Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | RAMCO GERSHENSON PROPERTIES TRUST | |
Entity Central Index Key | 842183 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RPT | |
Entity Common Stock, Shares Outstanding | 79,148,366 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income producing properties, at cost: | ||
Land | $345,473 | $341,388 |
Buildings and improvements | 1,602,666 | 1,592,644 |
Less accumulated depreciation and amortization | -299,840 | -287,177 |
Income producing properties, net | 1,648,299 | 1,646,855 |
Construction in progress and land available for development or sale | 60,152 | 74,655 |
Real estate held for sale | 7,251 | 0 |
Net real estate | 1,715,702 | 1,721,510 |
Equity investments in unconsolidated joint ventures | 22,512 | 28,733 |
Cash and cash equivalents | 12,966 | 9,335 |
Restricted cash | 10,452 | 8,163 |
Accounts receivable (net of allowance for doubtful accounts of $2,370 and $2,292 as of March 31, 2015 and December 31, 2014, respectively) | 13,192 | 11,997 |
Acquired lease intangibles, net | 73,011 | 77,045 |
Other assets, net | 88,153 | 91,596 |
TOTAL ASSETS | 1,935,988 | 1,948,379 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable | 910,128 | 921,705 |
Capital lease obligation | 1,148 | 1,828 |
Accounts payable and accrued expenses | 37,217 | 44,232 |
Acquired lease intangibles, net | 53,031 | 54,278 |
Other liabilities | 10,801 | 10,106 |
Distributions payable | 18,001 | 17,951 |
TOTAL LIABILITIES | 1,030,326 | 1,050,100 |
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 March 31, 2015 and December 31, 2014 | 100,000 | 100,000 |
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 78,596 and 77,573 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 786 | 776 |
Additional paid-in capital | 1,147,073 | 1,130,262 |
Accumulated distributions in excess of net income | -364,515 | -356,715 |
Accumulated other comprehensive loss | -3,390 | -1,966 |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 879,954 | 872,357 |
Noncontrolling interest | 25,708 | 25,922 |
TOTAL SHAREHOLDERS' EQUITY | 905,662 | 898,279 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,935,988 | $1,948,379 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance for doubtful accounts | $2,370 | $2,292 |
Preferred shares, par (in shares) | $0.01 | $0.01 |
Common shares of beneficial interest, par (in usd per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 120,000 | 120,000 |
Common shares of beneficial interest, shares issued (in shares) | 78,596 | 77,573 |
Common shares of beneficial interest, shares outstanding (in shares) | 78,596 | 77,573 |
Series D Preferred Stock | ||
Preferred shares, shares authorized (in shares) | 2,000 | 2,000 |
Cumulative Perpetual Convertible Preferred Shares, shares issued (in shares) | 2,000 | 2,000 |
Cumulative Perpetual Convertible Preferred Shares, shares outstanding (in shares) | 2,000 | 2,000 |
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 | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
REVENUE | ||||
Minimum rent | $43,351 | $36,267 | ||
Percentage rent | 353 | 148 | ||
Recovery income from tenants | 14,322 | 12,247 | ||
Other property income | 859 | 961 | ||
Management and other fee income | 532 | 510 | ||
TOTAL REVENUE | 59,417 | 50,133 | ||
EXPENSES | ||||
Real estate taxes | 8,995 | 7,367 | ||
Recoverable operating expense | 7,278 | 6,159 | ||
Other non-recoverable operating expense | 713 | 849 | ||
Depreciation and amortization | 20,363 | 17,741 | ||
Acquisition costs | 42 | 82 | ||
General and administrative expense | 4,874 | 5,532 | ||
Impairment of Real Estate | 2,521 | |||
Provision for impairment | 2,521 | 0 | ||
TOTAL EXPENSES | 44,786 | 37,730 | ||
OPERATING INCOME | 14,631 | 12,403 | ||
OTHER INCOME AND EXPENSES | ||||
Other expense, net | -218 | -133 | ||
Gain on sale of real estate | 3,196 | 0 | ||
Earnings (loss) from unconsolidated joint ventures | 2,660 | -1,607 | ||
Interest expense | -9,969 | -7,599 | ||
Amortization of deferred financing fees | -334 | -403 | ||
Deferred gain recognized on real estate | 0 | 117 | ||
INCOME BEFORE TAX | 9,966 | 2,778 | ||
Income tax provision | -22 | -17 | ||
NET INCOME | 9,944 | 2,761 | ||
Net income attributable to noncontrolling partner interest | -277 | -89 | ||
NET INCOME ATTRIBUTABLE TO RPT | 9,667 | 2,672 | ||
Preferred share dividends | -1,812 | -1,812 | ||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 7,855 | 860 | ||
EARNINGS PER COMMON SHARE | ||||
Basic (in USD per share) | $0.10 | $0.01 | ||
Diluted (in USD per share) | $0.10 | $0.01 | ||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 77,925 | 67,070 | ||
Diluted (in shares) | 78,128 | [1] | 67,314 | [1] |
OTHER COMPREHENSIVE INCOME | ||||
Net income | 9,944 | 2,761 | ||
Other comprehensive loss: | ||||
Loss on interest rate swaps | -1,465 | -699 | ||
Comprehensive income | 8,479 | 2,062 | ||
Comprehensive loss attributable to noncontrolling interest | 41 | 23 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT | $8,520 | $2,085 | ||
[1] | The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2014 | $898,279 | $100,000 | $776 | $1,130,262 | ($356,715) | ($1,966) | $25,922 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares | 16,769 | 9 | 16,760 | ||||
Share-based compensation and other expense, net of shares withheld for employee taxes | 52 | 1 | 51 | ||||
Dividends declared to common shareholders | -15,578 | -15,578 | |||||
Dividends declared to preferred shareholders | -1,812 | -1,812 | |||||
Distributions declared to noncontrolling interests | -450 | -450 | |||||
Dividends declared to deferred shares | -77 | -77 | |||||
Other comprehensive income adjustment | -1,465 | -1,424 | -41 | ||||
Net income | 9,944 | 9,667 | 277 | ||||
Ending balance at Mar. 31, 2015 | $905,662 | $100,000 | $786 | $1,147,073 | ($364,515) | ($3,390) | $25,708 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net income | $9,944 | $2,761 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,363 | 17,741 |
Amortization of deferred financing fees | 334 | 403 |
Income tax provision | 22 | 17 |
(Earnings) loss from unconsolidated joint ventures | -2,660 | 1,607 |
Distributions received from operations of unconsolidated joint ventures | 567 | 783 |
Provision for impairment | 2,521 | 0 |
Deferred gain recognized on real estate | 0 | -117 |
Gain on sale of real estate | -3,196 | 0 |
Amortization of premium on mortgages, net | -429 | -175 |
Share-based compensation expense | 525 | 530 |
Long-term incentive cash compensation expense | 262 | 555 |
Changes in assets and liabilities: | ||
Accounts receivable, net | -1,195 | 231 |
Acquired lease intangibles and other assets, net | 2,066 | 3,041 |
Accounts payable, acquired lease intangibles and other liabilities | -9,790 | -6,728 |
Net cash provided by operating activities | 19,334 | 20,649 |
INVESTING ACTIVITIES | ||
Acquisition of real estate | -1,475 | 0 |
Development and capital improvements | -12,316 | -11,575 |
Net proceeds from sales of real estate | 5,129 | 0 |
Distributions from sale of joint venture property | 8,173 | 0 |
Increase in restricted cash | -2,289 | -863 |
Net cash used in investing activities | -2,778 | -12,438 |
FINANCING ACTIVITIES | ||
Repayment of mortgages and notes payable | -1,148 | -30,812 |
Net (repayments) proceeds on revolving credit facility | -10,000 | 22,000 |
Proceeds from issuance of common stock | 16,769 | 14,979 |
Repayment of capitalized lease obligation | -680 | -87 |
Dividends paid to preferred shareholders | -1,812 | -1,812 |
Dividends paid to common shareholders | -15,605 | -12,578 |
Distributions paid to operating partnership unit holders | -449 | -422 |
Net cash used in financing activities | -12,925 | -8,732 |
Net change in cash and cash equivalents | 3,631 | -521 |
Cash and cash equivalents at beginning of period | 9,335 | 5,795 |
Cash and cash equivalents at end of period | 12,966 | 5,274 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest (net of capitalized interest of $266 and $381 in 2015 and 2014, respectively) | $8,458 | $7,207 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash paid for interest, capitalized interest | $266 | $381 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentations | 3 Months Ended |
Mar. 31, 2015 | |
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 large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States. As of March 31, 2015, our property portfolio consists of 67 wholly owned shopping centers and one office building comprising approximately 14.2 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 two shopping centers comprising approximately 0.6 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 several land parcels that are available for development or 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% owned by the Company at March 31, 2015 and December 31, 2014), 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, 2014. | |
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 intangible assets and liabilities, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | |
In February 2015, the Financial Accounting Standards Board ("FASB") updated Accounting Standards Codification ("ASC") Topic 810 "Consolidation" with ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are Voting Interest Entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for annual reporting periods (including interim periods within those periods), beginning after December 15, 2015. Early adoption is permitted. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements | |
In May 2014, FASB issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, 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. |
Real_Estate
Real Estate | 3 Months Ended |
Mar. 31, 2015 | |
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 $39.9 million and $48.9 million at March 31, 2015 and December 31, 2014, 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 $20.3 million and $25.7 million at March 31, 2015 and December 31, 2014, respectively. | |
The decrease in construction in progress from December 31, 2014 to March 31, 2015 was due primarily to the substantial completion of two redevelopment projects, offset in part by ongoing development, redevelopment and expansion projects across the portfolio. | |
During the first quarter of 2015, we recorded an impairment provision of $2.5 million related to developable land that is being marketed for sale. The adjustment was triggered by an unforeseen increase in development costs and changes in the associated sales price assumptions. |
Property_Acquisitions_and_Disp
Property Acquisitions and Dispositions | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions | |||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||
The following table provides a summary of our acquisition activity for the three months ended March 31, 2015: | ||||||||||||||||||||||
Gross | ||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Purchase | Assumed | ||||||||||||||||
Acquired | Price | Debt | ||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Gaines Marketplace | Gaines Township, MI | N/A | 1.9 | 2/12/15 | $ | 1,000 | $ | — | ||||||||||||||
Lakeland Park Center | Lakeland, FL | N/A | 1.6 | 1/23/15 | 475 | — | ||||||||||||||||
Total consolidated land / outparcel acquisitions | 3.5 | $ | 1,475 | $ | — | |||||||||||||||||
Dispositions | ||||||||||||||||||||||
The following table provides a summary of our disposition activity for the three months ended March 31, 2015: | ||||||||||||||||||||||
Gross | ||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain | |||||||||||||||
Sold | Price | Repaid | on Sale | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Target and Shell Oil Parcels | Gaines Township, MI | N/A | 11.3 | 2/12/15 | $ | 5,150 | $ | — | $ | 3,196 | ||||||||||||
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. The adoption of ASU 2014-08 eliminated classifying the results of operations of properties held for sale as Discontinued Operations in the Condensed Consolidated Statements of Operations. As of March 31, 2015 we had one parcel of land classified as held for sale. |
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Joint Ventures | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
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 | March 31, 2015 | December 31, 2014 | |||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Income producing properties, net | $ | 373,398 | $ | 394,740 | |||||||
Cash, accounts receivable and other assets | 21,529 | 23,102 | |||||||||
Total Assets | $ | 394,927 | $ | 417,842 | |||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||
Mortgage notes payable | $ | 169,928 | $ | 170,194 | |||||||
Other liabilities | 6,284 | 7,625 | |||||||||
Owners' equity | 218,715 | 240,023 | |||||||||
Total Liabilities and Owners' Equity | $ | 394,927 | $ | 417,842 | |||||||
RPT's equity investments in unconsolidated joint ventures | $ | 22,512 | $ | 28,733 | |||||||
As of March 31, 2015, we had investments in the following unconsolidated joint ventures: | |||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||
March 31, | March 31, | December 31, | |||||||||
Unconsolidated Entities | 2015 | 2015 | 2014 | ||||||||
(In thousands) | |||||||||||
Ramco 450 Venture LLC | 20% | $ | 281,463 | $ | 283,100 | ||||||
Ramco/Lion Venture LP | 30% | 68,526 | 89,091 | ||||||||
Other Joint Ventures | -1 | 44,938 | 45,651 | ||||||||
$ | 394,927 | $ | 417,842 | ||||||||
(1) Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property. | |||||||||||
Three Months Ended March 31, | |||||||||||
Statements of Operations | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Total revenue | $ | 10,625 | $ | 10,924 | |||||||
Total expenses (1) | 7,296 | 17,926 | |||||||||
Income (loss) before other income, expense, and discontinued operations | 3,329 | (7,002 | ) | ||||||||
Interest expense | (1,793 | ) | (1,875 | ) | |||||||
Gain on extinguishment of debt | — | 529 | |||||||||
Amortization of deferred financing fees | (74 | ) | (75 | ) | |||||||
Gain on sale of real estate (2) | 7,463 | — | |||||||||
Net income (loss) | $ | 8,925 | $ | (8,423 | ) | ||||||
RPT's share of earnings (loss) from unconsolidated joint ventures | $ | 2,660 | $ | (1,535 | ) | ||||||
(1) | The higher expenses for the three months ended March 31, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period. | ||||||||||
(2) | See dispositions below for details of the transaction. | ||||||||||
Acquisitions | |||||||||||
There was no acquisition activity in the three months ended March 31, 2015 and 2014 by any of our unconsolidated joint ventures. | |||||||||||
Dispositions | |||||||||||
During the quarter we sold our 30% interest in the Village of Oriole Plaza, a 156,000 square foot shopping center located in Delray Beach, Florida, for $8.3 million to our joint venture partner. | |||||||||||
Debt | |||||||||||
Our unconsolidated joint ventures had the following debt outstanding at March 31, 2015: | |||||||||||
Balance | |||||||||||
Entity Name | Outstanding | ||||||||||
(In thousands) | |||||||||||
Ramco 450 Venture LLC (1) | $ | 140,157 | |||||||||
Ramco/Lion Venture LP (2) | 29,840 | ||||||||||
169,997 | |||||||||||
Unamortized premium | (69 | ) | |||||||||
Total mortgage debt (3) | $ | 169,928 | |||||||||
(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. | ||||||||||
(3) | Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing. | ||||||||||
Joint Venture Management and Other Fee Income | |||||||||||
We are engaged by 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 March 31, | |||||||||||
2015 | 2014 | ||||||||||
(In thousands) | |||||||||||
Management fees | $ | 399 | $ | 399 | |||||||
Leasing fees | 120 | 59 | |||||||||
Construction fees | 13 | 52 | |||||||||
Total | $ | 532 | $ | 510 | |||||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
The following table summarizes our mortgages and notes payable and capital lease obligation as of March 31, 2015 and December 31, 2014: | |||||||||
Notes Payable | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 310,000 | $ | 310,000 | |||||
Unsecured term loan facilities | 210,000 | 210,000 | |||||||
Fixed rate mortgages | 353,566 | 354,714 | |||||||
Unsecured revolving credit facility | — | 10,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
901,691 | 912,839 | ||||||||
Unamortized premium | 8,437 | 8,866 | |||||||
$ | 910,128 | $ | 921,705 | ||||||
Capital lease obligation | $ | 1,148 | $ | 1,828 | |||||
Our $353.6 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 March 31, 2015 and December 31, 2014 were unamortized premium balances related to the fair market value of debt of approximately $8.4 million and $8.9 million, respectively. The fixed rate mortgages are secured by properties that have an approximate net book value of $366.6 million as of March 31, 2015. | |||||||||
We had net repayments of $10.0 million under our revolving credit facility during the three months ended March 31, 2015 with no borrowings as of March 31, 2015. Outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaled $0.8 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 March 31, 2015, 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 March 31, 2015: | |||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2015 (April 1 - December 31) | $ | 84,969 | |||||||
2016 | 23,619 | ||||||||
2017 | 113,196 | ||||||||
2018 | 85,275 | ||||||||
2019 | 6,278 | ||||||||
Thereafter | 588,354 | ||||||||
Subtotal debt | 901,691 | ||||||||
Unamortized premium | 8,437 | ||||||||
Total debt (including unamortized premium) | $ | 910,128 | |||||||
It is our intent to repay maturing mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 7 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Total | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
2015 | (In thousands) | |||||||||||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | (3,634 | ) | $ | — | $ | (3,634 | ) | $ | — | |||||||||
2014 | ||||||||||||||||||||
Derivative assets - interest rate swaps | Other assets | $ | 537 | $ | — | $ | 537 | $ | — | |||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | (2,705 | ) | $ | — | $ | (2,705 | ) | $ | — | |||||||||
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 $873.6 million and $874.7 million as of March 31, 2015 and December 31, 2014, respectively, have fair values of approximately $901.1 million and $900.9 million, respectively. Variable rate debt’s fair value is estimated to be the carrying values of $28.1 million and $38.1 million as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||
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. | ||||||||||||||||||||
The table below presents the recorded amount of assets at the time they were marked to fair value during the three months ended March 31, 2015 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period. | ||||||||||||||||||||
Assets | Total Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Impairment | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Land available for development or sale | 7,501 | — | — | 7,501 | (2,521 | ) | ||||||||||||||
Total | $ | 7,501 | $ | — | $ | — | $ | 7,501 | $ | (2,521 | ) | |||||||||
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 | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 March 31, 2015, 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 to fixed 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 March 31, 2015: | |||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (693 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (1,007 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (669 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (132 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | (572 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | (382 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 50,000 | 1.46 | % | (179 | ) | May-20 | ||||||||||||
$ | 210,000 | $ | (3,634 | ) | |||||||||||||||
The effect of derivative financial instruments on our condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 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 | Three Months Ended March 31, | into Income | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | (Effective Portion) | 2015 | 2014 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | (537 | ) | $ | (561 | ) | Interest Expense | $ | (288 | ) | $ | (286 | ) | ||||||
Interest rate contracts - liabilities | (928 | ) | (138 | ) | Interest Expense | (468 | ) | (467 | ) | ||||||||||
Total | $ | (1,465 | ) | $ | (699 | ) | Total | $ | (756 | ) | $ | (753 | ) | ||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Common Share | Earnings Per Common Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (“EPS”): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Net income | $ | 9,944 | $ | 2,761 | |||||
Net income attributable to noncontrolling interest | (277 | ) | (89 | ) | |||||
Allocation of income to restricted share awards | (60 | ) | (50 | ) | |||||
Income attributable to RPT | $ | 9,607 | $ | 2,622 | |||||
Preferred share dividends | (1,812 | ) | (1,812 | ) | |||||
Net income available to common shareholders | $ | 7,795 | $ | 810 | |||||
Weighted average shares outstanding, Basic | 77,925 | 67,070 | |||||||
Stock options and restricted stock awards using the treasury method | 203 | 244 | |||||||
Weighted average shares outstanding, Diluted (1) | 78,128 | 67,314 | |||||||
Income per common share, Basic | $ | 0.1 | $ | 0.01 | |||||
Income per common share, Diluted | $ | 0.1 | $ | 0.01 | |||||
(1) The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS. |
Sharebased_Compensation_Plans
Share-based Compensation Plans | 3 Months Ended | |
Mar. 31, 2015 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Plans | Share-based Compensation Plans | |
As of March 31, 2015, 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 1,622,452 remained available for issuance at March 31, 2015. | ||
In addition, as of March 31, 2015, we had 314,153 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 three months ended March 31, 2015, we had the following activity: | ||
• | granted 93,565 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, 2015 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. | |
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 $0.3 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively. | ||
We recognized share-based compensation expense of $0.5 million for each of the three months ended March 31, 2015 and March 31, 2014. | ||
As of March 31, 2015, we had $6.8 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 4.9 years. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, we had a federal and state deferred tax asset of $11.3 million, and a valuation allowance of $11.0 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 asset. 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 $22,000 and $17,000 for the three months ended March 31, 2015 and 2014, 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 | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, we had entered into agreements for construction costs of approximately $10.1 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 that expires in August 2019 and have an operating lease for land at one of our shopping centers. | |
Capital Leases | |
We have a ground lease at Buttermilk Towne Center which we have recorded as a capital lease. | |
We recognized rent expense related to the operating and capital leases of $0.2 million and $0.3 million for the the three months ended March 31, 2015 and 2014, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentations (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States. As of March 31, 2015, our property portfolio consists of 67 wholly owned shopping centers and one office building comprising approximately 14.2 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 two shopping centers comprising approximately 0.6 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 several land parcels that are available for development or 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% owned by the Company at March 31, 2015 and December 31, 2014), 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, 2014. | |
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 intangible assets and liabilities, have been made in the condensed consolidated financial statements in order to conform to the current presentation. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In February 2015, the Financial Accounting Standards Board ("FASB") updated Accounting Standards Codification ("ASC") Topic 810 "Consolidation" with ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are Voting Interest Entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for annual reporting periods (including interim periods within those periods), beginning after December 15, 2015. Early adoption is permitted. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements | |
In May 2014, FASB issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, 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. |
Property_Acquisitions_and_Disp1
Property Acquisitions and Dispositions (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||
Summary of Acquisition Activity | The following table provides a summary of our acquisition activity for the three months ended March 31, 2015: | |||||||||||||||||||||
Gross | ||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Purchase | Assumed | ||||||||||||||||
Acquired | Price | Debt | ||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Gaines Marketplace | Gaines Township, MI | N/A | 1.9 | 2/12/15 | $ | 1,000 | $ | — | ||||||||||||||
Lakeland Park Center | Lakeland, FL | N/A | 1.6 | 1/23/15 | 475 | — | ||||||||||||||||
Total consolidated land / outparcel acquisitions | 3.5 | $ | 1,475 | $ | — | |||||||||||||||||
Summary of Disposition Activity | The following table provides a summary of our disposition activity for the three months ended March 31, 2015: | |||||||||||||||||||||
Gross | ||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date | Sales | Debt | Gain | |||||||||||||||
Sold | Price | Repaid | on Sale | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Target and Shell Oil Parcels | Gaines Township, MI | N/A | 11.3 | 2/12/15 | $ | 5,150 | $ | — | $ | 3,196 | ||||||||||||
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
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 | March 31, 2015 | December 31, 2014 | |||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Income producing properties, net | $ | 373,398 | $ | 394,740 | |||||||
Cash, accounts receivable and other assets | 21,529 | 23,102 | |||||||||
Total Assets | $ | 394,927 | $ | 417,842 | |||||||
LIABILITIES AND OWNERS' EQUITY | |||||||||||
Mortgage notes payable | $ | 169,928 | $ | 170,194 | |||||||
Other liabilities | 6,284 | 7,625 | |||||||||
Owners' equity | 218,715 | 240,023 | |||||||||
Total Liabilities and Owners' Equity | $ | 394,927 | $ | 417,842 | |||||||
RPT's equity investments in unconsolidated joint ventures | $ | 22,512 | $ | 28,733 | |||||||
Investments in Unconsolidated Joint Ventures | As of March 31, 2015, we had investments in the following unconsolidated joint ventures: | ||||||||||
Ownership as of | Total Assets as of | Total Assets as of | |||||||||
March 31, | March 31, | December 31, | |||||||||
Unconsolidated Entities | 2015 | 2015 | 2014 | ||||||||
(In thousands) | |||||||||||
Ramco 450 Venture LLC | 20% | $ | 281,463 | $ | 283,100 | ||||||
Ramco/Lion Venture LP | 30% | 68,526 | 89,091 | ||||||||
Other Joint Ventures | -1 | 44,938 | 45,651 | ||||||||
$ | 394,927 | $ | 417,842 | ||||||||
(1) Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property. | |||||||||||
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | |||||||||||
Three Months Ended March 31, | |||||||||||
Statements of Operations | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Total revenue | $ | 10,625 | $ | 10,924 | |||||||
Total expenses (1) | 7,296 | 17,926 | |||||||||
Income (loss) before other income, expense, and discontinued operations | 3,329 | (7,002 | ) | ||||||||
Interest expense | (1,793 | ) | (1,875 | ) | |||||||
Gain on extinguishment of debt | — | 529 | |||||||||
Amortization of deferred financing fees | (74 | ) | (75 | ) | |||||||
Gain on sale of real estate (2) | 7,463 | — | |||||||||
Net income (loss) | $ | 8,925 | $ | (8,423 | ) | ||||||
RPT's share of earnings (loss) from unconsolidated joint ventures | $ | 2,660 | $ | (1,535 | ) | ||||||
(1) | The higher expenses for the three months ended March 31, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period. | ||||||||||
(2) | See dispositions below for details of the transaction. | ||||||||||
Debt Outstanding of Unconsolidated Joint Ventures | Our unconsolidated joint ventures had the following debt outstanding at March 31, 2015: | ||||||||||
Balance | |||||||||||
Entity Name | Outstanding | ||||||||||
(In thousands) | |||||||||||
Ramco 450 Venture LLC (1) | $ | 140,157 | |||||||||
Ramco/Lion Venture LP (2) | 29,840 | ||||||||||
169,997 | |||||||||||
Unamortized premium | (69 | ) | |||||||||
Total mortgage debt (3) | $ | 169,928 | |||||||||
(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. | ||||||||||
(3) | Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing. | ||||||||||
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 March 31, | |||||||||||
2015 | 2014 | ||||||||||
(In thousands) | |||||||||||
Management fees | $ | 399 | $ | 399 | |||||||
Leasing fees | 120 | 59 | |||||||||
Construction fees | 13 | 52 | |||||||||
Total | $ | 532 | $ | 510 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||
Notes Payable | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Senior unsecured notes | $ | 310,000 | $ | 310,000 | |||||
Unsecured term loan facilities | 210,000 | 210,000 | |||||||
Fixed rate mortgages | 353,566 | 354,714 | |||||||
Unsecured revolving credit facility | — | 10,000 | |||||||
Junior subordinated notes | 28,125 | 28,125 | |||||||
901,691 | 912,839 | ||||||||
Unamortized premium | 8,437 | 8,866 | |||||||
$ | 910,128 | $ | 921,705 | ||||||
Capital lease obligation | $ | 1,148 | $ | 1,828 | |||||
Scheduled Principal Payments on Mortgages and Notes Payable | The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2015: | ||||||||
Year Ending December 31, | |||||||||
(In thousands) | |||||||||
2015 (April 1 - December 31) | $ | 84,969 | |||||||
2016 | 23,619 | ||||||||
2017 | 113,196 | ||||||||
2018 | 85,275 | ||||||||
2019 | 6,278 | ||||||||
Thereafter | 588,354 | ||||||||
Subtotal debt | 901,691 | ||||||||
Unamortized premium | 8,437 | ||||||||
Total debt (including unamortized premium) | $ | 910,128 | |||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Total | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
2015 | (In thousands) | |||||||||||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | (3,634 | ) | $ | — | $ | (3,634 | ) | $ | — | |||||||||
2014 | ||||||||||||||||||||
Derivative assets - interest rate swaps | Other assets | $ | 537 | $ | — | $ | 537 | $ | — | |||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | (2,705 | ) | $ | — | $ | (2,705 | ) | $ | — | |||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The table below presents the recorded amount of assets at the time they were marked to fair value during the three months ended March 31, 2015 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period. | |||||||||||||||||||
Assets | Total Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Impairment | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Land available for development or sale | 7,501 | — | — | 7,501 | (2,521 | ) | ||||||||||||||
Total | $ | 7,501 | $ | — | $ | — | $ | 7,501 | $ | (2,521 | ) | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 March 31, 2015: | ||||||||||||||||||
Hedge | Notional | Fixed | Fair | Expiration | |||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Unsecured term loan facility | Cash Flow | $ | 75,000 | 1.2175 | % | $ | (693 | ) | Apr-16 | ||||||||||
Unsecured term loan facility | Cash Flow | 30,000 | 2.048 | % | (1,007 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 25,000 | 1.85 | % | (669 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 5,000 | 1.84 | % | (132 | ) | Oct-18 | ||||||||||||
Unsecured term loan facility | Cash Flow | 15,000 | 2.15 | % | (572 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 10,000 | 2.15 | % | (382 | ) | May-20 | ||||||||||||
Unsecured term loan facility | Cash Flow | 50,000 | 1.46 | % | (179 | ) | May-20 | ||||||||||||
$ | 210,000 | $ | (3,634 | ) | |||||||||||||||
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 three months ended March 31, 2015 and 2014 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 | Three Months Ended March 31, | into Income | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | (Effective Portion) | 2015 | 2014 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Interest rate contracts - assets | $ | (537 | ) | $ | (561 | ) | Interest Expense | $ | (288 | ) | $ | (286 | ) | ||||||
Interest rate contracts - liabilities | (928 | ) | (138 | ) | Interest Expense | (468 | ) | (467 | ) | ||||||||||
Total | $ | (1,465 | ) | $ | (699 | ) | Total | $ | (756 | ) | $ | (753 | ) | ||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (“EPS”): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Net income | $ | 9,944 | $ | 2,761 | |||||
Net income attributable to noncontrolling interest | (277 | ) | (89 | ) | |||||
Allocation of income to restricted share awards | (60 | ) | (50 | ) | |||||
Income attributable to RPT | $ | 9,607 | $ | 2,622 | |||||
Preferred share dividends | (1,812 | ) | (1,812 | ) | |||||
Net income available to common shareholders | $ | 7,795 | $ | 810 | |||||
Weighted average shares outstanding, Basic | 77,925 | 67,070 | |||||||
Stock options and restricted stock awards using the treasury method | 203 | 244 | |||||||
Weighted average shares outstanding, Diluted (1) | 78,128 | 67,314 | |||||||
Income per common share, Basic | $ | 0.1 | $ | 0.01 | |||||
Income per common share, Diluted | $ | 0.1 | $ | 0.01 | |||||
(1) The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has 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) | 3 Months Ended |
Mar. 31, 2015 | |
sqft | |
Contract | |
Basis of Presentation [Line Items] | |
Area of an real estate property | 14,200,000 |
Number of Joint Ventures | 4 |
Ownership interest in Ramco-Gershenson Properties, L. P. | 97.20% |
Shopping Centers | |
Basis of Presentation [Line Items] | |
Number of real estate properties owned and managed | 67 |
Number of Joint Ventures | 2 |
Office building | |
Basis of Presentation [Line Items] | |
Number of real estate properties owned and managed | 1 |
Ramco/Lion Venture LP | |
Basis of Presentation [Line Items] | |
Percentage of ownership | 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 | 2 |
Area of an real estate property | 600,000 |
Smaller joint ventures | |
Basis of Presentation [Line Items] | |
Number of Joint Ventures | 2 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Abstract] | ||
Land held for development or sale | $39,900,000 | $48,900,000 |
Constructions in progress | 20,300,000 | 25,700,000 |
Impairment of Real Estate | $2,521,000 |
Property_Acquisitions_and_Disp2
Property Acquisitions and Dispositions - Summary of Disposition Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
acre | |
Total consolidated land / outparcel acquisitions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Acreage | 3.5 |
Purchase Price | $1,475 |
Assumed Debt | 0 |
Total consolidated land / outparcel dispositions | Target and Shell Oil Parcels [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Location | Gaines Township, MI |
Acreage | 11.3 |
Date Sold | 12-Feb-15 |
Sales Price | 5,150 |
Debt Repaid | 0 |
Gain on Sale | 3,196 |
Gaines Marketplace [Member] | Total consolidated land / outparcel acquisitions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Location | Gaines Township, MI |
Acreage | 1.9 |
Date Acquired | 12-Feb-15 |
Purchase Price | 1,000 |
Assumed Debt | 0 |
Lakeland Park Center [Member] | Total consolidated land / outparcel acquisitions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Location | Lakeland, FL |
Acreage | 1.6 |
Date Acquired | 23-Jan-15 |
Purchase Price | 475 |
Assumed Debt | $0 |
Income Producing Property Acquisition [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties held for sale | 1 |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) | Mar. 31, 2015 |
Contract | |
Schedule of Equity Method Investments [Line Items] | |
Number of Joint Ventures | 4 |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 7.00% |
Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 30.00% |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Income producing properties, net | $373,398 | $394,740 |
Cash, accounts receivable and other assets | 21,529 | 23,102 |
Total Assets | 394,927 | 417,842 |
LIABILITIES AND OWNERS' EQUITY | ||
Mortgage notes payable | 169,928 | 170,194 |
Other liabilities | 6,284 | 7,625 |
Owners' equity | 218,715 | 240,023 |
Total Liabilities and Owners' Equity | 394,927 | 417,842 |
RPT's equity investments in unconsolidated joint ventures | $22,512 | $28,733 |
Equity_Investments_in_Unconsol4
Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | $394,927 | $417,842 | ||
Ramco 450 Venture LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
Total Assets | 281,463 | 283,100 | ||
Ramco/Lion Venture LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 30.00% | |||
Total Assets | 68,526 | 89,091 | ||
Other Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | $44,938 | [1] | $45,651 | [1] |
[1] | Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property. |
Equity_Investments_in_Unconsol5
Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Additional Detail) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Property | |
Contract | |
Schedule of Equity Method Investments [Line Items] | |
Number of Joint Ventures | 4 |
Number of Properties Owned by Joint Venture | 1 |
Other Joint Ventures | |
Schedule of Equity Method Investments [Line Items] | |
Number of Joint Ventures | 2 |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 7.00% |
Minimum | Other Joint Ventures | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 7.00% |
Equity_Investments_in_Unconsol6
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||||
Total revenue | $10,625 | $10,924 | ||
Total expenses | 7,296 | [1] | 17,926 | [1] |
Income (loss) before other income, expense, and discontinued operations | 3,329 | -7,002 | ||
Interest expense | -1,793 | -1,875 | ||
Gain on extinguishment of debt | 0 | 529 | ||
Amortization of deferred financing fees | -74 | -75 | ||
Gain on sale of real estate | 7,463 | [2] | 0 | [2] |
Net income (loss) | 8,925 | -8,423 | ||
RPT's share of earnings (loss) from unconsolidated joint ventures | $2,660 | ($1,535) | ||
[1] | The higher expenses for the three months ended March 31, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period. | |||
[2] | See dispositions below for details of the transaction. |
Equity_Investments_in_Unconsol7
Equity Investments in Unconsolidated Joint Ventures Equity Investments in Unconsolidated Joint Ventures - Disposition Activity (Details) (Village of Oriole Plaza [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
sqft | |
Village of Oriole Plaza [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Equity Method Investment, Ownership Percentage | 30.00% |
Area of Real Estate Property | 156,000 |
Proceeds from Sale of Real Estate | $8.30 |
Equity_Investments_in_Unconsol8
Equity Investments in Unconsolidated Joint Ventures - Debt Outstanding of Unconsolidated Entities (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Unamortized premium | -8,437 | ($8,866) | |
Total mortgage debt | 169,928 | 170,194 | |
Ramco/Lion Venture LP | |||
Debt Instrument [Line Items] | |||
Mortgage debt interest rate, minimum | 1.90% | ||
Mortgage debt interest rate, maximum | 5.80% | ||
Ramco 450 Venture LLC | |||
Debt Instrument [Line Items] | |||
Mortgage debt interest rate | 5.00% | ||
Unconsolidated joint ventures | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgages | 169,997 | ||
Unamortized premium | -69 | ||
Total mortgage debt | 169,928 | ||
Unconsolidated joint ventures | Ramco/Lion Venture LP | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgages | 140,157 | [1] | |
Unconsolidated joint ventures | Ramco 450 Venture LLC | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgages | 29,840 | [2] | |
[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_Unconsol9
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Management fees | $399 | $399 |
Leasing fees | 120 | 59 |
Construction fees | 13 | 52 |
Total | $532 | $510 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Unamortized premium | $8,437,000 | $8,866,000 | |
Net repayments on revolving credit facility | 10,000,000 | -22,000,000 | |
Letter of credit, outstanding balance | 800,000 | ||
Fixed Rate Mortgages | |||
Debt Instrument [Line Items] | |||
Mortgages payable | 353,566,000 | 354,714,000 | |
Mortgage debt interest rate, minimum | 5.00% | ||
Mortgage debt interest rate, maximum | 7.40% | ||
Unamortized premium | 8,400,000 | 8,900,000 | |
Net book value of mortgage on properties | $366,600,000 |
Debt_Summary_of_Mortgages_Note
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $310,000 | $310,000 |
Unsecured term loan facilities | 210,000 | 210,000 |
Unsecured revolving credit facility | 0 | 10,000 |
Junior subordinated notes | 28,125 | 28,125 |
Subtotal debt | 901,691 | 912,839 |
Unamortized premium | 8,437 | 8,866 |
Total debt (including unamortized premium) | 910,128 | 921,705 |
Capital lease obligation | 1,148 | 1,828 |
Fixed Rate Mortgages | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgages | 353,566 | 354,714 |
Unamortized premium | $8,400 | $8,900 |
Debt_Scheduled_Principal_Payme
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 (April 1 - December 31) | $84,969 | |
2016 | 23,619 | |
2017 | 113,196 | |
2018 | 85,275 | |
2019 | 6,278 | |
Thereafter | 588,354 | |
Subtotal debt | 901,691 | 912,839 |
Unamortized premium | 8,437 | 8,866 |
Total debt (including unamortized premium) | $910,128 | $921,705 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | $910,128,000 | $921,705,000 |
Level 2 | Fixed Rate Mortgages | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | 873,600,000 | 874,700,000 |
Long term debt, fair value | 901,100,000 | 900,900,000 |
Level 2 | Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying amount | $28,100,000 | $38,100,000 |
Fair_Value_Recorded_Amount_of_
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | ($3,634) | ($2,705) |
Derivative assets - interest rate swaps | 537 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | 0 | 0 |
Derivative assets - interest rate swaps | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | -3,634 | -2,705 |
Derivative assets - interest rate swaps | 537 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | 0 | 0 |
Derivative assets - interest rate swaps | $0 |
Fair_Value_Fair_Value_Recorded
Fair Value Fair Value - Recorded Amount of Assets Marked to Fair Value on Nonrecurring Basis (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total fair value | $7,501 |
Total impairment | -2,521 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total fair value | 7,501 |
Land available for sale | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total fair value | 7,501 |
Total impairment | -2,521 |
Land available for sale | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total fair value | $7,501 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Interest Rate Swap, Cash Flow Hedging, Designated as Hedging Instrument, USD $) | Mar. 31, 2015 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Liabilities | ||
Fair Value | ($3,634) | ($2,705) |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Liabilities | ||
Notional Amount | 210,000 | |
Fair Value | -3,634 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.2175 % Swap Rate, Expiration Date 04/2016 | ||
Derivative Liabilities | ||
Notional Amount | 75,000 | |
Fixed rate | 1.22% | |
Fair Value | -693 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018 | ||
Derivative Liabilities | ||
Notional Amount | 30,000 | |
Fixed rate | 2.05% | |
Fair Value | -1,007 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018 | ||
Derivative Liabilities | ||
Notional Amount | 25,000 | |
Fixed rate | 1.85% | |
Fair Value | -669 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018 | ||
Derivative Liabilities | ||
Notional Amount | 5,000 | |
Fixed rate | 1.84% | |
Fair Value | -132 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ||
Derivative Liabilities | ||
Notional Amount | 15,000 | |
Fixed rate | 2.15% | |
Fair Value | -572 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ||
Derivative Liabilities | ||
Notional Amount | 10,000 | |
Fixed rate | 2.15% | |
Fair Value | -382 | |
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4600 % Swap Rate, Expiration Date 05/2020 | ||
Derivative Liabilities | ||
Notional Amount | 50,000 | |
Fixed rate | 1.46% | |
Fair Value | ($179) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (Interest Rate Contracts, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ($1,465) | ($699) |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -756 | -753 |
Derivative Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -537 | -561 |
Derivative Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -928 | -138 |
Interest Expense | Derivative Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | -288 | -286 |
Interest Expense | Derivative Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ($468) | ($467) |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic Earnings Per Share (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations | $9,944 | $2,761 | ||
Net income from continuing operations attributable to noncontrolling interest | -277 | -89 | ||
Allocation of continuing income to restricted share awards | -60 | -50 | ||
Income attributable to RPT | 9,607 | 2,622 | ||
Preferred share dividends | -1,812 | -1,812 | ||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 7,855 | 860 | ||
Weighted average shares outstanding, Basic (in shares) | 77,925 | 67,070 | ||
Stock options and restricted stock awards using the treasury method (in shares) | 203 | 244 | ||
Weighted average shares outstanding, Diluted | 78,128 | [1] | 67,314 | [1] |
Income per common share, Basic (in USD per share) | $0.10 | $0.01 | ||
Income per common share, Diluted (in USD per share) | $0.10 | $0.01 | ||
Basic Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $7,795 | $810 | ||
[1] | The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS. |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based compensation plans in effect | 1 | |
Share based compensation, number of options terminated (in shares) | 314,153 | |
Performance-based liability awards, measurement period | 3 years | |
Percentage of award to be paid in cash | 50.00% | |
Compensation expense related to cash awards | $0.30 | $0.60 |
Share-based compensation expenses | 0.5 | 0.5 |
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. | |
Total unrecognized compensation expense | $6.80 | |
Total unrecognized compensation expense, weighted average period of recognition | 4 years 10 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 (in shares) | 1,622,452 | |
Service-based restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service based restricted stock, shares granted during period | 93,565 | |
Service based restricted stock, vesting period | 5 years |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ||
Percentage of taxable income required to distribute annually to maintain REIT qualification, (in hundredths) | 90.00% | |
Income tax provision (benefit) | $22,000 | $17,000 |
Federal and State Income Taxes | ||
Income Taxes [Line Items] | ||
Federal and state deferred tax asset | 11,300,000 | |
Federal and state deferred tax asset, valuation allowance | $11,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Construction costs related to development and expansion | $10.10 | |
Operating and capital leases expenses | $0.20 | $0.30 |