Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 10, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-10093 | ||
Entity Registrant Name | RPT Realty | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-6908486 | ||
Entity Address, Address Line One | 19 W 44th Street, | ||
Entity Address, Address Line Two | Suite 1002 | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | 212 | ||
Local Phone Number | 221-1261 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,037,336,626 | ||
Entity Common Stock, Shares Outstanding | 84,801,912 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000842183 | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the annual meeting of shareholders to be held in 2022 are incorporated by reference into Part III. | ||
Common Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, ($0.01 Par Value Per Share) | ||
Trading Symbol | RPT | ||
Security Exchange Name | NYSE | ||
Series D Preferred Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.25% Series D Cumulative Convertible Perpetual Preferred | ||
Trading Symbol | RPT.PRD | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Chicago, Illinois |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income producing properties, at cost: | ||
Land | $ 315,687,000 | $ 330,763,000 |
Buildings and improvements | 1,512,455,000 | 1,489,997,000 |
Less accumulated depreciation and amortization | (422,270,000) | (392,301,000) |
Income producing properties, net | 1,405,872,000 | 1,428,459,000 |
Construction in progress and land available for development | 43,017,000 | 34,789,000 |
Real estate held for sale | 3,808,000 | 0 |
Investment in real estate, net | 1,452,697,000 | 1,463,248,000 |
Equity investments in unconsolidated joint ventures | 267,183,000 | 126,333,000 |
Cash and cash equivalents | 13,367,000 | 208,887,000 |
Restricted cash and escrows | 666,000 | 2,597,000 |
Accounts receivable, net | 23,954,000 | 26,571,000 |
Acquired lease intangibles, net | 37,854,000 | 26,354,000 |
Operating lease right-of-use assets | 17,934,000 | 18,585,000 |
Other assets, net | 88,424,000 | 77,465,000 |
TOTAL ASSETS | 1,902,079,000 | 1,950,040,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable, net | 884,185,000 | 1,027,751,000 |
Finance lease obligation | 821,000 | 875,000 |
Accounts payable and accrued expenses | 47,034,000 | 45,292,000 |
Distributions payable | 12,555,000 | 1,723,000 |
Acquired lease intangibles, net | 36,207,000 | 35,283,000 |
Operating lease liabilities | 17,431,000 | 17,819,000 |
Other liabilities | 8,392,000 | 19,928,000 |
TOTAL LIABILITIES | 1,006,625,000 | 1,148,671,000 |
Commitments and Contingencies | ||
RPT Realty ("RPT") Shareholders' Equity: | ||
Preferred shares of beneficial interest, $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, 2021 and 2020, respectively | 92,427,000 | 92,427,000 |
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 83,894 and 80,055 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 839,000 | 801,000 |
Additional paid-in capital | 1,227,791,000 | 1,174,315,000 |
Accumulated distributions in excess of net income | (441,478,000) | (471,017,000) |
Accumulated other comprehensive loss | (2,635,000) | (14,132,000) |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 876,944,000 | 782,394,000 |
Noncontrolling interest | 18,510,000 | 18,975,000 |
TOTAL SHAREHOLDERS' EQUITY | 895,454,000 | 801,369,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,902,079,000 | $ 1,950,040,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common shares of beneficial interest, par value, (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 240,000,000 | 240,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 83,894,000 | 80,055,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 83,894,000 | 80,055,000 |
Series D Preferred Shares | ||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
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 |
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 1,848,539 | 1,848,539 |
Cumulative convertible perpetual preferred shares, shares outstanding (in shares) | 1,849,000 | 1,849,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
TOTAL REVENUE | $ 213,488 | $ 191,712 | $ 234,088 |
EXPENSES | |||
Real estate taxes | 32,816 | 33,086 | 35,961 |
Recoverable operating expense | 25,452 | 21,915 | 25,256 |
Other non-recoverable operating expense | 10,009 | 8,962 | 10,292 |
Depreciation and amortization | 72,254 | 77,213 | 78,647 |
Transaction costs | 607 | 186 | 0 |
General and administrative expense | 32,328 | 25,801 | 27,634 |
Provision for impairment | 17,201 | 598 | 0 |
Insured expenses, net | 0 | (2,745) | 2,276 |
TOTAL EXPENSES | 190,667 | 165,016 | 180,066 |
Gain on sale of real estate | 88,915 | 318 | 81,856 |
OPERATING INCOME | 111,736 | 27,014 | 135,878 |
OTHER INCOME AND EXPENSES | |||
Other (expense) income, net | (236) | 214 | (203) |
Earnings from unconsolidated joint ventures | 3,995 | 1,590 | 581 |
Interest expense | (37,025) | (39,317) | (40,057) |
Other gain on unconsolidated joint ventures | 0 | 0 | 237 |
Loss on extinguishment of debt | (8,294) | 0 | (2,571) |
NET INCOME (LOSS) BEFORE TAX | 70,176 | (10,499) | 93,865 |
Income tax benefit (provision) | 88 | 25 | (179) |
NET INCOME (LOSS) | 70,264 | (10,474) | 93,686 |
Net (income) loss attributable to noncontrolling interest | (1,625) | 241 | (2,175) |
NET INCOME (LOSS) ATTRIBUTABLE TO RPT | 68,639 | (10,233) | 91,511 |
Preferred share dividends | (6,701) | (6,701) | (6,701) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 61,938 | $ (16,934) | $ 84,810 |
EARNINGS (LOSS) PER COMMON SHARE | |||
Basic (in dollars per share) | $ 0.76 | $ (0.21) | $ 1.06 |
Diluted (in dollars per share) | $ 0.75 | $ (0.21) | $ 1.04 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 81,083 | 79,998 | 79,802 |
Diluted (in shares) | 82,298 | 79,998 | 87,722 |
Other comprehensive gain (loss): | |||
Gain (loss) on interest rate swaps | $ 11,756 | $ (16,330) | $ (2,253) |
Comprehensive income (loss) | 82,020 | (26,804) | 91,433 |
Comprehensive (income) loss attributable to noncontrolling interest | (1,884) | 620 | (2,123) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT | 80,136 | (26,184) | 89,310 |
Rental income | |||
REVENUE | |||
TOTAL REVENUE | 207,103 | 187,151 | 229,588 |
Other property income | |||
REVENUE | |||
TOTAL REVENUE | 4,399 | 3,166 | 4,270 |
Management and other fee income | |||
REVENUE | |||
TOTAL REVENUE | $ 1,986 | $ 1,395 | $ 230 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Distributions in Excess of Net IncomeCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment |
Beginning Balance at Dec. 31, 2018 | $ 831,543 | $ (333) | $ 92,427 | $ 797 | $ 1,164,848 | $ (450,130) | $ (325) | $ 4,020 | $ 19,581 | $ (8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net of issuance costs | (96) | (96) | ||||||||
Share-based compensation, net of shares withheld for employee taxes | 4,806 | 1 | 4,805 | |||||||
Dividends declared to common shareholders | (70,237) | (70,237) | ||||||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | ||||||||
Distributions declared to noncontrolling interests | (1,681) | (1,681) | ||||||||
Dividends declared to deferred shares | (479) | (479) | ||||||||
Other comprehensive income adjustment | (2,253) | (2,201) | (52) | |||||||
Net income (loss) | 93,686 | 91,511 | 2,175 | |||||||
Ending Balance at Dec. 31, 2019 | 848,255 | 92,427 | 798 | 1,169,557 | (436,361) | 1,819 | 20,015 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net of issuance costs | (385) | (385) | ||||||||
Share-based compensation, net of shares withheld for employee taxes | 5,146 | 3 | 5,143 | |||||||
Dividends declared to common shareholders | (17,586) | (17,586) | ||||||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | ||||||||
Distributions declared to noncontrolling interests | (420) | (420) | ||||||||
Dividends declared to deferred shares | (136) | (136) | ||||||||
Other comprehensive income adjustment | (16,330) | (15,951) | (379) | |||||||
Net income (loss) | (10,474) | (10,233) | (241) | |||||||
Ending Balance at Dec. 31, 2020 | 801,369 | 92,427 | 801 | 1,174,315 | (471,017) | (14,132) | 18,975 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net of issuance costs | 44,601 | 35 | 44,566 | |||||||
Redemption of OP Unit holders | (177) | 1 | 1,492 | (37) | (1,633) | |||||
Share-based compensation, net of shares withheld for employee taxes | 7,420 | 2 | 7,418 | |||||||
Dividends declared to common shareholders | (31,737) | (31,737) | ||||||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | ||||||||
Distributions declared to noncontrolling interests | (716) | (716) | ||||||||
Dividends declared to deferred shares | (625) | (625) | ||||||||
Other comprehensive income adjustment | 11,756 | 11,497 | 259 | |||||||
Net income (loss) | 70,264 | 68,639 | 1,625 | |||||||
Ending Balance at Dec. 31, 2021 | $ 895,454 | $ 92,427 | $ 839 | $ 1,227,791 | $ (441,478) | $ (2,635) | $ 18,510 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 70,264 | $ (10,474) | $ 93,686 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 72,254 | 77,213 | 78,647 |
Amortization of deferred financing fees | 1,473 | 1,435 | 1,419 |
Income tax (benefit) provision | (88) | (25) | 179 |
Earnings from unconsolidated joint ventures | (3,995) | (1,590) | (581) |
Distributions received from operations of unconsolidated joint ventures | 10,247 | 5,603 | 231 |
Provision for impairment | 17,201 | 598 | 0 |
Loss on extinguishment of debt | 8,294 | 0 | 2,571 |
Other gain on unconsolidated joint ventures | 0 | 0 | (237) |
Gain on sale of real estate | (88,915) | (318) | (81,856) |
Insured expenses, net | 0 | (2,745) | 2,276 |
Amortization of acquired above and below market lease intangibles, net | (2,662) | (2,903) | (6,762) |
Amortization of premium on mortgages and notes payable, net | (708) | (892) | (953) |
Service-based restricted share expense | 4,081 | 3,742 | 3,493 |
Long-term incentive compensation expense | 3,994 | 2,598 | 3,045 |
Changes in assets and liabilities, net of effect of acquisitions and dispositions: | |||
Accounts receivable, net | 1,095 | (1,647) | (637) |
Other assets, net | (889) | 2,458 | (1,756) |
Accounts payable, accrued expenses and other liabilities | 1,218 | (9,994) | (2,172) |
Net cash provided by operating activities | 92,864 | 63,059 | 90,593 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate | (202,584) | 0 | (33,922) |
Development and capital improvements | (28,142) | (17,927) | (55,842) |
Capital improvements covered by insurance | 0 | (5,197) | (759) |
Net proceeds from sales of real estate | 221,365 | 1,318 | 185,221 |
Insurance proceeds from insured expenses | 0 | 2,888 | 3,150 |
Distributions from sale of joint venture property | 0 | 0 | 1,985 |
Investment in equity interests in unconsolidated joint ventures | (156,526) | (11) | (4,738) |
Acquisitions of preferred investments | (1,957) | 0 | 0 |
Redemption of preferred investments | 712 | 0 | 0 |
Net cash (used in) provided by investing activities | (167,132) | (18,929) | 95,095 |
FINANCING ACTIVITIES | |||
Proceeds on notes payable | 130,000 | 0 | 300,000 |
Repayment of mortgages and notes payable | (207,057) | (2,327) | (330,678) |
Proceeds on revolving credit facility | 225,000 | 225,000 | 19,400 |
Repayments on revolving credit facility | (290,000) | (125,000) | (19,400) |
Payment of debt extinguishment costs | (8,378) | 0 | (1,401) |
Payment of deferred financing costs | (1,480) | (567) | (3,992) |
Distributions received from financing activities of unconsolidated joint ventures | 14,638 | 0 | 0 |
Proceeds from issuance of common shares, net of costs | 44,601 | (385) | (96) |
Repayment of finance lease obligation | (54) | (51) | (49) |
Redemption of operating partnership units for cash | (177) | 0 | 0 |
Shares used for employee taxes upon vesting of awards | (1,330) | (956) | (608) |
Dividends paid to preferred shareholders | (6,701) | (6,701) | (6,701) |
Dividends paid to common shareholders | (21,741) | (35,371) | (70,652) |
Distributions paid to operating partnership unit holders | (504) | (840) | (1,681) |
Net cash (used in) provided by financing activities | (123,183) | 52,802 | (115,858) |
Net change in cash, cash equivalents and restricted cash and escrows | (197,451) | 96,932 | 69,830 |
Cash, cash equivalents and restricted cash and escrows at beginning of period | 211,484 | 114,552 | 44,722 |
Cash, cash equivalents and restricted cash and escrows at end of period | 14,033 | 211,484 | 114,552 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | |||
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture | 5,172 | 0 | 125,660 |
Contribution of real estate exchanged for preferred investment in unconsolidated entities | 12,174 | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of capitalized interest of $86, $2 and $134, respectively) | 36,591 | 38,585 | 40,800 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 0 | 0 | 2,191 |
Reconciliation of cash, cash equivalents and restricted cash and escrows | |||
Cash and cash equivalents | 13,367 | 208,887 | 110,259 |
Restricted cash and escrows | 666 | 2,597 | 4,293 |
Cash, cash equivalents restricted cash and restricted cash equivalents | $ 14,033 | $ 211,484 | $ 114,552 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Net of capitalized interest | $ 86 | $ 2 | $ 134 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies RPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (“NYSE”). The common shares of beneficial interest of the Company, par value $0.01 per share (the “common share”), are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 2021, the Company's property portfolio (the “aggregate portfolio”) consisted of 47 wholly-owned shopping centers, 10 shopping centers owned through its grocery anchored joint venture (R2G), 38 retail properties owned through its net lease joint venture (RGMZ) and one net lease retail property that was held for sale by the Company which together represent 14.6 million square feet of gross leaseable area (“GLA”). We also have ownership interests of 51.5%, 6.4% and 7.0%, respectively, in three joint ventures, one of which owns 10 multi-tenant shopping centers, one of which owns 38 retail properties and one of which has no significant activity. Our joint ventures are reported using equity method accounting. We earn fees from certain joint ventures for managing, construction management, leasing and redeveloping the shopping centers they own. We also own interests in several land parcels that are available for development. Most of our properties are anchored by supermarkets and/or national chain stores. 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, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” which was 98.0%, 97.7% and 97.7% owned by the Company at December 31, 2021, 2020 and 2019, 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 RPT Realty, Inc., and therefore it is included in the consolidated financial statements. RPT Realty, Inc. has elected to be a taxable REIT subsidiary for federal income tax purposes. RPT Realty, Inc. provides property management services to us and to other entities, including certain 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. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. 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, 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. In accordance with ASC 842, income from operating leases is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical experience, tenant creditworthiness, current economic trends and changes in tenant payment terms when evaluating the likelihood of tenant payment. For operating leases in which collectibility of rental income is not considered probable, rental income is recognized on the lesser of cash or accrual basis, and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. 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 rental income not probable of collection. However, if we experience actual activity in excess of the allowance we have established, our operating income would be reduced. At December 31, 2021 and 2020, our accounts receivable were $24.0 million and $26.6 million, respectively, net of allowances for doubtful accounts of $13.1 million and $13.0 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, 2021 and 2020, net of allowances of $4.5 million and $4.1 million, respectively, was $16.2 million and $17.6 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. The increase in the straight-line rent receivable allowance during the current year is primarily attributable to uncertainty regarding the collectibility of certain tenant receivables due to the economic impact of the COVID-19 pandemic. 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 (i) the parties to the sale contract have approved the contract and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the property to be transferred, (iii) the Company can identify the payment terms for the property transferred, (iv) the contract has commercial substance (that is, the risk, timing or amount of the entity’s future cash flows is expected to change as a result of the contract), (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled, and (vi) the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. We will classify properties as held for sale when the following criteria are met: (i) management, having the authority to approve the action, commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell. 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, tenant improvements, and identifiable intangibles. 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, 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 2021, we recorded impairment provisions totaling $17.2 million related to shopping centers classified as income producing. The impairment provisions on income producing properties was related to changes in the expected hold period assumptions for certain wholly-owned income producing properties. Investments in Real Estate Joint Ventures We have three equity investments in unconsolidated joint venture entities in which we own 51.5% or less of the total ownership interest, one of which owns 10 multi-tenant shopping centers, one of which owns 38 net lease retail properties and one of which has no significant activity. Under all of our joint ventures, 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, construction, development, asset and property management services to these joint ventures for which we are paid fees. 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 2021, 2020 or 2019. 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 $4.2 million and $3.6 million are included in Notes payable, net as of December 31, 2021 and 2020, 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 $2.0 million are included in Other assets, net as of December 31, 2021 and 2020, respectively. Other Assets, net Other assets, net consist primarily of acquired development agreement intangibles, straight-line rent receivable, deferred leasing costs, preferred equity investments, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Deferred financing costs related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements, which approximates the effective interest method. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Preferred equity investments are written down to fair value if the Company's qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. Lastly, the acquired development agreements are amortized over the terms of the respective agreements. 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, 2021, we had $16.5 million in excess of the FDIC insured limit. Recognition of Share-based Compensation Expense We grant share-based compensation awards to employees and trustees in the form of restricted common shares and cash and equity settled awards, 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. We recognize forfeitures related to stock awards and stock options as they occur. See Note 15 of these notes to the consolidated financial statements for further information regarding our share based compensation. Income Tax Status We made an election, 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, 2021, 2020, and 2019, 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 in this report for further information regarding income taxes. Variable Interest Entities (“VIE”) 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 our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. 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. Significant Risks and Uncertainties One of the most significant risks and uncertainties is the potential adverse effect of COVID-19. As a result of COVID-19, we have received numerous rent relief requests, most often in the form of rent deferrals. We have evaluated, and continue to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. While the Company is unable at this time to reasonably estimate the impact that COVID-19 will continue to have on our business, financial position and operating results in future periods due numerous uncertainties, the Company is closely monitoring the impact of the pandemic on all aspects of its business. The COVID-19 pandemic will likely continue to have repercussions across local, national and global economies and markets. COVID-19 may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • Reduced economic activity severely impacting our tenants' businesses, financial condition and liquidity and potentially causing tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • The negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and • Weaker economic conditions could cause us to recognize impairment in the value of our tangible and intangible assets based on the Company's reasonable assessment. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As such, we are unable to predict the impact that it ultimately will have on our financial condition, results of operations and cash flows. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable. Recently Issued Accounting Pronouncements In July 2021, the FASB updated Accounting Standards Codification (“ASC”) Topic 842 “Leases” with ASU 2021-05 “Lessors-Certain Leases with Variable Lease Payments” (“ASU 2021-05”). ASU 2021-05 affects lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840, whereby lessors classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease when certain criteria are met. ASU 2021-05 is effective for annual periods beginning after December 15, 2021, including interim periods within that fiscal year. We are currently evaluating the guidance and the impact that this standard may have on our consolidated financial statements, but do not believe it will have a material impact. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
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 progress, land available for development and real estate held for sale. Following is the detail of the construction in progress and land available for development as of December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Construction in progress $ 16,836 $ 8,608 Land available for development 26,181 26,181 Total $ 43,017 $ 34,789 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. The increase in construction in progress from December 31, 2020 to December 31, 2021 was due primarily to the capital expenditures for ongoing projects, partially offset by completion of tenant build-outs and property dispositions. Land available for development includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Pursuant to the criteria established under ASC Topic 360 we classify properties as held for sale when the following criteria are met (i) management, having the authority to approve the action, commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of December 31, 2021, certain net lease retail assets held by the consolidated portfolio have been fully subdivided from our wholly-owned shopping centers, and the Company has a legally binding agreement to contribute these properties to our RGMZ Venture REIT LLC joint venture. Refer to Note 6 for additional information. As of December 31, 2021, these properties were classified as held for sale with a net book value of $3.8 million included in Net real estate. As of December 31, 2020, we had no properties and no land parcels classified as held for sale. |
Property Acquisitions and Dispo
Property Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Highland Lakes Palm Harbor, FL 82 12/16/21 15,000 15,132 — Total acquisitions 1,491 $ 208,650 $ 202,584 $ — 2020 None (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: Year Ended December 31, 2021 (In thousands) Land $ 48,019 Buildings and improvements 107,013 Above market leases 26,303 Lease origination costs 28,012 Below market leases (6,763) Net assets acquired $ 202,584 Total revenue and income for the 2021 acquisitions in our consolidated statement of operations for the years ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 2020 (in thousands) Consolidated revenue $ 9,532 $ — Consolidated net income available to common shareholders $ 1,738 $ — Dispositions The following table provides a summary of our disposition activity during 2021 and 2020: Gross Property Name Location Property/ Parcel Count GLA Acreage Date Sold Sales Gain on Sale (In thousands) (In thousands) 2021 Buttermilk Towne Center - Land parcels (1) Crescent Springs, KY 2 107 N/A 3/5/21 $ 9,785 $ 3,809 Deer Grove - Outparcel (1) Palatine, IL 1 8 N/A 3/5/21 2,500 1,456 Front Range Village - Land parcel (1) Fort Collins, CO 1 5 N/A 3/5/21 2,750 1,709 Front Range Village - Outparcel (1) Fort Collins, CO 1 4 N/A 3/5/21 2,475 1,197 Merchants' Square - Outparcels (1) Carmel, IN 1 19 N/A 3/5/21 3,977 2,133 Promenade at Pleasant Hill - Land parcel (1) Duluth, GA 1 4 N/A 3/5/21 1,250 467 River City Marketplace - Land parcels (1) Jacksonville, FL 2 5 N/A 3/5/21 2,895 1,938 Rivertowne Square - Land parcel (1) Deerfield Beach, FL 1 3 N/A 3/5/21 3,270 2,272 Shoppes of Lakeland - Land parcel (1) Lakeland, FL 1 3 N/A 3/5/21 1,332 800 Shoppes of Lakeland - Outparcel (1) Lakeland, FL 1 7 N/A 3/5/21 1,200 289 West Broward - Land parcel (1) Plantation, FL 1 4 N/A 3/5/21 4,762 2,933 Tel-Twelve - Land parcels (1) Southfield, MI 2 329 N/A 5/21/21 39,334 34,216 Marketplace of Delray - Land parcels (1) Delray Beach, FL 3 12 N/A 8/27/21 7,960 6,700 Marketplace of Delray - Outparcels (1) Delray Beach, FL 4 17 N/A 8/27/21 8,046 5,192 Parkway Shops - Land parcel (1) Jacksonville, FL 1 26 N/A 8/27/21 2,622 930 Peachtree Hill - Outparcel (1) Duluth, GA 1 66 N/A 8/27/21 8,275 2,103 Promenade at Pleasant Hill - Outparcel (1) Duluth, GA 1 3 N/A 8/27/21 844 443 West Broward Shopping Center - Outparcel (1) Plantation, FL 1 15 N/A 8/27/21 5,954 4,964 West Oaks II Shopping Center - Outparcel (1) Novi, MI 1 4 N/A 8/27/21 746 455 Winchester Center - Land parcel (1) Rochester Hills, MI 1 4 N/A 8/27/21 1,657 1,409 Newnan Pavilion - Land parcel (1) Newnan, GA 1 6 N/A 9/14/21 1,543 — Market Plaza Glen Ellyn, IL 1 166 N/A 11/2/21 30,200 821 Northborough Crossing - Land parcels (1) Northborough, MA 2 142 N/A 12/17/21 27,950 4,605 Northborough Crossing - Outparcels (1) Northborough, MA 2 126 N/A 12/17/21 36,610 1,732 Webster Place Chicago, IL 1 135 N/A 12/28/21 29,250 — Providence Marketplace - Outparcels (1) Mount Juliet, TN 2 10 N/A 12/30/21 3,645 2,341 Deer Grove - Outparcel (1) Palatine, IL 1 20 N/A 12/31/21 5,000 3,779 Total income producing dispositions 38 1,250 — $ 245,832 $ 88,693 Hunter's Square - Land parcel Farmington Hills, MI 1 N/A 0.3 10/1/21 $ 326 $ 222 Total land dispositions 1 — 0.3 $ 326 $ 222 Total dispositions 39 1,250 0.3 $ 246,158 $ 88,915 2020 None Total income producing dispositions — — — $ — $ — Stonegate Land Parcel Kingsport, TN 1 N/A 14.5 12/22/20 $ 550 $ — Spring Meadows - Outlot Springfield Twp, OH 1 N/A 1.2 12/23/20 875 318 Total land dispositions 2 — 15.7 $ 1,425 $ 318 Total dispositions 2 — 15.7 $ 1,425 $ 318 (1) We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 6 of these notes to the consolidated financial statements for additional information. |
Impairment Provisions
Impairment Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Impairment Provisions | Impairment Provisions We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2021 2020 2019 (In thousands) Land available for development $ — $ 598 $ — Income producing properties 17,201 — — Total $ 17,201 $ 598 $ — During 2021, the Company's decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $17.2 million. The adjustment was triggered by changes in the expected hold period assumptions related to the shopping centers. During 2020, changes in the expected use and changes in associated sales price assumptions related to land held for development resulted in an impairment provision of $0.6 million. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures As of December 31, 2020, we had three joint venture agreements: 1) R2G Venture LLC, 2) Ramco/Lion Venture LP, and 3) Ramco HHF NP LLC, whereby we own 51.5%, 30.0% and 7.0%, respectively, of the equity in each joint venture. As of December 31, 2021, our R2G Venture LLC joint venture owned ten income-producing shopping centers, and our other two joint ventures do not own any income producing properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. Our Ramco/Lion Venture LP joint venture was fully dissolved during 2021. On March 4, 2021, we formed a new core net lease retail real estate joint venture, RGMZ Venture REIT LLC (“RGMZ”), with an affiliate of GIC Private Limited (“GIC”), an affiliate of Zimmer Partners (“Zimmer”) and an affiliate of Monarch Alternative Capital LP (“Monarch”). RGMZ is to be seeded with single-tenant, net lease retail properties that have been, or will be created, by the Company upon the subdivision of certain parcels from our existing open-air shopping centers. As of December 31, 2021, the Company had contributed 31 net lease retail properties of the initial agreed upon seeded properties, valued at $120.3 million to RGMZ. Upon the inital contribution, the Company received $108.5 million in gross cash proceeds ($104.2 million in net cash proceeds), as well as a combined $8.2 million preferred equity investment stake in the Zimmer and Monarch affiliates, in exchange for the 93.6% stake in RGMZ that was acquired by the other joint venture partners. The Company retained a 6.4% stake in RGMZ, maintains day-to-day management of the portfolio and earns management, leasing and construction fees. The asset management fee is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee of 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. The Company is also responsible for sourcing future acquisitions for RGMZ. RGMZ has a $240.0 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $500.0 million. As of December 31, 2021, RGMZ had $109.5 million of unused capacity under the $240.0 million secured credit facility. RPT and certain of the other joint venture partners will have consent rights for all future acquisitions, material lease arrangements and also have approval rights in connection with annual budgets and other specified major decisions. We cannot make significant decisions without our partners' approval. Accordingly, we account for our interest in the joint venture using the equity method of accounting. Combined financial information of our unconsolidated joint ventures is summarized as follows: Balance Sheets December 31, 2021 December 31, 2020 (In thousands) (In thousands) ASSETS R2G RGMZ Other Total R2G RGMZ Other Total Investment in real estate, net $ 489,557 $ 152,992 $ — $ 642,549 $ 226,083 $ — $ — $ 226,083 Other assets 71,543 74,295 — 145,838 26,125 — 47 26,172 Total Assets $ 561,100 $ 227,287 $ — $ 788,387 $ 252,208 $ — $ 47 $ 252,255 LIABILITIES AND OWNERS' EQUITY Notes payable $ 28,516 $ 130,519 $ — $ 159,035 $ — $ — $ — $ — Other liabilities 32,914 3,168 — 36,082 14,474 $ — 11 14,485 Owners' equity 499,670 93,600 — 593,270 237,734 $ — 36 237,770 Total Liabilities and Owners' Equity $ 561,100 $ 227,287 $ — $ 788,387 $ 252,208 $ — $ 47 $ 252,255 RPT's equity investments in unconsolidated joint ventures $ 261,229 $ 5,954 $ — $ 267,183 $ 126,333 $ — $ — $ 126,333 Statements of Operations Year Ended December 31, 2021 (In thousands) R2G RGMZ Other Total Total revenue $ 34,206 $ 5,957 $ — $ 40,163 Total expenses 26,322 3,435 7 29,764 Income (loss) before other income and expense 7,884 2,522 (7) 10,399 Interest expense 76 2,285 — 2,361 Net income (loss) $ 7,808 $ 237 $ (7) $ 8,038 Preferred member dividends 75 35 — 110 Net income (loss) available to common members $ 7,733 $ 202 $ (7) $ 7,928 RPT's share of earnings from unconsolidated joint ventures $ 3,982 $ 13 $ — $ 3,995 Statements of Operations Year Ended December 31, 2020 (In thousands) R2G RGMZ Other Total Total revenue $ 24,489 $ — $ (51) $ 24,438 Total expenses 21,285 — 16 21,301 Income (loss) before other income and expenses 3,204 — (67) 3,137 Interest expense — — — — Net income (loss) $ 3,204 $ — $ (67) $ 3,137 Preferred member dividends 73 — — 73 Net income (loss) available to common members $ 3,131 $ — $ (67) $ 3,064 RPT's share of earnings from unconsolidated joint ventures $ 1,612 $ — $ (22) $ 1,590 Statements of Operations Year Ended December 31, 2019 (In thousands) R2G RGMZ Other Total Total revenue $ 1,434 $ — $ 1,712 $ 3,146 Total expenses 1,200 — 1,038 2,238 Income before other income and expenses 234 — 674 908 Gain on sale of real estate — — 5,494 5,494 Net income $ 234 $ — $ 6,168 $ 6,402 Preferred member dividends — — — — Net income available to common members $ 234 $ — $ 6,168 $ 6,402 RPT's share of earnings from unconsolidated joint ventures $ 121 $ — $ 460 $ 581 Acquisitions The following table provides a summary of our R2G joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Dedham Dedham, MA 510 10/7/21 131,500 126,812 — Total R2G acquisitions 1,215 $ 305,650 $ 301,864 $ — 2020 None Total R2G acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the R2G acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: Acquisition Date (In thousands) Land $ 50,824 Buildings and improvements 219,211 Above market leases 7,906 Lease origination costs 34,442 Operating lease right-of-use assets 4,512 Below market leases (8,231) Operating lease liabilities (6,800) Net assets acquired $ 301,864 The following table provides a summary of our RGMZ joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) 2021 RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Mountain Valley Shopping Center Conway, NH 259 11/18/21 26,500 26,946 (15,900) RPT Realty - 4 Income Producing Properties Northborough, MA 268 12/17/21 64,560 64,912 (38,736) RPT Realty - 2 Income Producing Properties Mount Juliet, TN 10 12/30/21 3,645 3,708 (2,187) RPT Realty - 1 Income Producing Property Palatine, IL 20 12/31/21 5,000 5,047 (3,000) Total RGMZ acquisitions 1,222 $ 217,532 $ 220,420 $ (130,519) 2020 None Total acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. The total aggregate fair value of the RGMZ acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: Acquisition Date (In thousands) Land $ 82,265 Buildings and improvements 71,061 Above market leases 54,254 Lease origination costs 13,705 Below market leases (865) Net assets acquired $ 220,420 Dispositions There were no dispositions of our unconsolidated joint venture properties during 2021 and 2020. Joint Venture Management and Other Fee Income We receive a property management fee which is based upon 4% of gross revenues received for providing services to R2G and recognize these fees as the services are rendered. We also receive leasing fees for new leases and renewal leases of 5% and 2.5%, respectively, of total expected rent over the length of the lease, capped at 10 years. We receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. We also can receive fees from both joint ventures for leasing and investing services. The following tables provide information for our fees earned which are reported in our consolidated statements of operations and comprehensive income: Year Ended December 31, 2021 R2G RGMZ Other Total (In thousands) Management fees $ 1,376 $ 187 $ — $ 1,563 Leasing fees 418 — — 418 Construction fees 5 — — 5 Total $ 1,799 $ 187 $ — $ 1,986 Year Ended December 31, 2020 R2G RGMZ Other Total (In thousands) Management fees $ 895 $ — $ — $ 895 Leasing fees 490 — — 490 Construction fees 10 — — 10 Total $ 1,395 $ — $ — $ 1,395 Year Ended December 31, 2019 R2G RGMZ Other Total (In thousands) Management fees $ 52 $ — $ 85 $ 137 Leasing fees — — 2 2 Acquisition/disposition fees — — 67 67 Construction fees — — 24 24 Total $ 52 $ — $ 178 $ 230 |
Other Assets, Net and Acquired
Other Assets, Net and Acquired Lease Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 (In thousands) Deferred leasing costs, net $ 28,308 $ 26,908 Deferred financing costs on unsecured revolving credit facility, net 1,243 1,953 Acquired development agreements (1) 15,928 16,973 Other, net 8,188 9,158 Total amortizable other assets 53,667 54,992 Straight-line rent receivable, net 16,220 17,579 Goodwill 2,089 2,089 Preferred equity investments 13,529 — Other assets held for sale 204 — Prepaid and other deferred expenses, net 2,715 2,805 Other assets, net $ 88,424 $ 77,465 (1) Represents in-place public improvement agreement of approximately $12.3 million and real estate tax exemption agreement of approximately $3.6 million associated with two properties acquired in 2014. Straight-line rent receivables are recorded net of allowances of $4.5 million and $4.1 million at December 31, 2021 and 2020, respectively. Acquired lease intangible assets, net consisted of the following: December 31, 2021 2020 (In thousands) Lease origination costs $ 63,011 $ 56,505 Above market leases 5,894 3,951 68,905 60,456 Accumulated amortization (31,051) (34,102) Acquired lease intangibles, net $ 37,854 $ 26,354 Acquired lease intangible assets have a remaining weighted-average amortization period of 10.2 years as of December 31, 2021. These intangible assets are being amortized over the terms 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 rental income over the applicable terms of the respective leases. Amortization of the above market lease asset resulted in a reduction of revenue of approximately $1.2 million, $0.7 million, and $0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Combined, amortizable other assets, net and acquired lease intangibles, net totaled $91.5 million. The following table represents estimated aggregate amortization related to those assets as of December 31, 2021: Year Ending December 31, (In thousands) 2022 $ 15,789 2023 12,433 2024 10,381 2025 8,794 2026 7,578 Thereafter 36,546 Total $ 91,521 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of December 31, 2021 and 2020: December 31, Notes Payable and Finance Lease Obligation 2021 2020 (In thousands) Senior unsecured notes $ 511,500 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 31,697 85,254 Unsecured revolving credit facility 35,000 100,000 888,197 1,030,254 Unamortized premium 153 1,103 Unamortized deferred financing costs (4,165) (3,606) Total notes payable, net $ 884,185 $ 1,027,751 Finance lease obligation $ 821 $ 875 Senior Unsecured Notes On June 28, 2021, we repaid $37.0 million which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. On October 8, 2021, we entered into a note purchase agreement with the various institutional investors named therein and closed a private placement of the Operating Partnership’s (i) $75.0 million aggregate principle amount of 3.70% Senior Guaranteed Notes, Series A, due November 30, 2030 (the “2030 Notes”) and (ii) $55.0 million aggregate principle amount of 3.82% Senior Guaranteed Notes, Series B, due November 30, 2031 (the “2031 Notes”). Such notes are unsecured and are guaranteed by the Company and certain subsidiaries of the Operating Partnership. The 2030 Notes bear interest at an annual fixed rate of 3.70%, and the 2031 Notes bear interest at an annual fixed rate of 3.82%. A portion of the proceeds were used to repay the Operating Partnership's (i) $41.5 million aggregate principal amount of 4.12% senior unsecured notes due 2023 for an aggregate amount of $43.6 million, which included a prepayment penalty of $2.1 million, (ii) $50.0 million aggregate principal amount of 4.65% senior unsecured notes due 2024 for an aggregate amount of $54.3 million, which included a prepayment penalty of $4.3 million and (iii) $25.0 million aggregate principal amount of 4.05% senior unsecured notes due 2024 for an aggregate amount of $27.0 million, which included a prepayment penalty of $2.0 million. In conjunction with these early repayments, we wrote off unamortized deferred financing costs of $0.2 million, which is included as loss on extinguishment of debt in the consolidated statement of operations and comprehensive income. The following table summarizes the Company's senior unsecured notes: December 31, 2021 December 31, 2020 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes - 3.75% due 2021 6/27/2021 $ — — % $ 37,000 3.75 % Senior unsecured notes - 4.12% due 2023 6/27/2023 — — % 41,500 4.12 % Senior unsecured notes - 4.65% due 2024 5/28/2024 — — % 50,000 4.65 % Senior unsecured notes - 4.05% due 2024 11/18/2024 — — % 25,000 4.05 % Senior unsecured notes - 4.27% due 2025 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes - 4.20% due 2025 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes - 4.09% due 2025 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes - 4.74% due 2026 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes - 4.28% due 2026 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes - 4.57% due 2027 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes - 3.64% due 2028 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes - 4.72% due 2029 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes - 4.15% due 2029 12/27/2029 50,000 4.15 % 50,000 4.15 % Senior unsecured notes - 3.70% due 2030 11/30/2030 75,000 3.70 % — — % Senior unsecured notes - 3.82% due 2031 11/30/2031 55,000 3.82 % — — % $ 511,500 4.09 % $ 535,000 4.20 % Unamortized deferred financing costs (2,694) (1,715) Total $ 508,806 $ 533,285 Unsecured Term Loan Facilities and Revolving Credit Facility On November 6, 2019, the Operating Partnership entered into a Fifth Amended and Restated Credit Agreement (the “credit agreement”) which consists of an unsecured revolving credit facility (the “revolving credit facility”) of up to $350.0 million and term loan facilities of $310.0 million (the “term loan facilities” and, together with the revolving credit facility, the “unsecured revolving line of credit”). The revolving credit facility matures on November 6, 2023 and can be extended for up to one year to 2024 through two six-month options, subject to continued compliance with the terms of the credit agreement and the payment of an extension fee of 0.075%. Borrowings on the revolving credit facility are priced on a leverage grid ranging from LIBOR plus 105 basis points to LIBOR plus 150 basis points. The term loan facilities mature in five separate tranches ranging from March 3, 2023 to February 5, 2027 and are priced on a leverage grid ranging from LIBOR plus 120 basis points to LIBOR plus 220 basis points. The credit agreement allows for the right to request increases in the revolving and term loan commitments or the making of additional term loans by up to an additional $340.0 million to a maximum aggregate amount not to exceed $1.0 billion. The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: December 31, 2021 December 31, 2020 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan due 2023 - fixed rate (1) 3/3/2023 $ 60,000 3.02 % $ 60,000 3.02 % Unsecured term loan due 2024 - fixed rate (2) 11/6/2024 50,000 2.51 % 50,000 2.51 % Unsecured term loan due 2025 - fixed rate (3) 2/6/2025 50,000 2.57 % 50,000 2.57 % Unsecured term loan due 2026 - fixed rate (4) 11/6/2026 50,000 2.95 % 50,000 2.95 % Unsecured term loan due 2027 - fixed rate (5) 2/5/2027 100,000 3.04 % 100,000 3.12 % $ 310,000 2.86 % $ 310,000 2.89 % Unamortized deferred financing costs (1,471) (1,891) Term loans, net $ 308,529 $ 308,109 Revolving credit facility - variable rate 11/6/2023 $ 35,000 1.25 % $ 100,000 1.30 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021 (3) Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at December 31, 2021. (5) Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at December 31, 2021. As of December 31, 2021, we had $35.0 million outstanding under our unsecured revolving credit facility, a decrease of $65.0 million from December 31, 2020, as a result of net repayments in 2021. We had no outstanding letters of credit issued under our revolving credit facility as of December 31, 2021. We had $315.0 million of unused capacity under our $350.0 million unsecured revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. The interest rate as of December 31, 2021 was 1.25%. Mortgages On November 8, 2021, the Company repaid a mortgage note secured by Bridgewater Falls Shopping Center totaling $51.5 million with an interest rate of 5.70%. The following table summarizes the Company's fixed rate mortgages: December 31, 2021 December 31, 2020 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 $ — — % $ 52,274 5.70 % The Shops on Lane Avenue 1/10/2023 27,624 3.76 % 28,169 3.76 % Nagawaukee II 6/1/2026 4,073 5.80 % 4,811 5.80 % $ 31,697 4.02 % $ 85,254 5.06 % Unamortized premium 153 1,103 Total $ 31,850 $ 86,357 The fixed rate mortgages are secured by properties that have an approximate net book value of $72.3 million as of December 31, 2021. 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. Finance lease At December 31, 2021 we had a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs, Kentucky with a gross carrying value of $10.1 million classified as land. Total amounts expensed as interest relating to this lease were negligible for the year ended December 31, 2021 and 2020, and was $0.1 million for the year ended December 31, 2019. Covenants On June 30, 2020, the Company entered into amendments to the note purchase agreements governing all of the Company's outstanding senior unsecured notes. The following is a summary of the material amendments: • The occupancy tests relating to the minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness were eliminated during the period from June 30, 2020 through and including September 30, 2021 (the “Specified Period”) and were otherwise reduced during the fiscal quarters ended December 31, 2021 and March 31, 2022; • The minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness that the Operating Partnership is required to maintain was reduced during the Specified Period; and • The Operating Partnership agreed to a minimum liquidity requirement during the Specified Period. Our revolving credit facility, senior unsecured notes as amended and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of December 31, 2021, we were in compliance with these covenants. The following table presents scheduled principal payments on mortgages, notes payable, revolving credit facility and finance lease payments as of December 31, 2021: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2022 $ 1,348 $ 100 2023 (1) 122,888 100 2024 50,879 100 2025 182,431 100 2026 125,651 100 Thereafter 405,000 600 Subtotal debt 888,197 1,100 Unamortized mortgage premium 153 — Unamortized deferred financing costs (4,165) — Amounts representing interest — (279) Total $ 884,185 $ 821 (1) Scheduled maturities in 2023 include the $35.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2021. The unsecured revolving credit facility has two six-month extensions available at the Company's option provided compliance with financial covenants is maintained. |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Acquired Lease Intangible Liabilities, Net | Acquired Lease Intangible Liabilities, NetAcquired lease intangible liabilities, net were $36.2 million and $35.3 million as of December 31, 2021 and 2020, respectively. 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 $3.9 million, $3.6 million, and $7.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020: Balance Sheet Location Total Fair Value Level 1 Level 2 Level 3 2021 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (2,712) $ — $ (2,712) $ — 2020 Derivative assets - interest rate swaps Other assets $ — $ — $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (14,468) $ — $ (14,468) $ — Other Assets and Liabilities The carrying values of cash and cash equivalents, restricted cash and escrows, accounts receivables and accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturity of these financial instruments. Debt 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. The Company determined that the valuation of its fixed rate senior unsecured notes, unsecured term loan facilities (including variable rate term loans swapped to fixed through derivatives), and unsecured revolving credit facility were classified as Level 2 of the fair value hierarchy and its fixed rate mortgages were classified within Level 3 of the fair value hierarchy. Our Level 2 fixed rate debt had carrying values of $821.5 million and $845.0 million as of December 31, 2021 and 2020, respectively, and had fair values of approximately $833.1 million and $840.1 million, respectively. Our Level 2 variable rate debt’s fair value is estimated to be the carrying values of $35.0 million and $100.0 million as of December 31, 2021 and 2020, respectively. Our Level 3 fixed rate mortgages had carrying values of $31.7 million and $85.3 million as of December 31, 2021 and 2020, respectively, and had fair values of approximately $32.4 million and $87.4 million, respectively. Net Real Estate Our net real estate, including any identifiable intangible assets, are regularly subject to impairment testing but marked to fair value 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, 2021 and 2020 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, 2021 and 2020. Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2021 Income producing properties 30,171 — — 30,171 (17,201) Total $ 30,171 $ — $ — $ 30,171 $ (17,201) 2020 Land available for development 504 $ — $ — 504 (598) Total $ 504 $ — $ — $ 504 $ (598) 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, 2021 | |
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 variable 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 and comprehensive income. 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, 2021, all of our hedges were effective. In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the ICE Benchmark Administration, the administrator of LIBOR, announced its intention to cease publication of certain LIBOR settings after 2021, while continuing to publish overnight and one-, three-, six-, and twelve-month U.S. dollar LIBOR rates through June 30, 2023. While this announcement extended the transition period to June 2023, the United States Federal Reserve Board and other regulatory bodies concurrently issued guidance encouraging banks and other financial market participants to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and in any event no later than December 31, 2021. In the U.S., the AARC, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has recommended the SOFR plus a recommended spread adjustment as its preferred alternative to USD-LIBOR. There are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured rate, and SOFR is an overnight rate while LIBOR reflects term rates at different maturities. We expect that all LIBOR settings relevant to us will cease to be published or will no longer be representative after June 30, 2023. As a result, any of our LIBOR-based borrowings that extend beyond such date will need to be converted to a replacement rate. Certain risks may arise in connection with transitioning contracts to SOFR or any other alternative variable rate, including any resulting value transfer that may occur. The value of loans, securities, or derivative instruments tied to LIBOR could also be impacted. We have material contracts that are indexed to USD-LIBOR, and for some instruments, the method of transitioning to an alternative rate may be challenging, as they may require substantial negotiation with each respective counterparty. If a contract is not transitioned to an alternative variable rate and LIBOR is discontinued, the impact is likely to vary by contract. The discontinuation of LIBOR will not affect our ability to borrow or maintain already outstanding borrowings or swaps, but if our contracts indexed to LIBOR, including certain contracts governing our variable rate debt and our interest rate swaps, are converted to SOFR, the differences between LIBOR and SOFR, plus the recommended spread adjustment, could result in interest costs that are higher than if LIBOR remained available. Additionally, although SOFR is the AARC’s recommended replacement rate, it is also possible that lenders may instead choose alternative replacement rates that may differ from LIBOR in ways similar to SOFR or in ways that would result in higher interest costs for us. It is not yet possible to predict the magnitude of LIBOR’s end on our borrowing costs given the remaining uncertainty about which rates will replace LIBOR. At December 31, 2021, we had ten interest rate swap agreements in effect for an aggregate notional amount of $310.0 million converting our floating rate corporate debt to fixed rate debt. The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2021: Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 60,000 1.770 % $ (875) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (211) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (70) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (73) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (204) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (215) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (211) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (226) 01/2027 Unsecured term loan Cash Flow 50,000 1.382 % (405) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (222) 01/2027 Total Derivative Liabilities $ 310,000 $ (2,712) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020: Underlying Debt Hedge Notional Fixed Fair Expiration (In thousands) (In thousands) Derivative Liabilities Unsecured term loan facility Cash Flow $ 20,000 1.498 % $ (112) 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % (83) 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % (220) 05/2021 Unsecured term loan facility Cash Flow 60,000 1.770 % (2,128) 03/2023 Unsecured term loan facility Cash Flow 30,000 1.260 % (1,193) 11/2024 Unsecured term loan facility Cash Flow 10,000 1.259 % (397) 11/2024 Unsecured term loan facility Cash Flow 10,000 1.269 % (401) 11/2024 Unsecured term loan facility Cash Flow 25,000 1.310 % (1,071) 01/2025 Unsecured term loan facility Cash Flow 25,000 1.324 % (1,085) 01/2025 Unsecured term loan facility Cash Flow 50,000 1.297 % (2,522) 11/2026 Unsecured term loan facility Cash Flow 25,000 1.402 % (1,425) 01/2027 $ 310,000 $ (10,637) Derivative Liabilities - Forward Swaps Unsecured term loan facility Cash Flow 50,000 1.382 % (2,541) 01/2027 Unsecured term loan facility Cash Flow 25,000 1.398 % (1,290) 01/2027 Total Derivative Liabilities $ 385,000 $ (14,468) The effect of derivative financial instruments on our consolidated statements of operations and comprehensive income for the years ended December 31, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ (2,345) Interest Expense $ — $ 14 Interest rate contracts - liabilities 15,906 (11,233) Interest Expense (4,150) (2,766) Total $ 15,906 $ (13,578) Total $ (4,150) $ (2,752) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2021, 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) 2022 $ 151,158 2023 135,782 2024 116,981 2025 97,006 2026 77,168 Thereafter 199,748 Total $ 777,843 We recognized rental income related to variable lease payments of $47.8 million and $44.2 million for the years ended December 31, 2021 and 2020 , respectively . Substantially all of the assets included as income producing properties, net on the consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of December 31, 2021 , the Company’s wholly owned portfolio was 93.1% leased. Expenses We have operating leases for our corporate office in New York, New York and our Southfield, Michigan office, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground leases at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2021 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 604 581 859 Finance lease cost Interest Expense 46 48 51 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 17,934 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,029 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,431 $ 17,819 Finance lease liability Finance lease liability 821 875 Total lease liabilities $ 18,252 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.16 % 6.10 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,504 $ 1,467 Operating cash flows from finance lease 46 48 Financing cash flows from finance lease 54 52 Maturities of lease liabilities as of December 31, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2022 $ 1,482 $ 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 Thereafter 93,337 600 Total lease payments $ 99,573 $ 1,100 Less imputed interest (82,142) (279) Total $ 17,431 $ 821 |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2021, 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) 2022 $ 151,158 2023 135,782 2024 116,981 2025 97,006 2026 77,168 Thereafter 199,748 Total $ 777,843 We recognized rental income related to variable lease payments of $47.8 million and $44.2 million for the years ended December 31, 2021 and 2020 , respectively . Substantially all of the assets included as income producing properties, net on the consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of December 31, 2021 , the Company’s wholly owned portfolio was 93.1% leased. Expenses We have operating leases for our corporate office in New York, New York and our Southfield, Michigan office, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground leases at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2021 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 604 581 859 Finance lease cost Interest Expense 46 48 51 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 17,934 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,029 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,431 $ 17,819 Finance lease liability Finance lease liability 821 875 Total lease liabilities $ 18,252 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.16 % 6.10 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,504 $ 1,467 Operating cash flows from finance lease 46 48 Financing cash flows from finance lease 54 52 Maturities of lease liabilities as of December 31, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2022 $ 1,482 $ 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 Thereafter 93,337 600 Total lease payments $ 99,573 $ 1,100 Less imputed interest (82,142) (279) Total $ 17,431 $ 821 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 (In thousands, except per share data) Net income (loss) $ 70,264 $ (10,474) $ 93,686 Net (income) loss attributable to noncontrolling interest (1,625) 241 (2,175) Preferred share dividends (6,701) (6,701) (6,701) Allocation of income to restricted share awards (498) (136) (533) Net income (loss) available to common shareholders $ 61,440 $ (17,070) $ 84,277 Weighted average shares outstanding, Basic 81,083 79,998 79,802 Earnings (Loss) per common share, Basic $ 0.76 $ (0.21) $ 1.06 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2021 2020 2019 (In thousands, except per share data) Net income (loss) $ 70,264 $ (10,474) $ 93,686 Net (income) loss attributable to noncontrolling interest (1,625) 241 (2,175) Preferred share dividends (1) (6,701) (6,701) — Allocation of income to restricted share awards (498) (136) (533) Net income available to common shareholders $ 61,440 $ (17,070) $ 90,978 Weighted average shares outstanding, Basic 81,083 79,998 79,802 Restricted share awards using the treasury method (2) 1,215 — 939 Dilutive effect of securities (1) — — 6,981 Weighted average shares outstanding, Diluted 82,298 79,998 87,722 Earnings per common share, Diluted $ 0.75 $ (0.21) $ 1.04 (1) The assumed conversion of preferred shares is dilutive for the year ended December 31, 2019 and anti-dilutive for all other periods presented. (2) Restricted share awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. We exclude certain securities from the computation of diluted earnings per share. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Year Ended December 31, 2021 2020 2019 Issued Converted Issued Converted Issued Converted Operating Partnership Units 1,755 1,755 1,909 1,909 1,909 1,909 Series D Preferred Shares 1,849 7,017 1,849 7,017 — — Restricted Stock Awards — — 1,571 496 — — 3,604 8,772 5,329 9,422 1,909 1,909 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Underwritten public offerings We did not complete any underwritten public offerings in 2021, 2020 or 2019. Equity Distribution Agreement In February 2020, the Company entered into an Equity Distribution Agreement ( “ Equity Distribution Agreement ” ) pursuant to which the Company may offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million. Sales of the shares of common stock may be made, in the Company's discretion, from time to time in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933. The Equity Distribution Agreement also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. For the year ended December 31, 2021, the Company issued 3,483,120 shares of its common stock, receiving $45.7 million of gross proceeds before issuance costs, which were used for working capital and general corporate purposes. For the year ended December 31, 2021, the Company did not enter into any forward contracts. As of December 31, 2021, $54.3 million of common stock remained available for issuance under this Equity Distribution Agreement. Non-Controlling Interests As of December 31, 2021, 2020 and 2019, we had 1,754,842, 1,909,018, and 1,909,018 of OP Units outstanding, respectively. 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 2021, there were 13,830 OP Units converted for cash in the amount of $0.2 million, and 140,346 OP Units converted for common shares. During 2020 and 2019, there were no units converted. Preferred Shares As of December 31, 2021, 2020 and 2019 we had 1,848,539 shares of 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest (“Preferred Shares”) outstanding that have a liquidation preference of $50 per share and a par value of $0.01 per share. The Preferred Shares were convertible at any time by the holders to our common shares at a conversion rate of $13.17, $13.17 and $13.24 per share as of December 31, 2021, 2020 and 2019, respectively. 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, 2021, 2020, and 2019, the Preferred Shares were convertible into approximately 7.0 million shares of common stock. The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2021 2020 2019 Declared Paid Declared Paid Declared Paid Common shares $ 0.390 $ 0.270 $ 0.220 $ 0.440 $ 0.880 $ 0.880 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, 2021 2020 2019 Common shares Qualified dividend $ 0.011 $ — $ — Section 199A dividend (1) 0.043 0.391 0.250 Ordinary dividend $ 0.054 $ 0.391 $ 0.250 Capital gain distribution — — 0.376 Non-dividend distribution 0.216 0.049 0.254 $ 0.270 $ 0.440 $ 0.880 Perpetual Preferred Shares Ordinary dividend (1) $ 3.625 $ 3.625 $ 1.448 Capital gain distribution — — 2.177 $ 3.625 $ 3.625 $ 3.625 (1) Represents qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Internal Revenue Code if 1986, as amended, that is available for non-corporate taxpayers and is included in "Ordinary Dividends". The fourth quarter Common shares and Preferred Shares distribution for 2021 which was paid on January 3, 2022, has been treated as paid on January 3, 2022 for income tax purposes. The fourth quarter Preferred Shares distribution for 2020, which was paid on January 4, 2021, has been treated as paid on January 4, 2021 for income tax purposes. The fourth quarter preferred shares distribution for 2019, which was paid on January 2, 2020 has been treated as paid on January 2, 2020 for income tax purposes. Dividend reinvestment plan We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional common shares 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, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation and Other Benefit Plans | Share-Based Compensation and Other Benefit Plans Incentive, Inducement and Stock Option Plans As of December 31, 2021, we have two share-based compensation plans in effect: 1) the Amended and Restated 2019 Omnibus Long-Term Incentive Plan (“2019 LTIP”) and 2) the Inducement Incentive Plan (“Inducement Plan”). The 2019 LTIP is administered by the compensation committee of the Board (the “Compensation Committee”). The 2019 LTIP provides for the award to our trustees, officers, employees and other service providers of restricted shares, restricted share units, options to purchase shares, share appreciation rights, unrestricted shares, and other awards to acquire up to an aggregate of 5.1 million common shares of beneficial interest plus any shares that become available under the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) as a result of the forfeiture, expiration or cancellation of outstanding awards or any award settled in cash in lieu of shares under such plan. As of December 31, 2021, there were 2.4 million shares of beneficial interest available for issuance under the 2019 LTIP. The Inducement Plan was approved by the Board in April 2018 and under such plan the Compensation Committee may grant, subject to any Company performance conditions as specified by the Compensation Committee, restricted shares, restricted share units, options and other awards to individuals who were not previously employees or members of the Board as an inducement to the individual's entry into employment with the Company. The Inducement Plan allows us to issue up to 6.0 million common shares, of which 5.0 million common shares remained available for issuance as of December 31, 2021; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. The 2012 LTIP, which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees, has been terminated except with respect to awards currently outstanding under the plan. We recognized total share-based compensation expense of $8.1 million, $6.3 million, and $6.5 million for 2021, 2020, and 2019, respectively. Restricted Stock Share-Based Compensation Under the 2012 LTIP, Inducement Plan and 2019 LTIP, the Company has made grants of service-based restricted shares, performance-based cash awards and performance-based equity awards. The service-based restricted share awards to employees vest over three years or five years and the compensation expense is recognized on a graded vesting basis. The service-based restricted share awards to trustees vest over one year. We recognized expense related to service-based restricted share grants of $4.1 million for the year ended December 31, 2021, $3.7 million for year ended December 31, 2020 and $3.5 million for the year ended December 31, 2019. During the year ended December 31, 2021, we granted the following awards: • 348,667 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date. The service-based restricted share awards to employees vest over three years and the compensation expense is recognized on a graded vesting basis. The service-based restricted share awards to trustees vest over one year; • Performance-based equity awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”). A summary of the activity of service-based restricted shares under the 2012 LTIP, the Inducement Plan and the 2019 LTIP for the years ended December 31, 2021, 2020 and 2019 is presented below: 2021 2020 2019 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 842,321 $ 9.75 449,643 $ 12.40 354,029 $ 13.05 Granted 348,667 10.92 636,024 8.91 272,711 12.10 Vested (336,592) 10.47 (205,839) 12.38 (174,343) 13.04 Forfeited or expired (4,849) 8.22 (37,507) 12.78 (2,754) 13.16 Outstanding, end of the year 849,547 $ 9.96 842,321 $ 9.75 449,643 $ 12.40 As of December 31, 2021, we had 778,740 unvested service-based share awards outstanding under the 2019 LTIP and 70,807 unvested service-based share awards outstanding under the 2012 LTIP. We had no unvested service-based share awards outstanding under the Inducement Plan. These awards have various expiration dates through June 2025. The Company has TSR Grants that are either earned (1) subject to a future performance measurement based on a three-year shareholder return peer comparison or (2) subject to a future performance measurement based on the Company's stock price over a four-year performance period. Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three-year or four-year measurement period the performance criterion is not met, compensation expense related to the cash awards previously recognized would be reversed. We recognized compensation expense of $0.4 million, $0.2 million and $1.1 million related to these performance awards recorded during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the future performance measurement period had been completed for all outstanding TSR Grants that will be settled in cash, and as such, there was no Monte Carlo simulation models performed. The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table: December 31, 2020 Closing share price $8.65 Expected dividend rate — % Expected stock price volatility 49.8% - 91.5% Risk-free interest rate 0.1% - 0.3% Expected life (years) 1.0 - 4.00 The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognizes the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. We recognized compensation expense of $3.6 million, $2.4 million, and $1.9 million related to these performance awards recorded during the years ended December 31, 2021 2020 and 2019, respectively. The fair value of each grant for the reported periods is estimated on the date of grant using the Monte Carlo simulation model using the weighted average assumptions noted in the following table: Year Ended December 31, 2021 2020 2019 Closing share price $10.45 $5.03 - $13.09 $12.05 Expected dividend rate —% —% - 6.7% 7.3% Expected stock price volatility 57.1% 23.3% - 46.2% 22.9% Risk-free interest rate 0.2% 0.3% - 0.9% 2.5% Expected life (years) 2.88 2.85 - 4.18 2.85 As of December 31, 2021, we had $14.3 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards. This expense is expected to be recognized over a weighted-average period of 2.5 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 any of our plans in the years ended December 31, 2021, 2020 and 2019. 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 was approximately $0.2 million for each of the years ended December 31, 2021, 2020 and 2019. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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 Code. In order to maintain our qualification as a REIT, we and our subsidiary REITs 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, 2021, we had a federal and state deferred tax asset of $8.6 million and a valuation allowance of $8.6 million, which represents an increase of $0.6 million from December 31, 2020. 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 consolidated statement of operations and comprehensive income in the period we made the determination. For the year ended December 31, 2021, we recorded an income tax benefit of $0.1 million. Income tax benefit for the year ended December 31, 2020 was negligible. For the year ended December 31 2019, we recorded an income tax provision of $0.2 million. We had no unrecognized tax benefits as of or during the three year period ended December 31, 2021. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. No material interest or penalties relating to income taxes were recognized in the statement of operations for the years ended December 31, 2021, 2020, and 2019 or in the consolidated balance sheets as of December 31, 2021, 2020, and 2019. It is our accounting policy to classify interest and penalties relating to unrecognized tax benefits as tax expense. As of December 31, 2021, returns for the calendar years 2018 through 2021 remain subject to examination by the Internal Revenue Service (“IRS”) and various state and local tax jurisdictions. As of December 31, 2021, certain returns for calendar year 2017 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, 2021 | |
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, 2021, we had entered into agreements for construction costs of approximately $2.8 million. Litigation We are currently involved in certain litigation arising in the ordinary course of business. We are not aware of any matters that would have a material effect on our consolidated financial statements. Development Obligations As of December 31, 2021, the Company has $1.8 million of development related obligations that require annual payments through December 2032. Guarantee A redevelopment agreement was entered into between the City of Jacksonville, the Jacksonville Economic Development Commission and the Company, to construct and develop River City Marketplace in 2005. As part of the agreement, the city agreed to finance up to $12.2 million of bonds. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years, and repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the life of the bonds, including principal and interest, are $6.8 million. As part of the redevelopment, the Company executed a guaranty agreement whereby the Company would fund debt service payments if incremental revenues were not sufficient to fund repayment. There have been no payments made by the Company under this guaranty agreement to date. 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, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that the consolidated financial statements were issued. In February 2022, our R2G joint venture closed on two mortgages totaling $52.0 million with a weighted average interest rate of 2.88%. The mortgages are due at various maturity dates from March 2029 through March 2031. In February 2022, the Company repaid $25.0 million on its unsecured revolving credit facility. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2021 (in thousands of dollars) Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Year For the Year Ended December 31, 2021 Allowance for Doubtful Accounts $ 12,996 2,450 (2,339) — $ 13,107 Straight Line Rent Reserve $ 4,091 522 (109) — $ 4,504 For the Year Ended December 31, 2020 Allowance for Doubtful Accounts $ 1,037 12,884 (925) — $ 12,996 Straight Line Rent Reserve $ 1,825 2,721 (455) — $ 4,091 For the Year Ended December 31, 2019 Allowance for Doubtful Accounts $ 858 625 (446) — $ 1,037 Straight Line Rent Reserve $ 2,323 (492) (6) — $ 1,825 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Summary of Real Estate and Accumulated Depreciation | SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (in thousands of dollars) 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 Bellevue Plaza TN $ — $ 2,061 $ 6,544 $ — $ 2,061 $ 6,544 $ 8,605 $ 120 2002 2021 Bridgewater Falls OH — 9,831 76,446 (360) 9,831 76,086 85,917 16,365 2005/2007 2014 Buttermilk Towne Center KY — 13,249 21,103 (879) 10,095 23,378 33,473 5,883 2005 2014 Centennial Shops MN — — 29,639 424 — 30,063 30,063 5,317 2008 2016 Central Plaza MO — 10,250 10,909 2,447 10,250 13,356 23,606 3,716 1970 2012 Clinton Pointe MI — 1,175 10,499 2,025 1,176 12,523 13,699 5,390 1992 2003 Crofton Centre MD — 8,012 22,774 1,517 8,012 24,291 32,303 4,481 1974 2015 Cypress Point FL — 2,968 17,637 2,235 2,968 19,872 22,840 5,030 1983 2013 Deer Creek Shopping Center MO — 6,070 18,105 2,151 6,070 20,256 26,326 5,351 1970's/2013 2013 Deer Grove Centre IL — 8,408 8,197 4,389 7,873 13,121 20,994 5,195 1997 2013 Deerfield Towne Center OH — 6,868 78,551 11,913 6,868 90,464 97,332 23,600 2004/2007 2013 Front Range Village CO — 19,413 80,600 16,173 18,988 97,198 116,186 18,037 2008 2014 Heritage Place MO — 13,899 22,506 3,732 13,899 26,238 40,137 8,966 1989 2011 Highland Lakes FL — 4,714 9,378 — 4,714 9,378 14,092 — 1979 2021 Holcomb Center GA — 658 5,953 5,282 658 11,235 11,893 5,691 1986 1996 Hunters Square MI — 7,673 52,774 6,679 7,577 59,549 67,126 15,752 1988 2013 Lakehills Plaza TX — 17,987 12,828 166 17,987 12,994 30,981 1,159 1980/2019 2019 Lakeland Park Center FL — 15,365 — 41,410 16,864 39,911 56,775 10,010 2014 2008 Marketplace of Delray FL — 7,922 18,910 (1,102) 6,378 19,352 25,730 5,273 1981/2010 2013 Merchants' Square IN — 4,997 18,346 5,470 4,453 24,360 28,813 8,214 1970 2010 Mount Prospect Plaza IL — 11,633 21,767 2,856 9,601 26,655 36,256 7,541 1958/1987/2012 2013 Nagawaukee Shopping Center WI 4,073 7,549 30,898 4,221 7,517 35,151 42,668 8,821 1994/2004/2008 2012/2013 Newnan Pavillion GA — 10,124 24,057 — 10,124 24,057 34,181 539 1998/2013 2021 Northborough Crossing MA — 10,199 21,892 51 10,199 21,943 32,142 467 2011 2021 Olentangy Plaza OH — 4,283 20,774 3,270 4,283 24,044 28,327 5,188 1981 2015 Parkway Shops FL — 3,145 — 21,422 5,827 18,740 24,567 4,821 2013 2008 Peachtree Hill GA — 7,517 17,062 (7,866) 6,134 10,579 16,713 2,058 1986 2015 Promenade at Pleasant Hill GA — 3,891 22,520 5,944 3,330 29,025 32,355 12,861 1993 2004 Providence Marketplace TN — 22,171 85,657 (548) 22,088 85,192 107,280 13,550 2006 2017 River City Marketplace FL — 19,768 73,859 8,596 11,088 91,135 102,223 32,358 2005 2005 Rivertowne Square FL — 954 8,587 2,474 895 11,120 12,015 5,580 1980 1998 Shoppes of Lakeland FL — 5,503 20,236 241 5,236 20,744 25,980 5,408 1985 1996 Southfield Plaza MI — 1,121 10,777 1,368 1,121 12,145 13,266 8,384 1969 1996 Spring Meadows Place OH — 2,646 16,758 15,930 4,539 30,795 35,334 15,141 1987 1996 Tel-Twelve MI — 3,819 43,181 30,094 1,738 75,356 77,094 41,669 1968 1996 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 The Shops on Lane Avenue OH 27,624 4,848 51,273 6,020 4,848 57,293 62,141 10,338 1952/2004 2015 Treasure Coast Commons FL — 2,924 10,644 954 2,924 11,598 14,522 3,290 1996 2013 Troy Marketplace MI — 8,371 29,333 16,003 9,966 43,741 53,707 10,107 2000/2010 2013 Village Lakes Shopping Center FL — 862 7,768 8,509 862 16,277 17,139 8,248 1987 1997 Vista Plaza FL — 3,667 16,769 584 3,667 17,353 21,020 4,220 1998 2013 West Broward FL — 5,339 11,521 (1,195) 4,610 11,055 15,665 2,527 1965 2013 West Allis Towne Centre WI — 1,866 16,789 16,458 1,866 33,247 35,113 15,534 1987 1996 West Oaks I MI — 1,058 17,173 21,020 2,826 36,425 39,251 13,568 1979 1996/2018 West Oaks II MI — 1,391 12,519 8,988 1,315 21,583 22,898 11,874 1986 1996 Winchester Center MI — 5,667 18,559 7,574 5,517 26,283 31,800 6,270 1980 2013 Woodbury Lakes MN — 10,411 55,635 27,497 10,411 83,132 93,543 17,869 2005 2014 Woodstock Square GA — 6,624 27,184 577 6,624 27,761 34,385 454 2001 2021 Land Held for Future Development (1) Various — 28,266 14,026 (15,801) 20,851 5,640 26,491 35 N/A N/A TOTALS $ 31,697 $ 357,137 $ 1,228,917 $ 288,913 $ 336,729 $ 1,538,238 $ 1,874,967 $ 422,270 (1) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL. SCHEDULE III REAL ESTATE INVESTMENT AND ACCUMULATED DEPRECIATION December 31, 2021 Year ended December 31, 2021 2020 2019 (In thousands) Reconciliation of total real estate carrying value: Balance at beginning of year $ 1,855,549 $ 1,860,382 $ 2,078,995 Additions during period: Acquisition 155,032 — 30,814 Improvements 23,934 18,663 42,824 Deductions during period: Cost of real estate sold/written off (141,343) (22,898) (292,251) Impairment (17,201) (598) — Reclassification to held for sale (1,004) — — Balance at end of year $ 1,874,967 $ 1,855,549 $ 1,860,382 Reconciliation of accumulated depreciation: Balance at beginning of year $ 392,301 $ 352,006 $ 358,195 Depreciation Expense 54,643 54,253 58,662 Cost of real estate sold/written off (23,670) (13,958) (64,851) Reclassification to held for sale (1,004) — - Balance at end of year $ 422,270 $ 392,301 $ 352,006 Aggregate cost for federal income tax purposes $ 1,944,380 $ 1,923,056 $ 1,905,041 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of us and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” which was 98.0%, 97.7% and 97.7% owned by the Company at December 31, 2021, 2020 and 2019, 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 RPT Realty, Inc., and therefore it is included in the consolidated financial statements. RPT Realty, Inc. has elected to be a taxable REIT subsidiary for federal income tax purposes. RPT Realty, Inc. provides property management services to us and to other entities, including certain 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. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. 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, 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. In accordance with ASC 842, income from operating leases is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical experience, tenant creditworthiness, current economic trends and changes in tenant payment terms when evaluating the likelihood of tenant payment. For operating leases in which collectibility of rental income is not considered probable, rental income is recognized on the lesser of cash or accrual basis, and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. 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 rental income not probable of collection. However, if we experience actual activity in excess of the allowance we have established, our operating income would be reduced. At December 31, 2021 and 2020, our accounts receivable were $24.0 million and $26.6 million, respectively, net of allowances for doubtful accounts of $13.1 million and $13.0 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, 2021 and 2020, net of allowances of $4.5 million and $4.1 million, respectively, was $16.2 million and $17.6 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. The increase in the straight-line rent receivable allowance during the current year is primarily attributable to uncertainty regarding the collectibility of certain tenant receivables due to the economic impact of the COVID-19 pandemic. |
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 (i) the parties to the sale contract have approved the contract and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the property to be transferred, (iii) the Company can identify the payment terms for the property transferred, (iv) the contract has commercial substance (that is, the risk, timing or amount of the entity’s future cash flows is expected to change as a result of the contract), (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled, and (vi) the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. We will classify properties as held for sale when the following criteria are met: (i) management, having the authority to approve the action, commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell. 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, tenant improvements, and identifiable intangibles. 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, 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. |
Investments in Real Estate Joint Ventures | We have three equity investments in unconsolidated joint venture entities in which we own 51.5% or less of the total ownership interest, one of which owns 10 multi-tenant shopping centers, one of which owns 38 net lease retail properties and one of which has no significant activity. Under all of our joint ventures, 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, construction, development, asset and property management services to these joint ventures for which we are paid fees. 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 $4.2 million and $3.6 million are included in Notes payable, net as of December 31, 2021 and 2020, 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 $2.0 million are included in Other assets, net as of December 31, 2021 and 2020, respectively. |
Other Assets, net | Other assets, net consist primarily of acquired development agreement intangibles, straight-line rent receivable, deferred leasing costs, preferred equity investments, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Deferred financing costs related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements, which approximates the effective interest method. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Preferred equity investments are written down to fair value if the Company's qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. Lastly, the acquired development agreements are amortized over the terms of the respective agreements. |
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 cash and equity settled awards, 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. We recognize forfeitures related to stock awards and stock options as they occur. |
Income Tax Status | We made an election, 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, 2021, 2020, and 2019, we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. |
Variable Interest Entities ("VIE") | 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 our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. |
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. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties One of the most significant risks and uncertainties is the potential adverse effect of COVID-19. As a result of COVID-19, we have received numerous rent relief requests, most often in the form of rent deferrals. We have evaluated, and continue to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. While the Company is unable at this time to reasonably estimate the impact that COVID-19 will continue to have on our business, financial position and operating results in future periods due numerous uncertainties, the Company is closely monitoring the impact of the pandemic on all aspects of its business. The COVID-19 pandemic will likely continue to have repercussions across local, national and global economies and markets. COVID-19 may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • Reduced economic activity severely impacting our tenants' businesses, financial condition and liquidity and potentially causing tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • The negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and • Weaker economic conditions could cause us to recognize impairment in the value of our tangible and intangible assets based on the Company's reasonable assessment. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As such, we are unable to predict the impact that it ultimately will have on our financial condition, results of operations and cash flows. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable. Recently Issued Accounting Pronouncements In July 2021, the FASB updated Accounting Standards Codification (“ASC”) Topic 842 “Leases” with ASU 2021-05 “Lessors-Certain Leases with Variable Lease Payments” (“ASU 2021-05”). ASU 2021-05 affects lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840, whereby lessors classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease when certain criteria are met. ASU 2021-05 is effective for annual periods beginning after December 15, 2021, including interim periods within that fiscal year. We are currently evaluating the guidance and the impact that this standard may have on our consolidated financial statements, but do not believe it will have a material impact. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Land Held for Development | Following is the detail of the construction in progress and land available for development as of December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Construction in progress $ 16,836 $ 8,608 Land available for development 26,181 26,181 Total $ 43,017 $ 34,789 |
Property Acquisitions and Dis_2
Property Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Highland Lakes Palm Harbor, FL 82 12/16/21 15,000 15,132 — Total acquisitions 1,491 $ 208,650 $ 202,584 $ — 2020 None (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our R2G joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Dedham Dedham, MA 510 10/7/21 131,500 126,812 — Total R2G acquisitions 1,215 $ 305,650 $ 301,864 $ — 2020 None Total R2G acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our RGMZ joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) 2021 RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Mountain Valley Shopping Center Conway, NH 259 11/18/21 26,500 26,946 (15,900) RPT Realty - 4 Income Producing Properties Northborough, MA 268 12/17/21 64,560 64,912 (38,736) RPT Realty - 2 Income Producing Properties Mount Juliet, TN 10 12/30/21 3,645 3,708 (2,187) RPT Realty - 1 Income Producing Property Palatine, IL 20 12/31/21 5,000 5,047 (3,000) Total RGMZ acquisitions 1,222 $ 217,532 $ 220,420 $ (130,519) 2020 None Total acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. |
Schedule of 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: Year Ended December 31, 2021 (In thousands) Land $ 48,019 Buildings and improvements 107,013 Above market leases 26,303 Lease origination costs 28,012 Below market leases (6,763) Net assets acquired $ 202,584 Acquisition Date (In thousands) Land $ 50,824 Buildings and improvements 219,211 Above market leases 7,906 Lease origination costs 34,442 Operating lease right-of-use assets 4,512 Below market leases (8,231) Operating lease liabilities (6,800) Net assets acquired $ 301,864 Acquisition Date (In thousands) Land $ 82,265 Buildings and improvements 71,061 Above market leases 54,254 Lease origination costs 13,705 Below market leases (865) Net assets acquired $ 220,420 |
Schedule of Unaudited Pro Forma Information | for the years ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 2020 (in thousands) Consolidated revenue $ 9,532 $ — Consolidated net income available to common shareholders $ 1,738 $ — |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2021 and 2020: Gross Property Name Location Property/ Parcel Count GLA Acreage Date Sold Sales Gain on Sale (In thousands) (In thousands) 2021 Buttermilk Towne Center - Land parcels (1) Crescent Springs, KY 2 107 N/A 3/5/21 $ 9,785 $ 3,809 Deer Grove - Outparcel (1) Palatine, IL 1 8 N/A 3/5/21 2,500 1,456 Front Range Village - Land parcel (1) Fort Collins, CO 1 5 N/A 3/5/21 2,750 1,709 Front Range Village - Outparcel (1) Fort Collins, CO 1 4 N/A 3/5/21 2,475 1,197 Merchants' Square - Outparcels (1) Carmel, IN 1 19 N/A 3/5/21 3,977 2,133 Promenade at Pleasant Hill - Land parcel (1) Duluth, GA 1 4 N/A 3/5/21 1,250 467 River City Marketplace - Land parcels (1) Jacksonville, FL 2 5 N/A 3/5/21 2,895 1,938 Rivertowne Square - Land parcel (1) Deerfield Beach, FL 1 3 N/A 3/5/21 3,270 2,272 Shoppes of Lakeland - Land parcel (1) Lakeland, FL 1 3 N/A 3/5/21 1,332 800 Shoppes of Lakeland - Outparcel (1) Lakeland, FL 1 7 N/A 3/5/21 1,200 289 West Broward - Land parcel (1) Plantation, FL 1 4 N/A 3/5/21 4,762 2,933 Tel-Twelve - Land parcels (1) Southfield, MI 2 329 N/A 5/21/21 39,334 34,216 Marketplace of Delray - Land parcels (1) Delray Beach, FL 3 12 N/A 8/27/21 7,960 6,700 Marketplace of Delray - Outparcels (1) Delray Beach, FL 4 17 N/A 8/27/21 8,046 5,192 Parkway Shops - Land parcel (1) Jacksonville, FL 1 26 N/A 8/27/21 2,622 930 Peachtree Hill - Outparcel (1) Duluth, GA 1 66 N/A 8/27/21 8,275 2,103 Promenade at Pleasant Hill - Outparcel (1) Duluth, GA 1 3 N/A 8/27/21 844 443 West Broward Shopping Center - Outparcel (1) Plantation, FL 1 15 N/A 8/27/21 5,954 4,964 West Oaks II Shopping Center - Outparcel (1) Novi, MI 1 4 N/A 8/27/21 746 455 Winchester Center - Land parcel (1) Rochester Hills, MI 1 4 N/A 8/27/21 1,657 1,409 Newnan Pavilion - Land parcel (1) Newnan, GA 1 6 N/A 9/14/21 1,543 — Market Plaza Glen Ellyn, IL 1 166 N/A 11/2/21 30,200 821 Northborough Crossing - Land parcels (1) Northborough, MA 2 142 N/A 12/17/21 27,950 4,605 Northborough Crossing - Outparcels (1) Northborough, MA 2 126 N/A 12/17/21 36,610 1,732 Webster Place Chicago, IL 1 135 N/A 12/28/21 29,250 — Providence Marketplace - Outparcels (1) Mount Juliet, TN 2 10 N/A 12/30/21 3,645 2,341 Deer Grove - Outparcel (1) Palatine, IL 1 20 N/A 12/31/21 5,000 3,779 Total income producing dispositions 38 1,250 — $ 245,832 $ 88,693 Hunter's Square - Land parcel Farmington Hills, MI 1 N/A 0.3 10/1/21 $ 326 $ 222 Total land dispositions 1 — 0.3 $ 326 $ 222 Total dispositions 39 1,250 0.3 $ 246,158 $ 88,915 2020 None Total income producing dispositions — — — $ — $ — Stonegate Land Parcel Kingsport, TN 1 N/A 14.5 12/22/20 $ 550 $ — Spring Meadows - Outlot Springfield Twp, OH 1 N/A 1.2 12/23/20 875 318 Total land dispositions 2 — 15.7 $ 1,425 $ 318 Total dispositions 2 — 15.7 $ 1,425 $ 318 (1) We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 6 of these notes to the consolidated financial statements for additional information. |
Impairment Provisions (Tables)
Impairment Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Provisions for Impairment | We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2021 2020 2019 (In thousands) Land available for development $ — $ 598 $ — Income producing properties 17,201 — — Total $ 17,201 $ 598 $ — |
Equity Investments in Unconso_2
Equity Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: Balance Sheets December 31, 2021 December 31, 2020 (In thousands) (In thousands) ASSETS R2G RGMZ Other Total R2G RGMZ Other Total Investment in real estate, net $ 489,557 $ 152,992 $ — $ 642,549 $ 226,083 $ — $ — $ 226,083 Other assets 71,543 74,295 — 145,838 26,125 — 47 26,172 Total Assets $ 561,100 $ 227,287 $ — $ 788,387 $ 252,208 $ — $ 47 $ 252,255 LIABILITIES AND OWNERS' EQUITY Notes payable $ 28,516 $ 130,519 $ — $ 159,035 $ — $ — $ — $ — Other liabilities 32,914 3,168 — 36,082 14,474 $ — 11 14,485 Owners' equity 499,670 93,600 — 593,270 237,734 $ — 36 237,770 Total Liabilities and Owners' Equity $ 561,100 $ 227,287 $ — $ 788,387 $ 252,208 $ — $ 47 $ 252,255 RPT's equity investments in unconsolidated joint ventures $ 261,229 $ 5,954 $ — $ 267,183 $ 126,333 $ — $ — $ 126,333 |
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | Statements of Operations Year Ended December 31, 2021 (In thousands) R2G RGMZ Other Total Total revenue $ 34,206 $ 5,957 $ — $ 40,163 Total expenses 26,322 3,435 7 29,764 Income (loss) before other income and expense 7,884 2,522 (7) 10,399 Interest expense 76 2,285 — 2,361 Net income (loss) $ 7,808 $ 237 $ (7) $ 8,038 Preferred member dividends 75 35 — 110 Net income (loss) available to common members $ 7,733 $ 202 $ (7) $ 7,928 RPT's share of earnings from unconsolidated joint ventures $ 3,982 $ 13 $ — $ 3,995 Statements of Operations Year Ended December 31, 2020 (In thousands) R2G RGMZ Other Total Total revenue $ 24,489 $ — $ (51) $ 24,438 Total expenses 21,285 — 16 21,301 Income (loss) before other income and expenses 3,204 — (67) 3,137 Interest expense — — — — Net income (loss) $ 3,204 $ — $ (67) $ 3,137 Preferred member dividends 73 — — 73 Net income (loss) available to common members $ 3,131 $ — $ (67) $ 3,064 RPT's share of earnings from unconsolidated joint ventures $ 1,612 $ — $ (22) $ 1,590 Statements of Operations Year Ended December 31, 2019 (In thousands) R2G RGMZ Other Total Total revenue $ 1,434 $ — $ 1,712 $ 3,146 Total expenses 1,200 — 1,038 2,238 Income before other income and expenses 234 — 674 908 Gain on sale of real estate — — 5,494 5,494 Net income $ 234 $ — $ 6,168 $ 6,402 Preferred member dividends — — — — Net income available to common members $ 234 $ — $ 6,168 $ 6,402 RPT's share of earnings from unconsolidated joint ventures $ 121 $ — $ 460 $ 581 |
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Highland Lakes Palm Harbor, FL 82 12/16/21 15,000 15,132 — Total acquisitions 1,491 $ 208,650 $ 202,584 $ — 2020 None (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our R2G joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (In thousands) (In thousands) 2021 East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Dedham Dedham, MA 510 10/7/21 131,500 126,812 — Total R2G acquisitions 1,215 $ 305,650 $ 301,864 $ — 2020 None Total R2G acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our RGMZ joint venture property acquisitions during 2021 and 2020: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) 2021 RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Mountain Valley Shopping Center Conway, NH 259 11/18/21 26,500 26,946 (15,900) RPT Realty - 4 Income Producing Properties Northborough, MA 268 12/17/21 64,560 64,912 (38,736) RPT Realty - 2 Income Producing Properties Mount Juliet, TN 10 12/30/21 3,645 3,708 (2,187) RPT Realty - 1 Income Producing Property Palatine, IL 20 12/31/21 5,000 5,047 (3,000) Total RGMZ acquisitions 1,222 $ 217,532 $ 220,420 $ (130,519) 2020 None Total acquisitions — $ — $ — $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. |
Schedule of 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: Year Ended December 31, 2021 (In thousands) Land $ 48,019 Buildings and improvements 107,013 Above market leases 26,303 Lease origination costs 28,012 Below market leases (6,763) Net assets acquired $ 202,584 Acquisition Date (In thousands) Land $ 50,824 Buildings and improvements 219,211 Above market leases 7,906 Lease origination costs 34,442 Operating lease right-of-use assets 4,512 Below market leases (8,231) Operating lease liabilities (6,800) Net assets acquired $ 301,864 Acquisition Date (In thousands) Land $ 82,265 Buildings and improvements 71,061 Above market leases 54,254 Lease origination costs 13,705 Below market leases (865) Net assets acquired $ 220,420 |
Information for Fees Earned | The following tables provide information for our fees earned which are reported in our consolidated statements of operations and comprehensive income: Year Ended December 31, 2021 R2G RGMZ Other Total (In thousands) Management fees $ 1,376 $ 187 $ — $ 1,563 Leasing fees 418 — — 418 Construction fees 5 — — 5 Total $ 1,799 $ 187 $ — $ 1,986 Year Ended December 31, 2020 R2G RGMZ Other Total (In thousands) Management fees $ 895 $ — $ — $ 895 Leasing fees 490 — — 490 Construction fees 10 — — 10 Total $ 1,395 $ — $ — $ 1,395 Year Ended December 31, 2019 R2G RGMZ Other Total (In thousands) Management fees $ 52 $ — $ 85 $ 137 Leasing fees — — 2 2 Acquisition/disposition fees — — 67 67 Construction fees — — 24 24 Total $ 52 $ — $ 178 $ 230 |
Other Assets, Net and Acquire_2
Other Assets, Net and Acquired Lease Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets, net consisted of the following: December 31, 2021 2020 (In thousands) Deferred leasing costs, net $ 28,308 $ 26,908 Deferred financing costs on unsecured revolving credit facility, net 1,243 1,953 Acquired development agreements (1) 15,928 16,973 Other, net 8,188 9,158 Total amortizable other assets 53,667 54,992 Straight-line rent receivable, net 16,220 17,579 Goodwill 2,089 2,089 Preferred equity investments 13,529 — Other assets held for sale 204 — Prepaid and other deferred expenses, net 2,715 2,805 Other assets, net $ 88,424 $ 77,465 |
Schedule of Acquired Lease Intangible Assets, Net | Acquired lease intangible assets, net consisted of the following: December 31, 2021 2020 (In thousands) Lease origination costs $ 63,011 $ 56,505 Above market leases 5,894 3,951 68,905 60,456 Accumulated amortization (31,051) (34,102) Acquired lease intangibles, net $ 37,854 $ 26,354 |
Schedule of Estimated Aggregate Amortization Expense Related to Other Assets | The following table represents estimated aggregate amortization related to those assets as of December 31, 2021: Year Ending December 31, (In thousands) 2022 $ 15,789 2023 12,433 2024 10,381 2025 8,794 2026 7,578 Thereafter 36,546 Total $ 91,521 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of December 31, 2021 and 2020: December 31, Notes Payable and Finance Lease Obligation 2021 2020 (In thousands) Senior unsecured notes $ 511,500 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 31,697 85,254 Unsecured revolving credit facility 35,000 100,000 888,197 1,030,254 Unamortized premium 153 1,103 Unamortized deferred financing costs (4,165) (3,606) Total notes payable, net $ 884,185 $ 1,027,751 Finance lease obligation $ 821 $ 875 The following table summarizes the Company's senior unsecured notes: December 31, 2021 December 31, 2020 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes - 3.75% due 2021 6/27/2021 $ — — % $ 37,000 3.75 % Senior unsecured notes - 4.12% due 2023 6/27/2023 — — % 41,500 4.12 % Senior unsecured notes - 4.65% due 2024 5/28/2024 — — % 50,000 4.65 % Senior unsecured notes - 4.05% due 2024 11/18/2024 — — % 25,000 4.05 % Senior unsecured notes - 4.27% due 2025 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes - 4.20% due 2025 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes - 4.09% due 2025 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes - 4.74% due 2026 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes - 4.28% due 2026 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes - 4.57% due 2027 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes - 3.64% due 2028 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes - 4.72% due 2029 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes - 4.15% due 2029 12/27/2029 50,000 4.15 % 50,000 4.15 % Senior unsecured notes - 3.70% due 2030 11/30/2030 75,000 3.70 % — — % Senior unsecured notes - 3.82% due 2031 11/30/2031 55,000 3.82 % — — % $ 511,500 4.09 % $ 535,000 4.20 % Unamortized deferred financing costs (2,694) (1,715) Total $ 508,806 $ 533,285 The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: December 31, 2021 December 31, 2020 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan due 2023 - fixed rate (1) 3/3/2023 $ 60,000 3.02 % $ 60,000 3.02 % Unsecured term loan due 2024 - fixed rate (2) 11/6/2024 50,000 2.51 % 50,000 2.51 % Unsecured term loan due 2025 - fixed rate (3) 2/6/2025 50,000 2.57 % 50,000 2.57 % Unsecured term loan due 2026 - fixed rate (4) 11/6/2026 50,000 2.95 % 50,000 2.95 % Unsecured term loan due 2027 - fixed rate (5) 2/5/2027 100,000 3.04 % 100,000 3.12 % $ 310,000 2.86 % $ 310,000 2.89 % Unamortized deferred financing costs (1,471) (1,891) Term loans, net $ 308,529 $ 308,109 Revolving credit facility - variable rate 11/6/2023 $ 35,000 1.25 % $ 100,000 1.30 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021 (3) Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at December 31, 2021. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at December 31, 2021. (5) Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at December 31, 2021. The following table summarizes the Company's fixed rate mortgages: December 31, 2021 December 31, 2020 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 $ — — % $ 52,274 5.70 % The Shops on Lane Avenue 1/10/2023 27,624 3.76 % 28,169 3.76 % Nagawaukee II 6/1/2026 4,073 5.80 % 4,811 5.80 % $ 31,697 4.02 % $ 85,254 5.06 % Unamortized premium 153 1,103 Total $ 31,850 $ 86,357 |
Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations | The following table presents scheduled principal payments on mortgages, notes payable, revolving credit facility and finance lease payments as of December 31, 2021: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2022 $ 1,348 $ 100 2023 (1) 122,888 100 2024 50,879 100 2025 182,431 100 2026 125,651 100 Thereafter 405,000 600 Subtotal debt 888,197 1,100 Unamortized mortgage premium 153 — Unamortized deferred financing costs (4,165) — Amounts representing interest — (279) Total $ 884,185 $ 821 (1) Scheduled maturities in 2023 include the $35.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2021. The unsecured revolving credit facility has two six-month extensions available at the Company's option provided compliance with financial covenants is maintained. |
Finance Lease, Liability, Maturity | The following table presents scheduled principal payments on mortgages, notes payable, revolving credit facility and finance lease payments as of December 31, 2021: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2022 $ 1,348 $ 100 2023 (1) 122,888 100 2024 50,879 100 2025 182,431 100 2026 125,651 100 Thereafter 405,000 600 Subtotal debt 888,197 1,100 Unamortized mortgage premium 153 — Unamortized deferred financing costs (4,165) — Amounts representing interest — (279) Total $ 884,185 $ 821 (1) Scheduled maturities in 2023 include the $35.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2021. The unsecured revolving credit facility has two six-month extensions available at the Company's option provided compliance with financial covenants is maintained. Maturities of lease liabilities as of December 31, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2022 $ 1,482 $ 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 Thereafter 93,337 600 Total lease payments $ 99,573 $ 1,100 Less imputed interest (82,142) (279) Total $ 17,431 $ 821 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2021 and 2020: Balance Sheet Location Total Fair Value Level 1 Level 2 Level 3 2021 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (2,712) $ — $ (2,712) $ — 2020 Derivative assets - interest rate swaps Other assets $ — $ — $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (14,468) $ — $ (14,468) $ — |
Schedule of 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, 2021 and 2020 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, 2021 and 2020. Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2021 Income producing properties 30,171 — — 30,171 (17,201) Total $ 30,171 $ — $ — $ 30,171 $ (17,201) 2020 Land available for development 504 $ — $ — 504 (598) Total $ 504 $ — $ — $ 504 $ (598) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021: Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 60,000 1.770 % $ (875) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (211) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (70) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (73) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (204) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (215) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (211) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (226) 01/2027 Unsecured term loan Cash Flow 50,000 1.382 % (405) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (222) 01/2027 Total Derivative Liabilities $ 310,000 $ (2,712) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020: Underlying Debt Hedge Notional Fixed Fair Expiration (In thousands) (In thousands) Derivative Liabilities Unsecured term loan facility Cash Flow $ 20,000 1.498 % $ (112) 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % (83) 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % (220) 05/2021 Unsecured term loan facility Cash Flow 60,000 1.770 % (2,128) 03/2023 Unsecured term loan facility Cash Flow 30,000 1.260 % (1,193) 11/2024 Unsecured term loan facility Cash Flow 10,000 1.259 % (397) 11/2024 Unsecured term loan facility Cash Flow 10,000 1.269 % (401) 11/2024 Unsecured term loan facility Cash Flow 25,000 1.310 % (1,071) 01/2025 Unsecured term loan facility Cash Flow 25,000 1.324 % (1,085) 01/2025 Unsecured term loan facility Cash Flow 50,000 1.297 % (2,522) 11/2026 Unsecured term loan facility Cash Flow 25,000 1.402 % (1,425) 01/2027 $ 310,000 $ (10,637) Derivative Liabilities - Forward Swaps Unsecured term loan facility Cash Flow 50,000 1.382 % (2,541) 01/2027 Unsecured term loan facility Cash Flow 25,000 1.398 % (1,290) 01/2027 Total Derivative Liabilities $ 385,000 $ (14,468) |
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 and comprehensive income for the years ended December 31, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ (2,345) Interest Expense $ — $ 14 Interest rate contracts - liabilities 15,906 (11,233) Interest Expense (4,150) (2,766) Total $ 15,906 $ (13,578) Total $ (4,150) $ (2,752) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2021, 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) 2022 $ 151,158 2023 135,782 2024 116,981 2025 97,006 2026 77,168 Thereafter 199,748 Total $ 777,843 |
Lease, Cost | The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2021 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 604 581 859 Finance lease cost Interest Expense 46 48 51 Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,504 $ 1,467 Operating cash flows from finance lease 46 48 Financing cash flows from finance lease 54 52 |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 17,934 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,029 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,431 $ 17,819 Finance lease liability Finance lease liability 821 875 Total lease liabilities $ 18,252 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.16 % 6.10 % Finance lease 5.23 % 5.23 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of December 31, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2022 $ 1,482 $ 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 Thereafter 93,337 600 Total lease payments $ 99,573 $ 1,100 Less imputed interest (82,142) (279) Total $ 17,431 $ 821 |
Finance Lease, Liability, Maturity | The following table presents scheduled principal payments on mortgages, notes payable, revolving credit facility and finance lease payments as of December 31, 2021: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2022 $ 1,348 $ 100 2023 (1) 122,888 100 2024 50,879 100 2025 182,431 100 2026 125,651 100 Thereafter 405,000 600 Subtotal debt 888,197 1,100 Unamortized mortgage premium 153 — Unamortized deferred financing costs (4,165) — Amounts representing interest — (279) Total $ 884,185 $ 821 (1) Scheduled maturities in 2023 include the $35.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2021. The unsecured revolving credit facility has two six-month extensions available at the Company's option provided compliance with financial covenants is maintained. Maturities of lease liabilities as of December 31, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2022 $ 1,482 $ 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 Thereafter 93,337 600 Total lease payments $ 99,573 $ 1,100 Less imputed interest (82,142) (279) Total $ 17,431 $ 821 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 (In thousands, except per share data) Net income (loss) $ 70,264 $ (10,474) $ 93,686 Net (income) loss attributable to noncontrolling interest (1,625) 241 (2,175) Preferred share dividends (6,701) (6,701) (6,701) Allocation of income to restricted share awards (498) (136) (533) Net income (loss) available to common shareholders $ 61,440 $ (17,070) $ 84,277 Weighted average shares outstanding, Basic 81,083 79,998 79,802 Earnings (Loss) per common share, Basic $ 0.76 $ (0.21) $ 1.06 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2021 2020 2019 (In thousands, except per share data) Net income (loss) $ 70,264 $ (10,474) $ 93,686 Net (income) loss attributable to noncontrolling interest (1,625) 241 (2,175) Preferred share dividends (1) (6,701) (6,701) — Allocation of income to restricted share awards (498) (136) (533) Net income available to common shareholders $ 61,440 $ (17,070) $ 90,978 Weighted average shares outstanding, Basic 81,083 79,998 79,802 Restricted share awards using the treasury method (2) 1,215 — 939 Dilutive effect of securities (1) — — 6,981 Weighted average shares outstanding, Diluted 82,298 79,998 87,722 Earnings per common share, Diluted $ 0.75 $ (0.21) $ 1.04 (1) The assumed conversion of preferred shares is dilutive for the year ended December 31, 2019 and anti-dilutive for all other periods presented. (2) Restricted share awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Year Ended December 31, 2021 2020 2019 Issued Converted Issued Converted Issued Converted Operating Partnership Units 1,755 1,755 1,909 1,909 1,909 1,909 Series D Preferred Shares 1,849 7,017 1,849 7,017 — — Restricted Stock Awards — — 1,571 496 — — 3,604 8,772 5,329 9,422 1,909 1,909 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Declared Paid Declared Paid Declared Paid Common shares $ 0.390 $ 0.270 $ 0.220 $ 0.440 $ 0.880 $ 0.880 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, 2021 2020 2019 Common shares Qualified dividend $ 0.011 $ — $ — Section 199A dividend (1) 0.043 0.391 0.250 Ordinary dividend $ 0.054 $ 0.391 $ 0.250 Capital gain distribution — — 0.376 Non-dividend distribution 0.216 0.049 0.254 $ 0.270 $ 0.440 $ 0.880 Perpetual Preferred Shares Ordinary dividend (1) $ 3.625 $ 3.625 $ 1.448 Capital gain distribution — — 2.177 $ 3.625 $ 3.625 $ 3.625 (1) Represents qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Internal Revenue Code if 1986, as amended, that is available for non-corporate taxpayers and is included in "Ordinary Dividends". |
Share-Based Compensation and _2
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity of Service Based Restricted Shares under LTIP | A summary of the activity of service-based restricted shares under the 2012 LTIP, the Inducement Plan and the 2019 LTIP for the years ended December 31, 2021, 2020 and 2019 is presented below: 2021 2020 2019 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 842,321 $ 9.75 449,643 $ 12.40 354,029 $ 13.05 Granted 348,667 10.92 636,024 8.91 272,711 12.10 Vested (336,592) 10.47 (205,839) 12.38 (174,343) 13.04 Forfeited or expired (4,849) 8.22 (37,507) 12.78 (2,754) 13.16 Outstanding, end of the year 849,547 $ 9.96 842,321 $ 9.75 449,643 $ 12.40 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table: December 31, 2020 Closing share price $8.65 Expected dividend rate — % Expected stock price volatility 49.8% - 91.5% Risk-free interest rate 0.1% - 0.3% Expected life (years) 1.0 - 4.00 Year Ended December 31, 2021 2020 2019 Closing share price $10.45 $5.03 - $13.09 $12.05 Expected dividend rate —% —% - 6.7% 7.3% Expected stock price volatility 57.1% 23.3% - 46.2% 22.9% Risk-free interest rate 0.2% 0.3% - 0.9% 2.5% Expected life (years) 2.88 2.85 - 4.18 2.85 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, a in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²atranchejoint_venturesegment$ / shares | Dec. 31, 2020USD ($)joint_venture$ / shares | Dec. 31, 2019USD ($) | |
Basis of Presentation [Line Items] | |||
Common shares of beneficial interest, par value, (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Number of joint ventures without real estate properties | joint_venture | 1 | ||
Number of income producing properties | tranche | 1 | ||
Number of owned properties | tranche | 38 | ||
Area of real estate property | a | 1,491 | ||
Number of joint ventures | joint_venture | 2 | 3 | |
Annual Federal Income Tax Rate, Percent | 90.00% | ||
Non-voting and voting common stock, percentage of ownership | 100.00% | ||
Accounts receivable, net | $ 23,954,000 | $ 26,571,000 | |
Allowances for doubtful accounts receivable | 13,100,000 | 13,000,000 | |
Allowance for straight line rent | 4,500,000 | 4,100,000 | |
Straight-line rent receivable, net | $ 16,200,000 | 17,600,000 | |
Maximum period project is not depreciated following completion | 1 year | ||
Maximum period indirect project costs associated with construction are capitalized | 1 year | ||
Impairment on equity method investments | $ 0 | 0 | $ 0 |
Deferred financing costs, net | 4,165,000 | 3,606,000 | |
Deferred financing costs on unsecured revolving credit facility, net | 1,243,000 | 1,953,000 | |
Amount in excess of the FDIC insured limit | $ 16,500,000 | ||
Noncontrolling interest, exchange ratio for Company common stock | 1 | ||
Number of reportable segment individual properties aggregated | segment | 1 | ||
Provision for impairment | $ 17,201,000 | 598,000 | 0 |
Fair Value, Measurements, Nonrecurring | |||
Basis of Presentation [Line Items] | |||
Total Impairment | (17,201,000) | (598,000) | |
Level 3 | Fair Value, Measurements, Nonrecurring | |||
Basis of Presentation [Line Items] | |||
Total Impairment | 30,171,000 | 504,000 | |
Income producing properties | Fair Value, Measurements, Nonrecurring | |||
Basis of Presentation [Line Items] | |||
Total Impairment | (17,201,000) | (598,000) | |
Income producing properties | Level 3 | Fair Value, Measurements, Nonrecurring | |||
Basis of Presentation [Line Items] | |||
Total Impairment | $ 30,171,000 | 504,000 | |
Buildings and improvements | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 40 years | ||
Shopping centers | |||
Basis of Presentation [Line Items] | |||
Number of joint ventures without real estate properties | tranche | 10 | ||
Income producing properties | |||
Basis of Presentation [Line Items] | |||
Provision for impairment | $ 0 | $ 598,000 | $ 0 |
Minimum | Buildings and improvements | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 10 years | ||
Minimum | Parking lot surfacing and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 5 years | ||
Minimum | Other capitalized property plant and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 15 years | ||
Maximum | Buildings and improvements | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 40 years | ||
Maximum | Parking lot surfacing and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 30 years | ||
Maximum | Other capitalized property plant and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 25 years | ||
RPT Realty, L.P. | |||
Basis of Presentation [Line Items] | |||
Ownership interest in Ramco-Gershenson Properties, L. P. | 98.00% | 97.70% | 97.70% |
Joint Venture One | |||
Basis of Presentation [Line Items] | |||
Percentage of ownership interest | 51.50% | 51.50% | |
Joint Venture Two | |||
Basis of Presentation [Line Items] | |||
Percentage of ownership interest | 6.40% | 30.00% | |
Joint Venture Three | |||
Basis of Presentation [Line Items] | |||
Percentage of ownership interest | 7.00% | 7.00% | |
Joint Venture Four | |||
Basis of Presentation [Line Items] | |||
Percentage of ownership interest | 51.50% | ||
Shopping centers | |||
Basis of Presentation [Line Items] | |||
Number of real estate properties | tranche | 47 | ||
Area of real estate property | ft² | 14.6 |
Real Estate - Land Held for Dev
Real Estate - Land Held for Development (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Construction in progress | $ 16,836 | $ 8,608 |
Land available for development | 26,181 | 26,181 |
Total | $ 43,017 | $ 34,789 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Real estate held for sale | $ 3,808,000 | $ 0 |
Land classified as held for sale | $ 0 |
Property Acquisitions and Dis_3
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) a in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)a | |
Business Acquisition [Line Items] | |
GLA | a | 1,491 |
Gross purchase price | $ 208,650 |
Gross purchase price | 202,584 |
Gross debt | $ 0 |
Northborough Crossing | |
Business Acquisition [Line Items] | |
GLA | a | 646 |
Gross purchase price | $ 104,000 |
Gross purchase price | 97,182 |
Gross debt | $ 0 |
Bellevue Plaza | |
Business Acquisition [Line Items] | |
GLA | a | 77 |
Gross purchase price | $ 10,430 |
Gross purchase price | 10,651 |
Gross debt | $ 0 |
Woodstock Square | |
Business Acquisition [Line Items] | |
GLA | a | 219 |
Gross purchase price | $ 37,670 |
Gross purchase price | 37,585 |
Gross debt | $ 0 |
Newnan Pavilion | |
Business Acquisition [Line Items] | |
GLA | a | 467 |
Gross purchase price | $ 41,550 |
Gross purchase price | 42,034 |
Gross debt | $ 0 |
Highland Lakes | |
Business Acquisition [Line Items] | |
GLA | a | 82 |
Gross purchase price | $ 15,000 |
Gross purchase price | 15,132 |
Gross debt | $ 0 |
Property Acquisitions and Dis_4
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Level 3 $ in Thousands | Dec. 31, 2021USD ($) |
Business Acquisition [Line Items] | |
Land | $ 48,019 |
Buildings and improvements | 107,013 |
Above market leases | 26,303 |
Lease origination costs | 28,012 |
Below market leases | (6,763) |
Net assets acquired | $ 202,584 |
Property Acquisitions and Dis_5
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 9,532 | $ 0 |
Consolidated net income available to common shareholders | $ 1,738 | $ 0 |
Property Acquisitions and Dis_6
Property Acquisitions and Dispositions - Summary of Disposition Activity (Details) a in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)ft²aland | Dec. 31, 2020USD ($)ft²land | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | a | 1,491 | |
Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | 2 |
Acreage | ft² | 0.3 | 15.7 |
Gross Sales Price | $ 326,000 | $ 1,425,000 |
Gross Gain on Sale | $ 222,000 | $ 318,000 |
Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 38 | |
GLA | a | 1,250 | |
Gross Sales Price | $ 245,832,000 | |
Gross Gain on Sale | $ 88,693,000 | |
Income producing property and land and outparcel disposition | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 39 | 2 |
GLA | a | 1,250 | |
Acreage | ft² | 0.3 | 15.7 |
Gross Sales Price | $ 246,158,000 | $ 1,425,000 |
Gross Gain on Sale | $ 88,915,000 | $ 318,000 |
Buttermilk Towne Center | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 107 | |
Gross Sales Price | $ 9,785,000 | |
Gross Gain on Sale | $ 3,809,000 | |
Deer Grove Centre | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 8 | |
Gross Sales Price | $ 2,500,000 | |
Gross Gain on Sale | $ 1,456,000 | |
Front Range Village | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 5 | |
Gross Sales Price | $ 2,750,000 | |
Gross Gain on Sale | $ 1,709,000 | |
Front Range Village | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Gross Sales Price | $ 2,475,000 | |
Gross Gain on Sale | $ 1,197,000 | |
Merchants' Square | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 19 | |
Gross Sales Price | $ 3,977,000 | |
Gross Gain on Sale | $ 2,133,000 | |
Promenade at Pleasant Hill | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Gross Sales Price | $ 1,250,000 | |
Gross Gain on Sale | $ 467,000 | |
Promenade at Pleasant Hill | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Gross Sales Price | $ 844,000 | |
Gross Gain on Sale | $ 443,000 | |
River City Marketplace | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 5 | |
Gross Sales Price | $ 2,895,000 | |
Gross Gain on Sale | $ 1,938,000 | |
Rivertowne Square | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Gross Sales Price | $ 3,270,000 | |
Gross Gain on Sale | $ 2,272,000 | |
Shoppes of Lakeland | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Gross Sales Price | $ 1,332,000 | |
Gross Gain on Sale | $ 800,000 | |
Shoppes of Lakeland | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 7 | |
Gross Sales Price | $ 1,200,000 | |
Gross Gain on Sale | $ 289,000 | |
West Broward | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Gross Sales Price | $ 4,762,000 | |
Gross Gain on Sale | $ 2,933,000 | |
Tel-Twelve | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 329 | |
Gross Sales Price | $ 39,334,000 | |
Gross Gain on Sale | $ 34,216,000 | |
Marketplace of Delray | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 3 | |
GLA | a | 12 | |
Gross Sales Price | $ 7,960,000 | |
Gross Gain on Sale | $ 6,700,000 | |
Marketplace of Delray | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 4 | |
GLA | a | 17 | |
Gross Sales Price | $ 8,046,000 | |
Gross Gain on Sale | $ 5,192,000 | |
Parkway Shops | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 26 | |
Gross Sales Price | $ 2,622,000 | |
Gross Gain on Sale | $ 930,000 | |
Peachtree Hill | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 66 | |
Gross Sales Price | $ 8,275,000 | |
Gross Gain on Sale | $ 2,103,000 | |
West Broward Shopping Center | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 15 | |
Gross Sales Price | $ 5,954,000 | |
Gross Gain on Sale | $ 4,964,000 | |
West Oaks II Shopping Center | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Gross Sales Price | $ 746,000 | |
Gross Gain on Sale | $ 455,000 | |
Winchester Center | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Gross Sales Price | $ 1,657,000 | |
Gross Gain on Sale | $ 1,409,000 | |
Newnan Pavilion | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 6 | |
Gross Sales Price | $ 1,543,000 | |
Gross Gain on Sale | $ 0 | |
Market Plaza | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 166 | |
Gross Sales Price | $ 30,200,000 | |
Gross Gain on Sale | $ 821,000 | |
Northborough | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 142 | |
Gross Sales Price | $ 27,950,000 | |
Gross Gain on Sale | $ 4,605,000 | |
Northborough | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 126 | |
Gross Sales Price | $ 36,610,000 | |
Gross Gain on Sale | $ 1,732,000 | |
Webster Place | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 135 | |
Gross Sales Price | $ 29,250,000 | |
Gross Gain on Sale | $ 0 | |
Providence Marketplace | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | 2 | |
GLA | a | 10 | |
Gross Sales Price | $ 3,645,000 | |
Gross Gain on Sale | $ 2,341,000 | |
Deer Grove | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 20 | |
Gross Sales Price | $ 5,000,000 | |
Gross Gain on Sale | $ 3,779,000 | |
Hunters Square | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
Acreage | ft² | 0.3 | |
Gross Sales Price | $ 326,000 | |
Gross Gain on Sale | $ 222,000 | |
Stonegate Land Parcel | Land parcels Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
Acreage | ft² | 14.5 | |
Gross Sales Price | $ 550,000 | |
Gross Gain on Sale | $ 0 | |
Spring Meadows Place | Outparcel Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
Acreage | ft² | 1.2 | |
Gross Sales Price | $ 875,000 | |
Gross Gain on Sale | $ 318,000 |
Impairment Provisions - Schedul
Impairment Provisions - Schedule of Provisions for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 17,201 | $ 598 | $ 0 |
Land available for development | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | 0 | 598 | 0 |
Income producing properties | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 17,201 | $ 0 | $ 0 |
Equity Investments in Unconso_3
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) | Mar. 04, 2021USD ($) | Dec. 31, 2021USD ($)tranchejoint_venture | Dec. 31, 2020USD ($)joint_venture | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 2 | 3 | ||
Number of joint ventures without real estate properties | joint_venture | 1 | |||
Lease retail properties | tranche | 31 | |||
Net proceeds from sales of real estate | $ 221,365,000 | $ 1,318,000 | $ 185,221,000 | |
Amount of preferred equity investment stake in zimmer and monarch affiliates | 13,529,000 | 0 | ||
Acquired stake percentage | 93.60% | |||
Percentage of management fee of gross asset value | 0.15% | |||
Distributions received from financing activities of unconsolidated joint ventures | $ 0 | $ 0 | ||
Property management fee | 4.00% | |||
Receive leasing fees for new leases | 5.00% | |||
Receive leasing fees for renewal leases | 2.50% | |||
Lease operating expected rent term | 10 years | |||
Net lease retail assets | 0.25% | |||
Incentive fee expense | 0.15% | |||
Shopping centers | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures without real estate properties | tranche | 10 | |||
R2G Venture LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51.50% | 51.50% | ||
Ramco/Lion Venture LLP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 6.40% | 30.00% | ||
Joint Venture Three | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 7.00% | 7.00% | ||
Joint Venture Four | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51.50% | |||
RGMZ Venture REIT LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 6.40% | |||
Net proceeds from sales of real estate | $ 104,200,000 | $ 120,300,000 | ||
Proceeds from Sale of Real Estate | 108,500,000 | |||
Amount of preferred equity investment stake in zimmer and monarch affiliates | $ 8,200,000 | |||
Percentage of management fee of gross asset value | 0.25% | |||
Maximum borrowing capacity | $ 240,000,000 | |||
Total capacity of future potential commitment | $ 500,000,000 | |||
Unsecured revolving credit facility, remaining borrowing capacity | $ 109,500,000 |
Equity Investments in Unconso_4
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate, net | $ 1,452,697 | $ 1,463,248 |
Other assets, net | 88,424 | 77,465 |
TOTAL ASSETS | 1,902,079 | 1,950,040 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Other liabilities | 1,006,625 | 1,148,671 |
Owners' equity | 876,944 | 782,394 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,902,079 | 1,950,040 |
Equity investments in unconsolidated joint ventures | 267,183 | 126,333 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||
ASSETS | ||
Investment in real estate, net | 489,557 | 226,083 |
Other assets, net | 71,543 | 26,125 |
TOTAL ASSETS | 561,100 | 252,208 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable | 28,516 | 0 |
Other liabilities | 32,914 | 14,474 |
Owners' equity | 499,670 | 237,734 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 561,100 | 252,208 |
Equity investments in unconsolidated joint ventures | 261,229 | 126,333 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||
ASSETS | ||
Investment in real estate, net | 152,992 | 0 |
Other assets, net | 74,295 | 0 |
TOTAL ASSETS | 227,287 | 0 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable | 130,519 | 0 |
Other liabilities | 3,168 | 0 |
Owners' equity | 93,600 | 0 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 227,287 | 0 |
Equity investments in unconsolidated joint ventures | 5,954 | 0 |
Equity Method Investment, Nonconsolidated Investee, Other | ||
ASSETS | ||
Investment in real estate, net | 0 | 0 |
Other assets, net | 0 | 47 |
TOTAL ASSETS | 0 | 47 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable | 0 | 0 |
Other liabilities | 0 | 11 |
Owners' equity | 0 | 36 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 0 | 47 |
Equity investments in unconsolidated joint ventures | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee, Total | ||
ASSETS | ||
Investment in real estate, net | 642,549 | 226,083 |
Other assets, net | 145,838 | 26,172 |
TOTAL ASSETS | 788,387 | 252,255 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable | 159,035 | 0 |
Other liabilities | 36,082 | 14,485 |
Owners' equity | 593,270 | 237,770 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 788,387 | 252,255 |
Equity investments in unconsolidated joint ventures | $ 267,183 | $ 126,333 |
Equity Investments in Unconso_5
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | $ 213,488 | $ 191,712 | $ 234,088 |
Total expenses | 190,667 | 165,016 | 180,066 |
Income (loss) before other income and expense | 70,176 | (10,499) | 93,865 |
Interest expense | 37,025 | 39,317 | 40,057 |
Net income (loss) | 70,264 | (10,474) | 93,686 |
Preferred member dividends | 6,701 | 6,701 | 6,701 |
Net income (loss) available to common members | 61,938 | (16,934) | 84,810 |
Earnings from unconsolidated joint ventures | 3,995 | 1,590 | 581 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 34,206 | 24,489 | 1,434 |
Total expenses | 26,322 | 21,285 | 1,200 |
Income (loss) before other income and expense | 7,884 | 3,204 | 234 |
Interest expense | 76 | 0 | |
Gain on sale of real estate | 0 | ||
Net income | 234 | ||
Net income (loss) | 7,808 | 3,204 | |
Preferred member dividends | 75 | 73 | 0 |
Net income (loss) available to common members | 7,733 | 3,131 | 234 |
Earnings from unconsolidated joint ventures | 3,982 | 1,612 | 121 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 5,957 | 0 | 0 |
Total expenses | 3,435 | 0 | 0 |
Income (loss) before other income and expense | 2,522 | 0 | 0 |
Interest expense | 2,285 | 0 | |
Gain on sale of real estate | 0 | ||
Net income | 0 | ||
Net income (loss) | 237 | 0 | |
Preferred member dividends | 35 | 0 | 0 |
Net income (loss) available to common members | 202 | 0 | 0 |
Earnings from unconsolidated joint ventures | 13 | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | (51) | 1,712 |
Total expenses | 7 | 16 | 1,038 |
Income (loss) before other income and expense | (7) | (67) | 674 |
Interest expense | 0 | 0 | |
Gain on sale of real estate | 5,494 | ||
Net income | 6,168 | ||
Net income (loss) | (7) | (67) | |
Preferred member dividends | 0 | 0 | 0 |
Net income (loss) available to common members | (7) | (67) | 6,168 |
Earnings from unconsolidated joint ventures | 0 | (22) | 460 |
Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 40,163 | 24,438 | 3,146 |
Total expenses | 29,764 | 21,301 | 2,238 |
Income (loss) before other income and expense | 10,399 | 3,137 | 908 |
Interest expense | 2,361 | 0 | |
Gain on sale of real estate | 5,494 | ||
Net income | 6,402 | ||
Net income (loss) | 8,038 | 3,137 | |
Preferred member dividends | 110 | 73 | 0 |
Net income (loss) available to common members | 7,928 | 3,064 | 6,402 |
Earnings from unconsolidated joint ventures | $ 3,995 | $ 1,590 | $ 581 |
Equity Investments in Unconso_6
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) ft² in Thousands, a in Thousands, $ in Thousands | Dec. 30, 2021USD ($)a | Dec. 16, 2021USD ($)a | Nov. 18, 2021USD ($)a | Oct. 07, 2021USD ($)ft² | Sep. 14, 2021USD ($)a | Aug. 27, 2021USD ($)a | Jul. 30, 2021USD ($)a | Jul. 29, 2021USD ($)ft² | Jul. 14, 2021USD ($)ft² | Jul. 12, 2021USD ($)ft² | Jul. 09, 2021USD ($)ft² | May 21, 2021USD ($)a | Mar. 05, 2021USD ($)a | Dec. 31, 2021USD ($)ft²a | Dec. 31, 2020USD ($)aft² |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 1,491 | ||||||||||||||
Gross purchase price | $ 208,650 | ||||||||||||||
Gross purchase price | $ 202,584 | ||||||||||||||
RPT Reality - Income Producing Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 1,215,000 | 0 | |||||||||||||
Gross purchase price | $ 305,650 | $ 0 | |||||||||||||
Gross purchase price | 301,864 | 0 | |||||||||||||
Assumed Debt | $ 0 | $ 0 | |||||||||||||
RPT Reality - Income Producing Properties | East Lake Woodlands | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 104,000 | ||||||||||||||
Gross purchase price | $ 25,500 | ||||||||||||||
Gross purchase price | 25,730 | ||||||||||||||
Assumed Debt | $ 0 | ||||||||||||||
RPT Reality - Income Producing Properties | Village Shoppes of Canton | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 284,000 | ||||||||||||||
Gross purchase price | $ 61,500 | ||||||||||||||
Gross purchase price | 61,363 | ||||||||||||||
Assumed Debt | $ 0 | ||||||||||||||
RPT Reality - Income Producing Properties | South Pasadena Shopping Center | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 164,000 | ||||||||||||||
Gross purchase price | $ 32,650 | ||||||||||||||
Gross purchase price | 33,184 | ||||||||||||||
Assumed Debt | $ 0 | ||||||||||||||
RPT Reality - Income Producing Properties | Bedford Marketplace | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 153,000 | ||||||||||||||
Gross purchase price | $ 54,500 | ||||||||||||||
Gross purchase price | 54,775 | ||||||||||||||
Assumed Debt | $ 0 | ||||||||||||||
RPT Reality - Income Producing Properties | Dedham | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | ft² | 510,000 | ||||||||||||||
Gross purchase price | $ 131,500 | ||||||||||||||
Gross purchase price | 126,812 | ||||||||||||||
Assumed Debt | $ 0 | ||||||||||||||
RGMZ Venture REIT LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 1,222 | 0 | |||||||||||||
Gross purchase price | $ 217,532 | $ 0 | |||||||||||||
Gross purchase price | 220,420 | 0 | |||||||||||||
Assumed Debt | $ (130,519) | $ 0 | |||||||||||||
RGMZ Venture REIT LLC | RPT Realty - 13 Income Producing Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 147 | 169 | |||||||||||||
Gross purchase price | $ 36,104 | $ 36,196 | |||||||||||||
Gross purchase price | 36,725 | 37,228 | |||||||||||||
Assumed Debt | $ (21,662) | $ (21,718) | |||||||||||||
RGMZ Venture REIT LLC | RPT Realty - 2 Income Producing Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 10 | 329 | |||||||||||||
Gross purchase price | $ 3,645 | $ 39,334 | |||||||||||||
Gross purchase price | 3,708 | 39,603 | |||||||||||||
Assumed Debt | $ (2,187) | $ (23,600) | |||||||||||||
RGMZ Venture REIT LLC | Single-Tenant Property | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 14 | ||||||||||||||
Gross purchase price | $ 4,650 | ||||||||||||||
Gross purchase price | 4,670 | ||||||||||||||
Assumed Debt | $ (2,790) | ||||||||||||||
RGMZ Venture REIT LLC | RPT Realty - 1 Income Producing Property | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 6 | ||||||||||||||
Gross purchase price | $ 1,543 | ||||||||||||||
Gross purchase price | 1,581 | ||||||||||||||
Assumed Debt | $ (926) | ||||||||||||||
RGMZ Venture REIT LLC | Mountain Valley | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 259 | ||||||||||||||
Gross purchase price | $ 26,500 | ||||||||||||||
Gross purchase price | 26,946 | ||||||||||||||
Assumed Debt | $ (15,900) | ||||||||||||||
RGMZ Venture REIT LLC | RPT Realty - 4 Income Producing Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 268 | ||||||||||||||
Gross purchase price | $ 64,560 | ||||||||||||||
Gross purchase price | 64,912 | ||||||||||||||
Assumed Debt | $ (38,736) | ||||||||||||||
RGMZ Venture REIT LLC | RPT Realty - 3 income Producing Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
GLA | a | 20 | ||||||||||||||
Gross purchase price | $ 5,000 | ||||||||||||||
Gross purchase price | 5,047 | ||||||||||||||
Assumed Debt | $ (3,000) |
Equity Investments in Unconso_7
Equity Investments in Unconsolidated Joint Ventures - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Level 3 $ in Thousands | Dec. 31, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Land | $ 48,019 |
Buildings and improvements | 107,013 |
Above market leases | 26,303 |
Lease origination costs | 28,012 |
Below market leases | (6,763) |
Net assets acquired | 202,584 |
R2G Venture LLC | Unconsolidated joint ventures | |
Schedule of Equity Method Investments [Line Items] | |
Land | 50,824 |
Buildings and improvements | 219,211 |
Above market leases | 7,906 |
Lease origination costs | 34,442 |
Operating lease right-of-use assets | 4,512 |
Below market leases | (8,231) |
Operating lease liabilities | (6,800) |
Net assets acquired | 301,864 |
RGMZ Venture REIT LLC | Unconsolidated joint ventures | |
Schedule of Equity Method Investments [Line Items] | |
Land | 82,265 |
Buildings and improvements | 71,061 |
Above market leases | 54,254 |
Lease origination costs | 13,705 |
Below market leases | (865) |
Net assets acquired | $ 220,420 |
Equity Investments in Unconso_8
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - Unconsolidated Joint Ventures - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | $ 1,799 | $ 1,395 | $ 52 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 187 | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 178 |
Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 1,986 | 1,395 | 230 |
Management fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 1,376 | 895 | 52 |
Management fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 187 | 0 | 0 |
Management fees | Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 85 |
Management fees | Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 1,563 | 895 | 137 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 418 | 490 | 0 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 0 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 2 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 418 | 490 | 2 |
Acquisition/disposition fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | ||
Acquisition/disposition fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | ||
Acquisition/disposition fees | Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 67 | ||
Acquisition/disposition fees | Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 67 | ||
Construction fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 5 | 10 | 0 |
Construction fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 0 |
Construction fees | Equity Method Investment, Nonconsolidated Investee, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | 0 | 0 | 24 |
Construction fees | Equity Method Investment, Nonconsolidated Investee, Total | |||
Schedule of Equity Method Investments [Line Items] | |||
TOTAL REVENUE | $ 5 | $ 10 | $ 24 |
Other Assets, Net and Acquire_3
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets (Details) $ in Thousands | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs, net | $ 28,308 | $ 26,908 |
Deferred financing costs on unsecured revolving credit facility, net | 1,243 | 1,953 |
Acquired development agreements | 15,928 | 16,973 |
Other, net | 8,188 | 9,158 |
Total amortizable other assets | 53,667 | 54,992 |
Straight-line rent receivable, net | 16,220 | 17,579 |
Goodwill | 2,089 | 2,089 |
Prepaid and other deferred expenses, net | 2,715 | 2,805 |
Preferred equity investments | 13,529 | 0 |
Other assets held for sale | 204 | 0 |
Other assets, net | 88,424 | $ 77,465 |
Public improvement fee | 12,300 | |
Real estate tax exemption | $ 3,600 | |
Real estate tax exemption, number of properties | property | 2 |
Other Assets, Net and Acquire_4
Other Assets, Net and Acquired Lease Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Straight-line rent receivables | $ 4,500 | $ 4,100 | |
Remaining weighted-average amortization period | 10 years 2 months 12 days | ||
Amortization of intangible assets | $ 1,200 | $ 700 | $ 800 |
Other assets and acquired lease intangibles, net, subject to amortization | $ 91,521 |
Other Assets, Net and Acquire_5
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Acquired Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 68,905 | $ 60,456 |
Accumulated amortization | (31,051) | (34,102) |
Acquired lease intangibles, net | 37,854 | 26,354 |
Lease origination costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | 63,011 | 56,505 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 5,894 | $ 3,951 |
Other Assets, Net and Acquire_6
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Estimated Aggregate Amortization Expense Related to Other Assets (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Amortization Expense of Other Assets, Fiscal Year Maturity [Abstract] | |
2022 | $ 15,789 |
2023 | 12,433 |
2024 | 10,381 |
2025 | 8,794 |
2026 | 7,578 |
Thereafter | 36,546 |
Total | $ 91,521 |
Debt - Summary of Mortgages, No
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 511,500 | $ 535,000 |
Unsecured term loan facilities | 310,000 | 310,000 |
Fixed rate mortgages | 31,697 | 85,254 |
Unsecured revolving credit facility | 35,000 | 100,000 |
Subtotal debt | 888,197 | 1,030,254 |
Unamortized premium | 153 | 1,103 |
Unamortized deferred financing costs | (4,165) | (3,606) |
Total | 884,185 | 1,027,751 |
Finance lease obligation | $ 821 | $ 875 |
Debt - Senior Unsecured Notes -
Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) | Oct. 08, 2021 | Jun. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Prepayments penalty | $ 8,378,000 | $ 0 | $ 1,401,000 | ||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Write off of unamortized deferred financing costs | $ 200,000 | ||||
Senior unsecured notes - 3.75% due 2021 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Repayment of senior unsecured debt | $ 37,000,000 | ||||
Stated interest rate | 3.75% | 3.75% | |||
Senior unsecured notes - 3.70% due 2030 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.70% | 3.70% | |||
Face amount | $ 75,000,000 | ||||
Senior unsecured notes - 3.82% due 2031 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.82% | 3.82% | |||
Face amount | $ 55,000,000 | ||||
Senior Secured Notes Due 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.12% | ||||
Face amount | $ 41,500,000 | ||||
Debt instrument, repurchase amount | 43,600,000 | ||||
Prepayments penalty | $ 2,100,000 | ||||
Senior unsecured notes - 4.65% due 2024 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.65% | 4.65% | |||
Face amount | $ 50,000,000 | ||||
Debt instrument, repurchase amount | 54,300,000 | ||||
Prepayments penalty | $ 4,300,000 | ||||
Senior unsecured notes - 4.05% due 2024 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.05% | 4.05% | |||
Face amount | $ 25,000,000 | ||||
Debt instrument, repurchase amount | 27,000,000 | ||||
Prepayments penalty | $ 2,000,000 |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 08, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 888,197 | $ 1,030,254 | |
Total | 884,185 | 1,027,751 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | 511,500 | 535,000 | |
Unamortized deferred financing costs | (2,694) | (1,715) | |
Total | $ 508,806 | $ 533,285 | |
Weighted average interest rate | 4.09% | 4.20% | |
Senior unsecured notes - 3.75% due 2021 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 37,000 | ||
Stated interest rate | 3.75% | 3.75% | |
Senior unsecured notes - 4.12% due 2023 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 41,500 | ||
Stated interest rate | 4.12% | ||
Senior unsecured notes - 4.65% due 2024 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | ||
Stated interest rate | 4.65% | 4.65% | |
Senior unsecured notes - 4.05% due 2024 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 25,000 | ||
Stated interest rate | 4.05% | 4.05% | |
Senior unsecured notes - 4.27% due 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 31,500 | $ 31,500 | |
Stated interest rate | 4.27% | 4.27% | |
Senior unsecured notes - 4.20% due 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | $ 50,000 | |
Stated interest rate | 4.20% | 4.20% | |
Senior unsecured notes - 4.09% due 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | $ 50,000 | |
Stated interest rate | 4.09% | 4.09% | |
Senior unsecured notes - 4.74% due 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | $ 50,000 | |
Stated interest rate | 4.74% | 4.74% | |
Senior unsecured notes - 4.28% due 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 25,000 | $ 25,000 | |
Stated interest rate | 4.28% | 4.28% | |
Senior unsecured notes - 4.57% due 2027 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 30,000 | $ 30,000 | |
Stated interest rate | 4.57% | 4.57% | |
Senior unsecured notes - 3.64% due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 75,000 | $ 75,000 | |
Stated interest rate | 3.64% | 3.64% | |
Senior unsecured notes - 4.72% due 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 20,000 | $ 20,000 | |
Stated interest rate | 4.72% | 4.72% | |
Senior unsecured notes - 4.15% due 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | $ 50,000 | |
Stated interest rate | 4.15% | 4.15% | |
Senior unsecured notes - 3.70% due 2030 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 75,000 | ||
Stated interest rate | 3.70% | 3.70% | |
Senior unsecured notes - 3.82% due 2031 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 55,000 | ||
Stated interest rate | 3.82% | 3.82% |
Debt - Additional Information (
Debt - Additional Information (Details) | Nov. 08, 2021USD ($) | Nov. 06, 2019USD ($)trancheextension_option | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Finance ground lease, gross carrying value | $ 10,100,000 | ||||
Finance ground lease, amount expensed as interest | 46,000 | $ 48,000 | $ 51,000 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | 0 | ||||
Unsecured revolving credit facility, remaining borrowing capacity | $ 315,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 350,000,000 | ||||
Extension term | 1 year | ||||
Number of extension options | extension_option | 2 | ||||
Extension option | 6 months | ||||
Extension fee | 0.075% | ||||
Fixed interest rate | 1.25% | 1.30% | |||
Unsecured Debt | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 310,000,000 | ||||
Debt instrument, number of maturity tranches | tranche | 5 | ||||
Increased borrowing capacity limit | $ 340,000,000 | ||||
Higher borrowing capacity option | $ 1,000,000,000 | ||||
Fixed Rate Mortgages | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, collateral amount | $ 72,300,000 | ||||
Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.05% | ||||
Minimum | Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.20% | ||||
Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.50% | ||||
Maximum | Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility spread above LIBOR (as a percentage) | 2.20% | ||||
Floating Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Long term debt, fair value | $ 35,000,000 | $ 100,000,000 | |||
Decrease of unsecured revolving credit facility | $ (65,000,000) | ||||
Bridgewater Falls Shopping Center | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 5.70% | 0.00% | 5.70% | ||
Repayments of secured debt | $ 51,500,000 |
Debt - Unsecured Term Loan Secu
Debt - Unsecured Term Loan Securities and Revolving Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 888,197 | $ 1,030,254 |
Total | 884,185 | 1,027,751 |
Unsecured revolving credit facility | 35,000 | 100,000 |
Revolving Credit Facility | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | 310,000 | 310,000 |
Unamortized deferred financing costs | (1,471) | (1,891) |
Total | $ 308,529 | $ 308,109 |
Weighted average interest rate | 2.86% | 2.89% |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 60,000 | $ 60,000 |
Stated interest rate | 3.02% | 3.02% |
Percentage bearing fixed interest | 1.77% | |
Revolving credit facility spread above LIBOR (as a percentage) | 1.25% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 50,000 |
Stated interest rate | 2.51% | 2.51% |
Percentage bearing fixed interest | 1.26% | |
Revolving credit facility spread above LIBOR (as a percentage) | 1.25% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 50,000 |
Stated interest rate | 2.57% | 2.57% |
Percentage bearing fixed interest | 1.32% | |
Revolving credit facility spread above LIBOR (as a percentage) | 1.25% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 50,000 |
Stated interest rate | 2.95% | 2.95% |
Percentage bearing fixed interest | 1.30% | |
Revolving credit facility spread above LIBOR (as a percentage) | 1.65% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2027 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes and unsecured term loans | $ 100,000 | $ 100,000 |
Stated interest rate | 3.04% | 3.12% |
Percentage bearing fixed interest | 1.39% | |
Revolving credit facility spread above LIBOR (as a percentage) | 1.65% | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | $ 35,000 | $ 100,000 |
Stated interest rate | 1.25% | 1.30% |
Debt - Mortgages (Details)
Debt - Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Nov. 08, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 888,197 | $ 1,030,254 | |
Unamortized mortgage premium | 153 | 1,103 | |
Total | 884,185 | 1,027,751 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | 31,697 | 85,254 | |
Unamortized mortgage premium | 153 | 1,103 | |
Total | $ 31,850 | $ 86,357 | |
Weighted average interest rate | 4.02% | 5.06% | |
Mortgages | Bridgewater Falls Shopping Center | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 0 | $ 52,274 | |
Stated interest rate | 0.00% | 5.70% | 5.70% |
Mortgages | The Shops on Lane Avenue | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 27,624 | $ 28,169 | |
Stated interest rate | 3.76% | 3.76% | |
Mortgages | Nagawaukee II | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 4,073 | $ 4,811 | |
Stated interest rate | 5.80% | 5.80% |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations (Details) $ in Thousands | Nov. 06, 2019extension_option | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Principal Payments | |||
2022 | $ 1,348 | ||
2023 | 122,888 | ||
2024 | 50,879 | ||
2025 | 182,431 | ||
2026 | 125,651 | ||
Thereafter | 405,000 | ||
Subtotal debt | 888,197 | $ 1,030,254 | |
Unamortized mortgage premium | 153 | 1,103 | |
Unamortized deferred financing costs | (4,165) | (3,606) | |
Total | 884,185 | 1,027,751 | |
Finance Lease | |||
2022 | 100 | ||
2023 | 100 | ||
2024 | 100 | ||
2025 | 100 | ||
2026 | 100 | ||
Thereafter | 600 | ||
Total lease payments | 1,100 | ||
Less imputed interest | (279) | ||
Finance lease liability | 821 | 875 | |
Unsecured revolving credit facility | 35,000 | 100,000 | |
Revolving Credit Facility | Line of Credit | |||
Finance Lease | |||
Unsecured revolving credit facility | $ 35,000 | $ 100,000 | |
Number of extension options | extension_option | 2 | ||
Extension option | 6 months |
Acquired Lease Intangible Lia_2
Acquired Lease Intangible Liabilities, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |||
Acquired lease intangibles, net | $ 36,207 | $ 35,283 | |
Increase in revenue, accretion of below market leases | $ 3,900 | $ 3,600 | $ 7,600 |
Fair Value - Recorded Amount of
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | $ 0 | $ 0 |
Derivative liabilities - interest rate swaps | (2,712) | (14,468) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | (2,712) | (14,468) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | $ 884,185 | $ 1,027,751 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | 821,500 | 845,000 |
Long term debt, fair value | 833,100 | |
Fixed Rate Mortgages | Level 3 | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | 31,700 | 85,300 |
Long term debt, fair value | 32,400 | 87,400 |
Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, fair value | $ 35,000 | $ 100,000 |
Fair Value - Recorded Amount _2
Fair Value - Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 30,171 | $ 504 |
Total Impairment | (17,201) | (598) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | 30,171 | 504 |
Income producing properties | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 30,171 | 504 |
Total Impairment | (17,201) | (598) |
Income producing properties | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | 0 | 0 |
Income producing properties | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | 0 | 0 |
Income producing properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Impairment | $ 30,171 | $ 504 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) $ in Millions | Dec. 31, 2021instrument | Dec. 31, 2020USD ($) |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Aggregate notional amount | $ | $ 310 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of interest rate swap agreements | instrument | 10 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Unsecured term loan facility with: 1.498% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 20,000,000 | |
Fixed rate (as a percent) | 1.498% | |
Derivative liabilities, at fair value | $ (112,000) | |
Unsecured term loan facility with: 1.490% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 15,000,000 | |
Fixed rate (as a percent) | 1.49% | |
Derivative liabilities, at fair value | $ (83,000) | |
Unsecured term loan facility with: 1.480% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 40,000,000 | |
Fixed rate (as a percent) | 1.48% | |
Derivative liabilities, at fair value | $ (220,000) | |
Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 60,000,000 | $ 60,000,000 |
Fixed rate (as a percent) | 1.77% | 1.77% |
Derivative liabilities, at fair value | $ (875,000) | $ (2,128,000) |
Unsecured term loan facility with: 1.260% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 30,000,000 | $ 30,000,000 |
Fixed rate (as a percent) | 1.26% | 1.26% |
Derivative liabilities, at fair value | $ (211,000) | $ (1,193,000) |
Unsecured term loan facility with: 1.259% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 10,000,000 | $ 10,000,000 |
Fixed rate (as a percent) | 1.259% | 1.259% |
Derivative liabilities, at fair value | $ (70,000) | $ (397,000) |
Unsecured term loan facility with: 1.269% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 10,000,000 | $ 10,000,000 |
Fixed rate (as a percent) | 1.269% | 1.269% |
Derivative liabilities, at fair value | $ (73,000) | $ (401,000) |
Unsecured term loan facility with: 1.310% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.31% | 1.31% |
Derivative liabilities, at fair value | $ (204,000) | $ (1,071,000) |
Unsecured term loan facility with: 1.324% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.324% | 1.324% |
Derivative liabilities, at fair value | $ (215,000) | $ (1,085,000) |
Unsecured term loan facility with: 1.297% Swap Rate, Expiration Date 11/2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed rate (as a percent) | 1.297% | 1.297% |
Derivative liabilities, at fair value | $ (211,000) | $ (2,522,000) |
Unsecured term loan facility with: 1.402% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.402% | 1.402% |
Derivative liabilities, at fair value | $ (226,000) | $ (1,425,000) |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 310,000,000 | 310,000,000 |
Derivative liabilities, at fair value | (2,712,000) | (10,637,000) |
Unsecured term loan facility with: 1.382% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed rate (as a percent) | 1.382% | 1.382% |
Derivative liabilities, at fair value | $ (405,000) | $ (2,541,000) |
Unsecured term loan facility with: 1.398% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.398% | 1.398% |
Derivative liabilities, at fair value | $ (222,000) | $ (1,290,000) |
Interest Rate Swap Total | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 385,000,000 | |
Derivative liabilities, at fair value | $ (14,468,000) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 15,906 | $ (13,578) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (4,150) | (2,752) |
Derivative Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | 0 | (2,345) |
Derivative Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | 15,906 | (11,233) |
Interest Expense | Derivative Assets | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | 14 |
Interest Expense | Derivative Liabilities | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (4,150) | $ (2,766) |
Leases - Future Minimum Revenue
Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Rent on Operating Leases | ||
2022 | $ 151,158 | |
2023 | 135,782 | |
2024 | 116,981 | |
2025 | 97,006 | |
2026 | 77,168 | |
Thereafter | 199,748 | |
Total | 777,843 | |
Variable lease payment | $ 47,800 | $ 44,200 |
Shopping centers | ||
Rent on Operating Leases | ||
Aggregate portfolio, percent leased | 93.10% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)option | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Finance lease cost | $ 46 | $ 48 | $ 51 |
Non-recoverable operating expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 1,162 | 1,162 | 1,162 |
General and administrative expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 604 | $ 581 | $ 859 |
New York | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, renewal term | 5 years | ||
Michigan | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, renewal term | 5 years | ||
Lessee, operating lease, number of renewal options | option | 2 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Operating lease assets | $ 17,934 | $ 18,585 |
Finance lease asset | 10,095 | 13,249 |
Total leased assets | 28,029 | 31,834 |
LIABILITIES | ||
Operating lease liabilities | 17,431 | 17,819 |
Finance lease liability | 821 | 875 |
Total lease liabilities | $ 18,252 | $ 18,694 |
Weighted Average Remaining Lease Terms | ||
Operating leases | 71 years | 71 years |
Finance lease | 11 years | 12 years |
Weighted Average Incremental Borrowing Rate | ||
Operating leases | 6.16% | 6.10% |
Finance lease | 5.23% | 5.23% |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Land | Land |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,504 | $ 1,467 |
Operating cash flows from finance lease | 46 | 48 |
Financing cash flows from finance lease | $ 54 | $ 52 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 1,482 | |
2023 | 1,495 | |
2024 | 1,118 | |
2025 | 1,048 | |
2026 | 1,093 | |
Thereafter | 93,337 | |
Total lease payments | 99,573 | |
Less imputed interest | (82,142) | |
Operating lease liabilities | 17,431 | $ 17,819 |
Finance Lease | ||
2022 | 100 | |
2023 | 100 | |
2024 | 100 | |
2025 | 100 | |
2026 | 100 | |
Thereafter | 600 | |
Total lease payments | 1,100 | |
Less imputed interest | (279) | |
Finance lease liability | $ 821 | $ 875 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 70,264 | $ (10,474) | $ 93,686 |
Net (income) loss attributable to noncontrolling interest | (1,625) | 241 | (2,175) |
Preferred share dividends | (6,701) | (6,701) | (6,701) |
Allocation of income to restricted share awards | (498) | (136) | (533) |
Net income (loss) available to common shareholders | $ 61,440 | $ (17,070) | $ 84,277 |
Weighted average shares outstanding, Basic (in shares) | 81,083 | 79,998 | 79,802 |
Earnings (Loss) per common share, Basic (in dollars per share) | $ 0.76 | $ (0.21) | $ 1.06 |
Earnings per Common Share - C_2
Earnings per Common Share - Computation of Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 70,264 | $ (10,474) | $ 93,686 |
Net (income) loss attributable to noncontrolling interest | (1,625) | 241 | (2,175) |
Preferred share dividends and conversion costs | (6,701) | (6,701) | 0 |
Allocation of income to restricted share awards | (498) | (136) | (533) |
Net income available to common shareholders | $ 61,440 | $ (17,070) | $ 90,978 |
Weighted average shares outstanding, Basic (in shares) | 81,083 | 79,998 | 79,802 |
Restricted share awards using the treasury method (in shares) | 1,215 | 0 | 939 |
Dilutive effect of securities | 0 | 0 | 6,981 |
Weighted average shares outstanding, Diluted (in shares) | 82,298 | 79,998 | 87,722 |
Earnings per common share, Diluted (in dollars per share) | $ 0.75 | $ (0.21) | $ 1.04 |
Earnings per Common Share - C_3
Earnings per Common Share - Computation of Diluted Earnings Per Share Convertible (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued (in shares) | 3,604 | 5,329 | 1,909 |
Converted (in shares) | 8,772 | 9,422 | 1,909 |
Operating Partnership Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued (in shares) | 1,755 | 1,909 | 1,909 |
Converted (in shares) | 1,755 | 1,909 | 1,909 |
Series D Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued (in shares) | 1,849 | 1,849 | 0 |
Converted (in shares) | 7,017 | 7,017 | 0 |
Restricted Stock Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued (in shares) | 0 | 1,571 | 0 |
Converted (in shares) | 0 | 496 | 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 29, 2020USD ($) | |
Stockholders Equity Note [Line Items] | ||||
Shares authorized value to be issued under distribution agreement | $ | $ 100,000,000 | |||
Common stock issued (in shares) | 3,483,120 | |||
Gross proceeds before issuance costs | $ | $ 45,700,000 | |||
Common stock available for issuance | $ | $ 54,300,000 | |||
Noncontrolling interest, exchange ratio for Company common stock | 1 | |||
Conversion of units for cash (in units) | 140,346 | 0 | 0 | |
Conversion and redemption of operating partnership units in shares | $ | $ 177,000 | $ 0 | $ 0 | |
Series D Preferred Shares | ||||
Stockholders Equity Note [Line Items] | ||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 1,848,539 | 1,848,539 | 1,848,539 | |
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% | 7.25% | |
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ / shares | $ 50 | $ 50 | $ 50 | |
Preferred shares, par value (in dollars per share) | $ / shares | 0.01 | 0.01 | 0.01 | |
Common share conversion rate (in dollars per share) | $ / shares | $ 13.17 | $ 13.17 | $ 13.24 | |
Convertible preferred stock to be issued upon conversion (in shares) | 7,000,000 | 7,000,000 | 7,000,000 | |
Noncontrolling Interest | ||||
Stockholders Equity Note [Line Items] | ||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 1,754,842 | 1,909,018 | 1,909,018 | |
Conversion of units for cash (in units) | 13,830 | 0 | 0 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared and Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Common shares dividends declared (in dollars per share) | $ 0.390 | $ 0.220 | $ 0.880 |
Common shares dividends paid (in dollars per share) | 0.270 | 0.440 | 0.880 |
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 - Summar_2
Shareholders' Equity - Summary of Dividends Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.270 | $ 0.440 | $ 0.880 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 3.625 | 3.625 | 3.625 |
Qualified dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.011 | 0 | 0 |
Section 199A dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.043 | 0.391 | 0.250 |
Ordinary dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.054 | 0.391 | 0.250 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 3.625 | 3.625 | 1.448 |
Capital gain distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0 | 0 | 0.376 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 0 | 0 | 2.177 |
Non-dividend distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.216 | $ 0.049 | $ 0.254 |
Share-Based Compensation and _3
Share-Based Compensation and Other Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)planshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans | plan | 2 | ||
Share-based compensation expense | $ | $ 8.1 | $ 6.3 | $ 6.5 |
Expense related to restricted share grants | $ | $ 4.1 | 3.7 | 3.5 |
Shareholder return | 3 years | ||
Compensation expense (benefit) related to cash based award grant | $ | $ 0.4 | 0.2 | 1.1 |
Total unrecognized compensation expense | $ | $ 14.3 | ||
Total unrecognized compensation expense, weighted average period of recognition | 2 years 6 months | ||
Defined contribution plan expense | $ | $ 0.2 | $ 0.2 | $ 0.2 |
Omnibus Long-Term Incentive Plan, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 5,100,000 | ||
Number of shares terminated (in shares) | 70,807 | ||
Omnibus Long-Term Incentive Plan, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance (in shares) | 2,400,000 | ||
Number of shares terminated (in shares) | 778,740 | ||
Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares terminated (in shares) | 0 | ||
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 0 | 0 | 0 |
Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 6,000,000 | ||
Number of shares available for issuance (in shares) | 5,000,000 | ||
Trustee Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service based restricted stock, vesting period (in years) | 1 year | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service based restricted stock, shares granted (in shares) | 348,667 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 3.6 | $ 2.4 | $ 1.9 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based liability awards, measurement period | 3 years | ||
Minimum | Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service based restricted stock, vesting period (in years) | 3 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based liability awards, measurement period | 4 years | ||
Maximum | Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service based restricted stock, vesting period (in years) | 5 years |
Share-Based Compensation and _4
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Outstanding at the beginning of the year (in shares) | 842,321 | 449,643 | 354,029 |
Service based restricted stock, shares granted (in shares) | 348,667 | 636,024 | 272,711 |
Vested (in shares) | (336,592) | (205,839) | (174,343) |
Forfeited or expired (in shares) | (4,849) | (37,507) | (2,754) |
Outstanding at the end of the year (in shares) | 849,547 | 842,321 | 449,643 |
Weighted- Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 9.75 | $ 12.40 | $ 13.05 |
Granted (in dollars per share) | 10.92 | 8.91 | 12.10 |
Vested (in dollars per share) | 10.47 | 12.38 | 13.04 |
Forfeited or expired (in dollars per share) | 8.22 | 12.78 | 13.16 |
Outstanding at the beginning of the year (in dollars per share) | $ 9.96 | $ 9.75 | $ 12.40 |
Share-Based Compensation Plans
Share-Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 8.65 | ||
Expected dividend rate | 0.00% | ||
Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility, minimum | 57.10% | ||
Expected stock price volatility, maximum | 22.90% | ||
Risk-free interest rate, maximum | 0.20% | 2.50% | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 49.80% | ||
Risk-free interest rate | 0.10% | ||
Expected life (in years) | 1 year | ||
Minimum | Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 5.03 | ||
Expected dividend rate | 0.00% | ||
Expected stock price volatility | 23.30% | ||
Risk-free interest rate | 0.30% | ||
Expected life (in years) | 2 years 10 months 17 days | 2 years 10 months 6 days | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 91.50% | ||
Risk-free interest rate | 0.30% | ||
Expected life (in years) | 4 years | ||
Maximum | Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 10.45 | $ 13.09 | $ 12.05 |
Expected dividend rate | 0.00% | 6.70% | 7.30% |
Expected stock price volatility | 46.20% | ||
Risk-free interest rate | 0.90% | ||
Expected life (in years) | 4 years 2 months 4 days | 2 years 10 months 6 days |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Distribute annually at least percent | 90.00% | ||
Federal and state deferred tax asset | $ 8,600,000 | ||
Federal and state deferred tax asset, valuation allowance | 8,600,000 | ||
Increase in valuation allowance for federal and state deferred tax asset | $ 600,000 | ||
Income tax (benefit) provision | (88,000) | (25,000) | $ 179,000 |
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, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 2.8 |
Contractual Obligation | 1.8 |
Special assessment bond | $ 12.2 |
Bond Financing Agreement, Amortization Period | 20 years |
Debt service payments | $ 6.8 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 12 Months Ended | ||
Feb. 17, 2022USD ($)instrument | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Subsequent Event [Line Items] | ||||
Unsecured revolving credit facility repaid | $ 290,000,000 | $ 125,000,000 | $ 19,400,000 | |
Subsequent Event | Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Unsecured revolving credit facility repaid | $ 25,000,000 | |||
Subsequent Event | R2G Joint Venture, Mortgage Loan | Mortgages | ||||
Subsequent Event [Line Items] | ||||
Number of mortgages | instrument | 2 | |||
Face amount | $ 52,000,000 | |||
Weighted average interest rate | 2.88% |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 13,107 | $ 12,996 | $ 1,037 | $ 858 |
Charged to Costs and Expenses | 2,450 | 12,884 | 625 | |
Charged to Other Accounts | (2,339) | (925) | (446) | |
Deductions | 0 | 0 | 0 | |
Balance at End of Year | 13,107 | 12,996 | 1,037 | |
Straight Line Rent Reserve | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 4,504 | 4,091 | 1,825 | $ 2,323 |
Charged to Costs and Expenses | 522 | 2,721 | (492) | |
Charged to Other Accounts | (109) | (455) | (6) | |
Deductions | 0 | 0 | 0 | |
Balance at End of Year | $ 4,504 | $ 4,091 | $ 1,825 |
Schedule III - Summary of Rea_2
Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 31,697 | |||
Initial Cost to Company, Land | 357,137 | |||
Initial Cost to Company, Building & Improvements | 1,228,917 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 288,913 | |||
Gross Amounts at which Carried at Close of Period, Land | 336,729 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,538,238 | |||
Gross Amounts at which Carried at Close of Period, Total | 1,874,967 | $ 1,855,549 | $ 1,860,382 | $ 2,078,995 |
Accumulated Depreciation | 422,270 | $ 392,301 | $ 352,006 | $ 358,195 |
Bellevue Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,061 | |||
Initial Cost to Company, Building & Improvements | 6,544 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,061 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 6,544 | |||
Gross Amounts at which Carried at Close of Period, Total | 8,605 | |||
Accumulated Depreciation | $ 120 | |||
Date Acquired | 2021 | |||
Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,831 | |||
Initial Cost to Company, Building & Improvements | 76,446 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (360) | |||
Gross Amounts at which Carried at Close of Period, Land | 9,831 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 76,086 | |||
Gross Amounts at which Carried at Close of Period, Total | 85,917 | |||
Accumulated Depreciation | $ 16,365 | |||
Date Acquired | 2014 | |||
Buttermilk Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (879) | |||
Gross Amounts at which Carried at Close of Period, Land | 10,095 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,378 | |||
Gross Amounts at which Carried at Close of Period, Total | 33,473 | |||
Accumulated Depreciation | $ 5,883 | |||
Date Acquired | 2014 | |||
Centennial Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 424 | |||
Gross Amounts at which Carried at Close of Period, Land | 0 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,063 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,063 | |||
Accumulated Depreciation | $ 5,317 | |||
Date Acquired | 2016 | |||
Central Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,447 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,250 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,356 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,606 | |||
Accumulated Depreciation | $ 3,716 | |||
Date Acquired | 2012 | |||
Clinton Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,025 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,523 | |||
Gross Amounts at which Carried at Close of Period, Total | 13,699 | |||
Accumulated Depreciation | $ 5,390 | |||
Date Acquired | 2003 | |||
Crofton Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,517 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,012 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,291 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,303 | |||
Accumulated Depreciation | $ 4,481 | |||
Date Acquired | 2015 | |||
Cypress Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,235 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,968 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,872 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,840 | |||
Accumulated Depreciation | $ 5,030 | |||
Date Acquired | 2013 | |||
Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,151 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,070 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,256 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,326 | |||
Accumulated Depreciation | $ 5,351 | |||
Date Acquired | 2013 | |||
Deer Grove Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 4,389 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,873 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,121 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,994 | |||
Accumulated Depreciation | $ 5,195 | |||
Date Acquired | 2013 | |||
Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 11,913 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,868 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 90,464 | |||
Gross Amounts at which Carried at Close of Period, Total | 97,332 | |||
Accumulated Depreciation | $ 23,600 | |||
Date Acquired | 2013 | |||
Front Range Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 19,413 | |||
Initial Cost to Company, Building & Improvements | 80,600 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 16,173 | |||
Gross Amounts at which Carried at Close of Period, Land | 18,988 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 97,198 | |||
Gross Amounts at which Carried at Close of Period, Total | 116,186 | |||
Accumulated Depreciation | $ 18,037 | |||
Date Acquired | 2014 | |||
Heritage Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 3,732 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,899 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 26,238 | |||
Gross Amounts at which Carried at Close of Period, Total | 40,137 | |||
Accumulated Depreciation | $ 8,966 | |||
Date Acquired | 2011 | |||
Highland Lakes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,714 | |||
Initial Cost to Company, Building & Improvements | 9,378 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,714 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 9,378 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,092 | |||
Accumulated Depreciation | $ 0 | |||
Date Acquired | 2021 | |||
Holcomb Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 5,282 | |||
Gross Amounts at which Carried at Close of Period, Land | 658 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,235 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,893 | |||
Accumulated Depreciation | $ 5,691 | |||
Date Acquired | 1996 | |||
Hunters Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 6,679 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,577 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 59,549 | |||
Gross Amounts at which Carried at Close of Period, Total | 67,126 | |||
Accumulated Depreciation | $ 15,752 | |||
Date Acquired | 2013 | |||
None | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 17,987 | |||
Initial Cost to Company, Building & Improvements | 12,828 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 166 | |||
Gross Amounts at which Carried at Close of Period, Land | 17,987 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,994 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,981 | |||
Accumulated Depreciation | $ 1,159 | |||
Date Acquired | 2019 | |||
Lakeland Park Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 41,410 | |||
Gross Amounts at which Carried at Close of Period, Land | 16,864 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 39,911 | |||
Gross Amounts at which Carried at Close of Period, Total | 56,775 | |||
Accumulated Depreciation | $ 10,010 | |||
Date Acquired | 2008 | |||
Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (1,102) | |||
Gross Amounts at which Carried at Close of Period, Land | 6,378 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,352 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,730 | |||
Accumulated Depreciation | $ 5,273 | |||
Date Acquired | 2013 | |||
Merchants' Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 5,470 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,453 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,360 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,813 | |||
Accumulated Depreciation | $ 8,214 | |||
Date Acquired | 2010 | |||
Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,856 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,601 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 26,655 | |||
Gross Amounts at which Carried at Close of Period, Total | 36,256 | |||
Accumulated Depreciation | $ 7,541 | |||
Date Acquired | 2013 | |||
Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,073 | |||
Initial Cost to Company, Land | 7,549 | |||
Initial Cost to Company, Building & Improvements | 30,898 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,221 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,517 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 35,151 | |||
Gross Amounts at which Carried at Close of Period, Total | 42,668 | |||
Accumulated Depreciation | 8,821 | |||
Newnan Pavillion | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,124 | |||
Initial Cost to Company, Building & Improvements | 24,057 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 0 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,124 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,057 | |||
Gross Amounts at which Carried at Close of Period, Total | 34,181 | |||
Accumulated Depreciation | $ 539 | |||
Date Acquired | 2021 | |||
Northborough Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,199 | |||
Initial Cost to Company, Building & Improvements | 21,892 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 51 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,199 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,943 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,142 | |||
Accumulated Depreciation | $ 467 | |||
Date Acquired | 2021 | |||
Olentangy Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 3,270 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,283 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,044 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,327 | |||
Accumulated Depreciation | $ 5,188 | |||
Date Acquired | 2015 | |||
Parkway Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 21,422 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,827 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,740 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,567 | |||
Accumulated Depreciation | $ 4,821 | |||
Date Acquired | 2008 | |||
Peachtree Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (7,866) | |||
Gross Amounts at which Carried at Close of Period, Land | 6,134 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,579 | |||
Gross Amounts at which Carried at Close of Period, Total | 16,713 | |||
Accumulated Depreciation | $ 2,058 | |||
Date Acquired | 2015 | |||
Promenade at Pleasant Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 5,944 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,330 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,025 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,355 | |||
Accumulated Depreciation | $ 12,861 | |||
Date Acquired | 2004 | |||
Providence Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 22,171 | |||
Initial Cost to Company, Building & Improvements | 85,657 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (548) | |||
Gross Amounts at which Carried at Close of Period, Land | 22,088 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 85,192 | |||
Gross Amounts at which Carried at Close of Period, Total | 107,280 | |||
Accumulated Depreciation | $ 13,550 | |||
Date Acquired | 2017 | |||
River City Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,596 | |||
Gross Amounts at which Carried at Close of Period, Land | 11,088 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 91,135 | |||
Gross Amounts at which Carried at Close of Period, Total | 102,223 | |||
Accumulated Depreciation | $ 32,358 | |||
Date Acquired | 2005 | |||
Rivertowne Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,474 | |||
Gross Amounts at which Carried at Close of Period, Land | 895 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,120 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,015 | |||
Accumulated Depreciation | $ 5,580 | |||
Date Acquired | 1998 | |||
Shoppes of Lakeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 241 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,236 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,744 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,980 | |||
Accumulated Depreciation | $ 5,408 | |||
Date Acquired | 1996 | |||
Southfield Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,368 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,121 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,145 | |||
Gross Amounts at which Carried at Close of Period, Total | 13,266 | |||
Accumulated Depreciation | $ 8,384 | |||
Date Acquired | 1996 | |||
Spring Meadows Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,646 | |||
Initial Cost to Company, Building & Improvements | 16,758 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 15,930 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,539 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,795 | |||
Gross Amounts at which Carried at Close of Period, Total | 35,334 | |||
Accumulated Depreciation | $ 15,141 | |||
Date Acquired | 1996 | |||
Tel-Twelve | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 30,094 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,738 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 75,356 | |||
Gross Amounts at which Carried at Close of Period, Total | 77,094 | |||
Accumulated Depreciation | $ 41,669 | |||
Date Acquired | 1996 | |||
The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 27,624 | |||
Initial Cost to Company, Land | 4,848 | |||
Initial Cost to Company, Building & Improvements | 51,273 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,020 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,848 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 57,293 | |||
Gross Amounts at which Carried at Close of Period, Total | 62,141 | |||
Accumulated Depreciation | $ 10,338 | |||
Date Acquired | 2015 | |||
Treasure Coast Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 954 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,924 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,598 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,522 | |||
Accumulated Depreciation | $ 3,290 | |||
Date Acquired | 2013 | |||
Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,371 | |||
Initial Cost to Company, Building & Improvements | 29,333 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 16,003 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,966 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 43,741 | |||
Gross Amounts at which Carried at Close of Period, Total | 53,707 | |||
Accumulated Depreciation | $ 10,107 | |||
Date Acquired | 2013 | |||
Village Lakes Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,509 | |||
Gross Amounts at which Carried at Close of Period, Land | 862 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 16,277 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,139 | |||
Accumulated Depreciation | $ 8,248 | |||
Date Acquired | 1997 | |||
Vista Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 584 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,353 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,020 | |||
Accumulated Depreciation | $ 4,220 | |||
Date Acquired | 2013 | |||
West Broward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (1,195) | |||
Gross Amounts at which Carried at Close of Period, Land | 4,610 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,055 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,665 | |||
Accumulated Depreciation | $ 2,527 | |||
Date Acquired | 2013 | |||
West Allis Towne Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 16,458 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,866 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 33,247 | |||
Gross Amounts at which Carried at Close of Period, Total | 35,113 | |||
Accumulated Depreciation | $ 15,534 | |||
Date Acquired | 1996 | |||
West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,058 | |||
Initial Cost to Company, Building & Improvements | 17,173 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 21,020 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,826 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 36,425 | |||
Gross Amounts at which Carried at Close of Period, Total | 39,251 | |||
Accumulated Depreciation | 13,568 | |||
West Oaks II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,988 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,315 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,583 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,898 | |||
Accumulated Depreciation | $ 11,874 | |||
Date Acquired | 1996 | |||
Winchester Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 7,574 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,517 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 26,283 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,800 | |||
Accumulated Depreciation | $ 6,270 | |||
Date Acquired | 2013 | |||
Woodbury Lakes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 27,497 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,411 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 83,132 | |||
Gross Amounts at which Carried at Close of Period, Total | 93,543 | |||
Accumulated Depreciation | $ 17,869 | |||
Date Acquired | 2014 | |||
Woodstock Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,624 | |||
Initial Cost to Company, Building & Improvements | 27,184 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 577 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,624 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 27,761 | |||
Gross Amounts at which Carried at Close of Period, Total | 34,385 | |||
Accumulated Depreciation | $ 454 | |||
Date Acquired | 2021 | |||
Land Held for Future Development | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (15,801) | |||
Gross Amounts at which Carried at Close of Period, Land | 20,851 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 5,640 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,491 | |||
Accumulated Depreciation | $ 35 | |||
Period One | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2012 | |||
Period One | West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 1996 | |||
Period Two | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2013 | |||
Period Two | West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2018 |
Schedule III - Summary Real Est
Schedule III - Summary Real Estate and Accumulated Depreciation - Real Estate Investment and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of total real estate carrying value: | |||
Balance at beginning of year | $ 1,855,549 | $ 1,860,382 | $ 2,078,995 |
Acquisition | 155,032 | 0 | 30,814 |
Improvements | 23,934 | 18,663 | 42,824 |
Cost of real estate sold/written off | (141,343) | (22,898) | (292,251) |
Impairment | (17,201) | (598) | 0 |
Reclassification to held for sale | (1,004) | 0 | 0 |
Balance at end of year | 1,874,967 | 1,855,549 | 1,860,382 |
Reconciliation of accumulated depreciation: | |||
Balance at beginning of year | 392,301 | 352,006 | 358,195 |
Depreciation Expense | 54,643 | 54,253 | 58,662 |
Cost of real estate sold/written off | (23,670) | (13,958) | (64,851) |
Reclassification to held for sale | (1,004) | 0 | 0 |
Aggregate cost for federal income tax purposes | 1,944,380 | 1,923,056 | 1,905,041 |
Balance at end of year | $ 422,270 | $ 392,301 | $ 352,006 |
Uncategorized Items - rpt-20211
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |