 | 70,283 | 57,626 | ||||
Stock options and restricted stock awards using the treasury method (in shares) | 240 | 470 | 237 | 471 | ||||
Dilutive effect of securities (in shares) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Weighted average shares outstanding, Diluted (in shares) | 75,080 | 61,572 | 70,520 | 58,097 | ||||
Income per common share, Basic | ' | ' | ' | ' | ||||
Continuing operations (in usd per share) | $0.06 | $0.05 | $0.06 | $0.13 | ||||
Discontinued operations (in usd per share) | $0 | $0.01 | $0 | $0.05 | ||||
Net income (loss) available to common shareholders (in usd per share) | $0.06 | $0.06 | $0.06 | $0.18 | ||||
Diluted EPS | ' | ' | ' | ' | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations attributable to RPT | 4,205 | 2,791 | 4,241 | 7,655 | ||||
Allocation of discontinued income to restricted share awards | 0 | -1 | 0 | -3 | ||||
Income from discontinued operations attributable to RPT | 0 | 866 | 0 | 2,925 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $4,205 | $3,657 | $4,241 | $10,580 | ||||
[1] | The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation, number of options terminated | 197,849 | ' |
Performance-based liability awards, measurement period | '3 years | ' |
Percentage of award to be paid in cash | 50.00% | ' |
Share-based compensation expenses | $1.60 | $1.60 |
Share based compensation, restricted stock options description | 'Per the plan 50% vested on the date of the grant and the balance vest on the first anniversary of the date of the grant. | ' |
Compensation expense related to cash awards | 1.6 | 1.1 |
Total unrecognized compensation expense | $5.50 | ' |
Total unrecognized compensation expense, weighted average period of recognition | '4 years 4 months 24 days | ' |
Long-Term Incentive Plan ("LTIP") | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares authorized for grant | 2,000,000 | ' |
Share based compensation, number of options available for issuance | 1,706,688 | ' |
Restricted stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Performance-based liability awards, measurement period | '3 years | ' |
Service based restricted stock, shares granted during period | 159,424 | ' |
Share based compensation, restricted stock options percentage vested per the plan | 50.00% | ' |
Service-based restricted stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service based restricted stock, shares granted during period | 114,114 | ' |
Service based restricted stock, vesting period | '5 years | ' |
Nonemployee Trustees | Restricted stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service based restricted stock, shares granted during period | ' | 31,304 |
Service based restricted stock, vesting period | '1 year | ' |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Percentage of taxable income required to distribute annually to maintain REIT qualification, (in hundredths) | 90.00% | ' | 90.00% | ' |
Income tax provision (benefit) | $2,000 | ($29,000) | $18,000 | $1,000 |
Federal and State Income Taxes | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Federal and state deferred tax asset | 10,400,000 | ' | 10,400,000 | ' |
Federal and state deferred tax asset, valuation allowance | ($10,200,000) | ' | ($10,200,000) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Construction costs related to development and expansion | $17.10 | ' |
Operating and capital leases expenses | $0.70 | $0.80 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events - Additional Information (Details) (Subsequent Event, USD $) | 1 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 01, 2014 | Oct. 31, 2014 |
Northwest Crossing | Fraser Shopping Center | Revolving Credit Facility | Revolving Credit Facility | |
London Interbank Offered Rate (LIBOR) | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.35% |
Proceeds from Sale of Real Estate | $15.50 | $3.30 | ' | ' |
Amended unsecured revolving credit facility | ' | ' | $350 | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | 'LIBOR |