Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RPT | ||
Entity Registrant Name | RAMCO GERSHENSON PROPERTIES TRUST | ||
Entity Central Index Key | 842,183 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 79,280,029 | ||
Entity Public Float | $ 1,525,818,861 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income producing properties, at cost: | ||
Land | $ 374,889 | $ 392,352 |
Buildings and improvements | 1,757,781 | 1,792,129 |
Less accumulated depreciation and amortization | (345,204) | (331,520) |
Income producing properties, net | 1,787,466 | 1,852,961 |
Construction in progress and land available for development or sale | 61,224 | 60,166 |
Real estate held for sale | 8,776 | 453 |
Net real estate | 1,857,466 | 1,913,580 |
Equity investments in unconsolidated joint ventures | 3,150 | 4,325 |
Cash and cash equivalents | 3,582 | 6,644 |
Restricted cash | 11,144 | 8,708 |
Accounts receivable, net | 24,016 | 26,116 |
Acquired lease intangibles, net | 72,424 | 88,819 |
Other assets, net | 89,716 | 87,890 |
TOTAL ASSETS | 2,061,498 | 2,136,082 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable, net | 1,021,223 | 1,083,711 |
Capital lease obligation | 1,066 | 1,108 |
Accounts payable and accrued expenses | 57,357 | 53,762 |
Acquired lease intangibles, net | 63,734 | 64,193 |
Other liabilities | 6,800 | 10,035 |
Distributions payable | 19,627 | 18,807 |
TOTAL LIABILITIES | 1,169,807 | 1,231,616 |
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), 1,849 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 92,427 | 92,427 |
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,272 and 79,162 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 793 | 792 |
Additional paid-in capital | 1,158,430 | 1,156,345 |
Accumulated distributions in excess of net income | (381,912) | (365,747) |
Accumulated other comprehensive income (loss) | 985 | (1,404) |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 870,723 | 882,413 |
Noncontrolling interest | 20,968 | 22,053 |
TOTAL SHAREHOLDERS' EQUITY | 891,691 | 904,466 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,061,498 | $ 2,136,082 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Preferred shares, par (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 2,000,000 | 2,000,000 |
Common shares of beneficial interest, par (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized | 120,000,000 | 120,000,000 |
Common shares of beneficial interest, shares issued | 79,272,000 | 79,162,000 |
Common shares of beneficial interest, shares outstanding | 79,272,000 | 79,162,000 |
Series D Preferred Stock | ||
Preferred shares, par (in dollars per share) | $ 0.01 | |
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ 50 | $ 50 |
Cumulative convertible perpetual preferred shares, shares issued | 1,848,539 | 1,849,000 |
Cumulative convertible perpetual preferred shares, shares outstanding | 1,849,000 | 1,849,000 |
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUE | |||
Minimum rent | $ 192,793 | $ 183,198 | $ 157,691 |
Percentage rent | 600 | 539 | 264 |
Recovery income from tenants | 62,841 | 61,561 | 52,828 |
Other property income | 4,167 | 4,739 | 5,521 |
Management and other fee income | 529 | 1,753 | 2,059 |
TOTAL REVENUE | 260,930 | 251,790 | 218,363 |
EXPENSES | |||
Real estate taxes | 41,739 | 38,737 | 31,474 |
Recoverable operating expense | 29,581 | 30,604 | 27,319 |
Other non-recoverable operating expense | 3,575 | 4,271 | 3,633 |
Depreciation and amortization | 91,793 | 89,439 | 81,182 |
Acquisitions costs | 316 | 644 | 1,890 |
General and administrative expense | 22,041 | 20,077 | 21,670 |
Provision for impairment | 977 | 2,521 | 27,865 |
TOTAL EXPENSES | 190,022 | 186,293 | 195,033 |
OPERATING INCOME | 70,908 | 65,497 | 23,330 |
OTHER INCOME AND EXPENSES | |||
Other expense, net | (177) | (624) | (689) |
Gain on sale of real estate | 35,781 | 17,570 | 10,857 |
Earnings from unconsolidated joint ventures | 454 | 17,696 | 75 |
Interest expense | (43,071) | (40,778) | (33,742) |
Amortization of deferred financing fees | (1,443) | (1,433) | (1,446) |
Other gain on unconsolidated joint ventures | 215 | 7,892 | 117 |
(Loss) gain on extinguishment of debt | (1,256) | 1,414 | (860) |
NET INCOME (LOSS) BEFORE TAX | 61,411 | 67,234 | (2,358) |
Income tax provision | (299) | (339) | (54) |
NET INCOME (LOSS) | 61,112 | 66,895 | (2,412) |
Net (income) loss attributable to noncontrolling partner interest | (1,448) | (1,786) | 48 |
NET INCOME (LOSS) ATTRIBUTABLE TO RPT | 59,664 | 65,109 | (2,364) |
Preferred share dividends | (6,701) | (6,838) | (7,250) |
Preferred share conversion costs | 0 | (500) | 0 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 52,963 | $ 57,771 | $ (9,614) |
EARNINGS (LOSS) PER COMMON SHARE | |||
Basic (in dollars per share) | $ 0.66 | $ 0.73 | $ (0.14) |
Diluted (in dollars per share) | $ 0.66 | $ 0.73 | $ (0.14) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 79,236 | 78,848 | 72,118 |
Diluted (in shares) | 79,435 | 79,035 | 72,118 |
Other comprehensive income (loss): | |||
Gain (loss) on interest rate swaps | $ 2,442 | $ 570 | $ (2,115) |
Comprehensive income (loss) | 63,554 | 67,465 | (4,527) |
Comprehensive (income) loss attributable to noncontrolling interest | (1,501) | (1,794) | 113 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT | $ 62,053 | $ 65,671 | $ (4,414) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2013 | $ 796,089 | $ 100,000 | $ 667 | $ 959,183 | $ (291,647) | $ 84 | $ 27,802 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | 170,372 | 107 | 170,265 | ||||
Conversion and redemption of OP unit holders | (84) | (84) | |||||
Share-based compensation and other expense, net of shares withheld for employee taxes | 816 | 2 | 814 | ||||
Dividends declared to common shareholders | (56,905) | (56,905) | |||||
Dividends declared to preferred shareholders | (7,250) | (7,250) | |||||
Distributions declared to noncontrolling interests | (1,744) | (1,744) | |||||
Dividends declared to deferred shares | (359) | (359) | |||||
Other comprehensive income (loss) adjustment | (2,115) | (2,050) | (65) | ||||
Net income (loss) | (2,412) | (2,364) | (48) | ||||
Ending Balance at Dec. 31, 2014 | 896,408 | 100,000 | 776 | 1,130,262 | (358,525) | (1,966) | 25,861 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | 17,110 | 9 | 17,101 | ||||
Conversion and redemption of OP unit holders | (3,826) | (3,826) | |||||
Conversion of preferred shares | (500) | (7,573) | 5 | 7,568 | (500) | ||
Share-based compensation and other expense, net of shares withheld for employee taxes | 1,416 | 2 | 1,414 | ||||
Dividends declared to common shareholders | (64,656) | (64,656) | |||||
Dividends declared to preferred shareholders | (6,838) | (6,838) | |||||
Distributions declared to noncontrolling interests | (1,776) | (1,776) | |||||
Dividends declared to deferred shares | (337) | (337) | |||||
Other comprehensive income (loss) adjustment | 570 | 562 | 8 | ||||
Net income (loss) | 66,895 | 65,109 | 1,786 | ||||
Ending Balance at Dec. 31, 2015 | 904,466 | 92,427 | 792 | 1,156,345 | (365,747) | (1,404) | 22,053 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | (202) | 0 | (202) | ||||
Conversion and redemption of OP unit holders | (1,517) | (598) | (919) | ||||
Share-based compensation and other expense, net of shares withheld for employee taxes | 2,288 | 1 | 2,287 | ||||
Dividends declared to common shareholders | (68,160) | (68,160) | |||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | |||||
Distributions declared to noncontrolling interests | (1,667) | (1,667) | |||||
Dividends declared to deferred shares | (370) | (370) | |||||
Other comprehensive income (loss) adjustment | 2,442 | 2,389 | 53 | ||||
Net income (loss) | 61,112 | 59,664 | 1,448 | ||||
Ending Balance at Dec. 31, 2016 | $ 891,691 | $ 92,427 | $ 793 | $ 1,158,430 | $ (381,912) | $ 985 | $ 20,968 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 61,112 | $ 66,895 | $ (2,412) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 91,793 | 89,439 | 81,182 |
Amortization of deferred financing fees | 1,443 | 1,433 | 1,446 |
Income tax provision | 299 | 339 | 54 |
Earnings from unconsolidated joint ventures | (454) | (17,696) | (75) |
Distributions received from operations of unconsolidated joint ventures | 496 | 1,744 | 1,881 |
Provision for impairment | 977 | 2,521 | 27,865 |
Loss (gain) on extinguishment of debt | 1,256 | (1,414) | 860 |
Other gain on unconsolidated joint ventures | (215) | (7,892) | (117) |
Gain on sale of real estate | (35,781) | (17,570) | (10,857) |
Amortization of premium on mortgages and notes payable, net | (1,815) | (1,687) | (1,138) |
Share-based compensation expense | 2,861 | 1,888 | 2,093 |
Long-term incentive cash compensation expense (benefit) | 664 | (271) | 2,527 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 1,859 | (6,708) | (2,349) |
Other assets, net | 674 | 4,529 | 5,420 |
Accounts payable, accrued expenses and other liabilities | (8,074) | (10,392) | 4,212 |
Net cash provided by operating activities | 117,095 | 105,158 | 110,592 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate, net of assumed debt | (12,990) | (152,923) | (264,414) |
Development and capital improvements | (72,038) | (60,923) | (80,742) |
Net proceeds from sales of real estate | 90,975 | 45,960 | 34,156 |
Distributions from sale of joint venture property | 1,303 | 14,098 | 0 |
Net change in restricted cash | 496 | (545) | (4,709) |
Investment in unconsolidated joint ventures | 0 | 0 | (14) |
Net cash provided by (used in) investing activities | 7,746 | (154,333) | (315,723) |
FINANCING ACTIVITIES | |||
Proceeds on mortgages and notes payable | 75,000 | 150,000 | 275,000 |
Repayment of mortgages and notes payable | (149,956) | (92,305) | (153,795) |
Proceeds on revolving credit facility | 185,000 | 246,000 | 250,000 |
Repayments on revolving credit facility | (159,000) | (196,000) | (267,000) |
Payment of debt extinguishment costs | (410) | 0 | 0 |
Payment of deferred financing costs | (698) | (522) | (2,379) |
Proceeds from issuance of common shares | (202) | 17,110 | 170,372 |
Repayment of capitalized lease obligation | (42) | (720) | (328) |
Redemption of operating partnership units for cash | (1,517) | (3,826) | (84) |
Conversion of preferred shares | 0 | (500) | 0 |
Dividends paid to preferred shareholders | (6,701) | (6,977) | (7,250) |
Dividends paid to common shareholders | (67,710) | (63,972) | (54,149) |
Distributions paid to operating partnership unit holders | (1,667) | (1,804) | (1,716) |
Net cash (used in) provided by financing activities | (127,903) | 46,484 | 208,671 |
Net change in cash and cash equivalents | (3,062) | (2,691) | 3,540 |
Cash and cash equivalents at beginning of period | 6,644 | 9,335 | 5,795 |
Cash and cash equivalents at end of period | 3,582 | 6,644 | 9,335 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | |||
Assumption of debt related to acquisitions | 0 | 60,048 | 58,634 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of capitalized interest of $743, $1,613 and $1,862, respectively) | 46,937 | 42,898 | 35,507 |
Escrowed proceeds used in acquisition of real estate | $ 18,990 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Cash paid for interest, capitalized interest | $ 743 | $ 1,613 | $ 1,862 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Ramco-Gershenson Properties Trust, together with our subsidiaries (the “Company”), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States. Our property portfolio consists of 65 wholly owned shopping centers comprising approximately 14.5 million square feet. We also have ownership interests of 7% , 20% and 30% , respectively, in three joint ventures, two of which own a single shopping center. Our joint ventures are reported using equity method accounting. We earn fees from the joint ventures for managing, leasing and redeveloping the shopping centers they own. We also own interests in 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. We made an election to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we annually distribute at least 90% of our taxable income to our shareholders and meet other conditions. Principles of Consolidation The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. ( 97.6% , 97.6% and 97.2% owned by us at December 31, 2016 , 2015 and 2014 , respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including our real estate joint venture partners. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. Reclassifications Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. Correction of Immaterial Error In the fourth quarter of 2016, management identified that certain accruals related to real estate taxes primarily associated with shopping centers acquired prior to 2014 required correction. The cumulative adjustment to correct the accruals approximated $9.3 million . The correction had no impact on earnings or cash flows for 2015 and 2014. Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the adjustments were not material to any of its prior period financial statements. Although the adjustments were immaterial to prior periods, the prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, due to the significance of the out-of-period correction in the fourth quarter of 2016. A reconciliation of the effects of the correction to the previously reported balance sheet at December 31, 2015 follows: December 31, 2015 As reported Adjustment Adjusted (In thousands) Accounts receivable, net $ 18,705 $ 7,411 $ 26,116 Total assets $ 2,128,671 $ 7,411 $ 2,136,082 Accounts payable and accrued expenses $ 44,480 $ 9,282 $ 53,762 Total liabilities $ 1,222,334 $ 9,282 $ 1,231,616 Accumulated distributions in excess of net income $ (363,937 ) $ (1,810 ) $ (365,747 ) Noncontrolling interest $ 22,114 $ (61 ) $ 22,053 Total shareholder's equity $ 906,337 $ (1,871 ) $ 904,466 A reconciliation of the effects of the correction to the previously reported statement of stockholders' equity for the years ending December 31, 2015, 2014 and 2013 follows: Year Ended December 31, 2015 2014 2013 (In thousands) Accumulated distributions in excess of net income, as reported $ (363,937 ) $ (356,715 ) $ (289,837 ) Correction (1,810 ) (1,810 ) (1,810 ) Accumulated distributions in excess of net income, adjusted $ (365,747 ) $ (358,525 ) $ (291,647 ) Noncontrolling interest, as reported $ 22,114 $ 25,922 $ 27,863 Correction (61 ) (61 ) (61 ) Noncontrolling interest, adjusted $ 22,053 $ 25,861 $ 27,802 Revenue Recognition and Accounts Receivable Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and recovery income. We provide for bad debt expense based upon the allowance method of accounting. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe may be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2016 and 2015 , our accounts receivable were $24.0 million and $26.1 million , respectively, net of allowances for doubtful accounts of $1.9 million and $2.8 million , respectively. In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2016 and 2015 , net of allowances of $3.2 million and $3.5 million was $18.8 million and $17.4 million , respectively. To the extent any of the tenants under these leases become unable to pay its contractual cash rents, we may be required to write down the straight-line rent receivable from that tenant, which would reduce our operating income. Real Estate Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend the property's useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the lesser of the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. 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. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon future cash flows and other valuation techniques in accordance with our fair value measurements policy, which are used to allocate the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, identifiable intangibles and any gain on purchase. Identifiable intangible assets and liabilities include the effect of above-and below-market leases, the value of having leases in place (“as-is” versus “as if vacant” and absorption costs), other intangible assets such as assumed tax increment revenue bonds and out-of-market assumed mortgages. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of 40 years for buildings, and over the remaining terms of any intangible asset contracts and the respective tenant leases, which may include bargain renewal options. The impact of these estimates, including estimates in connection with acquisition values and estimated useful lives, could result in significant differences related to the purchased assets, liabilities and subsequent depreciation or amortization expense. Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our development projects. Accounting for the Impairment of Long-Lived Assets We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, real estate values and expected holding period. 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. To the extent a project, or individual components of the project, is no longer considered to have value, the related capitalized costs are charged against operations. Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. In the third quarter 2016 , we recorded an impairment provision totaling $1.0 million related to developable land that was subsequently sold in the fourth quarter of 2016. The adjustment was triggered by an unforeseen increase in development costs and changes in the associated sales price assumptions. Investments in Real Estate Joint Ventures We have three equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. Refer to Note 6 of the notes to the consolidated financial statements for further information regarding our equity investments in unconsolidated joint ventures. We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates or capitalization rates could be material to our consolidated financial statements. There were no impairment provisions on our equity investments in joint ventures recorded in 2016 , 2015 or 2014. Deferred Financing Costs Debt issuance costs related to a recognized debt liability is presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $3.7 million and $3.8 million are included in Notes payable, net as of December 31, 2016 and 2015 , respectively. Debt issuance costs associated with a line of credit arrangement is classified as an asset and subsequently amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Unamortized debt issuance costs related to our unsecured revolving credit facility of $1.2 million and $1.9 million are included in Other assets, net as of December 31, 2016 and 2015 , respectively. Other Assets, net Other assets consist primarily of acquired lease intangibles, straight-line rent receivable, deferred leasing costs, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Other assets also include the fair value of in-place public improvement fee income and real estate tax exemption agreements associated with two properties acquired in 2014. Deferred financing related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). As of December 31, 2016 , we had $4.0 million in excess of the FDIC insured limit. Recognition of Share-based Compensation Expense We grant share-based compensation awards to employees and trustees in the form of restricted common shares and in the past we have granted stock options to employees and trustees. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards using the graded vesting method. See Note 15 of the notes to the consolidated financial statements for further information regarding our share based compensation. Income Tax Status We made an election to qualify, and believe our operating activities permit us to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2016 , 2015 , and 2014 , we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. See Note 16 of the notes to the consolidated financial statements for further information regarding income taxes. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in joint ventures and determined that the joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. Accordingly, these investments are accounted for using the equity method. Noncontrolling Interest in Subsidiaries There are third parties who have certain noncontrolling interests in the Operating Partnership that are exchangeable for our common shares on a 1 : 1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. Segment Information Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers is located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
Recent Issued Accounting Pronou
Recent Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. Given this change in definition, we believe most of our shopping center acquisitions will no longer be considered business combinations but rather asset acquisitions. While there are various differences between the accounting for an asset acquisition and a business combination, we expect the largest impact will be that transaction costs are capitalized for asset acquisitions rather than currently expensed when they are considered business combinations. The new guidance will be applied prospectively to any transactions occurring in the period of adoption. ASU 2017-01 is effective January 1, 2019, however, we expect to early adopt this standard in 2017. In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-18, which requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Restricted cash is to be included with cash and cash equivalents when reconciling the beginning of the period and end of the period amounts shown on the statement of cash flows. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard will not have a material impact on our consolidated financial statements. In February 2016, the FASB updated ASC Topic 842 "Leases." In ASU 2016-02, which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted upon issuance using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In May 2014, the 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 it 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 in the FASB ASC. Adoption shall be applied using either a full retrospective or modified retrospective approach and the standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. While we are still completing the assessment of the impact of this standard to our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Included in our net real estate are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization, construction in process and land available for development or sale. Following is the detail of the construction in progress and land available for development or sale as of December 31, 2016 and 2015 : December 31, 2016 2015 (In thousands) Construction in progress $ 23,445 $ 20,603 Land available for development 26,805 28,503 Land available for sale 10,974 11,060 Total $ 61,224 $ 60,166 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. 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. At December 31, 2016 , we had five projects under pre-development. |
Property Acquisitions and Dispo
Property Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisitions during 2016 and 2015 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt (In thousands) (In thousands) 2016 Centennial Shops Edina, MN 85 N/A 10/11/16 $ 31,980 $ — Total acquisitions 85 $ 31,980 $ — 2015 Millennium Park (1) Livonia, MI 273 N/A 08/15/15 $ 47,000 $ — Spring Meadows - Kroger Building Holland, OH 51 N/A 08/06/15 4,110 — Ramco 450 - 6 Income Producing Properties (1) GA, IL, OH, & MD 1,126 N/A 07/21/15 191,090 60,048 Jackson Plaza Jackson, MI 15 N/A 06/22/15 5,000 — West Oaks II - Petco parcel Novi, MI 26 N/A 06/10/15 5,500 — Total income producing acquisitions 1,491 252,700 60,048 Gaines Marketplace Gaines Township, MI N/A 1.9 02/12/15 1,000 $ — Lakeland Park Center Lakeland, FL N/A 1.6 01/23/15 475 — Total land acquisitions 3.5 1,475 — Total acquisitions 1,491 3.5 $ 254,175 $ 60,048 (1) Acquired from related parties. See note 1 to the fair value of the acquisitions table following. The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: December 31, 2016 2015 2014 (In thousands) Land $ — $ 50,367 $ 55,618 Buildings and improvements 29,639 183,651 235,322 Above market leases — 1,014 4,775 Ground leasehold 2,203 — — Lease origination costs 4,717 32,683 23,343 Other assets 813 4,256 30,883 Below market leases (5,392 ) (16,616 ) (18,836 ) Premium for above market interest rates on assumed debt — (1,180 ) (6,830 ) Capital lease obligation — — (1,167 ) Total purchase price allocated 31,980 254,175 323,108 Mortgages notes assumed — (60,048 ) (58,634 ) RPT's fair value of existing ownership (1) — (41,204 ) — Net assets acquired $ 31,980 $ 152,923 $ 264,474 (1) We acquired our partner's 80% interest in six properties owned by the Ramco 450 Venture LLC ("Ramco 450") and our partner's 70% interest in Millennium Park owned by the Ramco/Lion Venture LP ("RLV"). Total revenue and net income for the 2016 acquisition included in our consolidated statement of operations for the year ended December 31, 2016 were $0.9 million and $42.2 thousand , respectively. Unaudited Proforma Information If the 2016 and 2015 acquisitions had occurred on January 1, 2015, our consolidated revenues and net income for the years ended December 31, 2016 and 2015 would have been as follows: Years Ended December 31, 2016 2015 (in thousands) Consolidated revenue $ 263,819 $ 269,271 Consolidated net income available to common shareholders $ 53,105 $ 59,282 Dispositions Pursuant to the criteria established under ASC Topic 360 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. Refer to Note 1 under Real Estate for additional information regarding the classification criteria. As of December 31, 2016, we had one property classified as held for sale with a net book value of $8.8 million included in Net real estate. The purchase and sale agreement was executed in December 2016 and we closed on the disposition in February 2017. In addition, subsequent to year-end, the Company executed a purchase and sale agreement on another property with a net book value of $6.1 million with the disposition expected to close in March 2017. As of December 31, 2015, the Company had one parcel of land classified as held for sale which was sold in January 2016. The following table provides a summary of our disposition activity during 2016 and 2015 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 2015 Horizon Village Suwanee, GA 97 N/A 12/23/15 $ 9,300 $ 1,268 Cocoa Commons Cocoa, FL 90 N/A 11/19/15 12,000 2,420 Conyers Crossing Conyers, GA 170 1.3 09/30/15 9,750 4,536 Total income producing dispositions 357 1.3 $ 31,050 $ 8,224 The Towne Center at Aquia - Commercial / Residential Outparcels Stafford, VA 35 32.8 05/29/15 13,350 495 Taylors Square - Outparcel Taylors, SC N/A 0.6 04/22/15 250 (16 ) Gaines Marketplace-Target and Shell Oil Parcels Gaines Township, MI N/A 11.3 02/12/15 5,150 3,196 Total outparcel dispositions 35 44.7 $ 18,750 $ 3,675 Gain recognized on sale of joint venture real estate (1) — — — 5,671 Total dispositions 392 46.0 $ 49,800 $ 17,570 (1) Represents the net proceeds from a joint venture property sale to a third party in October 2015. Approximately $19.0 million of the proceeds related to the Livonia Plaza disposition were placed into escrow at closing for the acquisition of Centennial Shops under an Internal Revenue Code Section 1031 exchange. In August 2016, we conveyed the title to and interest in The Towne Center at Aquia to the mortgage lender for the property. At the time of conveyance, the outstanding balance of the mortgage loan was $11.8 million , resulting in a loss on extinguishment of debt of $0.8 million . |
Impairment Provisions
Impairment Provisions | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Impairment Provisions | Impairment Provisions We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2016 2015 2014 (In thousands) Land available for development or sale (1) $ 977 $ 2,521 $ 23,285 Income producing properties marketed for sale — — 4,580 Total $ 977 $ 2,521 $ 27,865 During 2016, unforeseen increases in development costs and changes in associated sales price assumptions related to land held for development or sale resulted in an impairment provision of $1.0 million . During 2015, unforeseen increases in development costs and changes in associated sales price assumptions related to land held for development or sale resulted in an impairment provision of $2.5 million During 2014, changes to development plans and to estimated fair values triggered an impairment provision of $23.3 million associated with land available for development or sale. As well, the Company's decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $4.6 million . Refer to Note 1 under Accounting for the Impairment of Long-Lived Assets for a discussion of inputs used in determining the fair value of long-lived assets. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures We have three joint venture agreements whereby we own 7% , 20% and 30% , respectively, of the equity in each 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. Combined financial information of our unconsolidated joint ventures is summarized as follows: December 31, Balance Sheets 2016 2015 (In thousands) ASSETS Investment in real estate, net $ 43,995 $ 63,623 Other assets 3,712 4,230 Total Assets $ 47,707 $ 67,853 LIABILITIES AND OWNERS' EQUITY Other liabilities $ 219 $ 750 Owners' equity 47,488 67,103 Total Liabilities and Owners' Equity $ 47,707 $ 67,853 RPT's equity investments in unconsolidated joint ventures $ 3,150 $ 4,325 Years Ended December 31, Statements of Operations 2016 2015 2014 (In thousands) Total revenue $ 4,742 $ 10,297 $ 14,038 Total expenses (3,030 ) (7,113 ) (10,848 ) Gain on sale of real estate — 9,237 740 Gain on extinguishment of debt — — 529 Net income from continuing operations 1,712 12,421 4,459 Discontinued operations (1) Gain on sale of real estate (2) 371 3,025 — Income (loss) from discontinued operations 492 857 (7,477 ) Net income (loss) from discontinued operations 863 3,882 (7,477 ) Net income (loss) $ 2,575 $ 16,303 $ (3,018 ) RPT's share of earnings from unconsolidated joint ventures $ 454 $ 17,696 $ 75 (1) Discontinued operations reflects results of operations for those properties that meet the criteria for discontinued operations under ASU 2014-08. (2) During 2015 Ramco 450 sold all of the properties from the joint venture. Ramco acquired its partners interest in six properties, our joint venture partner acquired our interest in one property and the final property, Chester Springs, was sold to an unrelated third party. The seven properties sold to partners in the venture generated a gain of $65.6 million , our share, $13.1 million , is recognized in the earnings (loss) from unconsolidated joint ventures. Ramco 450 recognized the gain as a distribution to the partners. Dispositions The following table provides a summary of our unconsolidated joint venture property disposition activity during 2016 and 2015. Property Name Location GLA Ownership % Date Sold Gross Sales Price Debt Repaid Gain on Sale (at 100%) (In thousands) (In thousands) 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ — $ 371 116 $ 19,400 $ — $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ — $ 26 2015 Ramco 450 Venture LLC Chester Springs Chester, NJ 223 20 % 10/8/2015 $ 53,781 $ 22,000 $ 3,025 Partners Portfolio - 7 Income Producing Properties FL, GA, IL, OH, & MD 1,440 20 % 7/21/2015 291,908 117,959 65,566 1,663 $ 345,689 $ 139,959 $ 68,591 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 69,138 $ 27,992 $ 13,718 Ramco/Lion Venture LP Millennium Park Livonia, MI 273 30 % 8/11/2015 $ 47,000 $ 29,658 $ 1,776 Village of Oriole Plaza Delray Beach, FL 156 30 % 3/24/2015 27,500 — 7,463 429 $ 74,500 $ 29,658 $ 9,239 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 22,350 $ 8,897 $ 2,772 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 ventures' respective properties. We receive fees for our services, including property management fees calculated as a percentage of gross revenues received and recognize these fees as the services are rendered. The following table provides information for our fees earned which are reported in our consolidated statements of operations: Years Ended December 31, 2016 2015 2014 (In thousands) Management fees $ 318 $ 1,149 $ 1,514 Leasing fees 118 311 315 Acquisition/disposition fees 45 108 — Construction fees 48 185 230 Total $ 529 $ 1,753 $ 2,059 |
Other Assets, Net and Acquired
Other Assets, Net and Acquired Lease Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net and Acquired Lease Intangible Assets, Net | Other Assets, Net and Acquired Lease Intangible Assets, Net Other assets, net consisted of the following: December 31, 2016 2015 (In thousands) Deferred leasing costs, net $ 35,071 $ 35,282 Deferred financing costs on unsecured revolving credit facility, net 1,190 1,871 Acquired development agreements (1) 21,149 22,194 Ground leasehold intangible 2,198 — Other, net 2,835 2,655 Total amortizable other assets 62,443 62,002 Straight-line rent receivable, net 18,794 17,366 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 2,143 642 Prepaid and other deferred expenses, net 4,247 5,791 Other assets, net $ 89,716 $ 87,890 (1) Represents in-place public improvement fee of approximately $15.9 million and real estate tax exemption agreement of approximately $5.3 million associated with two properties acquired in 2014. Straight-line rent receivables are recorded net of allowances of $3.2 million and $3.5 million at December 31, 2016 and 2015, respectively. Acquired lease intangible assets, net consisted of the following: Years Ended December 31, 2016 2015 (In thousands) Lease originations costs $ 107,625 $ 119,181 Above market leases 12,393 13,994 120,018 133,175 Accumulated amortization (47,594 ) (44,356 ) Net acquired lease intangibles $ 72,424 $ 88,819 Acquired lease intangible assets have a remaining weighted-average amortization period of 3.3 years as of December 31, 2016 . These intangible assets 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 lease asset resulted in a reduction of revenue of approximately $2.5 million , $3.1 million , and $2.7 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Combined, amortizable other assets, net and acquired lease intangibles, net totaled $134.9 million . The following table represents estimated aggregate amortization expense related to those assets as of December 31, 2016 : Year Ending December 31, (In thousands) 2017 $ 21,986 2018 18,127 2019 14,777 2020 12,167 2021 9,822 Thereafter 57,988 Total $ 134,867 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2016 and 2015 : December 31, 2016 2015 (In thousands) Senior unsecured notes $ 535,000 $ 460,000 Unsecured term loan facilities 210,000 210,000 Fixed rate mortgages 160,718 322,457 Unsecured revolving credit facility 86,000 60,000 Junior subordinated notes 28,125 28,125 1,019,843 1,080,582 Unamortized premium 5,120 6,935 Unamortized deferred financing costs (3,740 ) (3,806 ) $ 1,021,223 $ 1,083,711 Capital lease obligation $ 1,066 $ 1,108 Senior unsecured notes and unsecured term loans We completed the following financing transactions during 2016 : • In July 2016, we entered into agreements to issue $75.0 million senior unsecured notes in a private placement offering. The notes have a 12 -year term and are priced at a fixed interest rate of 3.64% . The notes were issued to extend the Company's maturity waterfall and reduce its average interest rate. The sale of the notes closed on November 30, 2016. • In March 2016, we executed an amendment extending the maturity of our $60.0 million unsecured term loan, originally maturing in 2018 to 2023 and entered into a forward starting interest rate swap agreement for an aggregate notional amount of $60.0 million . Our $745.0 million of senior unsecured notes and unsecured term loans have interest rates ranging from 2.99% to 4.74% and are due at various maturity dates from May 2020 through November 2028 . Mortgages During 2016 we had the following mortgage transactions: • In December 2016, we repaid two mortgage notes secured by certain properties totaling $125.9 million , with an average weighted interest rate of 5.49% . In conjunction with the mortgage repayments we recognized a cash loss on extinguishment of debt of approximately $0.4 million related to a pre-payment penalty and a non-cash benefit of approximately $0.1 million related to the write off of a mortgage premium. • In August 2016, we conveyed the title to and interest in The Towne Center at Aquia to the mortgage lender for the property. At the time of conveyance, the outstanding balance of the mortgage loan was $11.8 million , resulting in a loss on extinguishment of debt of $0.8 million . • In March 2016, we repaid a mortgage note secured by Troy Marketplace in the amount of $20.6 million , that had an interest rate of 5.90% . Our $160.7 million of fixed rate mortgages have interest rates ranging from 2.86% to 7.38% and are due at various maturity dates from January 2018 through June 2026 . The fixed rate mortgage notes are secured by mortgages on properties that have an approximate net book value of $360.9 million as of December 31, 2016 . We have no mortgage maturities until January 2018 and it is our intent to repay these mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing. The mortgage loans encumbering our properties 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. Revolving Credit Facility During 2016 we had net borrowings of $26.0 million on our revolving credit facility and had outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying consolidated balance sheets, totaling $0.5 million . These letters of credit reduce borrowing availability under our bank facility. As of December 31, 2016 , $263.5 million was available to be drawn on our $350.0 million unsecured revolving credit facility subject to our compliance with certain covenants. As of December 31, 2016 the variable interest rate was 2.07% . The revolving credit and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, tangible net worth and various other calculations. As of December 31, 2016 , we were in compliance with these covenants. Junior Subordinated Notes Our junior subordinated notes have a variable rate of LIBOR plus 3.30% , for an effective rate of 4.19% at December 31, 2016 . The maturity date is January 2038. Capital lease At December 31, 2016 we had a capital ground lease at our Buttermilk Towne Center with the City of Crescent Springs, Kentucky with a gross carrying value of $13.2 million classified as land. Total amounts expensed as interest relating to this lease were $0.1 million , $0.1 million and $0.1 million for each of the years ended December 31, 2016 , 2015 , and 2014 respectively. The following table presents scheduled principal payments on mortgages and notes payable and capital lease payments as of December 31, 2016 : Year Ending December 31, Principal Payments Capital Lease Payments (In thousands) 2017 $ 3,203 $ 100 2018 (1) 125,132 100 2019 5,860 100 2020 102,269 100 2021 114,508 100 Thereafter 668,871 1,100 Subtotal debt 1,019,843 1,600 Unamortized mortgage premium 5,120 — Deferred financing costs (3,740 ) — Amounts representing interest — (534 ) Total $ 1,021,223 $ 1,066 (1) Scheduled maturities in 2018 include the $86.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2016 . |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Acquired Lease Intangible Liabilities, Net | Acquired Lease Intangible Liabilities, Net Acquired lease intangible liabilities, net were $63.7 million and $64.2 million as of December 31, 2016 and 2015 , respectively. We completed one acquisition in 2016 and the purchase price allocation included $5.4 million of acquired lease intangible liabilities. The lease intangible liabilities relate to below-market leases and are being accreted over the applicable terms of the acquired leases, which resulted in an increase in revenue of $5.9 million , $5.8 million , and $4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our consolidated financial statements. These levels are: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. Derivative Assets and Liabilities All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify derivative instruments as Level 2. Refer to Note 11 of notes to the consolidated financial statements 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 December 31, 2016 and 2015 . Balance Sheet location Total Fair Value Level 1 Level 2 Level 3 2016 (In thousands) Derivative assets - interest rate swaps Other assets $ 2,143 $ — $ 2,143 $ — Derivative liabilities - interest rate swaps Other liabilities $ (1,300 ) $ — $ (1,300 ) $ — 2015 Derivative assets - interest rate swaps Other assets $ 642 $ — $ 642 $ — Derivative liabilities - interest rate swaps Other liabilities $ (2,241 ) $ — $ (2,241 ) $ — 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 $905.7 million and $996.3 million as of December 31, 2016 and 2015 , respectively, have fair values of approximately $900.3 million and $1.0 billion , respectively. Variable rate debt’s fair value is estimated to be the carrying values of $114.1 million and $87.4 million as of December 31, 2016 and 2015 , respectively. We classify our debt as Level 2. Net Real Estate Our net real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2016 and 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 years ended December 31, 2016 and 2015 . Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2016 Land available for sale $ 6,815 $ — $ — $ 6,815 $ (977 ) Total $ 6,815 $ — $ — $ 6,815 $ (977 ) 2015 Land available for sale $ 453 — — $ 453 $ (2,521 ) Total $ 453 $ — $ — $ 453 $ (2,521 ) Equity Investments in Unconsolidated Entities Our equity investments in unconsolidated joint venture entities are subject to impairment testing on a nonrecurring basis if a decline in the fair value of the investment below the carrying amount is determined to be a decline that is other-than-temporary. To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the asset. To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value. We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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. We may also enter into forward starting swaps to set the effective interest rate on planned fixed rate financing. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in our consolidated statements of operations. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. At December 31, 2016 , all of our hedges were highly effective. As of December 31, 2016 , we had nine interest rate swap agreements in effect for an aggregate notional amount of $210.0 million converting our floating rate corporate debt to fixed rate debt. In addition we have entered into one forward starting interest rate swap agreements for an aggregate notional amount of $60.0 million . All of our interest rate swap agreements are designated as cash flow hedges The agreements provide for swapping one-month LIBOR interest rates ranging from 1.460% to 2.150% and have expirations ranging from October 2018 to March 2023 . The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2016 : Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan facility Cash Flow $ 50,000 1.460 % $ 185 05/2020 Unsecured term loan facility Cash Flow 20,000 1.498 % 177 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % 138 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % 429 05/2021 $ 125,000 $ 929 Derivative Assets - Forward Swaps Unsecured term loan facility Cash Flow 60,000 1.770 % 1,214 03/2023 Total Derivative Assets $ 185,000 $ 2,143 Derivative Liabilities Unsecured term loan facility Cash Flow $ 30,000 2.048 % $ (457 ) 10/2018 Unsecured term loan facility Cash Flow 25,000 1.850 % (291 ) 10/2018 Unsecured term loan facility Cash Flow 5,000 1.840 % (58 ) 10/2018 Unsecured term loan facility Cash Flow 15,000 2.150 % (296 ) 05/2020 Unsecured term loan facility Cash Flow 10,000 2.150 % (198 ) 05/2020 Total Derivative Liabilities $ 85,000 $ (1,300 ) The effect of derivative financial instruments on our consolidated statements of operations for the year ended December 31, 2016 and 2015 is summarized as follows: Amount of Gain (Loss) Location of Loss Reclassified from Accumulated OCI Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationship Year Ended December 31, into Income Year Ended December 31, 2016 2015 (Effective Portion) 2016 2015 (In thousands) (In thousands) Interest rate contracts - assets $ 3,718 $ 1,008 Interest Expense $ (2,217 ) $ (902 ) Interest rate contracts - liabilities 1,230 2,589 Interest Expense (289 ) (2,125 ) Total $ 4,948 $ 3,597 Total $ (2,506 ) $ (3,027 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2016 , assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2017 $ 181,697 2018 167,846 2019 147,880 2020 130,637 2021 107,892 Thereafter 347,640 Total $ 1,083,592 Expenses We have an operating lease for our corporate headquarters in Michigan for a term expiring in 2019 . We recognized rent expense of $0.6 million , $0.6 million , and $0.6 million for the years ended December 31, 2016 , 2015, and 2014, respectively. We also have a ground lease at Centennial Shops located in Edina, Minnesota. The lease includes rent escalations throughout the lease period and expires in April 2105. We recognized rent expense of $0.2 million for the year ended December 31, 2016 . Approximate future rental payments under our non-cancelable leases, assuming no option extensions are as follows: Year Ending December 31, (In thousands) 2017 $ 1,485 2018 1,494 2019 1,285 2020 856 2021 856 Thereafter 96,139 Total $ 102,115 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table sets forth the computation of basic earnings per share (“EPS”): Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Income (loss) from continuing operations $ 61,112 $ 66,895 $ (2,412 ) Net (income) loss from continuing operations attributable to noncontrolling interest (1,448 ) (1,786 ) 48 Preferred share dividends and conversion costs (6,701 ) (7,338 ) (7,250 ) Allocation of continuing income to restricted share awards (354 ) (336 ) (180 ) Net income (loss) available to common shareholders $ 52,609 $ 57,435 $ (9,794 ) Weighted average shares outstanding, Basic 79,236 78,848 72,118 Earnings (loss) per common share, Basic $ 0.66 $ 0.73 $ (0.14 ) The following table sets forth the computation of diluted EPS: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Income (loss) from continuing operations $ 61,112 $ 66,895 $ (2,412 ) Net (income) loss from continuing operations attributable to noncontrolling interest (1,448 ) (1,786 ) 48 Preferred share dividends and conversion costs (6,701 ) (7,338 ) (7,250 ) Allocation of continuing income to restricted share awards (354 ) (336 ) (180 ) Net income (loss) available to common shareholders $ 52,609 $ 57,435 $ (9,794 ) Weighted average shares outstanding, Basic 79,236 78,848 72,118 Stock options and restricted share awards using the treasury method (1) 199 187 — Weighted average shares outstanding, Diluted (2)(3) 79,435 79,035 72,118 Earnings (loss) per common share, Diluted $ 0.66 $ 0.73 $ (0.14 ) (1) For the year ended December 31, 2014 stock options and restricted stock awards are anti-dilutive and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (2) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (3) The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Underwritten public offerings In 2016 and 2015 we did not complete any underwritten public offerings. Controlled equity offerings In June 2016, we terminated our previous controlled equity offering arrangement and commenced a new distribution agreement that registered up to 8.0 million common shares for issuance from time to time, in our sole discretion. The shares issuable in the new distribution agreement are registered with the Securities and Exchange Commission on our registration statement on Form S-3 (No. 333-211925). In 2015, through our previous controlled equity offering we issued 0.9 million common shares at an average price of $19.28 and received approximately $ 17.1 million in net proceeds, after sales commissions and fees of $0.3 million . Non-Controlling Interests As of December 31 2016 we had 1,917,329 OP Units outstanding. OP Unit holders are entitled to exchange their units for our common shares on a 1 :1 basis or for cash. The form of payment is at our election. During 2016, 84,132 units were converted for cash in the amount of $1.5 million . Preferred Shares As of December 31, 2016 we had 1,848,539 shares of 7.25% Series D Cumulative Convertible Preferred Shares (“Preferred Shares”) outstanding that have a liquidation preference of $50 per share and par value $0.01 per share. The Preferred Shares are convertible at any time by the holders to our common shares at a conversion rate of $13.94 per share. The conversion rate is adjusted quarterly. The Preferred Shares are also convertible under certain circumstances at our election. The holders of the Preferred Shares have no voting rights. At December 31, 2016, the Preferred Shares were convertible into approximately 6.6 million shares of common stock. In April 2015, holders of preferred shares converted Preferred Shares with a liquidation preference of $7.6 million into 532,628 common shares pursuant to the terms of the securities and in that connection we incurred conversion costs of approximately $0.5 million . The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2016 2015 2014 Declared Paid Declared Paid Declared Paid Common shares $ 0.860 $ 0.850 $ 0.820 $ 0.810 $ 0.775 $ 0.763 Preferred shares $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2016 2015 2014 Common shares Ordinary dividend $ 0.640 $ 0.658 $ 0.715 Capital gain distribution 0.160 — 0.060 Non-dividend distribution — 0.162 $ 0.800 $ 0.820 $ 0.775 7.25% Series D Cumulative Convertible Preferred Shares Ordinary dividend $ 2.881 $ 3.625 $ 3.342 Capital gain distribution 0.744 — 0.283 $ 3.625 $ 3.625 $ 3.625 The fourth quarter 2016 distribution is treated as paid in two tax years for income tax purposes, $0.160 is treated as paid on December 31, 2016 and $0.060 is treated as paid on January 3, 2017, which accounts for the variance between the dividend declared of $0.860 for the year ended December 31, 2016 and the tax status of $0.800 . Dividend reinvestment plan We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional shares of beneficial interest based on the average price of the shares acquired for the distribution. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation and Other Benefit Plans | Share-Based Compensation and Other Benefit Plans Incentive and Stock Option Plans As of December 31, 2016 we have one share-based compensation plan in effect, the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”). Under the plan our compensation committee may grant, subject to performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards for up to 2.0 million of our common shares, units or stock options, of which 1.4 million is available for issuance as of December 31, 2016 . The following share-based compensation plans have been terminated, except with respect to awards outstanding under each plan: • The 2009 Omnibus Long-Term Incentive Plan ("2009 LTIP") which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees; • The 2008 Restricted Share Plan for Non-Employee Trustees (the "Trustees' Plan") which allowed for the grant of restricted shares to non-employee trustees of the Company; • 2003 LTIP which allowed for the grant of stock options to our executive officers and employees. As of December 31, 2016 , there were 47,140 options exercisable; and • 2003 Non-Employee Trustee Stock Option Plan – this plan provided for the annual grant of options to purchase our shares to our non-employee trustees. As of December 31, 2016 , there were 10,000 options exercisable. We recognized total share-based compensation expense of $3.4 million , $1.6 million , and $4.6 million for 2016 , 2015 , and 2014 , respectively. Restricted Stock Share-Based Compensation Beginning in 2012 the compensation committee determined that the LTIP award would consist of 50% service based restricted shares and 50% performance-based cash awards. The service-based restricted share awards include a five year vesting period and the compensation expense is recognized on a graded vesting basis. We recognized expense related to restricted share grants of $2.9 million for the year ended December 31, 2016 , $1.9 million for year ended December 31, 2015 and $2.1 million for the year ended December 31, 2014. The performance shares are earned subject to a future performance measurement based on a three -year shareholder return peer comparison (the “TSR Grants”). If the performance criterion is met the actual value of the grant earned will be determined and 50% of the award will be paid in cash immediately while the balance will be paid in cash the following year. We recognized a compensation expense of $0.5 million , compensation benefit of $0.4 million and compensation expense of $2.5 million related to the cash awards recorded during the years ended December 31, 2016 , 2015 and 2014 , respectively. 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 recognize the compensation expense ratably over the requisite service period and we are required to re-value the performance cash awards at the end of each quarter. We use the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If it is determined that the performance criteria will not be met, compensation expense previously recognized is reversed. A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2016 , 2015 and 2014 is presented below: 2016 2015 2014 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Outstanding, beginning of the year 327,732 $ 16.39 365,524 $ 14.92 375,813 $ 13.71 Granted 130,890 17.80 180,914 17.77 286,954 16.70 Vested (124,187 ) 15.88 (176,816 ) 14.29 (281,851 ) 12.69 Forfeited or expired (6,892 ) 16.76 (41,890 ) 16.17 (15,392 ) 14.69 Outstanding, end of the year 327,543 17.02 327,732 16.39 365,524 14.92 As of December 31, 2016 there was approximately $4.2 million of total unrecognized compensation cost related to non-vested restricted share awards granted under our various share-based plans that we expect to recognize over a weighted average period of 4.2 years. Stock Option Share-Based Compensation When we grant options, the fair value of each option granted, used in determining the share-based compensation expense, is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including risk-free rates, expected dividend yield of the underlying common shares, expected option life and expected volatility. No options were granted under the LTIP in the years ended December 31, 2016 , 2015 and 2014 . The following table reflects the stock option activity for all plans described above: 2016 2015 2014 Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Outstanding, beginning of the year 107,165 $ 32.13 155,248 $ 30.94 190,993 $ 30.34 Exercised — $ — — $ — — $ — Forfeited or expired (50,025 ) $ 29.21 (48,083 ) $ 28.29 (35,745 ) $ 27.73 Outstanding, end of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 Exercisable, end of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 The following table summarizes information about options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Price Outstanding Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Exercisable Weighted-Average Exercise Price $34.30 - $36.50 57,140 0.2 $ 34.69 57,140 $ 34.69 Other Benefit Plan The Company has a defined contribution profit sharing plan and trust (the "Plan") with a qualified cash or deferred 401(k) arrangement covering all employees. Participation in the Plan is discretionary for all full-time employees who have attained the age of 21. The entry date eligibility is the first pay date of a quarter following the date of hire. Our expense for the years ended December 31, 2016, 2015 and 2014 was approximately $0.2 million , $0.2 million and $0.2 million , respectively. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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 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, impairment charges and net operating loss carryforwards. As of December 31, 2016 , we had a federal and state deferred tax asset of $11.1 million and a valuation allowance of $11.1 million , which represents an increase of $0.4 million from December 31, 2015. Our deferred tax assets, such as net operating losses and land basis differences, are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the 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. If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our statement of operations in the period we made the determination. During the years ended December 31, 2016 , 2015 and 2014, we recorded an income tax provision of approximately $299,000 , $339,000 , and $54,000 , respectively. We had no unrecognized tax benefits as of or during the three year period ended December 31, 2016 . We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2016 . No material interest or penalties relating to income taxes were recognized in the statement of operations for the years ended December 31, 2016 , 2015 , and 2014 or in the consolidated balance sheets as of December 31, 2016 , 2015 , and 2014 . It is our accounting policy to classify interest and penalties relating to unrecognized tax benefits as tax expense. As of December 31, 2016 , returns for the calendar years 2013 through 2016 remain subject to examination by the Internal Revenue Service (“IRS”) and various state and local tax jurisdictions. As of December 31, 2016 , certain returns for calendar year 2012 also remain subject to examination by various state and local tax jurisdictions. Sales Tax We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Construction Costs In connection with the development and expansion of various shopping centers as of December 31, 2016 , we had entered into agreements for construction costs of approximately $5.9 million . Litigation We are currently involved in certain litigation arising in the ordinary course of business. Environmental Matters We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will expedite and assure satisfactory compliance with environmental laws and regulations should contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that the consolidated financial statements were issued. Subsequent to year-end, the Company sold one Michigan shopping center and agreed to sell another for a combined total of $28.5 million . In addition, the Company also acquired two high-quality shopping centers for $167.4 million . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following table sets forth summarized quarterly financial data for the year ended December 31, 2016 : Quarters Ended 2016 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 66,512 $ 65,884 $ 64,080 $ 64,454 Operating income $ 17,219 $ 19,115 $ 16,669 $ 17,905 Net income attributable to RPT $ 11,845 $ 27,363 $ 13,545 $ 6,911 Net income available to common shareholders $ 10,170 $ 25,688 $ 11,870 $ 5,235 Earnings per common share, basic: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 Earnings per common share, diluted: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016 . The following table sets forth summarized quarterly financial data for the year ended December 31, 2015 : Quarters Ended 2015 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 59,417 $ 59,735 $ 64,060 $ 68,578 Operating income $ 14,631 $ 15,910 $ 18,854 $ 16,102 Net income attributable to RPT $ 9,667 $ 7,090 $ 33,666 $ 14,686 Net income (loss) available to common shareholders $ 7,885 $ 4,915 $ 31,991 $ 13,010 Earnings per common share, basic: (1) $ 0.10 $ 0.06 $ 0.39 $ 0.16 Earnings per common share, diluted: (1) $ 0.10 $ 0.06 $ 0.38 $ 0.16 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2015 . |
SUMMARY OF REAL ESTATE AND ACCU
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands of dollars) INITIAL COST TO COMPANY Capitalized Subsequent to GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Auburn Mile MI $ — $ 15,704 $ — $ (9,168 ) $ 5,918 $ 619 $ 6,537 $ 391 2000 1999 Bridgewater Falls OH 56,518 9,831 76,446 (108 ) 9,831 76,339 86,170 6,252 2005/2007 2014 Buttermilk Towne Center KY — 13,249 21,103 (265 ) 13,249 20,838 34,087 1,762 2005 2014 Centennial Shops MN — — 29,639 5 — 29,644 29,644 240 2008 2016 Central Plaza MO — 10,250 10,909 12 10,250 10,921 21,171 1,736 1970 2012 Clinton Pointe MI — 1,175 10,499 538 1,176 11,036 12,212 3,768 1992 2003 Clinton Valley MI — 1,500 13,498 11,417 1,625 24,791 26,416 10,864 1977/1985 1996 Coral Creek Shops FL — 1,565 14,085 1,868 1,572 15,946 17,518 5,468 1992 2002 Crofton Centre MD — 8,012 22,774 366 8,012 23,140 31,152 1,159 1974 2015 Crossroads Centre OH 3,447 5,800 20,709 2,647 4,903 24,252 29,155 10,821 2001 2001 Cypress Point FL — 2,968 17,637 958 2,968 18,596 21,564 2,221 1983 2013 Deer Creek Shopping Center MO — 6,070 18,105 230 6,070 18,336 24,406 2,117 1970's/2013 2013 Deer Grove Centre IL — 8,408 8,197 5,879 8,408 14,077 22,485 1,680 1997 2013 Deerfield Towne Center OH — 6,868 78,551 4,329 6,868 82,880 89,748 9,300 2004/2007 2013 East Town Plaza WI — 1,768 16,216 3,597 1,768 19,813 21,581 7,590 1992 2000 Front Range Village CO — 20,910 80,600 1,679 20,910 82,279 103,189 6,263 2008 2014 Gaines Marketplace MI — 226 6,782 3,487 2,926 7,570 10,496 2,240 2004 2004 Harvest Junction North CO — 8,254 25,232 5,735 7,167 32,054 39,221 3,636 2006 2012 Harvest Junction South CO — 6,241 22,856 131 6,241 22,987 29,228 2,969 2006 2012 Heritage Place MO — 13,899 22,506 1,003 13,899 23,508 37,407 4,511 1989 2011 Holcomb Center GA — 658 5,953 9,843 658 15,795 16,453 6,715 1986 1996 Hoover Eleven MI — 3,308 29,778 4,239 3,304 34,021 37,325 11,241 1989 2003 Hunters Square MI — 7,673 52,774 6,333 7,652 59,128 66,780 6,424 1988 2013 Jackson Crossing MI 22,730 3,347 24,261 19,175 3,347 43,436 46,783 16,937 1967 1996 Jackson West MI — 2,806 6,270 6,639 2,691 13,023 15,714 6,079 1996 1996 Lakeland Park Center FL — 15,365 — 34,666 15,365 34,666 50,031 2,905 2014 2008 Liberty Square IL — 2,670 11,862 (69 ) 2,665 11,798 14,463 2,500 1987 2010 Marketplace of Delray FL — 7,922 18,910 1,995 7,922 20,905 28,827 2,532 1981/2010 2013 Market Plaza IL 14,634 9,391 22,682 65 9,391 22,747 32,138 1,179 1965/2009 2015 Merchants' Square IN — 4,997 18,346 2,185 4,997 20,530 25,527 4,228 1970 2010 Millennium Park MI — 5,886 35,420 88 5,886 35,508 41,394 1,899 2000 2015 INITIAL COST Capitalized Subsequent to GROSS AMOUNTS AT WHICH Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Mission Bay FL — 33,975 48,159 9,924 33,975 58,083 92,058 6,033 1989 2013 Mount Prospect Plaza IL — 11,633 21,767 1,257 11,633 23,024 34,657 3,055 1958/1987/2012 2013 Nagawaukee Shopping Center WI 7,373 7,549 30,898 179 7,549 31,077 38,626 3,643 1994/2004/2008 2012/2013 New Towne Plaza MI — 817 7,354 5,858 817 13,212 14,029 5,664 1975 1996 Oak Brook Square MI — 955 8,591 (770 ) 955 7,821 8,776 — 1982 1996 Olentangy Plaza OH — 4,283 20,774 341 4,283 21,116 25,399 1,357 1981 2015 Parkway Shops FL — 3,145 — 21,495 5,902 18,739 24,641 1,868 2013 2008 Peachtree Hill GA — 7,517 17,062 199 7,517 17,261 24,778 992 1986 2015 Promenade at Pleasant Hill GA — 3,891 22,520 6,105 3,440 29,076 32,516 7,938 1993 2004 River City Marketplace FL — 19,768 73,859 9,345 11,140 91,832 102,972 26,340 2005 2005 Rivertowne Square FL — 954 8,587 2,115 954 10,703 11,657 3,721 1980 1998 Rolling Meadows IL — 4,393 5,252 56 4,393 5,308 9,701 372 1956/2009 2015 Roseville Towne Center MI — 1,403 13,195 3,460 582 17,476 18,058 7,326 1963 1996 Rossford Pointe OH — 796 3,087 1,766 797 4,851 5,648 1,618 2006 2005 Shoppes of Lakeland FL — 5,503 20,236 968 5,503 21,203 26,706 2,607 1985 1996 Shops at Old Orchard MI — 2,864 16,698 636 2,864 17,334 20,198 1,957 1972/2011 2013 Southfield Plaza MI — 1,121 10,777 959 1,121 11,736 12,857 6,801 1969 1996 Spring Meadows Place (1) OH 27,366 2,646 16,758 15,331 5,041 29,694 34,735 9,689 1987 1996 Tel-Twelve MI — 3,819 43,181 32,433 3,819 75,614 79,433 34,861 1968 1996 The Crossroads FL — 1,850 16,650 1,125 1,857 17,768 19,625 6,325 1988 2002 The Shoppes at Fox River WI — 8,534 26,227 18,038 9,750 43,049 52,799 5,619 2009 2010 The Shops on Lane Avenue OH 28,650 4,848 51,273 2,527 4,848 53,800 58,648 2,665 1952/2004 2015 Town & Country Crossing MO — 8,395 26,465 7,623 8,395 34,088 42,483 4,588 2008 2011 Treasure Coast Commons FL — 2,924 10,644 (2,156 ) 2,924 8,488 11,412 1,102 1996 2013 Troy Marketplace MI — 4,581 19,041 150 4,581 19,191 23,772 2,113 2000/2010 2013 Troy Marketplace II MI — 3,790 10,292 588 3,790 10,880 14,670 1,870 2000/2010 2013 Village Lakes Shopping Center FL — 862 7,768 6,796 862 14,564 15,426 5,231 1987 1997 Village Plaza FL — 2,531 12,688 1,603 2,531 14,291 16,822 1,519 1989 2013 Vista Plaza FL — 3,667 16,769 403 3,667 17,172 20,839 1,933 1998 2013 West Broward FL — 5,339 11,521 398 5,339 11,919 17,258 1,314 1965 2013 West Allis Towne Centre WI — 1,866 16,789 14,880 1,866 31,669 33,535 12,214 1987 1996 West Oaks I MI — 1,058 10,746 21,053 2,826 30,031 32,857 8,112 1979 1996 West Oaks II MI — 1,391 12,519 7,325 1,391 19,844 21,235 9,317 1986 1996 Winchester Center MI — 5,667 18,559 6,328 5,667 24,887 30,554 2,541 1980 2013 Woodbury Lakes MN — 10,411 55,635 5,055 10,412 60,688 71,100 5,272 2005 2014 Land Held for Future Development (2) Various — 28,266 14,026 (15,112 ) 26,805 375 27,180 — N/A N/A Land Available for Sale (3) Various — 10,931 27,252 (31,995 ) 6,188 — 6,188 — N/A N/A TOTALS $ 160,718 $ 430,664 $ 1,496,219 $ 275,785 $ 413,623 $ 1,789,047 $ 2,202,670 $ 345,204 (1) The property's mortgage loan is cross-collateralized with West Oaks II. (2) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL. (3) Primarily in Hartland, MI. SCHEDULE III REAL ESTATE INVESTMENT AND ACCUMULATED DEPRECIATION December 31, 2016 Year ended December 31, 2016 2015 2014 (In thousands) Reconciliation of total real estate carrying value: Balance at beginning of year $ 2,245,100 $ 2,008,687 $ 1,727,191 Additions during period: Acquisition 29,694 234,018 289,340 Improvements 62,927 57,046 70,982 Deductions during period: Cost of real estate sold/written off (127,343 ) (52,130 ) (50,961 ) Impairment (977 ) (2,521 ) (27,865 ) Reclassification to held for sale (6,731 ) — — Balance at end of year $ 2,202,670 $ 2,245,100 $ 2,008,687 Reconciliation of accumulated depreciation: Balance at beginning of year $ 331,520 $ 287,177 $ 253,292 Depreciation Expense 63,085 59,602 50,081 Cost of real estate sold/written off (42,670 ) (15,259 ) (16,196 ) Reclassification to held for sale (6,731 ) — — Balance at end of year $ 345,204 $ 331,520 $ 287,177 Aggregate cost for federal income tax purposes $ 2,326,027 $ 2,366,608 $ 2,115,287 |
Organization and Summary of S28
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. ( 97.6% , 97.6% and 97.2% owned by us at December 31, 2016 , 2015 and 2014 , respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including our real estate joint venture partners. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. |
Reclassifications | Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. |
Revenue Recognition and Accounts Receivable | Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and recovery income. We provide for bad debt expense based upon the allowance method of accounting. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe may be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2016 and 2015 , our accounts receivable were $24.0 million and $26.1 million , respectively, net of allowances for doubtful accounts of $1.9 million and $2.8 million , respectively. In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2016 and 2015 , net of allowances of $3.2 million and $3.5 million was $18.8 million and $17.4 million , respectively. To the extent any of the tenants under these leases become unable to pay its contractual cash rents, we may be required to write down the straight-line rent receivable from that tenant, which would reduce our operating income. |
Real Estate | Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend the property's useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the lesser of the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. 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. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon future cash flows and other valuation techniques in accordance with our fair value measurements policy, which are used to allocate the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, identifiable intangibles and any gain on purchase. Identifiable intangible assets and liabilities include the effect of above-and below-market leases, the value of having leases in place (“as-is” versus “as if vacant” and absorption costs), other intangible assets such as assumed tax increment revenue bonds and out-of-market assumed mortgages. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of 40 years for buildings, and over the remaining terms of any intangible asset contracts and the respective tenant leases, which may include bargain renewal options. The impact of these estimates, including estimates in connection with acquisition values and estimated useful lives, could result in significant differences related to the purchased assets, liabilities and subsequent depreciation or amortization expense. Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our development projects. |
Accounting for the Impairment of Long-Lived Assets | We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, real estate values and expected holding period. 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. To the extent a project, or individual components of the project, is no longer considered to have value, the related capitalized costs are charged against operations. Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. |
Investments in Real Estate Joint Ventures | We have three equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. Refer to Note 6 of the notes to the consolidated financial statements for further information regarding our equity investments in unconsolidated joint ventures. We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates or capitalization rates could be material to our consolidated financial statements. |
Deferred Financing Costs | Debt issuance costs related to a recognized debt liability is presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $3.7 million and $3.8 million are included in Notes payable, net as of December 31, 2016 and 2015 , respectively. Debt issuance costs associated with a line of credit arrangement is classified as an asset and subsequently amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Unamortized debt issuance costs related to our unsecured revolving credit facility of $1.2 million and $1.9 million are included in Other assets, net as of December 31, 2016 and 2015 , respectively. |
Other Assets, net | Other assets consist primarily of acquired lease intangibles, straight-line rent receivable, deferred leasing costs, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Other assets also include the fair value of in-place public improvement fee income and real estate tax exemption agreements associated with two properties acquired in 2014. Deferred financing related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. |
Cash and Cash Equivalents | We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). |
Recognition of Share-based Compensation Expense | We grant share-based compensation awards to employees and trustees in the form of restricted common shares and in the past we have granted stock options to employees and trustees. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards using the graded vesting method. |
Income Tax Status | We made an election to qualify, and believe our operating activities permit us to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2016 , 2015 , and 2014 , we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. |
Variable Interest Entities | Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in joint ventures and determined that the joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. Accordingly, these investments are accounted for using the equity method. |
Noncontrolling Interest in Subsidiaries | There are third parties who have certain noncontrolling interests in the Operating Partnership that are exchangeable for our common shares on a 1 : 1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. |
Segment Information | Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers is located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
Recently Issued Accounting Pronouncements | In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. Given this change in definition, we believe most of our shopping center acquisitions will no longer be considered business combinations but rather asset acquisitions. While there are various differences between the accounting for an asset acquisition and a business combination, we expect the largest impact will be that transaction costs are capitalized for asset acquisitions rather than currently expensed when they are considered business combinations. The new guidance will be applied prospectively to any transactions occurring in the period of adoption. ASU 2017-01 is effective January 1, 2019, however, we expect to early adopt this standard in 2017. In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-18, which requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Restricted cash is to be included with cash and cash equivalents when reconciling the beginning of the period and end of the period amounts shown on the statement of cash flows. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard will not have a material impact on our consolidated financial statements. In February 2016, the FASB updated ASC Topic 842 "Leases." In ASU 2016-02, which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted upon issuance using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In May 2014, the 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 it 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 in the FASB ASC. Adoption shall be applied using either a full retrospective or modified retrospective approach and the standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. While we are still completing the assessment of the impact of this standard to our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance. |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Reconciliation of the Effects of the Prior Period Revision | A reconciliation of the effects of the correction to the previously reported balance sheet at December 31, 2015 follows: December 31, 2015 As reported Adjustment Adjusted (In thousands) Accounts receivable, net $ 18,705 $ 7,411 $ 26,116 Total assets $ 2,128,671 $ 7,411 $ 2,136,082 Accounts payable and accrued expenses $ 44,480 $ 9,282 $ 53,762 Total liabilities $ 1,222,334 $ 9,282 $ 1,231,616 Accumulated distributions in excess of net income $ (363,937 ) $ (1,810 ) $ (365,747 ) Noncontrolling interest $ 22,114 $ (61 ) $ 22,053 Total shareholder's equity $ 906,337 $ (1,871 ) $ 904,466 A reconciliation of the effects of the correction to the previously reported statement of stockholders' equity for the years ending December 31, 2015, 2014 and 2013 follows: Year Ended December 31, 2015 2014 2013 (In thousands) Accumulated distributions in excess of net income, as reported $ (363,937 ) $ (356,715 ) $ (289,837 ) Correction (1,810 ) (1,810 ) (1,810 ) Accumulated distributions in excess of net income, adjusted $ (365,747 ) $ (358,525 ) $ (291,647 ) Noncontrolling interest, as reported $ 22,114 $ 25,922 $ 27,863 Correction (61 ) (61 ) (61 ) Noncontrolling interest, adjusted $ 22,053 $ 25,861 $ 27,802 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Land Held for Development | Following is the detail of the construction in progress and land available for development or sale as of December 31, 2016 and 2015 : December 31, 2016 2015 (In thousands) Construction in progress $ 23,445 $ 20,603 Land available for development 26,805 28,503 Land available for sale 10,974 11,060 Total $ 61,224 $ 60,166 |
Property Acquisitions and Dis31
Property Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Acquisitions | The following table provides a summary of our acquisitions during 2016 and 2015 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt (In thousands) (In thousands) 2016 Centennial Shops Edina, MN 85 N/A 10/11/16 $ 31,980 $ — Total acquisitions 85 $ 31,980 $ — 2015 Millennium Park (1) Livonia, MI 273 N/A 08/15/15 $ 47,000 $ — Spring Meadows - Kroger Building Holland, OH 51 N/A 08/06/15 4,110 — Ramco 450 - 6 Income Producing Properties (1) GA, IL, OH, & MD 1,126 N/A 07/21/15 191,090 60,048 Jackson Plaza Jackson, MI 15 N/A 06/22/15 5,000 — West Oaks II - Petco parcel Novi, MI 26 N/A 06/10/15 5,500 — Total income producing acquisitions 1,491 252,700 60,048 Gaines Marketplace Gaines Township, MI N/A 1.9 02/12/15 1,000 $ — Lakeland Park Center Lakeland, FL N/A 1.6 01/23/15 475 — Total land acquisitions 3.5 1,475 — Total acquisitions 1,491 3.5 $ 254,175 $ 60,048 (1) Acquired from related parties. See note 1 to the fair value of the acquisitions table following. |
Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: December 31, 2016 2015 2014 (In thousands) Land $ — $ 50,367 $ 55,618 Buildings and improvements 29,639 183,651 235,322 Above market leases — 1,014 4,775 Ground leasehold 2,203 — — Lease origination costs 4,717 32,683 23,343 Other assets 813 4,256 30,883 Below market leases (5,392 ) (16,616 ) (18,836 ) Premium for above market interest rates on assumed debt — (1,180 ) (6,830 ) Capital lease obligation — — (1,167 ) Total purchase price allocated 31,980 254,175 323,108 Mortgages notes assumed — (60,048 ) (58,634 ) RPT's fair value of existing ownership (1) — (41,204 ) — Net assets acquired $ 31,980 $ 152,923 $ 264,474 (1) We acquired our partner's 80% interest in six properties owned by the Ramco 450 Venture LLC ("Ramco 450") and our partner's 70% interest in Millennium Park owned by the Ramco/Lion Venture LP ("RLV"). |
Unaudited Pro Forma Information | If the 2016 and 2015 acquisitions had occurred on January 1, 2015, our consolidated revenues and net income for the years ended December 31, 2016 and 2015 would have been as follows: Years Ended December 31, 2016 2015 (in thousands) Consolidated revenue $ 263,819 $ 269,271 Consolidated net income available to common shareholders $ 53,105 $ 59,282 |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2016 and 2015 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 2015 Horizon Village Suwanee, GA 97 N/A 12/23/15 $ 9,300 $ 1,268 Cocoa Commons Cocoa, FL 90 N/A 11/19/15 12,000 2,420 Conyers Crossing Conyers, GA 170 1.3 09/30/15 9,750 4,536 Total income producing dispositions 357 1.3 $ 31,050 $ 8,224 The Towne Center at Aquia - Commercial / Residential Outparcels Stafford, VA 35 32.8 05/29/15 13,350 495 Taylors Square - Outparcel Taylors, SC N/A 0.6 04/22/15 250 (16 ) Gaines Marketplace-Target and Shell Oil Parcels Gaines Township, MI N/A 11.3 02/12/15 5,150 3,196 Total outparcel dispositions 35 44.7 $ 18,750 $ 3,675 Gain recognized on sale of joint venture real estate (1) — — — 5,671 Total dispositions 392 46.0 $ 49,800 $ 17,570 (1) Represents the net proceeds from a joint venture property sale to a third party in October 2015. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2016 and 2015. Property Name Location GLA Ownership % Date Sold Gross Sales Price Debt Repaid Gain on Sale (at 100%) (In thousands) (In thousands) 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ — $ 371 116 $ 19,400 $ — $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ — $ 26 2015 Ramco 450 Venture LLC Chester Springs Chester, NJ 223 20 % 10/8/2015 $ 53,781 $ 22,000 $ 3,025 Partners Portfolio - 7 Income Producing Properties FL, GA, IL, OH, & MD 1,440 20 % 7/21/2015 291,908 117,959 65,566 1,663 $ 345,689 $ 139,959 $ 68,591 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 69,138 $ 27,992 $ 13,718 Ramco/Lion Venture LP Millennium Park Livonia, MI 273 30 % 8/11/2015 $ 47,000 $ 29,658 $ 1,776 Village of Oriole Plaza Delray Beach, FL 156 30 % 3/24/2015 27,500 — 7,463 429 $ 74,500 $ 29,658 $ 9,239 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 22,350 $ 8,897 $ 2,772 |
Impairment Provisions (Tables)
Impairment Provisions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of Provisions for Impairment | We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2016 2015 2014 (In thousands) Land available for development or sale (1) $ 977 $ 2,521 $ 23,285 Income producing properties marketed for sale — — 4,580 Total $ 977 $ 2,521 $ 27,865 |
Equity Investments in Unconso33
Equity Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Financial Information for Unconsolidated Entities, Balance Sheets | Combined financial information of our unconsolidated joint ventures is summarized as follows: December 31, Balance Sheets 2016 2015 (In thousands) ASSETS Investment in real estate, net $ 43,995 $ 63,623 Other assets 3,712 4,230 Total Assets $ 47,707 $ 67,853 LIABILITIES AND OWNERS' EQUITY Other liabilities $ 219 $ 750 Owners' equity 47,488 67,103 Total Liabilities and Owners' Equity $ 47,707 $ 67,853 RPT's equity investments in unconsolidated joint ventures $ 3,150 $ 4,325 |
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | Years Ended December 31, Statements of Operations 2016 2015 2014 (In thousands) Total revenue $ 4,742 $ 10,297 $ 14,038 Total expenses (3,030 ) (7,113 ) (10,848 ) Gain on sale of real estate — 9,237 740 Gain on extinguishment of debt — — 529 Net income from continuing operations 1,712 12,421 4,459 Discontinued operations (1) Gain on sale of real estate (2) 371 3,025 — Income (loss) from discontinued operations 492 857 (7,477 ) Net income (loss) from discontinued operations 863 3,882 (7,477 ) Net income (loss) $ 2,575 $ 16,303 $ (3,018 ) RPT's share of earnings from unconsolidated joint ventures $ 454 $ 17,696 $ 75 (1) Discontinued operations reflects results of operations for those properties that meet the criteria for discontinued operations under ASU 2014-08. (2) During 2015 Ramco 450 sold all of the properties from the joint venture. Ramco acquired its partners interest in six properties, our joint venture partner acquired our interest in one property and the final property, Chester Springs, was sold to an unrelated third party. The seven properties sold to partners in the venture generated a gain of $65.6 million , our share, $13.1 million , is recognized in the earnings (loss) from unconsolidated joint ventures. Ramco 450 recognized the gain as a distribution to the partners. |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2016 and 2015 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 2015 Horizon Village Suwanee, GA 97 N/A 12/23/15 $ 9,300 $ 1,268 Cocoa Commons Cocoa, FL 90 N/A 11/19/15 12,000 2,420 Conyers Crossing Conyers, GA 170 1.3 09/30/15 9,750 4,536 Total income producing dispositions 357 1.3 $ 31,050 $ 8,224 The Towne Center at Aquia - Commercial / Residential Outparcels Stafford, VA 35 32.8 05/29/15 13,350 495 Taylors Square - Outparcel Taylors, SC N/A 0.6 04/22/15 250 (16 ) Gaines Marketplace-Target and Shell Oil Parcels Gaines Township, MI N/A 11.3 02/12/15 5,150 3,196 Total outparcel dispositions 35 44.7 $ 18,750 $ 3,675 Gain recognized on sale of joint venture real estate (1) — — — 5,671 Total dispositions 392 46.0 $ 49,800 $ 17,570 (1) Represents the net proceeds from a joint venture property sale to a third party in October 2015. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2016 and 2015. Property Name Location GLA Ownership % Date Sold Gross Sales Price Debt Repaid Gain on Sale (at 100%) (In thousands) (In thousands) 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ — $ 371 116 $ 19,400 $ — $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ — $ 26 2015 Ramco 450 Venture LLC Chester Springs Chester, NJ 223 20 % 10/8/2015 $ 53,781 $ 22,000 $ 3,025 Partners Portfolio - 7 Income Producing Properties FL, GA, IL, OH, & MD 1,440 20 % 7/21/2015 291,908 117,959 65,566 1,663 $ 345,689 $ 139,959 $ 68,591 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 69,138 $ 27,992 $ 13,718 Ramco/Lion Venture LP Millennium Park Livonia, MI 273 30 % 8/11/2015 $ 47,000 $ 29,658 $ 1,776 Village of Oriole Plaza Delray Beach, FL 156 30 % 3/24/2015 27,500 — 7,463 429 $ 74,500 $ 29,658 $ 9,239 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 22,350 $ 8,897 $ 2,772 |
Information of Fees Earned | The following table provides information for our fees earned which are reported in our consolidated statements of operations: Years Ended December 31, 2016 2015 2014 (In thousands) Management fees $ 318 $ 1,149 $ 1,514 Leasing fees 118 311 315 Acquisition/disposition fees 45 108 — Construction fees 48 185 230 Total $ 529 $ 1,753 $ 2,059 |
Other Assets, Net and Acquire34
Other Assets, Net and Acquired Lease Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets, net consisted of the following: December 31, 2016 2015 (In thousands) Deferred leasing costs, net $ 35,071 $ 35,282 Deferred financing costs on unsecured revolving credit facility, net 1,190 1,871 Acquired development agreements (1) 21,149 22,194 Ground leasehold intangible 2,198 — Other, net 2,835 2,655 Total amortizable other assets 62,443 62,002 Straight-line rent receivable, net 18,794 17,366 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 2,143 642 Prepaid and other deferred expenses, net 4,247 5,791 Other assets, net $ 89,716 $ 87,890 (1) Represents in-place public improvement fee of approximately $15.9 million and real estate tax exemption agreement of approximately $5.3 million associated with two properties acquired in 2014. |
Schedule of Acquired Lease Intangible Assets, Net | Acquired lease intangible assets, net consisted of the following: Years Ended December 31, 2016 2015 (In thousands) Lease originations costs $ 107,625 $ 119,181 Above market leases 12,393 13,994 120,018 133,175 Accumulated amortization (47,594 ) (44,356 ) Net acquired lease intangibles $ 72,424 $ 88,819 |
Schedule of Estimated Aggregate Amortization Expense Related to Other Assets | The following table represents estimated aggregate amortization expense related to those assets as of December 31, 2016 : Year Ending December 31, (In thousands) 2017 $ 21,986 2018 18,127 2019 14,777 2020 12,167 2021 9,822 Thereafter 57,988 Total $ 134,867 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Mortgages, Notes Payable and Capital Lease Obligations | The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2016 and 2015 : December 31, 2016 2015 (In thousands) Senior unsecured notes $ 535,000 $ 460,000 Unsecured term loan facilities 210,000 210,000 Fixed rate mortgages 160,718 322,457 Unsecured revolving credit facility 86,000 60,000 Junior subordinated notes 28,125 28,125 1,019,843 1,080,582 Unamortized premium 5,120 6,935 Unamortized deferred financing costs (3,740 ) (3,806 ) $ 1,021,223 $ 1,083,711 Capital lease obligation $ 1,066 $ 1,108 |
Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations | The following table presents scheduled principal payments on mortgages and notes payable and capital lease payments as of December 31, 2016 : Year Ending December 31, Principal Payments Capital Lease Payments (In thousands) 2017 $ 3,203 $ 100 2018 (1) 125,132 100 2019 5,860 100 2020 102,269 100 2021 114,508 100 Thereafter 668,871 1,100 Subtotal debt 1,019,843 1,600 Unamortized mortgage premium 5,120 — Deferred financing costs (3,740 ) — Amounts representing interest — (534 ) Total $ 1,021,223 $ 1,066 (1) Scheduled maturities in 2018 include the $86.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2016 . |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and 2015 . Balance Sheet location Total Fair Value Level 1 Level 2 Level 3 2016 (In thousands) Derivative assets - interest rate swaps Other assets $ 2,143 $ — $ 2,143 $ — Derivative liabilities - interest rate swaps Other liabilities $ (1,300 ) $ — $ (1,300 ) $ — 2015 Derivative assets - interest rate swaps Other assets $ 642 $ — $ 642 $ — Derivative liabilities - interest rate swaps Other liabilities $ (2,241 ) $ — $ (2,241 ) $ — |
Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis | The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2016 and 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 years ended December 31, 2016 and 2015 . Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2016 Land available for sale $ 6,815 $ — $ — $ 6,815 $ (977 ) Total $ 6,815 $ — $ — $ 6,815 $ (977 ) 2015 Land available for sale $ 453 — — $ 453 $ (2,521 ) Total $ 453 $ — $ — $ 453 $ (2,521 ) |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Values and Fair Values of Derivative Financial Instruments | The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2016 : Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan facility Cash Flow $ 50,000 1.460 % $ 185 05/2020 Unsecured term loan facility Cash Flow 20,000 1.498 % 177 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % 138 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % 429 05/2021 $ 125,000 $ 929 Derivative Assets - Forward Swaps Unsecured term loan facility Cash Flow 60,000 1.770 % 1,214 03/2023 Total Derivative Assets $ 185,000 $ 2,143 Derivative Liabilities Unsecured term loan facility Cash Flow $ 30,000 2.048 % $ (457 ) 10/2018 Unsecured term loan facility Cash Flow 25,000 1.850 % (291 ) 10/2018 Unsecured term loan facility Cash Flow 5,000 1.840 % (58 ) 10/2018 Unsecured term loan facility Cash Flow 15,000 2.150 % (296 ) 05/2020 Unsecured term loan facility Cash Flow 10,000 2.150 % (198 ) 05/2020 Total Derivative Liabilities $ 85,000 $ (1,300 ) |
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of derivative financial instruments on our consolidated statements of operations for the year ended December 31, 2016 and 2015 is summarized as follows: Amount of Gain (Loss) Location of Loss Reclassified from Accumulated OCI Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationship Year Ended December 31, into Income Year Ended December 31, 2016 2015 (Effective Portion) 2016 2015 (In thousands) (In thousands) Interest rate contracts - assets $ 3,718 $ 1,008 Interest Expense $ (2,217 ) $ (902 ) Interest rate contracts - liabilities 1,230 2,589 Interest Expense (289 ) (2,125 ) Total $ 4,948 $ 3,597 Total $ (2,506 ) $ (3,027 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Approximate Future Minimum Revenues from Rentals under Non-cancelable Operating Leases | Approximate future rental payments under our non-cancelable leases, assuming no option extensions are as follows: Year Ending December 31, (In thousands) 2017 $ 1,485 2018 1,494 2019 1,285 2020 856 2021 856 Thereafter 96,139 Total $ 102,115 Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2016 , assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2017 $ 181,697 2018 167,846 2019 147,880 2020 130,637 2021 107,892 Thereafter 347,640 Total $ 1,083,592 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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”): Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Income (loss) from continuing operations $ 61,112 $ 66,895 $ (2,412 ) Net (income) loss from continuing operations attributable to noncontrolling interest (1,448 ) (1,786 ) 48 Preferred share dividends and conversion costs (6,701 ) (7,338 ) (7,250 ) Allocation of continuing income to restricted share awards (354 ) (336 ) (180 ) Net income (loss) available to common shareholders $ 52,609 $ 57,435 $ (9,794 ) Weighted average shares outstanding, Basic 79,236 78,848 72,118 Earnings (loss) per common share, Basic $ 0.66 $ 0.73 $ (0.14 ) The following table sets forth the computation of diluted EPS: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Income (loss) from continuing operations $ 61,112 $ 66,895 $ (2,412 ) Net (income) loss from continuing operations attributable to noncontrolling interest (1,448 ) (1,786 ) 48 Preferred share dividends and conversion costs (6,701 ) (7,338 ) (7,250 ) Allocation of continuing income to restricted share awards (354 ) (336 ) (180 ) Net income (loss) available to common shareholders $ 52,609 $ 57,435 $ (9,794 ) Weighted average shares outstanding, Basic 79,236 78,848 72,118 Stock options and restricted share awards using the treasury method (1) 199 187 — Weighted average shares outstanding, Diluted (2)(3) 79,435 79,035 72,118 Earnings (loss) per common share, Diluted $ 0.66 $ 0.73 $ (0.14 ) (1) For the year ended December 31, 2014 stock options and restricted stock awards are anti-dilutive and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (2) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (3) The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Dividends Declared and Paid | The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2016 2015 2014 Declared Paid Declared Paid Declared Paid Common shares $ 0.860 $ 0.850 $ 0.820 $ 0.810 $ 0.775 $ 0.763 Preferred shares $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2016 2015 2014 Common shares Ordinary dividend $ 0.640 $ 0.658 $ 0.715 Capital gain distribution 0.160 — 0.060 Non-dividend distribution — 0.162 $ 0.800 $ 0.820 $ 0.775 7.25% Series D Cumulative Convertible Preferred Shares Ordinary dividend $ 2.881 $ 3.625 $ 3.342 Capital gain distribution 0.744 — 0.283 $ 3.625 $ 3.625 $ 3.625 |
Share-Based Compensation and 41
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity of Service Based Restricted Shares under LTIP | A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2016 , 2015 and 2014 is presented below: 2016 2015 2014 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Outstanding, beginning of the year 327,732 $ 16.39 365,524 $ 14.92 375,813 $ 13.71 Granted 130,890 17.80 180,914 17.77 286,954 16.70 Vested (124,187 ) 15.88 (176,816 ) 14.29 (281,851 ) 12.69 Forfeited or expired (6,892 ) 16.76 (41,890 ) 16.17 (15,392 ) 14.69 Outstanding, end of the year 327,543 17.02 327,732 16.39 365,524 14.92 |
Stock Option Activity for All Plans | The following table reflects the stock option activity for all plans described above: 2016 2015 2014 Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Outstanding, beginning of the year 107,165 $ 32.13 155,248 $ 30.94 190,993 $ 30.34 Exercised — $ — — $ — — $ — Forfeited or expired (50,025 ) $ 29.21 (48,083 ) $ 28.29 (35,745 ) $ 27.73 Outstanding, end of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 Exercisable, end of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 |
Summary of Options Outstanding | The following table summarizes information about options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Price Outstanding Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Exercisable Weighted-Average Exercise Price $34.30 - $36.50 57,140 0.2 $ 34.69 57,140 $ 34.69 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | The following table sets forth summarized quarterly financial data for the year ended December 31, 2016 : Quarters Ended 2016 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 66,512 $ 65,884 $ 64,080 $ 64,454 Operating income $ 17,219 $ 19,115 $ 16,669 $ 17,905 Net income attributable to RPT $ 11,845 $ 27,363 $ 13,545 $ 6,911 Net income available to common shareholders $ 10,170 $ 25,688 $ 11,870 $ 5,235 Earnings per common share, basic: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 Earnings per common share, diluted: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016 . The following table sets forth summarized quarterly financial data for the year ended December 31, 2015 : Quarters Ended 2015 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 59,417 $ 59,735 $ 64,060 $ 68,578 Operating income $ 14,631 $ 15,910 $ 18,854 $ 16,102 Net income attributable to RPT $ 9,667 $ 7,090 $ 33,666 $ 14,686 Net income (loss) available to common shareholders $ 7,885 $ 4,915 $ 31,991 $ 13,010 Earnings per common share, basic: (1) $ 0.10 $ 0.06 $ 0.39 $ 0.16 Earnings per common share, diluted: (1) $ 0.10 $ 0.06 $ 0.38 $ 0.16 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2015 . |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Additional Information (Details) ft² in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)ft²metropolitan_marketpropertyinvestmentsegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | |
Basis of Presentation [Line Items] | ||||
Number of metropolitan markets in which entity operates | metropolitan_market | 12 | |||
Area of an real estate property | ft² | 14.5 | |||
Number of joint ventures | investment | 3 | |||
Number of joint ventures owning a single shopping center | investment | 2 | |||
Ownership interest in Ramco-Gershenson Properties, L. P. | 97.60% | 97.60% | 97.20% | |
Non-voting and voting common stock, percentage of ownership | 100.00% | |||
Accounts payable and accrued expenses | $ 57,357,000 | $ 53,762,000 | ||
Accounts receivable, net | 24,016,000 | 26,116,000 | ||
Allowances for doubtful accounts receivable | 1,900,000 | 2,800,000 | ||
Allowance for straight line rent | 3,200,000 | 3,500,000 | ||
Straight-line rent receivable, net | $ 18,800,000 | 17,400,000 | ||
Maximum period project is not depreciated following completion | 1 year | |||
Maximum period indirect project costs associated with construction are capitalized | 1 year | |||
Provision for impairment | $ 977,000 | 2,521,000 | $ 27,865,000 | |
Number of equity investments | investment | 3 | |||
Percentage of ownership | 30.00% | |||
Impairment on equity method investments | $ 0 | 0 | $ 0 | |
Deferred financing costs, net | 3,740,000 | 3,806,000 | ||
Deferred financing costs on unsecured revolving credit facility, net | 1,190,000 | 1,871,000 | ||
Number of properties acquired | property | 2 | |||
Amount in excess of the FDIC insured limit | $ 4,000,000 | |||
Noncontrolling interest, exchange ratio for Company common stock | 1 | |||
Number of reportable segment individual properties aggregated | segment | 1 | |||
Buildings and improvements | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 40 years | |||
Buildings and improvements | Minimum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 10 years | |||
Buildings and improvements | Maximum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 40 years | |||
Parking lot surfacing and equipment | Minimum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 5 years | |||
Parking lot surfacing and equipment | Maximum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 30 years | |||
Other capitalized property plant and equipment | Minimum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 15 years | |||
Other capitalized property plant and equipment | Maximum | ||||
Basis of Presentation [Line Items] | ||||
Property plant and equipment, estimated useful lives | 25 years | |||
Long-term Debt | Accounting Standards Update 2015-03 | ||||
Basis of Presentation [Line Items] | ||||
Deferred financing costs, net | $ 3,700,000 | 3,800,000 | ||
Other Assets | Accounting Standards Update 2015-03 | ||||
Basis of Presentation [Line Items] | ||||
Deferred financing costs, net | $ (3,700,000) | (3,800,000) | ||
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | ||||
Basis of Presentation [Line Items] | ||||
Accounts payable and accrued expenses | 9,282,000 | |||
Accounts receivable, net | 7,411,000 | |||
Shopping centers | ||||
Basis of Presentation [Line Items] | ||||
Number of real estate properties | property | 65 | |||
Land available for sale | ||||
Basis of Presentation [Line Items] | ||||
Provision for impairment | $ 1,000,000 | $ 2,521,000 | ||
Joint Venture One | ||||
Basis of Presentation [Line Items] | ||||
Percentage of ownership interest | 7.00% | |||
Joint Venture Two | ||||
Basis of Presentation [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
Joint Venture Three | ||||
Basis of Presentation [Line Items] | ||||
Percentage of ownership interest | 30.00% | |||
Shopping centers | ||||
Basis of Presentation [Line Items] | ||||
Number of real estate properties | property | 1 |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies - Reconciliation of the Effects of the Prior Period Revision (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | $ 24,016 | $ 26,116 | ||
Total assets | 2,061,498 | 2,136,082 | ||
Accounts payable and accrued expenses | 57,357 | 53,762 | ||
Total liabilities | 1,169,807 | 1,231,616 | ||
Accumulated distributions in excess of net income | (381,912) | (365,747) | ||
Noncontrolling interest | 20,968 | 22,053 | ||
Total shareholder's equity | 891,691 | 904,466 | $ 896,408 | $ 796,089 |
Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | (381,912) | (365,747) | (358,525) | (291,647) |
Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | $ 20,968 | 22,053 | 25,861 | 27,802 |
As reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | 18,705 | |||
Total assets | 2,128,671 | |||
Accounts payable and accrued expenses | 44,480 | |||
Total liabilities | 1,222,334 | |||
Accumulated distributions in excess of net income | (363,937) | |||
Noncontrolling interest | 22,114 | |||
Total shareholder's equity | 906,337 | |||
As reported | Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | (363,937) | (356,715) | (289,837) | |
As reported | Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | 22,114 | 25,922 | 27,863 | |
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | 7,411 | |||
Total assets | 7,411 | |||
Accounts payable and accrued expenses | 9,282 | |||
Total liabilities | 9,282 | |||
Accumulated distributions in excess of net income | (1,810) | |||
Noncontrolling interest | (61) | |||
Total shareholder's equity | (1,871) | |||
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | (1,810) | (1,810) | (1,810) | |
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | $ (61) | $ (61) | $ (61) |
Real Estate - Land Held for Dev
Real Estate - Land Held for Development (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||
Construction in progress | $ 23,445 | $ 20,603 |
Land available for development | 26,805 | 28,503 |
Land available for sale | 10,974 | 11,060 |
Construction in progress and land available for development or sale | $ 61,224 | $ 60,166 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) | Dec. 31, 2016property |
Real Estate [Abstract] | |
Projects under pre-development, number of properties | 5 |
Property Acquisitions and Dis47
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)aft² | |
Total consolidated income producing acquisitions | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 1,491 | |
Gross Purchase Price | $ 252,700 | |
Gross Debt | $ 60,048 | |
Total consolidated income producing acquisitions | Centennial Shops | ||
Business Acquisition [Line Items] | ||
Location | Edina, MN | |
GLA | ft² | 85 | |
Date Acquired | Oct. 11, 2016 | |
Gross Purchase Price | $ 31,980 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Millennium Park | ||
Business Acquisition [Line Items] | ||
Location | Livonia, MI | |
GLA | ft² | 273 | |
Date Acquired | Aug. 15, 2015 | |
Gross Purchase Price | $ 47,000 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Spring Meadows - Kroger Building | ||
Business Acquisition [Line Items] | ||
Location | Holland, OH | |
GLA | ft² | 51 | |
Date Acquired | Aug. 6, 2015 | |
Gross Purchase Price | $ 4,110 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Ramco 450 - 6 Income Producing Properties | ||
Business Acquisition [Line Items] | ||
Location | GA, IL, OH, & MD | |
GLA | ft² | 1,126 | |
Date Acquired | Jul. 21, 2015 | |
Gross Purchase Price | $ 191,090 | |
Gross Debt | $ 60,048 | |
Total consolidated income producing acquisitions | Jackson Plaza | ||
Business Acquisition [Line Items] | ||
Location | Jackson, MI | |
GLA | ft² | 15 | |
Date Acquired | Jun. 22, 2015 | |
Gross Purchase Price | $ 5,000 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | West Oaks II - Petco parcel | ||
Business Acquisition [Line Items] | ||
Location | Novi, MI | |
GLA | ft² | 26 | |
Date Acquired | Jun. 10, 2015 | |
Gross Purchase Price | $ 5,500 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | ||
Business Acquisition [Line Items] | ||
Acreage | a | 3.5 | |
Gross Purchase Price | $ 1,475 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | Gaines Marketplace | ||
Business Acquisition [Line Items] | ||
Location | Gaines Township, MI | |
Acreage | a | 1.9 | |
Date Acquired | Feb. 12, 2015 | |
Gross Purchase Price | $ 1,000 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | Lakeland Park Center | ||
Business Acquisition [Line Items] | ||
Location | Lakeland, FL | |
Acreage | a | 1.6 | |
Date Acquired | Jan. 23, 2015 | |
Gross Purchase Price | $ 475 | |
Gross Debt | $ 0 | |
Income producing property and land and outparcel acquisition | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 85 | 1,491 |
Acreage | a | 3.5 | |
Gross Purchase Price | $ 31,980 | $ 254,175 |
Gross Debt | $ 0 | $ 60,048 |
Property Acquisitions and Dis48
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Net assets acquired | $ 31,980 | $ 152,923 | $ 264,474 |
Total consolidated income producing acquisitions | Ramco 450 - 6 Income Producing Properties | |||
Business Acquisition [Line Items] | |||
Partner's interest acquired | 80.00% | ||
Number of real estate properties owned and managed | property | 6 | ||
Total consolidated income producing acquisitions | Millennium Park | |||
Business Acquisition [Line Items] | |||
Partner's interest acquired | 70.00% | ||
Level 3 | |||
Business Acquisition [Line Items] | |||
Land | $ 0 | 50,367 | 55,618 |
Buildings and improvements | 29,639 | 183,651 | 235,322 |
Lease origination costs | 4,717 | 32,683 | 23,343 |
Other assets | 813 | 4,256 | 30,883 |
Below market leases | (5,392) | (16,616) | (18,836) |
Premium for above market interest rates on assumed debt | 0 | (1,180) | (6,830) |
Capital lease obligation | 0 | 0 | (1,167) |
Total purchase price allocated | 31,980 | 254,175 | 323,108 |
Mortgages notes assumed | 0 | (60,048) | (58,634) |
RPT's fair value of existing ownership | 0 | (41,204) | 0 |
Above market leases | Level 3 | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | 1,014 | 4,775 |
Ground Leasehold | Level 3 | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 2,203 | $ 0 | $ 0 |
Property Acquisitions and Dis49
Property Acquisitions and Dispositions - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2016USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)land | Dec. 31, 2014USD ($) | Feb. 23, 2017USD ($) | |
Business Acquisition [Line Items] | |||||
Total revenue from acquisitions included in consolidated statement of operations | $ 900,000 | ||||
Net income from acquisitions included in consolidated statement of operations | $ 42,200 | ||||
Number of properties owned classified as held-for-sale | property | 1 | ||||
Real estate held for sale | $ 8,776,000 | $ 453,000 | |||
Net proceeds from sales of real estate | 19,000,000 | ||||
Secured debt | 160,718,000 | 322,457,000 | |||
Loss on extinguishment of debt | $ (1,256,000) | $ 1,414,000 | $ (860,000) | ||
Parcels of Land Held-for-Sale | land | 1 | ||||
Total consolidated income producing dispositions | The Town Center at Aquia Office Building | |||||
Business Acquisition [Line Items] | |||||
Secured debt | $ 11,800,000 | ||||
Loss on extinguishment of debt | $ (800,000) | ||||
Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Real estate held for sale | $ 6,100,000 |
Property Acquisitions and Dis50
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 263,819 | $ 269,271 |
Consolidated net income available to common shareholders | $ 53,105 | $ 59,282 |
Property Acquisitions and Dis51
Property Acquisitions and Dispositions - Summary of Disposition Activity (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)aft² | Dec. 31, 2015USD ($)aft² | |
Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 930 | 357 |
Acreage | a | 4.6 | 1.3 |
Gross Sales Price | $ 108,783 | $ 31,050 |
Gain (loss) on Sale | $ 34,860 | $ 8,224 |
Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 35 | |
Acreage | a | 11.5 | 44.7 |
Gross Sales Price | $ 4,881 | $ 18,750 |
Gain (loss) on Sale | $ 921 | 3,675 |
Joint Venture Real Estate [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross Sales Price | 0 | |
Gain (loss) on Sale | $ 5,671 | |
Income producing property and land and outparcel disposition | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 930 | 392 |
Acreage | a | 16.1 | 46 |
Gross Sales Price | $ 113,664 | $ 49,800 |
Gain (loss) on Sale | $ 35,781 | $ 17,570 |
Shoppes at Fairlane Meadows | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Dearborn, MI | |
GLA | ft² | 157 | |
Ownership % | Sep. 30, 2016 | |
Gross Sales Price | $ 20,333 | |
Gain (loss) on Sale | $ 484 | |
Livonia Plaza | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Livonia, MI | |
GLA | ft² | 137 | |
Ownership % | Sep. 20, 2016 | |
Gross Sales Price | $ 19,800 | |
Gain (loss) on Sale | $ 9,091 | |
Lakeshore Marketplace | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Norton Shores, MI | |
GLA | ft² | 343 | |
Acreage | a | 4.6 | |
Ownership % | Jun. 30, 2016 | |
Gross Sales Price | $ 27,750 | |
Gain (loss) on Sale | $ 6,368 | |
River Crossing Centre | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | New Port Ritchey, FL | |
GLA | ft² | 62 | |
Ownership % | Jun. 29, 2016 | |
Gross Sales Price | $ 12,500 | |
Gain (loss) on Sale | $ 6,750 | |
Centre at Woodstock | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Woodstock, GA | |
GLA | ft² | 87 | |
Ownership % | Jun. 29, 2016 | |
Gross Sales Price | $ 16,000 | |
Gain (loss) on Sale | $ 5,893 | |
Troy Towne Center | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Troy, OH | |
GLA | ft² | 144 | |
Ownership % | Feb. 2, 2016 | |
Gross Sales Price | $ 12,400 | |
Gain (loss) on Sale | $ 6,274 | |
Lakeland Park Center - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Lakeland, FL | |
Acreage | a | 3.2 | |
Ownership % | Dec. 29, 2016 | |
Gross Sales Price | $ 1,829 | |
Gain (loss) on Sale | $ 76 | |
Harvest Junction LLC - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Longmont, CO | |
Acreage | a | 6.4 | |
Ownership % | Dec. 15, 2016 | |
Gross Sales Price | $ 1,000 | |
Gain (loss) on Sale | $ 21 | |
Conyers Crossing - Chipotle Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Conyers, GA | |
Acreage | a | 0.5 | |
Ownership % | Jun. 27, 2016 | |
Gross Sales Price | $ 1,000 | |
Gain (loss) on Sale | $ 579 | |
Lakeshore Marketplace - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Norton Shores, MI | |
Acreage | a | 0.7 | |
Ownership % | Jun. 15, 2016 | |
Gross Sales Price | $ 302 | |
Gain (loss) on Sale | $ (6) | |
The Towne Center at Aquia - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Stafford, VA | |
Acreage | a | 0.7 | |
Ownership % | Jan. 15, 2016 | |
Gross Sales Price | $ 750 | |
Gain (loss) on Sale | $ 251 | |
Horizon Village | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Suwanee, GA | |
GLA | ft² | 97 | |
Ownership % | Dec. 23, 2015 | |
Gross Sales Price | $ 9,300 | |
Gain (loss) on Sale | $ 1,268 | |
Cocoa Commons | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Cocoa, FL | |
GLA | ft² | 90 | |
Ownership % | Nov. 19, 2015 | |
Gross Sales Price | $ 12,000 | |
Gain (loss) on Sale | $ 2,420 | |
Conyers Crossing | Total consolidated income producing dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Conyers, GA | |
GLA | ft² | 170 | |
Acreage | a | 1.3 | |
Ownership % | Sep. 30, 2015 | |
Gross Sales Price | $ 9,750 | |
Gain (loss) on Sale | $ 4,536 | |
The Towne Center at Aquia - Commercial / Residential Outparcels | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Stafford, VA | |
GLA | ft² | 35 | |
Acreage | a | 32.8 | |
Ownership % | May 29, 2015 | |
Gross Sales Price | $ 13,350 | |
Gain (loss) on Sale | $ 495 | |
Taylors Square - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Taylors, SC | |
Acreage | a | 0.6 | |
Ownership % | Apr. 22, 2015 | |
Gross Sales Price | $ 250 | |
Gain (loss) on Sale | $ (16) | |
Gaines Marketplace-Target and Shell Oil Parcels | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Gaines Township, MI | |
Acreage | a | 11.3 | |
Ownership % | Feb. 12, 2015 | |
Gross Sales Price | $ 5,150 | |
Gain (loss) on Sale | $ 3,196 |
Impairment Provisions - Schedul
Impairment Provisions - Schedule of Provisions for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Provision for impairment | $ 977 | $ 2,521 | $ 27,865 | |
Provision for impairment | 977 | 2,521 | 27,865 | |
Land held for development or available for sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Provision for impairment | 977 | 23,285 | ||
Provision for impairment | $ 1,000 | 2,521 | ||
Income producing properties marketed for sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Provision for impairment | $ 0 | $ 0 | $ 4,580 |
Equity Investments in Unconso53
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2016investment | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures | 3 |
Joint Venture One | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 7.00% |
Joint Venture Two | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 20.00% |
Joint Venture Three | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 30.00% |
Equity Investments in Unconso54
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment in real estate, net | $ 43,995 | $ 63,623 |
Other assets | 3,712 | 4,230 |
Total Assets | 47,707 | 67,853 |
LIABILITIES AND OWNERS' EQUITY | ||
Other liabilities | 219 | 750 |
Owners' equity | 47,488 | 67,103 |
Total Liabilities and Owners' Equity | 47,707 | 67,853 |
RPT's equity investments in unconsolidated joint ventures | $ 3,150 | $ 4,325 |
Equity Investments in Unconso55
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total revenue | $ 4,742 | $ 10,297 | $ 14,038 |
Total expenses | (3,030) | (7,113) | (10,848) |
Gain on sale of real estate | 0 | 9,237 | 740 |
Gain on extinguishment of debt | 0 | 0 | 529 |
Net income from continuing operations | 1,712 | 12,421 | 4,459 |
Discontinued operations | |||
Gain (loss) on sale of real estate | 371 | 3,025 | 0 |
Income (loss) from discontinued operations | 492 | 857 | (7,477) |
Net income (loss) from discontinued operations | 863 | 3,882 | (7,477) |
Net income (loss) | 2,575 | 16,303 | (3,018) |
RPT's share of earnings from unconsolidated joint ventures | $ 454 | $ 17,696 | $ 75 |
Equity Investments in Unconso56
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations - Footnotes (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from discontinued operations | $ | $ 492 | $ 857 | $ (7,477) |
Ramco 450 - 6 Income Producing Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 6 | ||
Ramco 450 Venture LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 1 | ||
Partners Portfolio - 7 Income Producing Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 7 | ||
Gain on sale of properties in joint venture | $ | $ 65,600 | ||
Income (loss) from discontinued operations | $ | $ 13,100 |
Equity Investments in Unconso57
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Disposition Activity (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | |
Other Joint Ventures One | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
RPT proportionate share of JV's sale of real estate property | $ 1,358 | |
RPT proportionate share on JV's debt repaid on real estate property's mortgage debt | 0 | |
RPT proportionate share on JV's gain on sale of real estate property | $ 26 | |
Other Joint Ventures One | Unconsolidated joint ventures | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 116 | |
JV's gross sale price of real estate property | $ 19,400 | |
JV's debt repaid on real estate property's mortgage debt | 0 | |
JV's gain on sale of real estate property | $ 371 | |
Other Joint Ventures One | Unconsolidated joint ventures | Kissimmee West Shopping Center | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Kissimmee, FL | |
GLA | ft² | 116 | |
Ownership % | 7.00% | |
JV's gross sale price of real estate property | $ 19,400 | |
JV's debt repaid on real estate property's mortgage debt | 0 | |
JV's gain on sale of real estate property | $ 371 | |
Ramco 450 Venture LLC | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
RPT proportionate share of JV's sale of real estate property | $ 69,138 | |
RPT proportionate share on JV's debt repaid on real estate property's mortgage debt | 27,992 | |
RPT proportionate share on JV's gain on sale of real estate property | $ 13,718 | |
Ramco 450 Venture LLC | Unconsolidated joint ventures | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 1,663 | |
JV's gross sale price of real estate property | $ 345,689 | |
JV's debt repaid on real estate property's mortgage debt | 139,959 | |
JV's gain on sale of real estate property | $ 68,591 | |
Ramco 450 Venture LLC | Unconsolidated joint ventures | Chester Springs | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Chester, NJ | |
GLA | ft² | 223 | |
Ownership % | 20.00% | |
JV's gross sale price of real estate property | $ 53,781 | |
JV's debt repaid on real estate property's mortgage debt | 22,000 | |
JV's gain on sale of real estate property | $ 3,025 | |
Ramco 450 Venture LLC | Unconsolidated joint ventures | Partners Portfolio - 7 Income Producing Properties | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | FL, GA, IL, OH, & MD | |
GLA | ft² | 1,440 | |
Ownership % | 20.00% | |
JV's gross sale price of real estate property | $ 291,908 | |
JV's debt repaid on real estate property's mortgage debt | 117,959 | |
JV's gain on sale of real estate property | 65,566 | |
Ramco/Lion Venture LP | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
RPT proportionate share of JV's sale of real estate property | 22,350 | |
RPT proportionate share on JV's debt repaid on real estate property's mortgage debt | 8,897 | |
RPT proportionate share on JV's gain on sale of real estate property | $ 2,772 | |
Ramco/Lion Venture LP | Unconsolidated joint ventures | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ft² | 429 | |
JV's gross sale price of real estate property | $ 74,500 | |
JV's debt repaid on real estate property's mortgage debt | 29,658 | |
JV's gain on sale of real estate property | $ 9,239 | |
Ramco/Lion Venture LP | Unconsolidated joint ventures | Millennium Park | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Livonia, MI | |
GLA | ft² | 273 | |
Ownership % | 30.00% | |
JV's gross sale price of real estate property | $ 47,000 | |
JV's debt repaid on real estate property's mortgage debt | 29,658 | |
JV's gain on sale of real estate property | $ 1,776 | |
Ramco/Lion Venture LP | Unconsolidated joint ventures | Village of Oriole Plaza | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Location | Delray Beach, FL | |
GLA | ft² | 156 | |
Ownership % | 30.00% | |
JV's gross sale price of real estate property | $ 27,500 | |
JV's debt repaid on real estate property's mortgage debt | 0 | |
JV's gain on sale of real estate property | $ 7,463 |
Equity Investments in Unconso58
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Management fees | $ 318 | $ 1,149 | $ 1,514 |
Leasing fees | 118 | 311 | 315 |
Acquisition/disposition fees | 45 | 108 | 0 |
Construction fees | 48 | 185 | 230 |
Total | $ 529 | $ 1,753 | $ 2,059 |
Other Assets, Net and Acquire59
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs, net | $ 35,071 | $ 35,282 |
Deferred financing costs on unsecured revolving credit facility, net | 1,190 | 1,871 |
Acquired development agreements | 21,149 | 22,194 |
Ground leasehold intangible | 2,198 | 0 |
Other, net | 2,835 | 2,655 |
Other Amortizable Assets | 62,443 | 62,002 |
Straight-line rent receivable, net | 18,794 | 17,366 |
Goodwill | 2,089 | 2,089 |
Cash flow hedge mark-to-market asset | 2,143 | 642 |
Prepaid and other deferred expenses, net | 4,247 | 5,791 |
Other assets, net | $ 89,716 | $ 87,890 |
Other Assets, Net and Acquire60
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets - Footnotes (Details) $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2014property |
Front Range Village | ||
Business Acquisition [Line Items] | ||
Public improvement fee | $ 15.9 | |
Buttermilk Town Center | ||
Business Acquisition [Line Items] | ||
Real estate tax exemption | $ 5.3 | |
Number of real estate properties | property | 2 |
Other Assets, Net and Acquire61
Other Assets, Net and Acquired Lease Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Straight-line rent receivables | $ 3,200 | $ 3,500 | |
Remaining weighted-average amortization period | 3 years 3 months 18 days | ||
Amortization of intangible assets | $ 2,500 | $ 3,100 | $ 2,700 |
Other assets and acquired lease intangibles, net, subject to amortization | $ 134,867 |
Other Assets, Net and Acquire62
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Acquired Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 120,018 | $ 133,175 |
Accumulated amortization | (47,594) | (44,356) |
Net acquired lease intangibles | 72,424 | 88,819 |
Lease originations costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | 107,625 | 119,181 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 12,393 | $ 13,994 |
Other Assets, Net and Acquire63
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Estimated Aggregate Amortization Expense Related to Other Assets (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Amortization Expense of Other Assets, Fiscal Year Maturity [Abstract] | |
2,017 | $ 21,986 |
2,018 | 18,127 |
2,019 | 14,777 |
2,020 | 12,167 |
2,021 | 9,822 |
Thereafter | 57,988 |
Total | $ 134,867 |
Debt - Additional Information (
Debt - Additional Information (Details) | Nov. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)mortgage | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Senior unsecured term loan | $ 535,000,000 | $ 460,000,000 | ||||
Derivative asset, notional value | 185,000,000 | |||||
Senior unsecured notes and unsecured term loans | 1,019,843,000 | 1,080,582,000 | ||||
Loss (gain) on extinguishment of debt | 1,256,000 | (1,414,000) | $ 860,000 | |||
Secured debt | 160,718,000 | 322,457,000 | ||||
Capital lease assets, gross | 13,200,000 | |||||
Capital ground lease, amount expensed as interest | 100,000 | $ 100,000 | $ 100,000 | |||
Total consolidated income producing dispositions | The Town Center at Aquia Office Building | ||||||
Debt Instrument [Line Items] | ||||||
Loss (gain) on extinguishment of debt | $ 800,000 | |||||
Secured debt | $ 11,800,000 | |||||
Master Loan Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings on unsecured revolving credit facility, net of repayments | 26,000,000 | |||||
Letters of credit outstanding | 500,000 | |||||
Unsecured revolving credit facility, remaining borrowing capacity | 263,500,000 | |||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 350,000,000 | |||||
Unsecured revolving credit facility, variable interest rate | 2.07% | |||||
Unsecured Debt | Senior Unsecured Notes in Private Placement Offering | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from Issuance of senior unsecured notes in private placement offering | $ 75,000,000 | |||||
Senior unsecured notes in private placement offering, term (in years) | 12 years | |||||
Fixed interest rate | 3.64% | |||||
Unsecured Debt | Unsecured Term Loan Maturing 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured term loan | $ 60,000,000 | |||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes and unsecured term loans | $ 745,000,000 | |||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 2.99% | |||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 4.74% | |||||
Fixed Rate Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Number of loans repaid | mortgage | 2 | |||||
Extinguishment of debt, amount | $ 125,900,000 | |||||
Repaid mortgage notes, weighted average interest rate | 5.49% | |||||
Loss (gain) on extinguishment of debt | $ 400,000 | |||||
Noncash benefit related to write-off of mortgage premium | 100,000 | |||||
Net book value of mortgages on properties | $ 360,900,000 | |||||
Fixed Rate Mortgages | Troy Towne Center | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 5.90% | |||||
Extinguishment of debt, amount | $ 20,600,000 | |||||
Fixed Rate Mortgages | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 2.86% | |||||
Fixed Rate Mortgages | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 7.38% | |||||
Junior Subordinated Notes | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Junior subordinated notes, spread above LIBOR (as a percentage) | 3.30% | |||||
Effective rate | 4.19% |
Debt - Summary of Mortgages, No
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 535,000 | $ 460,000 |
Unsecured term loan facilities | 210,000 | 210,000 |
Fixed rate mortgages | 160,718 | 322,457 |
Unsecured revolving credit facility | 86,000 | 60,000 |
Junior subordinated notes | 28,125 | 28,125 |
Subtotal debt | 1,019,843 | 1,080,582 |
Unamortized premium | 5,120 | 6,935 |
Deferred financing costs, net | 3,740 | 3,806 |
Total | 1,021,223 | 1,083,711 |
Capital lease obligation | $ 1,066 | $ 1,108 |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Abstract] | ||
2,017 | $ 3,203 | |
2,018 | 125,132 | |
2,019 | 5,860 | |
2,020 | 102,269 | |
2,021 | 114,508 | |
Thereafter | 668,871 | |
Subtotal debt | 1,019,843 | $ 1,080,582 |
Unamortized mortgage premium | 5,120 | 6,935 |
Deferred financing costs | (3,740) | (3,806) |
Total | 1,021,223 | $ 1,083,711 |
Capital Lease Obligations [Abstract] | ||
2,017 | 100 | |
2,018 | 100 | |
2,018 | 100 | |
2,020 | 100 | |
2,021 | 100 | |
Thereafter | 1,100 | |
Subtotal debt | 1,600 | |
Amounts representing interest | (534) | |
Total | 1,066 | |
Unsecured Revolving Credit Facility [Member] | ||
Mortgage Loans on Real Estate [Abstract] | ||
2,019 | $ 86,000 |
Acquired Lease Intangible Lia67
Acquired Lease Intangible Liabilities, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)acquisition | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other Liabilities Disclosure [Abstract] | |||
Lease intangible liabilities, net | $ 63,734 | $ 64,193 | |
Number of acquisitions | acquisition | 1 | ||
Acquired below-market lease intangible assets | $ 5,400 | ||
Increase in revenue, accretion of below market leases | $ 5,900 | $ 5,800 | $ 4,900 |
Fair Value - Recorded Amount of
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | $ 2,143 | $ 642 |
Derivative liabilities - interest rate swaps | (1,300) | (2,241) |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 2,143 | 642 |
Derivative liabilities - interest rate swaps | $ (1,300) | $ (2,241) |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements [Line Items] | ||
Notes payable, net | $ 1,021,223 | $ 1,083,711 |
Fixed Rate Mortgages | ||
Fair Value Measurements [Line Items] | ||
Notes payable, net | 905,700 | 996,300 |
Long term debt, fair value | 900,300 | 1,000,000 |
Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, fair value | $ 114,100 | $ 87,400 |
Fair Value - Recorded Amount 70
Fair Value - Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 6,815 | $ 453 |
Total Impairment | (977) | (2,521) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 6,815 | 453 |
Land available for sale | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 6,815 | 453 |
Total Impairment | (977) | (2,521) |
Land available for sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 6,815 | $ 453 |
Derivative Financial Instrume71
Derivative Financial Instruments - Additional Information (Details) | Dec. 31, 2016USD ($)Instrument |
Derivative [Line Items] | |
Aggregate notional value, derivative asset | $ 185,000,000 |
Minimum | |
Derivative [Line Items] | |
Aggregate notional amount, derivative liability | 1.46% |
Maximum | |
Derivative [Line Items] | |
Aggregate notional amount, derivative liability | 2.15% |
Interest Rate Contract | |
Derivative [Line Items] | |
Number of interest rate swap agreements | Instrument | 9 |
Aggregate national value | $ 210,000,000 |
Aggregate notional value, derivative asset | $ 125,000,000 |
Interest Rate Swap | |
Derivative [Line Items] | |
Number of interest rate swap agreements | Instrument | 1 |
Aggregate notional value, derivative asset | $ 60,000,000 |
Aggregate notional amount, derivative liability | 1.77% |
Derivative Financial Instrume72
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative asset, notional value | $ 185,000,000 | |
Derivative assets, fair value | 2,143,000 | $ 642,000 |
Unsecured term loan facility with: 1.4600 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 50,000,000 | |
Fixed Rate | 1.46% | |
Derivative assets, fair value | $ 185,000 | |
Unsecured term loan facility with: 1.4980 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 20,000,000 | |
Fixed Rate | 1.498% | |
Derivative assets, fair value | $ 177,000 | |
Unsecured term loan facility with: 1.4900 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 15,000,000 | |
Fixed Rate | 1.49% | |
Derivative assets, fair value | $ 138,000 | |
Unsecured term loan facility with: 1.4800 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 40,000,000 | |
Fixed Rate | 1.48% | |
Derivative assets, fair value | $ 429,000 | |
Total derivative assets - Forward swaps | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 60,000,000 | |
Fixed Rate | 1.77% | |
Derivative assets, fair value | $ 1,214,000 | |
Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 30,000,000 | |
Fixed Rate | 2.048% | |
Derivative liability, fair value | $ (457,000) | |
Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 25,000,000 | |
Fixed Rate | 1.85% | |
Derivative liability, fair value | $ (291,000) | |
Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 5,000,000 | |
Fixed Rate | 1.84% | |
Derivative liability, fair value | $ (58,000) | |
Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 15,000,000 | |
Fixed Rate | 2.15% | |
Derivative liability, fair value | $ (296,000) | |
Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 10,000,000 | |
Fixed Rate | 2.15% | |
Derivative liability, fair value | $ (198,000) | |
Total derivative asset/liabilities interest rate contracts | ||
Derivative [Line Items] | ||
Derivative asset, notional value | 125,000,000 | |
Derivative liability, notional value | 85,000,000 | |
Derivative assets, fair value | 929,000 | |
Derivative liability, fair value | $ (1,300,000) |
Derivative Financial Instrume73
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 4,948 | $ 3,597 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (2,506) | (3,027) |
Interest rate contracts - liabilities | Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 1,230 | 2,589 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (289) | (2,125) |
Interest rate contracts - assets | Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 3,718 | 1,008 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | $ (2,217) | $ (902) |
Leases - Summary of Revenues fr
Leases - Summary of Revenues from Rentals Under Non-Cancellable Operating Lease Agreements (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 181,697 |
2,018 | 167,846 |
2,019 | 147,880 |
2,020 | 130,637 |
2,021 | 107,892 |
Thereafter | 347,640 |
Total | $ 1,083,592 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Operating lease, expiration year | Dec. 31, 2019 | ||
Corporate Headquarters | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 0.6 | $ 0.6 | $ 0.6 |
Ground Lease | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 0.2 |
Leases - Summary of Approximate
Leases - Summary of Approximate Future Rental Payments under Lease Agreements) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 1,485 |
2,018 | 1,494 |
2,019 | 1,285 |
2,020 | 856 |
2,021 | 856 |
Thereafter | 96,139 |
Total | $ 102,115 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Preferred share dividends | $ (6,701) | $ (6,838) | $ (7,250) | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 13,010 | $ 31,991 | $ 4,915 | $ 7,885 | $ 52,963 | $ 57,771 | $ (9,614) |
Weighted average shares outstanding, Basic (in shares) | 79,236 | 78,848 | 72,118 | ||||||||
Earnings (loss) per common share, basic (in dollars per share) | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.16 | $ 0.39 | $ 0.06 | $ 0.10 | $ 0.66 | $ 0.73 | $ (0.14) |
Basic EPS | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (loss) from continuing operations | $ 61,112 | $ 66,895 | $ (2,412) | ||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (1,448) | (1,786) | 48 | ||||||||
Preferred share dividends | (6,701) | (7,338) | (7,250) | ||||||||
Allocation of continuing income to restricted share awards | (354) | (336) | (180) | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 52,609 | $ 57,435 | $ (9,794) | ||||||||
Weighted average shares outstanding, Basic (in shares) | 79,236 | 78,848 | 72,118 | ||||||||
Earnings (loss) per common share, basic (in dollars per share) | $ 0.66 | $ 0.73 | $ (0.14) |
Earnings per Common Share - C78
Earnings per Common Share - Computation of Diluted Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Preferred share dividends | $ (6,701) | $ (6,838) | $ (7,250) | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 13,010 | $ 31,991 | $ 4,915 | $ 7,885 | $ 52,963 | $ 57,771 | $ (9,614) |
Weighted average shares outstanding, Basic (in shares) | shares | 79,236 | 78,848 | 72,118 | ||||||||
Weighted average shares outstanding, Diluted (in shares) | shares | 79,435 | 79,035 | 72,118 | ||||||||
Net income (loss) available to common shareholders (in dollars per share) | $ / shares | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.16 | $ 0.38 | $ 0.06 | $ 0.10 | $ 0.66 | $ 0.73 | $ (0.14) |
Noncontrolling interest, exchange ratio for Company common stock | 1 | ||||||||||
Diluted EPS | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (loss) from continuing operations | $ 61,112 | $ 66,895 | $ (2,412) | ||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest | (1,448) | (1,786) | 48 | ||||||||
Preferred share dividends | (6,701) | (7,338) | (7,250) | ||||||||
Allocation of continuing income to restricted share awards | (354) | (336) | (180) | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 52,609 | $ 57,435 | $ (9,794) | ||||||||
Weighted average shares outstanding, Basic (in shares) | shares | 79,236 | 78,848 | 72,118 | ||||||||
Stock options and restricted share awards using the treasury method (in shares) | shares | 199 | 187 | 0 | ||||||||
Weighted average shares outstanding, Diluted (in shares) | shares | 79,435 | 79,035 | 72,118 | ||||||||
Net income (loss) available to common shareholders (in dollars per share) | $ / shares | $ 0.66 | $ 0.73 | $ (0.14) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 03, 2017$ / shares | Dec. 31, 2016$ / sharesshares | Apr. 30, 2015USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Jun. 30, 2016shares |
Stockholders Equity Note [Line Items] | |||||||
Shares authorized to be issued under distribution agreement | shares | 8,000,000 | ||||||
Shares available for issuance (in shares) | shares | 900,000 | ||||||
Average of shares issued (in dollars per share) | $ 19.28 | ||||||
Proceeds from issuance of common stock | $ | $ 17,100 | ||||||
Sales commissions and fees on issuance of shares | $ | 300 | ||||||
Noncontrolling interest, exchange ratio for Company common stock | 1 | ||||||
Conversion and redemption of operating partnership units in shares | $ | $ 1,517 | $ 3,826 | $ 84 | ||||
Preferred shares, par (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Conversion costs | $ | $ 0 | $ 500 | $ 0 | ||||
Common shares dividends paid (in dollars per share) | $ 0.160 | $ 0.85 | $ 0.81 | $ 0.7625 | |||
Common shares dividends declared (in dollars per share) | 0.86 | 0.82 | 0.7750 | ||||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.800 | $ 0.82 | $ 0.775 | ||||
Noncontrolling Interest | |||||||
Stockholders Equity Note [Line Items] | |||||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | shares | 1,917,329 | 1,917,329 | |||||
Conversion of units for cash (in units) | shares | 84,132 | ||||||
Series D Preferred Stock | |||||||
Stockholders Equity Note [Line Items] | |||||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | shares | 1,848,539 | 1,848,539 | 1,849,000 | ||||
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% | |||||
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ 50 | $ 50 | $ 50 | ||||
Preferred shares, par (in dollars per share) | 0.01 | 0.01 | |||||
Cumulative convertible perpetual preferred shares, conversion price (in dollars per share) | $ 13.94 | $ 13.94 | |||||
Convertible preferred stock to be issued upon conversion | shares | 6,600,000 | 6,600,000 | |||||
Cumulative convertible perpetual preferred shares, converted | $ | $ 7,600 | ||||||
Conversion costs | $ | $ 500 | ||||||
Common Shares | |||||||
Stockholders Equity Note [Line Items] | |||||||
Conversion of stock, common shares issued (in shares) | shares | 532,628 | ||||||
Subsequent Event | |||||||
Stockholders Equity Note [Line Items] | |||||||
Common shares dividends paid (in dollars per share) | $ 0.060 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared and Paid (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||||
Common shares dividends declared (in dollars per share) | $ 0.86 | $ 0.82 | $ 0.7750 | |
Common shares dividends paid (in dollars per share) | $ 0.160 | 0.85 | 0.81 | 0.7625 |
Preferred shares dividends declared (in dollars per share) | 3.625 | 3.625 | 3.625 | |
Preferred shares dividends paid (in dollars per share) | $ 3.625 | $ 3.625 | $ 3.625 |
Shareholders' Equity - Summar81
Shareholders' Equity - Summary of Dividends Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.800 | $ 0.82 | $ 0.775 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 3.625 | 3.625 | 3.625 |
Ordinary dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.64 | 0.658 | 0.715 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 2.881 | 3.625 | 3.342 |
Capital gain distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.16 | 0 | 0.060 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 0.744 | 0 | $ 0.283 |
Non-dividend distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0 | $ 0.162 |
Share-Based Compensation and 82
Share-Based Compensation and Other Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016USD ($)planshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans in effect | plan | 1 | ||||
Share-based compensation expense | $ | $ 3.4 | $ 1.6 | $ 4.6 | ||
Expense related to restricted share grants | $ | $ 2.9 | 1.9 | 2.1 | ||
Performance-based liability awards, measurement period | 3 years | ||||
Percentage of award to be paid in cash | 50.00% | ||||
Compensation expense (benefit) related to cash based award grant | $ | $ 0.5 | (0.4) | 2.5 | ||
Total unrecognized compensation expense | $ | $ 4.2 | ||||
Total unrecognized compensation expense, weighted average period of recognition | 4 years 2 months 12 days | ||||
Defined contribution plan expense | $ | $ 0.2 | $ 0.2 | $ 0.2 | ||
Long Term Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | shares | 0 | 0 | 0 | ||
Long Term Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for grant | shares | 2,000,000 | ||||
Number of shares available for issuance | shares | 1,400,000 | ||||
Two Thousand Three Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options exercisable | shares | 47,140 | ||||
Two Thousand Three And Nineteen Ninety Seven Non Employee Trustee Stock Option Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options exercisable | shares | 10,000 | ||||
Service-based restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of stock award grants | 50.00% | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of stock award grants | 50.00% | ||||
Service And Performancebased Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards vesting period | 5 years |
Share-Based Compensation and 83
Share-Based Compensation and Other Benefit Plans - Summary of Activity of Service Based Restricted Shares Under LTIP (Details) - Service-based restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Outstanding at the beginning of the year (in shares) | 327,732 | 365,524 | 375,813 |
Granted (in shares) | 130,890 | 180,914 | 286,954 |
Vested (in shares) | (124,187) | (176,816) | (281,851) |
Forfeited or expired (in shares) | (6,892) | (41,890) | (15,392) |
Outstanding at the end of the year (in shares) | 327,543 | 327,732 | 365,524 |
Weighted- Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 16.39 | $ 14.92 | $ 13.71 |
Granted (in dollars per share) | 17.80 | 17.77 | 16.70 |
Vested (in dollars per share) | 15.88 | 14.29 | 12.69 |
Forfeited or expired (in dollars per share) | 16.76 | 16.17 | 14.69 |
Outstanding at the beginning of the year (in dollars per share) | $ 17.02 | $ 16.39 | $ 14.92 |
Share-Based Compensation and 84
Share-Based Compensation and Other Benefit Plans - Stock Option Activity for All Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares Under Option | |||
Outstanding at the beginning of the year (in shares) | 107,165 | 155,248 | 190,993 |
Exercised (in shares) | 0 | 0 | 0 |
Forfeited or expired (in shares) | (50,025) | (48,083) | (35,745) |
Outstanding at the end of the year (in shares) | 57,140 | 107,165 | 155,248 |
Exercisable at the end of year (in shares) | 57,140 | 107,165 | 155,248 |
Weighted-Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 32.13 | $ 30.94 | $ 30.34 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Forfeited or expired (in dollars per share) | 29.21 | 28.29 | 27.73 |
Outstanding at the end of the year (in dollars per share) | 34.69 | 32.13 | 30.94 |
Exercisable at the end of year (in dollars per share) | $ 34.69 | $ 32.13 | $ 30.94 |
Share-Based Compensation and 85
Share-Based Compensation and Other Benefit Plans - Summary of Stock Option Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding (in shares) | 57,140 | 107,165 | 155,248 | 190,993 |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 34.69 | $ 32.13 | $ 30.94 | $ 30.34 |
Options Exercisable (in shares) | 57,140 | 107,165 | 155,248 | |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 34.69 | $ 32.13 | $ 30.94 | |
34.30 - $36.50 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower Limit | 34.30 | |||
Range of Exercise Price, Upper Limit | $ 36.50 | |||
Options Outstanding (in shares) | 57,140 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 2 months 12 days | |||
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 34.69 | |||
Options Exercisable (in shares) | 57,140 | |||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 34.69 |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal and state deferred tax asset | $ 11,100,000 | ||
Federal and state deferred tax asset, valuation allowance | 11,100,000 | ||
Increase (decrease) in deferred income taxes | 400,000 | ||
Income tax provision | (299,000) | $ (339,000) | $ (54,000) |
Unrecognized tax benefits | 0 | 0 | 0 |
Significant increase (decrease) in unrecognized tax benefits | 0 | ||
Interest or penalties relating to income taxes expensed | 0 | 0 | 0 |
Interest or penalties relating to income taxes accrued | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 5.9 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||
Payments to Acquire Real Estate | $ 12,990 | $ 152,923 | $ 264,414 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of real estate properties sold | property | 1 | |||
Sales of shopping center | $ 28,500 | |||
Number of Real Estate Properties Acquired | property | 2 | |||
Payments to Acquire Real Estate | $ 167,400 |
Selected Quarterly Financial 89
Selected Quarterly Financial Data (Unaudited) Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 64,454 | $ 64,080 | $ 65,884 | $ 66,512 | $ 68,578 | $ 64,060 | $ 59,735 | $ 59,417 | $ 260,930 | $ 251,790 | $ 218,363 |
Operating income | 17,905 | 16,669 | 19,115 | 17,219 | 16,102 | 18,854 | 15,910 | 14,631 | 70,908 | 65,497 | 23,330 |
Net income attributable to RPT | 6,911 | 13,545 | 27,363 | 11,845 | 14,686 | 33,666 | 7,090 | 9,667 | 61,112 | 66,895 | (2,412) |
Net income (loss) available to common shareholders | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 13,010 | $ 31,991 | $ 4,915 | $ 7,885 | $ 52,963 | $ 57,771 | $ (9,614) |
Earnings (loss) per common share, basic (in dollars per share) | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.16 | $ 0.39 | $ 0.06 | $ 0.10 | $ 0.66 | $ 0.73 | $ (0.14) |
Earnings (loss) per common share, diluted (in dollars per share) | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.16 | $ 0.38 | $ 0.06 | $ 0.10 | $ 0.66 | $ 0.73 | $ (0.14) |
SUMMARY OF REAL ESTATE AND AC90
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 160,718 | |||
Initial Cost to Company, Land | 430,664 | |||
Initial Cost to Company, Building & Improvements | 1,496,219 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 275,785 | |||
Gross Amounts at which Carried at Close of Period, Land | 413,623 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,789,047 | |||
Gross Amounts at which Carried at Close of Period, Total | 2,202,670 | $ 2,245,100 | $ 2,008,687 | $ 1,727,191 |
Accumulated Depreciation | $ 345,204 | $ 331,520 | $ 287,177 | $ 253,292 |
Auburn Mile | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,704 | |||
Initial Cost to Company, Building & Improvements | 0 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (9,168) | |||
Gross Amounts at which Carried at Close of Period, Land | 5,918 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 619 | |||
Gross Amounts at which Carried at Close of Period, Total | 6,537 | |||
Accumulated Depreciation | $ 391 | |||
Date Constructed | 2,000 | |||
Date Acquired | 1,999 | |||
Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 56,518 | |||
Initial Cost to Company, Land | 9,831 | |||
Initial Cost to Company, Building & Improvements | 76,446 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (108) | |||
Gross Amounts at which Carried at Close of Period, Land | 9,831 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 76,339 | |||
Gross Amounts at which Carried at Close of Period, Total | 86,170 | |||
Accumulated Depreciation | $ 6,252 | |||
Date Acquired | 2,014 | |||
Buttermilk Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | KY | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,249 | |||
Initial Cost to Company, Building & Improvements | 21,103 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (265) | |||
Gross Amounts at which Carried at Close of Period, Land | 13,249 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,838 | |||
Gross Amounts at which Carried at Close of Period, Total | 34,087 | |||
Accumulated Depreciation | $ 1,762 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,014 | |||
Centennial Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building & Improvements | 29,639 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5 | |||
Gross Amounts at which Carried at Close of Period, Land | 0 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,644 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,644 | |||
Accumulated Depreciation | $ 240 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,016 | |||
Central Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,250 | |||
Initial Cost to Company, Building & Improvements | 10,909 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 12 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,250 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,921 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,171 | |||
Accumulated Depreciation | $ 1,736 | |||
Date Constructed | 1,970 | |||
Date Acquired | 2,012 | |||
Clinton Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,175 | |||
Initial Cost to Company, Building & Improvements | 10,499 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 538 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,036 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,212 | |||
Accumulated Depreciation | $ 3,768 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,003 | |||
Clinton Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,500 | |||
Initial Cost to Company, Building & Improvements | 13,498 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 11,417 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,625 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,791 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,416 | |||
Accumulated Depreciation | $ 10,864 | |||
Date Acquired | 1,996 | |||
Coral Creek Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,565 | |||
Initial Cost to Company, Building & Improvements | 14,085 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,868 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,572 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 15,946 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,518 | |||
Accumulated Depreciation | $ 5,468 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,002 | |||
Crofton Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MD | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,012 | |||
Initial Cost to Company, Building & Improvements | 22,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 366 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,012 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,140 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,152 | |||
Accumulated Depreciation | $ 1,159 | |||
Date Constructed | 1,974 | |||
Date Acquired | 2,015 | |||
Crossroads Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 3,447 | |||
Initial Cost to Company, Land | 5,800 | |||
Initial Cost to Company, Building & Improvements | 20,709 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,647 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,903 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,252 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,155 | |||
Accumulated Depreciation | $ 10,821 | |||
Date Constructed | 2,001 | |||
Date Acquired | 2,001 | |||
Cypress Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,968 | |||
Initial Cost to Company, Building & Improvements | 17,637 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 958 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,968 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,596 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,564 | |||
Accumulated Depreciation | $ 2,221 | |||
Date Constructed | 1,983 | |||
Date Acquired | 2,013 | |||
Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,070 | |||
Initial Cost to Company, Building & Improvements | 18,105 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 230 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,070 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,336 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,406 | |||
Accumulated Depreciation | $ 2,117 | |||
Date Acquired | 2,013 | |||
Deer Grove Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,408 | |||
Initial Cost to Company, Building & Improvements | 8,197 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,879 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,408 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,077 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,485 | |||
Accumulated Depreciation | $ 1,680 | |||
Date Constructed | 1,997 | |||
Date Acquired | 2,013 | |||
Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,868 | |||
Initial Cost to Company, Building & Improvements | 78,551 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,329 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,868 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 82,880 | |||
Gross Amounts at which Carried at Close of Period, Total | 89,748 | |||
Accumulated Depreciation | $ 9,300 | |||
Date Acquired | 2,013 | |||
East Town Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,768 | |||
Initial Cost to Company, Building & Improvements | 16,216 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,597 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,768 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,813 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,581 | |||
Accumulated Depreciation | $ 7,590 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,000 | |||
Front Range Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 20,910 | |||
Initial Cost to Company, Building & Improvements | 80,600 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,679 | |||
Gross Amounts at which Carried at Close of Period, Land | 20,910 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 82,279 | |||
Gross Amounts at which Carried at Close of Period, Total | 103,189 | |||
Accumulated Depreciation | $ 6,263 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,014 | |||
Gaines Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 226 | |||
Initial Cost to Company, Building & Improvements | 6,782 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,487 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,926 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 7,570 | |||
Gross Amounts at which Carried at Close of Period, Total | 10,496 | |||
Accumulated Depreciation | $ 2,240 | |||
Date Constructed | 2,004 | |||
Date Acquired | 2,004 | |||
Harvest Junction North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,254 | |||
Initial Cost to Company, Building & Improvements | 25,232 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,735 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,167 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 32,054 | |||
Gross Amounts at which Carried at Close of Period, Total | 39,221 | |||
Accumulated Depreciation | $ 3,636 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,012 | |||
Harvest Junction South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,241 | |||
Initial Cost to Company, Building & Improvements | 22,856 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 131 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,241 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,987 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,228 | |||
Accumulated Depreciation | $ 2,969 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,012 | |||
Heritage Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,899 | |||
Initial Cost to Company, Building & Improvements | 22,506 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,003 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,899 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,508 | |||
Gross Amounts at which Carried at Close of Period, Total | 37,407 | |||
Accumulated Depreciation | $ 4,511 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,011 | |||
Holcomb Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 658 | |||
Initial Cost to Company, Building & Improvements | 5,953 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,843 | |||
Gross Amounts at which Carried at Close of Period, Land | 658 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 15,795 | |||
Gross Amounts at which Carried at Close of Period, Total | 16,453 | |||
Accumulated Depreciation | $ 6,715 | |||
Date Constructed | 1,986 | |||
Date Acquired | 1,996 | |||
Hoover Eleven | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,308 | |||
Initial Cost to Company, Building & Improvements | 29,778 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,239 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,304 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 34,021 | |||
Gross Amounts at which Carried at Close of Period, Total | 37,325 | |||
Accumulated Depreciation | $ 11,241 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,003 | |||
Hunters Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,673 | |||
Initial Cost to Company, Building & Improvements | 52,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,333 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,652 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 59,128 | |||
Gross Amounts at which Carried at Close of Period, Total | 66,780 | |||
Accumulated Depreciation | $ 6,424 | |||
Date Constructed | 1,988 | |||
Date Acquired | 2,013 | |||
Jackson Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 22,730 | |||
Initial Cost to Company, Land | 3,347 | |||
Initial Cost to Company, Building & Improvements | 24,261 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 19,175 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,347 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 43,436 | |||
Gross Amounts at which Carried at Close of Period, Total | 46,783 | |||
Accumulated Depreciation | $ 16,937 | |||
Date Constructed | 1,967 | |||
Date Acquired | 1,996 | |||
Jackson West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,806 | |||
Initial Cost to Company, Building & Improvements | 6,270 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,639 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,691 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,023 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,714 | |||
Accumulated Depreciation | $ 6,079 | |||
Date Constructed | 1,996 | |||
Date Acquired | 1,996 | |||
Lakeland Park Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,365 | |||
Initial Cost to Company, Building & Improvements | 0 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 34,666 | |||
Gross Amounts at which Carried at Close of Period, Land | 15,365 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 34,666 | |||
Gross Amounts at which Carried at Close of Period, Total | 50,031 | |||
Accumulated Depreciation | $ 2,905 | |||
Date Constructed | 2,014 | |||
Date Acquired | 2,008 | |||
Liberty Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,670 | |||
Initial Cost to Company, Building & Improvements | 11,862 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (69) | |||
Gross Amounts at which Carried at Close of Period, Land | 2,665 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,798 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,463 | |||
Accumulated Depreciation | $ 2,500 | |||
Date Constructed | 1,987 | |||
Date Acquired | 2,010 | |||
Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,922 | |||
Initial Cost to Company, Building & Improvements | 18,910 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,995 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,922 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,905 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,827 | |||
Accumulated Depreciation | $ 2,532 | |||
Date Acquired | 2,013 | |||
Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 14,634 | |||
Initial Cost to Company, Land | 9,391 | |||
Initial Cost to Company, Building & Improvements | 22,682 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 65 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,747 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,138 | |||
Accumulated Depreciation | $ 1,179 | |||
Date Acquired | 2,015 | |||
Merchants' Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,997 | |||
Initial Cost to Company, Building & Improvements | 18,346 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,185 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,997 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,530 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,527 | |||
Accumulated Depreciation | $ 4,228 | |||
Date Constructed | 1,970 | |||
Date Acquired | 2,010 | |||
Millennium Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,886 | |||
Initial Cost to Company, Building & Improvements | 35,420 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 88 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,886 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 35,508 | |||
Gross Amounts at which Carried at Close of Period, Total | 41,394 | |||
Accumulated Depreciation | $ 1,899 | |||
Date Constructed | 2,000 | |||
Date Acquired | 2,015 | |||
Mission Bay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 33,975 | |||
Initial Cost to Company, Building & Improvements | 48,159 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,924 | |||
Gross Amounts at which Carried at Close of Period, Land | 33,975 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 58,083 | |||
Gross Amounts at which Carried at Close of Period, Total | 92,058 | |||
Accumulated Depreciation | $ 6,033 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,013 | |||
Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 11,633 | |||
Initial Cost to Company, Building & Improvements | 21,767 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,257 | |||
Gross Amounts at which Carried at Close of Period, Land | 11,633 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,024 | |||
Gross Amounts at which Carried at Close of Period, Total | 34,657 | |||
Accumulated Depreciation | $ 3,055 | |||
Date Acquired | 2,013 | |||
Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 7,373 | |||
Initial Cost to Company, Land | 7,549 | |||
Initial Cost to Company, Building & Improvements | 30,898 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 179 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,549 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 31,077 | |||
Gross Amounts at which Carried at Close of Period, Total | 38,626 | |||
Accumulated Depreciation | $ 3,643 | |||
New Towne Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 817 | |||
Initial Cost to Company, Building & Improvements | 7,354 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,858 | |||
Gross Amounts at which Carried at Close of Period, Land | 817 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,212 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,029 | |||
Accumulated Depreciation | $ 5,664 | |||
Date Constructed | 1,975 | |||
Date Acquired | 1,996 | |||
Oak Brook Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 955 | |||
Initial Cost to Company, Building & Improvements | 8,591 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (770) | |||
Gross Amounts at which Carried at Close of Period, Land | 955 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 7,821 | |||
Gross Amounts at which Carried at Close of Period, Total | 8,776 | |||
Accumulated Depreciation | $ 0 | |||
Date Constructed | 1,982 | |||
Date Acquired | 1,996 | |||
Olentangy Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,283 | |||
Initial Cost to Company, Building & Improvements | 20,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 341 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,283 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,116 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,399 | |||
Accumulated Depreciation | $ 1,357 | |||
Date Constructed | 1,981 | |||
Date Acquired | 2,015 | |||
Parkway Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,145 | |||
Initial Cost to Company, Building & Improvements | 0 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 21,495 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,902 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,739 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,641 | |||
Accumulated Depreciation | $ 1,868 | |||
Date Constructed | 2,013 | |||
Date Acquired | 2,008 | |||
Peachtree Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,517 | |||
Initial Cost to Company, Building & Improvements | 17,062 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 199 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,517 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,261 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,778 | |||
Accumulated Depreciation | $ 992 | |||
Date Constructed | 1,986 | |||
Date Acquired | 2,015 | |||
Promenade at Pleasant Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,891 | |||
Initial Cost to Company, Building & Improvements | 22,520 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,105 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,440 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,076 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,516 | |||
Accumulated Depreciation | $ 7,938 | |||
Date Constructed | 1,993 | |||
Date Acquired | 2,004 | |||
River City Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 19,768 | |||
Initial Cost to Company, Building & Improvements | 73,859 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,345 | |||
Gross Amounts at which Carried at Close of Period, Land | 11,140 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 91,832 | |||
Gross Amounts at which Carried at Close of Period, Total | 102,972 | |||
Accumulated Depreciation | $ 26,340 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,005 | |||
Rivertowne Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 954 | |||
Initial Cost to Company, Building & Improvements | 8,587 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,115 | |||
Gross Amounts at which Carried at Close of Period, Land | 954 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,703 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,657 | |||
Accumulated Depreciation | $ 3,721 | |||
Date Constructed | 1,980 | |||
Date Acquired | 1,998 | |||
Rolling Meadows | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,393 | |||
Initial Cost to Company, Building & Improvements | 5,252 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 56 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,393 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 5,308 | |||
Gross Amounts at which Carried at Close of Period, Total | 9,701 | |||
Accumulated Depreciation | $ 372 | |||
Date Acquired | 2,015 | |||
Roseville Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,403 | |||
Initial Cost to Company, Building & Improvements | 13,195 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,460 | |||
Gross Amounts at which Carried at Close of Period, Land | 582 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,476 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,058 | |||
Accumulated Depreciation | $ 7,326 | |||
Date Constructed | 1,963 | |||
Date Acquired | 1,996 | |||
Rossford Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 796 | |||
Initial Cost to Company, Building & Improvements | 3,087 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,766 | |||
Gross Amounts at which Carried at Close of Period, Land | 797 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 4,851 | |||
Gross Amounts at which Carried at Close of Period, Total | 5,648 | |||
Accumulated Depreciation | $ 1,618 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,005 | |||
Shoppes of Lakeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,503 | |||
Initial Cost to Company, Building & Improvements | 20,236 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 968 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,503 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,203 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,706 | |||
Accumulated Depreciation | $ 2,607 | |||
Date Constructed | 1,985 | |||
Date Acquired | 1,996 | |||
Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,864 | |||
Initial Cost to Company, Building & Improvements | 16,698 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 636 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,864 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,334 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,198 | |||
Accumulated Depreciation | $ 1,957 | |||
Date Acquired | 2,013 | |||
Southfield Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,121 | |||
Initial Cost to Company, Building & Improvements | 10,777 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 959 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,121 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,736 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,857 | |||
Accumulated Depreciation | $ 6,801 | |||
Date Constructed | 1,969 | |||
Date Acquired | 1,996 | |||
Spring Meadows Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 27,366 | |||
Initial Cost to Company, Land | 2,646 | |||
Initial Cost to Company, Building & Improvements | 16,758 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 15,331 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,041 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,694 | |||
Gross Amounts at which Carried at Close of Period, Total | 34,735 | |||
Accumulated Depreciation | $ 9,689 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,996 | |||
Tel-Twelve | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,819 | |||
Initial Cost to Company, Building & Improvements | 43,181 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 32,433 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,819 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 75,614 | |||
Gross Amounts at which Carried at Close of Period, Total | 79,433 | |||
Accumulated Depreciation | $ 34,861 | |||
Date Constructed | 1,968 | |||
Date Acquired | 1,996 | |||
The Crossroads | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,850 | |||
Initial Cost to Company, Building & Improvements | 16,650 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,125 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,857 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,768 | |||
Gross Amounts at which Carried at Close of Period, Total | 19,625 | |||
Accumulated Depreciation | $ 6,325 | |||
Date Constructed | 1,988 | |||
Date Acquired | 2,002 | |||
The Shoppes at Fox River | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,534 | |||
Initial Cost to Company, Building & Improvements | 26,227 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 18,038 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,750 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 43,049 | |||
Gross Amounts at which Carried at Close of Period, Total | 52,799 | |||
Accumulated Depreciation | $ 5,619 | |||
Date Constructed | 2,009 | |||
Date Acquired | 2,010 | |||
The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 28,650 | |||
Initial Cost to Company, Land | 4,848 | |||
Initial Cost to Company, Building & Improvements | 51,273 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,527 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,848 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 53,800 | |||
Gross Amounts at which Carried at Close of Period, Total | 58,648 | |||
Accumulated Depreciation | $ 2,665 | |||
Date Acquired | 2,015 | |||
Town & Country Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,395 | |||
Initial Cost to Company, Building & Improvements | 26,465 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 7,623 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,395 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 34,088 | |||
Gross Amounts at which Carried at Close of Period, Total | 42,483 | |||
Accumulated Depreciation | $ 4,588 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,011 | |||
Treasure Coast Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,924 | |||
Initial Cost to Company, Building & Improvements | 10,644 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (2,156) | |||
Gross Amounts at which Carried at Close of Period, Land | 2,924 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 8,488 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,412 | |||
Accumulated Depreciation | $ 1,102 | |||
Date Constructed | 1,996 | |||
Date Acquired | 2,013 | |||
Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,581 | |||
Initial Cost to Company, Building & Improvements | 19,041 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 150 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,581 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,191 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,772 | |||
Accumulated Depreciation | $ 2,113 | |||
Date Acquired | 2,013 | |||
Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,790 | |||
Initial Cost to Company, Building & Improvements | 10,292 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 588 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,790 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,880 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,670 | |||
Accumulated Depreciation | $ 1,870 | |||
Date Acquired | 2,013 | |||
Village Lakes Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 862 | |||
Initial Cost to Company, Building & Improvements | 7,768 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,796 | |||
Gross Amounts at which Carried at Close of Period, Land | 862 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,564 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,426 | |||
Accumulated Depreciation | $ 5,231 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,997 | |||
Village Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,531 | |||
Initial Cost to Company, Building & Improvements | 12,688 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,603 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,531 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,291 | |||
Gross Amounts at which Carried at Close of Period, Total | 16,822 | |||
Accumulated Depreciation | $ 1,519 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,013 | |||
Vista Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,667 | |||
Initial Cost to Company, Building & Improvements | 16,769 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 403 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,172 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,839 | |||
Accumulated Depreciation | $ 1,933 | |||
Date Constructed | 1,998 | |||
Date Acquired | 2,013 | |||
West Broward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,339 | |||
Initial Cost to Company, Building & Improvements | 11,521 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 398 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,339 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,919 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,258 | |||
Accumulated Depreciation | $ 1,314 | |||
Date Constructed | 1,965 | |||
Date Acquired | 2,013 | |||
West Allis Towne Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,866 | |||
Initial Cost to Company, Building & Improvements | 16,789 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 14,880 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,866 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 31,669 | |||
Gross Amounts at which Carried at Close of Period, Total | 33,535 | |||
Accumulated Depreciation | $ 12,214 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,996 | |||
West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,058 | |||
Initial Cost to Company, Building & Improvements | 10,746 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 21,053 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,826 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,031 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,857 | |||
Accumulated Depreciation | $ 8,112 | |||
Date Constructed | 1,979 | |||
Date Acquired | 1,996 | |||
West Oaks II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,391 | |||
Initial Cost to Company, Building & Improvements | 12,519 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 7,325 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,844 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,235 | |||
Accumulated Depreciation | $ 9,317 | |||
Date Constructed | 1,986 | |||
Date Acquired | 1,996 | |||
Winchester Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,667 | |||
Initial Cost to Company, Building & Improvements | 18,559 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,328 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,887 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,554 | |||
Accumulated Depreciation | $ 2,541 | |||
Date Constructed | 1,980 | |||
Date Acquired | 2,013 | |||
Woodbury Lakes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,411 | |||
Initial Cost to Company, Building & Improvements | 55,635 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,055 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,412 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 60,688 | |||
Gross Amounts at which Carried at Close of Period, Total | 71,100 | |||
Accumulated Depreciation | $ 5,272 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,014 | |||
Land Held for Future Development | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | Various | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,266 | |||
Initial Cost to Company, Building & Improvements | 14,026 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (15,112) | |||
Gross Amounts at which Carried at Close of Period, Land | 26,805 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 375 | |||
Gross Amounts at which Carried at Close of Period, Total | 27,180 | |||
Accumulated Depreciation | $ 0 | |||
Land Available for Sale | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | Various | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,931 | |||
Initial Cost to Company, Building & Improvements | 27,252 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (31,995) | |||
Gross Amounts at which Carried at Close of Period, Land | 6,188 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 6,188 | |||
Accumulated Depreciation | $ 0 | |||
Period One | Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,005 | |||
Period One | Clinton Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,977 | |||
Period One | Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,970 | |||
Period One | Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,004 | |||
Period One | Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,981 | |||
Period One | Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,965 | |||
Period One | Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,958 | |||
Period One | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,994 | |||
Date Acquired | 2,012 | |||
Period One | Rolling Meadows | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,956 | |||
Period One | Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,972 | |||
Period One | The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,952 | |||
Period One | Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,000 | |||
Period One | Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,000 | |||
Period Two | Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,007 | |||
Period Two | Clinton Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,985 | |||
Period Two | Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,013 | |||
Period Two | Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,007 | |||
Period Two | Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 | |||
Period Two | Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,009 | |||
Period Two | Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,012 | |||
Period Two | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,008 | |||
Date Acquired | 2,013 | |||
Period Two | Rolling Meadows | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,009 | |||
Period Two | Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,011 | |||
Period Two | The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,002 | |||
Period Two | Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 | |||
Period Two | Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 |
Real Estate Investment and Accu
Real Estate Investment and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of total real estate carrying value: | |||
Balance at beginning of year | $ 2,245,100 | $ 2,008,687 | $ 1,727,191 |
Acquisition | 29,694 | 234,018 | 289,340 |
Improvements | 62,927 | 57,046 | 70,982 |
Cost of real estate sold/written off | (127,343) | (52,130) | (50,961) |
Impairment | (977) | (2,521) | (27,865) |
Reclassification to held for sale | (6,731) | 0 | 0 |
Balance at end of year | 2,202,670 | 2,245,100 | 2,008,687 |
Reconciliation of accumulated depreciation: | |||
Balance at beginning of year | 331,520 | 287,177 | 253,292 |
Depreciation Expense | 63,085 | 59,602 | 50,081 |
Cost of real estate sold/written off | (42,670) | (15,259) | (16,196) |
Reclassification to held for sale | (6,731) | 0 | 0 |
Balance at end of year | 345,204 | 331,520 | 287,177 |
Aggregate cost for federal income tax purposes | $ 2,326,027 | $ 2,366,608 | $ 2,115,287 |