Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DDR | ||
Entity Registrant Name | DDR CORP | ||
Entity Central Index Key | 894,315 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 366,541,648 | ||
Entity Public Float | $ 5.6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Land | $ 1,990,406 | $ 2,184,145 |
Buildings | 6,412,532 | 6,965,632 |
Fixtures and tenant improvements | 735,685 | 743,037 |
Total real estate rental property | 9,138,623 | 9,892,814 |
Less: Accumulated depreciation | (1,996,176) | (2,062,899) |
Real estate rental property, net | 7,142,447 | 7,829,915 |
Construction in progress and land | 105,435 | 235,385 |
Total real estate assets, net | 7,247,882 | 8,065,300 |
Investments in and advances to joint ventures | 454,131 | 467,732 |
Cash and cash equivalents | 30,430 | 22,416 |
Restricted cash | 8,795 | 10,104 |
Accounts receivable, net | 121,367 | 129,089 |
Notes receivable, net | 49,503 | 42,534 |
Other assets, net | 285,410 | 359,913 |
Total assets | 8,197,518 | 9,097,088 |
Unsecured indebtedness: | ||
Senior notes | 2,913,217 | 3,149,188 |
Unsecured term loan | 398,399 | 397,934 |
Revolving credit facilities | 0 | 210,000 |
Total unsecured indebtedness | 3,311,616 | 3,757,122 |
Secured indebtedness: | ||
Secured term loan | 199,843 | 199,251 |
Mortgage indebtedness | 982,509 | 1,183,164 |
Total secured indebtedness | 1,182,352 | 1,382,415 |
Total indebtedness | 4,493,968 | 5,139,537 |
Accounts payable and other liabilities | 382,293 | 425,478 |
Dividends payable | 75,245 | 68,604 |
Total liabilities | 4,951,506 | 5,633,619 |
Commitments and contingencies (Note 9) | ||
DDR Equity | ||
Preferred Shares (Note 10) | 350,000 | 350,000 |
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 366,298,335 and 365,292,314 shares issued at December 31, 2016 and December 31, 2015, respectively | 36,630 | 36,529 |
Additional paid-in capital | 5,487,212 | 5,466,511 |
Accumulated distributions in excess of net income | (2,632,327) | (2,391,793) |
Deferred compensation obligation | 15,149 | 15,537 |
Accumulated other comprehensive loss | (4,192) | (6,283) |
Less: Common shares in treasury at cost: 947,893 and 945,268 shares at December 31, 2016 and December 31, 2015, respectively | (14,957) | (15,316) |
Total DDR shareholders' equity | 3,237,515 | 3,455,185 |
Non-controlling interests | 8,497 | 8,284 |
Total equity | 3,246,012 | 3,463,469 |
Total liabilities and equity | $ 8,197,518 | $ 9,097,088 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, shares authorized | 600,000,000 | 600,000,000 |
Common shares, shares issued | 366,298,335 | 365,292,314 |
Treasury at cost | 947,893 | 945,268 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from operations: | |||
Minimum rents | $ 701,208 | $ 719,737 | $ 688,556 |
Percentage and overage rents | 7,610 | 6,267 | 5,231 |
Recoveries from tenants | 238,419 | 246,719 | 230,987 |
Fee and other income | 58,568 | 55,348 | 60,901 |
Total revenue from operations | 1,005,805 | 1,028,071 | 985,675 |
Rental operation expenses: | |||
Operating and maintenance | 131,177 | 144,611 | 142,336 |
Real estate taxes | 145,907 | 149,082 | 138,771 |
Impairment charges | 110,906 | 279,021 | 29,175 |
General and administrative | 76,101 | 73,382 | 84,484 |
Depreciation and amortization | 389,519 | 402,045 | 402,825 |
Total rental operation expenses | 853,610 | 1,048,141 | 797,591 |
Other income (expense): | |||
Interest income | 37,054 | 29,213 | 15,927 |
Interest expense | (217,589) | (241,727) | (237,120) |
Other income (expense), net | 3,322 | (1,739) | (12,262) |
Total other income (expense) | (177,213) | (214,253) | (233,455) |
Loss before earnings from equity method investments and other items | (25,018) | (234,323) | (45,371) |
Equity in net income (loss) of joint ventures | 15,699 | (3,135) | 10,989 |
Impairment of joint venture investments | 0 | (1,909) | (30,652) |
(Loss) gain on sale and change in control of interests, net | (1,087) | 7,772 | 87,996 |
(Loss) income before tax expense | (10,406) | (231,595) | 22,962 |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (1,781) | (6,286) | (1,855) |
(Loss) income from continuing operations | (12,187) | (237,881) | 21,107 |
Income from discontinued operations | 0 | 0 | 89,398 |
(Loss) income before gain on disposition of real estate | (12,187) | (237,881) | 110,505 |
Gain on disposition of real estate, net | 73,386 | 167,571 | 3,060 |
Net income (loss) | 61,199 | (70,310) | 113,565 |
(Income) loss attributable to non-controlling interests, net | (1,187) | (1,858) | 3,717 |
Net income (loss) attributable to DDR | 60,012 | (72,168) | 117,282 |
Write-off of preferred share original issuance costs | 0 | 0 | (1,943) |
Preferred dividends | (22,375) | (22,375) | (24,054) |
Net income (loss) attributable to common shareholders | $ 37,637 | $ (94,543) | $ 91,285 |
Per share data: | |||
Basic | $ 0.10 | $ (0.27) | $ 0.25 |
Diluted | $ 0.10 | $ (0.27) | $ 0.25 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 61,199 | $ (70,310) | $ 113,565 |
Other comprehensive income (loss): | |||
Foreign currency translation, net | 31 | (2,088) | 9,115 |
Reclassification adjustment for foreign currency translation included in net income | 21,755 | ||
Change in fair value of interest-rate contracts | 1,491 | 1,203 | (1,045) |
Change in cash flow hedges reclassed to earnings | 688 | 1,173 | 472 |
Reclassification adjustment for realized gains on available-for-sale securities included in net income | 0 | 0 | (1,416) |
Unrealized losses on available-for-sale securities | 0 | 0 | (627) |
Total other comprehensive income | 2,210 | 288 | 32,755 |
Comprehensive income (loss) | 63,409 | (70,022) | 146,320 |
Comprehensive (income) loss attributable to non-controlling interests: | |||
Allocation of net (income) loss | (1,187) | (1,858) | 3,717 |
Foreign currency translation, net | (119) | 781 | 887 |
Total comprehensive (income) loss attributable to non-controlling interests | (1,306) | (1,077) | 103 |
Total comprehensive income (loss) attributable to DDR | 62,103 | (71,099) | 146,423 |
Parent [Member] | |||
Other comprehensive income (loss): | |||
Reclassification adjustment for foreign currency translation included in net income | 0 | 0 | 26,256 |
Non-Controlling Interests [Member] | |||
Other comprehensive income (loss): | |||
Reclassification adjustment for foreign currency translation included in net income | 0 | 0 | (4,501) |
Comprehensive income (loss) | $ 1,306 | $ 1,077 | $ (103) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Deferred Compensation Obligation | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Non-Controlling Interests |
Balance at Dec. 31, 2013 | $ 3,927,879 | $ 405,000 | $ 35,938 | $ 5,417,363 | $ (1,915,638) | $ 16,702 | $ (36,493) | $ (18,211) | $ 23,218 |
Balance, shares at Dec. 31, 2013 | 359,379 | ||||||||
Issuance of common shares related to stock plans | 6,930 | 0 | $ 40 | 6,066 | 0 | 0 | 0 | 824 | 0 |
Issuance of common shares related to stock plans, shares | 397 | ||||||||
Issuance of common shares for cash offering | 11,634 | 0 | $ 66 | 11,568 | 0 | 0 | 0 | 0 | 0 |
Issuance of common shares for cash offering, shares | 664 | ||||||||
Stock-based compensation, net | 2,539 | 0 | $ 27 | 1,864 | 0 | (93) | 0 | 741 | 0 |
Stock-based compensation, net, shares | 271 | ||||||||
Issuance of OP Units | 18,256 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 18,256 |
Contributions from non-controlling interests | 93 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93 |
Distributions to non-controlling interests | (14,184) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (14,184) |
Redemption of preferred shares | (55,026) | (55,000) | 0 | 1,917 | (1,943) | 0 | 0 | 0 | 0 |
Dividends declared-common shares | (223,016) | 0 | 0 | 0 | (223,016) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (23,897) | 0 | 0 | 0 | (23,897) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 146,320 | 0 | 0 | 0 | 117,282 | 0 | 29,141 | 0 | (103) |
Balance at Dec. 31, 2014 | 3,797,528 | 350,000 | $ 36,071 | 5,438,778 | (2,047,212) | 16,609 | (7,352) | (16,646) | 27,280 |
Balance, shares at Dec. 31, 2014 | 360,711 | ||||||||
Issuance of common shares related to stock plans | 7,388 | 0 | $ 44 | 7,214 | 0 | 0 | 0 | 130 | 0 |
Issuance of common shares related to stock plans, shares | 435 | ||||||||
Stock-based compensation, net | 2,979 | 0 | $ 6 | 4,123 | 0 | (1,072) | 0 | (78) | 0 |
Stock-based compensation, net, shares | 60 | ||||||||
Issuance of common stock in settlement of conversion feature (Note 7) | (144) | 0 | $ 304 | (1,726) | 0 | 0 | 0 | 1,278 | 0 |
Issuance of common stock in settlement of conversion feature (Note 7), shares | 3,043 | ||||||||
Redemption of OP Units | (30) | 0 | $ 104 | 18,122 | 0 | 0 | 0 | 0 | (18,256) |
Redemption of OP Units, shares | 1,043 | ||||||||
Distributions to non-controlling interests | (1,817) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (1,817) |
Dividends declared-common shares | (250,038) | 0 | 0 | 0 | (250,038) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (22,375) | 0 | 0 | 0 | (22,375) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (70,022) | 0 | 0 | 0 | (72,168) | 0 | 1,069 | 0 | 1,077 |
Balance at Dec. 31, 2015 | 3,463,469 | 350,000 | $ 36,529 | 5,466,511 | (2,391,793) | 15,537 | (6,283) | (15,316) | 8,284 |
Balance, shares at Dec. 31, 2015 | 365,292 | ||||||||
Issuance of common shares related to stock plans | 16,440 | 0 | $ 101 | 14,747 | 0 | 0 | 0 | 1,592 | 0 |
Issuance of common shares related to stock plans, shares | 1,006 | ||||||||
Stock-based compensation, net | 4,333 | 0 | $ 0 | 5,954 | 0 | (388) | 0 | (1,233) | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (1,093) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (1,093) |
Dividends declared-common shares | (278,171) | 0 | 0 | 0 | (278,171) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (22,375) | 0 | 0 | 0 | (22,375) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 63,409 | 0 | 0 | 0 | 60,012 | 0 | 2,091 | 0 | 1,306 |
Balance at Dec. 31, 2016 | $ 3,246,012 | $ 350,000 | $ 36,630 | $ 5,487,212 | $ (2,632,327) | $ 15,149 | $ (4,192) | $ (14,957) | $ 8,497 |
Balance, shares at Dec. 31, 2016 | 366,298 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | |||
Net income (loss) | $ 61,199 | $ (70,310) | $ 113,565 |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | |||
Depreciation and amortization | 389,519 | 402,045 | 419,079 |
Stock-based compensation | 7,765 | 7,895 | 9,962 |
Amortization and write-off of deferred finance charges and fair market value of debt adjustments | 2,147 | (5,315) | (6,488) |
Accretion of convertible debt discount | 0 | 9,953 | 11,377 |
Equity in net (income) loss of joint ventures | (15,699) | 3,135 | (10,989) |
Impairment of joint venture investments | 0 | 1,909 | 30,652 |
Net loss (gain) on sale and change in control of interests | 1,087 | (7,772) | (87,996) |
Operating cash distributions from joint ventures | 8,210 | 8,382 | 10,749 |
Realized gain on sale of available-for-sale securities | 0 | 0 | (1,416) |
Gain on disposition of real estate | (73,386) | (167,571) | (99,069) |
Impairment charges and loan loss reserve | 110,906 | 279,021 | 38,552 |
Change in notes receivable accrued interest | (9,487) | (8,048) | (8,259) |
Change in restricted cash | 2,241 | 1,111 | 7,060 |
Net change in accounts receivable | 1,410 | (3,107) | (2,357) |
Net change in accounts payable and accrued expenses | (9,775) | 174 | 14,630 |
Net change in other operating assets and liabilities | (13,222) | (16,915) | (18,770) |
Total adjustments | 401,716 | 504,897 | 306,717 |
Net cash flow provided by operating activities | 462,915 | 434,587 | 420,282 |
Cash flow from investing activities: | |||
Real estate acquired, net of liabilities and cash assumed | (145,975) | (176,020) | (330,929) |
Real estate developed and improvements to operating real estate | (162,926) | (305,725) | (260,897) |
Proceeds from disposition of real estate and joint venture interests | 758,064 | 488,229 | 977,189 |
Equity contributions to joint ventures | (6,849) | (6,142) | (21,754) |
Issuance (repayment) of joint venture advances, net | 10,000 | (82,634) | (258,248) |
Distributions from unconsolidated joint ventures | 26,793 | 18,123 | 25,693 |
Proceeds from sale of available-for-sale securities | 0 | 0 | 3,216 |
Issuance of notes receivable | (11,139) | 0 | 0 |
Repayment of notes receivable | 5,065 | 9,521 | 1,436 |
Change in restricted cash | (943) | 160 | 17,490 |
Net cash flow provided by (used for) investing activities | 472,090 | (54,488) | 153,196 |
Cash flow from financing activities: | |||
(Repayment of) proceeds from revolving credit facilities, net | (210,000) | 182,371 | 2,110 |
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses | 0 | 884,786 | 0 |
Repayment of senior notes | (240,000) | (502,996) | 0 |
Proceeds from mortgages and other secured debt | 0 | 400,000 | 151,302 |
Repayment of term loans and mortgage debt | (195,495) | (1,068,924) | (497,238) |
Payment of debt issuance costs | (43) | (4,605) | (1,046) |
Redemption of preferred shares | 0 | 0 | (55,000) |
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses | 0 | 0 | 11,635 |
Issuance (repurchase) of common shares in conjunction with equity award plans and dividend reinvestment plan | 13,536 | 2,325 | (494) |
Contributions from non-controlling interests | 0 | 0 | 93 |
Distributions to non-controlling interests and redeemable operating partnership units | (1,085) | (6,452) | (9,446) |
Dividends paid | (293,905) | (265,277) | (240,551) |
Net cash flow used for financing activities | (926,992) | (378,772) | (638,635) |
Cash and cash equivalents: | |||
Increase (decrease) in cash and cash equivalents | 8,013 | 1,327 | (65,157) |
Effect of exchange rate changes on cash and cash equivalents | 1 | 152 | (570) |
Cash and cash equivalents, beginning of year | 22,416 | 20,937 | 86,664 |
Cash and cash equivalents, end of year | $ 30,430 | $ 22,416 | $ 20,937 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Business DDR Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “DDR”) and unconsolidated joint ventures are primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing, financing and managing shopping centers. Unless otherwise provided, references herein to the Company or DDR include DDR Corp. and its wholly-owned subsidiaries and consolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local retailers. Consequently, the Company’s credit risk is concentrated in the retail industry. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss). The Company has two unconsolidated joint ventures included in the Company’s joint venture investments that are considered VIEs for which the Company is not the primary beneficiary. The Company’s maximum exposure to losses associated with these VIEs is limited to its aggregate investment, which was $405.4 million and $412.4 million as of December 31, 2016 and 2015, respectively. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Accounts payable related to construction in progress $ 13.3 $ 31.6 $ 25.7 Dividends declared 75.2 68.6 61.5 Mortgages assumed from acquisitions — 33.7 293.3 Issuance of Operating Partnership Units ("OP Units") — — 18.3 Redemption of OP Units — 18.3 — Elimination of a previously held equity interest (Note 3) — 1.4 2.5 Preferred equity interest and mezzanine loan applied to purchase price of acquired properties — — 51.8 Reclassification adjustment of foreign currency translation (Note 11) — — 21.8 Write-off of preferred share original issuance costs — — 1.9 Real Estate Real estate assets, which include construction in progress and undeveloped land, are stated at cost less accumulated depreciation. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, 20 to 31.5 years Building improvements and fixtures Useful lives, ranging from 5 to 20 years Tenant improvements Shorter of economic life or lease terms The Company periodically assesses the useful lives of its depreciable real estate assets and accounts for any revisions, which are not material for the periods presented, prospectively. Expenditures for maintenance and repairs are charged to operations as incurred. Significant expenditures that improve or extend the life of the asset are capitalized. Construction in Progress and Land includes undeveloped land as well as construction in progress related to shopping center developments and expansions. The Company capitalized certain direct costs (salaries and related personnel) and incremental internal construction costs of $8.1 million, $9.1 million and $9.9 million in 2016, 2015 and 2014, respectively. Purchase Price Accounting Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements and intangibles, generally including (i) above- and below-market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to assets acquired and liabilities assumed on a gross basis based on their relative fair values at the date of acquisition. In estimating the fair value of the tangible and intangibles acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities and uses various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, analysis of recent comparable sales transactions, estimates of replacement costs net of depreciation and other available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above- and below-market lease values are recorded based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management's estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the estimated term of any below-market, fixed-rate renewal options for below-market leases. The capitalized above- and below-market lease values are amortized to base rental revenue over the related lease term. The purchase price is further allocated to in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of the acquired lease portfolio and the Company's overall relationship with the anchor tenants. Such amounts are amortized to expense over the remaining initial lease term (and expected renewal periods for tenant relationships). Real Estate Impairment Assessment The Company reviews its individual real estate assets, including undeveloped land and construction in progress, for potential impairment indicators whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment indicators include, but are not limited to, significant decreases in projected net operating income and occupancy percentages, estimated hold periods, projected losses on potential future sales, market factors, significant changes in projected development costs or completion dates and sustainability of development projects. An asset is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset or undeveloped land, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company recorded aggregate impairment charges of $110.9 million, $279.0 million and $38.1 million, related to consolidated real estate investments during the years ended December 31, 2016, 2015 and 2014 (including discontinued operations), respectively (Note 12). Disposition of Real Estate and Real Estate Investments Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Gains from dispositions are recognized using the full accrual or partial sale methods, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. If the criteria for sale recognition or gain recognition are not met because of a form of continuing involvement, the accounting for such transactions is dependent on the nature of the continuing involvement. In certain cases, a sale might not be recognized, and in others all or a portion of the gain might be deferred. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. Since January 1, 2015, the disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in Income from Continuing Operations and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate. Prior to January 1, 2015, pursuant to the revised guidance for reporting discontinued operations, the shopping centers sold by the Company were considered a component of an entity, and the operations of the sold asset were considered discontinued operations. Interest expense that was specifically identifiable to the property was included in the computation of interest expense attributable to discontinued operations. Consolidated interest expense at the corporate level was allocated to discontinued operations based on the proportion of net assets disposed. Real Estate Held for Sale The Company generally considers assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above-mentioned criteria for held for sale as of December 31, 2016 and 2015. Interest and Real Estate Taxes Interest and real estate taxes incurred relating to the construction, expansion or redevelopment of shopping centers are capitalized and depreciated over the estimated useful life of the building. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Interest paid during the years ended December 31, 2016, 2015 and 2014, aggregated $220.0 million, $234.6 million and $243.2 million, respectively, of which $3.1 million, $6.7 million and $8.7 million, respectively, was capitalized. Investments in and Advances to Joint Ventures To the extent that the Company’s cost basis in an unconsolidated joint venture is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the joint venture. Periodically, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. The Company recorded aggregate impairment charges of $1.9 million and $30.7 million (Note 12) related to its investments in unconsolidated joint ventures during the years ended December 31, 2015 and 2014, respectively. These impairment charges create a basis difference between the Company’s share of accumulated equity as compared to the investment balance of the respective unconsolidated joint venture. The Company allocates the aggregate impairment charge to each of the respective properties owned by the joint venture on a relative fair value basis and amortizes this basis differential as an adjustment to the equity in net income (loss) recorded by the Company over the estimated remaining useful lives of the underlying assets. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. Restricted Cash Restricted cash represents amounts on deposit with financial institutions primarily for debt service payments, real estate taxes, capital improvements and operating reserves as required pursuant to the respective loan agreement. For purposes of the Company’s consolidated statements of cash flows, changes in restricted cash caused by changes in operating expenses funded by the deposits, primarily real estate taxes, are reflected in cash from operating activities, and changes in restricted cash caused by changes in capital improvements are reflected in cash from investing activities. Accounts Receivable The Company makes estimates of the amounts it believes will not be collected related to base rents, straight-line rents receivable, expense reimbursements and other amounts owed. The Company analyzes accounts receivable, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, amounts due from tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. Accounts receivable, other than straight-line rents receivable, are expected to be collected within one year and are net of estimated unrecoverable amounts of $7.1 million and $6.2 million at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, straight-line rents receivable, net of a provision for uncollectible amounts of $4.1 million and $4.0 million, respectively, aggregated $65.1 million and $65.7 million, respectively. Notes Receivable Notes receivable include certain loans that are held for investment and are generally collateralized by real estate-related investments and may be subordinate to other senior loans. Loans receivable are recorded at stated principal amounts or at initial investment plus accretable yield for loans purchased at a discount. The related discounts on mortgages and other loans purchased are accreted over the life of the related loan receivable. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest on each loan based on an assessment of the underlying collateral value to determine whether it is impaired, and not by the use of internal risk ratings. A loan loss reserve is recorded when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value of the underlying collateral. As the underlying collateral for a majority of the notes receivable is real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of loans outstanding, all of the Company’s loans are evaluated individually for this purpose. Interest income on performing loans is accrued as earned. A loan is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on an accrual basis on non-performing loans is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. Deferred Charges External costs and fees incurred in obtaining indebtedness are included in the Company’s consolidated balance sheets as a direct deduction from the related debt liability, rather than as an asset. Debt issuance costs related to the Company’s revolving credit facilities remain classified as an asset on the consolidated balance sheets as these costs are, at the outset, not associated with an outstanding borrowing. The aggregate costs are amortized over the terms of the related debt agreements. Such amortization is reflected in Interest Expense in the Company’s consolidated statements of operations. Available-for-Sale Securities Unrealized gains or losses from marketable equity securities were recorded in Other Comprehensive Income (“OCI”), and any realized gains and losses were recorded using the specific identification method in the Company’s consolidated statements of comprehensive income or loss. Treasury Shares The Company’s share repurchases are reflected as treasury shares utilizing the cost method of accounting and are presented as a reduction to consolidated shareholders’ equity. Reissuances of the Company’s treasury shares at an amount below cost are recorded as a charge to paid-in capital due to the Company’s cumulative distributions in excess of net income. Revenue Recognition Minimum rents from tenants are recognized using the straight-line method over the lease term of the respective leases. Percentage and overage rents are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. Revenues associated with expense reimbursements from tenants are recognized in the period that the related expenses are incurred based upon the tenant lease provision. Management fees are recorded in the period earned based on a percentage of collected revenue at the properties under management. Included in management and other fee income are fees (i.e., leasing and development fees) derived from the Company’s unconsolidated joint venture investments that are recognized to the extent attributable to the unaffiliated ownership interest. Ancillary and other property-related income, primarily composed of leasing vacant space to temporary tenants and kiosk income, is recognized in the period earned. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. Fee and other income was composed of the following (in thousands): For the Year Ended December 31, 2016 2015 2014 Management and other fee income $ 36,298 $ 32,971 $ 31,907 Ancillary and other property income 18,678 19,038 24,288 Lease termination fees 3,512 2,774 4,085 Other 80 565 621 Total fee and other income $ 58,568 $ 55,348 $ 60,901 General and Administrative Expenses General and administrative expenses include certain internal leasing and legal salaries and related expenses associated with the re-leasing of existing space, which are charged to operations as incurred. Stock Option and Other Equity-Based Plans Compensation cost relating to stock-based payment transactions classified as equity is recognized in the financial statements based upon the grant date fair value. Forfeitures are estimated at the time of grant in order to estimate the amount of share-based awards that will ultimately vest. The forfeiture rate is based on historical rates for non-executive employees and actual expectations for executives. Stock-based compensation cost recognized by the Company was $7.0 million for each of the years ended December 31, 2016 and 2015, and $9.1 million for the year ended December 31, 2014. These amounts include $0.9 million, $0.5 million and $1.4 million of expense related to the accelerated vesting of awards due to employee separations in 2016, 2015 and 2014, respectively. This net cost is included in General and Administrative Expenses in the Company’s consolidated statements of operations. Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (“REIT”) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that it makes distributions to its shareholders equal to at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to satisfy certain other requirements. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015 and included numerous law changes applicable to REITs. Currently effective changes have not, and the Company expects that the future changes will not, have a material impact on the Company’s operations. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local tax jurisdictions as well as certain jurisdictions outside the United States, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2016, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2013 and forward. Deferred Tax Assets The Company accounts for income taxes related to its taxable REIT subsidiary (“TRS”) under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the income statement in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized and would record a valuation allowance to reduce deferred tax assets when it has determined that an uncertainty exists regarding their realization, which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required. Foreign Currency Translation The financial statements of the Company’s international consolidated and unconsolidated joint venture investments are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities, an average exchange rate for each period for revenues, expenses, gains and losses, and at the transaction date for impairments or asset sales, with the Company’s proportionate share of the resulting translation adjustments recorded as Accumulated OCI. Gains or losses resulting from foreign currency transactions, translated to local currency, are included in income as incurred. In 2014, the Company recorded a release of foreign currency translation from Accumulated OCI to earnings as a result of the sale of its entire investments in Brazil and Russia and substantially all of its investments in Canada. Derivative and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Company elects not to apply hedge accounting. Fair Value Hierarchy The standard Fair Value Measurements • Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and • Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Segments At December 31, 2016, the Company had two reportable operating segments: shopping centers and loan investments. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. New Accounting Standards to Be Adopted Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers The Company is in the process of evaluating the impact that the adoption of ASU No. 2014-09 will have on its consolidated financial statements and disclosures. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and will be governed by the recently issued leasing guidance discussed below. Excluding revenue related to leasing transactions, the Company anticipates that upon adoption of ASU No. 2014-09, the recognition of lease commission income earned pursuant to its management agreements with unconsolidated joint ventures most likely will be accelerated into an earlier quarter than recognized in current GAAP. The majority of the Company’s lease commission income is recognized 50% upon lease execution and 50% upon tenant rent commencement. Under the new standard, the Company anticipates that a lease commission will be recognized in its entirety upon lease execution. This revenue is not considered material to the Company’s financial statements. Accounting for Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Leases The Company is in the process of evaluating the impact that the adoption of ASU No. 2016-02 will have on its consolidated financial statements and disclosures. The Company has currently identified three areas within its accounting policies it believes could be impacted by the new standard. First, the Company may have a change in presentation on its consolidated statement of operations with regards to Recoveries from Tenants which includes reimbursements from tenants for certain operating expenses, real estate taxes and insurance. Tenant expense reimbursements with a service obligation are not covered within the scope of ASU No. 2016-02. The Company also has certain lease arrangements with its tenants for space at its shopping centers in which the contractual amounts due under the lease by the lessee are not allocated between the rental and expense reimbursement components (“Gross Leases”). The aggregate revenue earned under Gross Leases is presented as Minimum Rents in the consolidated statements of operations. As a result, the Company anticipates it will be required to bifurcate the presentation of certain expense reimbursements as well as allocate the fair value of the embedded revenue associated with these reimbursements for Gross Leases, which represent an immaterial portion of the Company’s lease portfolio, and separately present such amounts in its consolidated statements of operations based upon materiality. In addition, the Company has ground lease agreements in which the Company is the lessee for land underneath all or a portion of the buildings at five shopping centers (Note 9). Currently, the Company accounts for these arrangements as operating leases. Under the new standard, the Company will record its rights and obligations under these leases as an asset and liability on its consolidated balance sheets. The Company is currently in the process of evaluating the inputs required to calculate the amount that will be recorded on its balance sheet for each ground lease. Lastly, this standard impacts the lessor’s ability to capitalize costs related to the leasing of vacant space. However, the Company does not believe this change will have a material impact on its financial statements. Business Combinations In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). have an ad |
Investments in and Advances to
Investments in and Advances to Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Joint Ventures | 2. Investments in and Advances to Joint Ventures The Company’s equity method joint ventures, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2016, are as follows: Unconsolidated Real Estate Ventures Effective Ownership Percentage Assets Owned BRE DDR Retail Holdings III 5% 50 shopping centers in several states BRE DDR Retail Holdings IV 5 6 shopping centers in several states DDRTC Core Retail Fund, LLC 15 25 shopping centers in several states DDR Domestic Retail Fund I 20 55 shopping centers in several states DDR – 20 12 shopping centers in several states Other Joint Venture Interests 26 – 3 shopping centers in 2 states Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): December 31, 2016 2015 Condensed Combined Balance Sheets Land $ 1,287,675 $ 1,343,889 Buildings 3,376,720 3,551,227 Fixtures and tenant improvements 203,824 191,581 4,868,219 5,086,697 Less: Accumulated depreciation (884,356 ) (817,235 ) 3,983,863 4,269,462 Construction in progress and land 56,983 52,390 Real estate, net 4,040,846 4,321,852 Cash and restricted cash 50,378 58,916 Receivables, net 50,685 52,768 Other assets, net 248,664 318,546 $ 4,390,573 $ 4,752,082 Mortgage debt $ 3,034,399 $ 3,177,603 Notes and accrued interest payable to the Company 1,584 1,556 Other liabilities 206,949 219,799 3,242,932 3,398,958 Redeemable preferred equity 393,338 395,156 Accumulated equity 754,303 957,968 $ 4,390,573 $ 4,752,082 Company's share of accumulated equity $ 97,977 $ 115,871 Redeemable preferred equity 393,338 395,156 Basis differentials (36,117 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,651 ) (2,449 ) Amounts payable to the Company 1,584 1,556 Investments in and Advances to Joint Ventures $ 454,131 $ 467,732 For the Year Ended December 31, 2016 2015 2014 Condensed Combined Statements of Operations Revenues from operations $ 513,365 $ 524,697 $ 485,764 Expenses from operations: Operating expenses 144,984 146,924 140,615 Impairment charges (A) 13,598 52,700 21,583 Depreciation and amortization 195,198 207,816 151,651 Interest expense 132,943 140,701 171,803 Preferred share expense 33,418 25,991 7,355 Other (income) expense, net 23,513 30,235 37,970 543,654 604,367 530,977 Loss before tax expense and discontinued operations (30,289 ) (79,670 ) (45,213 ) Income tax expense (primarily Sonae Sierra Brasil), net — — (6,565 ) Loss from continuing operations (30,289 ) (79,670 ) (51,778 ) Discontinued operations: Loss from discontinued operations (A) — — (13,955 ) Gain on disposition of real estate, net of tax — — 55,020 Loss before gain on disposition of real estate, net (30,289 ) (79,670 ) (10,713 ) Gain on disposition of real estate, net 57,261 17,188 10,116 Net income (loss) attributable to unconsolidated joint ventures $ 26,972 $ (62,482 ) $ (597 ) Income attributable to non-controlling interests — — (2,022 ) Net income (loss) attributable to unconsolidated joint ventures $ 26,972 $ (62,482 ) $ (2,619 ) Company's share of equity in net income (loss) of joint ventures (B) $ 11,650 $ (5,289 ) $ 9,218 Basis differential adjustments (B) 4,049 2,154 1,771 Equity in net income (loss) of joint ventures (B) $ 15,699 $ (3,135 ) $ 10,989 (A) For the years ended December 31, 2016, 2015 and 2014, the Company’s proportionate share was $2.7 million, $10.5 million and $4.4 million, respectively. Impairment charges included in discontinued operations related to asset sales were $11.1 million for the year ended December 31, 2014, of which the Company’s proportionate share was $0.8 million. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges recorded on these investments, as appropriate, as discussed below. Reflected in discontinued operations are 37 properties sold in 2014. (B) The difference between the Company’s share of net income (loss), as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. The Company does not record income or loss from those investments in which its investment basis is zero. There were no such investments at December 31, 2016. Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Management and other fees $ 28.6 $ 26.0 $ 24.9 Interest income 33.4 26.0 11.0 Development fees and leasing commissions 7.5 6.8 6.4 The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions. Disposition of Shopping Centers In 2016, the Company’s joint ventures sold 17 shopping centers and land for an aggregate sales price of $214.6 million, of which the Company’s share of the gain on sale was $13.8 million. BRE DDR Retail Holdings Joint Venture Acquisitions The Company’s unconsolidated investments with The Blackstone Group L.P. (“Blackstone”), (the “BRE DDR Joint Ventures”), were completed on similar terms. Blackstone owns 95% of the common equity of the BRE DDR Joint Ventures, and consolidated affiliates of DDR own the remaining 5%. The Company’s preferred equity investment was $386.1 million plus $7.2 million of accrued interest at December 31, 2016, with an annual interest rate of 8.5%. The Company is entitled to certain preferential cumulative distributions payable out of operating and capital proceeds pursuant to the terms and conditions of the preferred equity. This distribution is recognized as interest income within the Company’s consolidated statements of operations and classified as a note receivable in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets. Blackstone has the right to defer up to 23.5% of the preferred equity fixed distributions, which have an annual interest rate of 8.5% for any deferred and unpaid preferred distributions. The preferred equity is redeemable (1) at Blackstone’s option, in whole or in part, following acquisition of the properties, subject to early redemption premiums; (2) at DDR’s option after seven years; (3) at varying levels based upon specified financial covenants upon a sale of properties over a certain threshold and (4) upon the incurrence of additional indebtedness by the joint venture. The Company provides leasing and property management services to all of the joint venture properties. The Company cannot be removed as the property and leasing manager until the preferred equity is redeemed in full (except for certain specified events). Investment Interests Sold In 2016, the Company sold its approximate 25% membership interest in 10 assets to its joint venture partner and recorded a loss on sale of $1.1 million, which is included in Loss on Sale and Change in Control of Interests, net, in the Company’s consolidated statement of operations. In 2015, the Company sold its 50% membership interest in a property management company to its joint venture partner and recorded a loss on sale of $6.5 million, which is included in Gain on Sale and Change in Control of Interests, net in the Company’s consolidated statements of operations. In addition, in 2015, the Company sold two shopping centers to this former joint venture partner for an aggregate sales price of $112.3 million, and the Company recorded a Gain on Sale of $59.8 million. Sonae Sierra Brazil BV SARL (“SSB”) On April 28, 2014, affiliates of DDR sold to Mr. Alexander Otto and certain of his affiliates the Company’s 50% ownership interest in SSB for approximately $343.6 million, which represented the Company’s entire investment in Brazil. SSB owned an approximate 66% interest in a publicly traded company in Brazil, Sonae Sierra Brasil, S.A., which owned 10 shopping centers in Brazil and had an indirect interest in the Parque Dom Pedro shopping center. The Company’s effective economic ownership in this investment was approximately 33%. The Company recorded a Gain on Sale of Interests of $83.7 million in 2014, which included the reclassification of $19.7 million of foreign currency translation from Accumulated OCI (Note 11). See discussion of related party transactions (Note 14). The weighted-average exchange rate used for recording the equity in net income in U.S. dollars was 2.26 for the Company’s ownership period, January 1, 2014 to April 28, 2014. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions In 2016 and 2015, the Company acquired the following shopping centers (in millions): Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Phoenix, AZ February 2016 $ 60.5 $ — Portland, OR September 2016 86.3 — Orange County, CA (A) March 2015 $ 49.2 $ 33.0 Orlando, FL April 2015 33.0 — Houston, TX June 2015 69.8 — Orlando, FL December 2015 67.1 — (A) Acquired from an unconsolidated joint venture. The fair value of acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) 2016 2015 2016 2015 Land $ 27,093 $ 74,699 N/A N/A Buildings 99,034 140,668 (B) (B) Tenant improvements 4,385 5,229 (B) (B) In-place leases (including lease origination costs and fair market value of leases) (A) 14,021 19,250 5.1 7.3 Tenant relations 8,810 9,176 11.1 10.9 Other assets 146 1,252 N/A N/A 153,489 250,274 Less: Mortgage debt assumed at fair value — (33,735 ) N/A N/A Less: Below-market leases (6,967 ) (29,885 ) 15.4 18.4 Less: Other liabilities assumed (547 ) (1,169 ) N/A N/A Net assets acquired $ 145,975 $ 185,485 (A) Includes above-market value leases of $1.5 million at December 31, 2015, none in 2016. (B) Depreciated in accordance with the Company’s policy (Note 1). 2016 2015 Consideration: Cash (including debt repaid at closing) $ 145,975 $ 169,805 Gain on Change in Control of Interests — 14,279 Carrying value of previously held equity interest (A) — 1,401 Total consideration (B) $ 145,975 $ 185,485 (A) The significant inputs used to value the previously held equity interest were determined to be Level 3 for all of the applicable acquisitions. (B) Total consideration excludes $0.4 million and $0.7 million in 2016 and 2015, respectively, of costs related to the acquisition of these assets. These transaction costs were expensed as incurred and included in Other Income (Expense), net in the Company’s consolidated statements of operations. Included in the Company’s consolidated statements of operations are $6.8 million, $9.5 million and $23.1 million in total revenues from the date of acquisition through December 31, 2016, 2015 and 2014, respectively, for the acquired properties. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Notes Receivable | 4. Notes Receivable The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings. At December 31, 2016 and 2015, the Company had loans and other receivables outstanding of $49.5 million and $42.5 million, respectively, with maturity dates ranging from September 2017 to June 2023 and interest rates ranging from 5.6% to 12.0%. The following table reconciles the loans receivable on real estate (in thousands): 2016 2015 Balance at January 1 $ 41,988 $ 52,444 Additions: New mortgage loans 11,139 — Interest 377 — Accretion of discount 1,038 980 Deductions: Collections of principal and interest (5,054 ) (11,436 ) Balance at December 31 $ 49,488 $ 41,988 At December 31, 2016, the Company did not have any loans outstanding that were past due. The following table summarizes the activity in the loan loss reserve (in thousands): 2015 2014 Balance at January 1 $ 15,606 $ 15,106 Additions: Loan loss reserve — 500 Deductions: Write-offs (A) (15,606 ) — Balance at December 31 $ — $ 15,606 (A) In 2015, the Company sold a note receivable with a face value, including accrued interest, of $9.8 million and a net value of $5.0 million, for proceeds of $7.9 million. As a result, the related loan loss reserve of $4.8 million was reversed, and income of $2.9 million was recognized and classified as Gain on Disposition of Real Estate in the Company’s consolidated statements of operations. In connection with this transaction, the Company wrote off a cross–collateralized, fully reserved note receivable with a face value including accrued interest of $10.8 million. The aggregate write-down in the loan loss reserve related to this transaction was $15.6 million. |
Other Assets and Intangibles
Other Assets and Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets and Intangibles | 5. Other Assets and Intangibles Other assets consist of the following (in thousands): December 31, 2016 2015 Intangible assets: In-place leases, net $ 99,600 $ 130,330 Above-market leases, net 20,405 30,258 Lease origination costs 12,931 15,956 Tenant relations, net 108,662 134,504 Total intangible assets, net (A) 241,598 311,048 Other assets: Prepaid expenses (B) 26,842 28,923 Other assets 6,274 6,293 Deposits 5,965 7,536 Deferred charges, net 4,731 6,113 Total other assets, net $ 285,410 $ 359,913 Below-market leases, net (other liabilities) (A) $ 147,941 $ 155,297 (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is written off. (B) Includes $16.2 million and $16.8 million at December 31, 2016 and 2015, respectively. During 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid this tax as part of an overall tax restructuring (Note 17). Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions): Year Expense 2016 $ 72.1 2015 92.6 2014 109.5 Estimated net future amortization associated with the Company’s intangible assets is as follows (in millions): Year Income Expense 2017 $ 6.1 $ 61.0 2018 7.6 43.6 2019 8.4 32.9 2020 8.5 23.6 2021 8.8 17.2 |
Revolving Credit Facilities
Revolving Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities | 6. Revolving Credit Facilities The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Value at December 31, Weighted-Average Interest Rate (A) December 31, Maturity Date at 2016 2015 2016 2015 December 31, 2016 Unsecured Credit Facility $ — $ 210.0 N/A 1.4% June 2019 PNC Facility — — N/A N/A June 2019 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2015. The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at December 31, 2016. The Company also maintains a $50 million unsecured revolving credit facility with PNC Bank, National Association (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility terms are consistent with those contained in the Unsecured Credit Facility. The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either LIBOR, plus a specified spread (1.0% at December 31, 2016) or the prime rate, as defined in the respective facility. The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard and Poor’s. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at December 31, 2016 and 2015. |
Unsecured and Secured Indebtedn
Unsecured and Secured Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Unsecured and Secured Indebtedness | 7. Unsecured and Secured Indebtedness The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions): Carrying Value at December 31, Interest Rate (A) December 31, Maturity Date at 2016 2015 2016 2015 December 31, 2016 Unsecured indebtedness: Senior notes (B) $ 2,932.2 $ 3,172.2 3.375% – 3.375% – April 2017 – February 2026 Senior notes – (5.0 ) (5.9 ) Net unamortized debt issuance costs (14.0 ) (17.1 ) Total Senior Notes $ 2,913.2 $ 3,149.2 Unsecured Term Loan $ 400.0 $ 400.0 1.9% 1.5% April 2017 Net unamortized debt issuance costs (1.6 ) (2.1 ) Total Unsecured Term Loan $ 398.4 $ 397.9 Secured indebtedness: Secured Term Loan $ 200.0 $ 200.0 2.1% 1.8% April 2017 Net unamortized debt issuance costs (0.2 ) (0.7 ) Total Secured Term Loan $ 199.8 $ 199.3 Mortgage indebtedness – $ 959.1 $ 1,109.1 4.9% 5.0% April 2017 – February 2022 Mortgage indebtedness – 26.2 78.0 1.8% 1.8% March 2017 Net unamortized debt issuance costs (2.8 ) (3.9 ) Total Mortgage Indebtedness $ 982.5 $ 1,183.2 (A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2016 and 2015 . (B) Effective interest rate ranged from 3.5% to 8.1% at December 31, 2016. Senior Notes The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.9% and 5.2% at December 31, 2016 and 2015, respectively. Senior notes with an aggregate principal amount of $82.2 million may not be redeemed by the Company prior to maturity and will not be subject to any sinking fund requirements. The remaining senior notes may be redeemed based upon a yield maintenance calculation. The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitation on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also require that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. Interest is paid semiannually in arrears. At December 31, 2016 and 2015, the Company was in compliance with all of the financial and other covenants under the indentures. Total fees, excluding underwriting discounts, incurred by the Company for the issuance of senior notes were $2.0 million in 2015. Senior Convertible Notes In November 2015, the Company elected to redeem its senior convertible notes ($350.0 million aggregate principal amount outstanding at maturity), in their entirety, prior to maturity. The conversion price consisted of cash equal to the principal amount of the senior convertible notes and a premium paid in the Company’s common shares (equal to 9.0311 common shares per $1,000 principal amount of the senior convertible notes). The Company issued 3.2 million shares upon conversion of the convertible notes. Unsecured Term Loan The Company maintains a $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent (the “Unsecured Term Loan”). The Unsecured Term Loan has a maturity date of April 2017, with three one-year borrower options to extend upon the Company’s request, provided certain conditions are satisfied. The Company may increase the amount of the facility provided that lenders agree to certain terms. The outstanding principal amount under this credit facility may not exceed $600 million. The Unsecured Term Loan bears interest at variable rates based on LIBOR as defined in the loan agreements plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.1% at December 31, 2016). The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2016 and 2015. Secured Term Loan The Company maintains a collateralized term loan (the “Secured Term Loan”) with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent. The Secured Term Loan matures in April 2017, which may be extended for one year to April 2018 at the Company’s option. Borrowings under the Secured Term Loan bear interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread (1.35% at December 31, 2016) based on the Company’s long-term senior unsecured debt rating. The collateral for the Secured Term Loan is real estate assets, or investment interests in certain assets, that are already encumbered by first mortgage loans. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2016 and 2015. Mortgages Payable Mortgages payable, collateralized by real estate with a net book value of $1.5 billion at December 31, 2016, and related tenant leases are generally due in monthly installments of principal and/or interest. Fixed contractual interest rates on mortgages payable range from approximately 3.4% to 9.8%. Scheduled Principal Repayments The scheduled principal payments of the Revolving Credit Facilities (Note 6) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2016, are as follows (in thousands): Year Amount 2017 $ 1,124,292 2018 489,212 2019 185,819 2020 649,367 2021 394,455 Thereafter 1,662,772 4,505,917 Unamortized fair market value of assumed debt 6,593 Net unamortized debt issuance costs (18,542 ) Total indebtedness $ 4,493,968 Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2016, 2015 and 2014 aggregated $1.8 million, $2.3 million and $1.9 million, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments: Measurement of Fair Value At December 31, 2016 and 2015, the Company used pay-fixed interest rate swaps to manage its exposure to changes in benchmark interest rates (the “Swaps”). The estimated fair values were determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential non-performance risk, including the Company’s own non-performance risk and the respective counterparty's non-performance risk. The Company determined that the significant inputs used to value its derivatives fell within Level 2 of the fair value hierarchy. Other Fair Value Instruments Investments in unconsolidated joint ventures are considered financial assets. See discussion of fair value considerations of joint venture investments in Note 12. Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable, Accrued Expenses and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. Notes Receivable and Advances to Affiliates The fair value is estimated using a discounted cash flow analysis in which the Company uses unobservable inputs such as market interest rates determined by the loan to value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as Level 3 in the fair value hierarchy. The fair value of these notes was approximately $445.2 million and $441.5 million at December 31, 2016 and 2015, respectively, as compared to the carrying amounts of $443.3 million and $437.6 million, respectively. Debt The fair market value of senior notes is determined using the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value. The Company’s senior notes and all other debt are classified as Level 2 and Level 3, respectively, in the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Debt instruments with carrying values that are different than estimated fair values are summarized as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,913,217 $ 3,056,896 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 598,242 601,131 807,185 811,666 Mortgage Indebtedness 982,509 1,012,869 1,183,164 1,235,139 $ 4,493,968 $ 4,670,896 $ 5,139,537 $ 5,339,528 Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses Swaps as part of its interest rate risk management strategy. The Swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2016 and 2015, the Company had one effective Swap with a notional amount of $76.9 million and $78.5 million, respectively, expiring in September 2017, which converts LIBOR to a fixed rate of 2.8%. The fair value of the Swap was a liability of $1.0 million and $2.5 million, respectively, as of December 31, 2016 and 2015, which is included in Other Liabilities on the Company’s consolidated balance sheets. The effective portion of changes in the fair value of derivatives designated, and that qualify, as a cash flow hedge is recorded in Accumulated OCI and is subsequently reclassified into earnings, as interest expense, in the period that the hedged forecasted transaction affects earnings. During 2016, such derivative was used to hedge the forecasted variable cash flows associated with existing or probable future obligations. The ineffective portion of the change in the fair value of the derivative is recognized directly in earnings. During the three years ended December 31, 2016, the amount of hedge ineffectiveness recorded was not material. The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into Swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. Credit Risk-Related Contingent Features The Company has an agreement with its Swap counterparty that contains a provision whereby if the Company defaults on certain of its unsecured indebtedness the Company could also be declared in default on its Swap, resulting in an acceleration of payment under the Swap. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Matters The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. Commitments and Guaranties In conjunction with the development and expansion of various shopping centers, the Company has entered into agreements with general contractors for the construction or redevelopment of shopping centers aggregating approximately $11.6 million as of December 31, 2016. At December 31, 2016, the Company had letters of credit outstanding of $21.9 million. The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. In connection with the sale of the Company’s interest in a former unconsolidated joint venture (Note 2), the Company retained its pro rata guarantee obligation to fund amounts due to the joint venture’s lender, aggregating $4.5 million at December 31, 2016, under certain circumstances, until the loan matures in October 2020 if such amounts are not paid by the joint venture. The principal of the former joint venture partner is obligated to indemnify the Company in the event that the Company is required to make any payment in connection with this pro rata guarantee obligation and, accordingly, the Company did not record any liability related to this guarantee. Leases The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2070, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and, in some cases, for annual rentals subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and the scheduled minimum rental payments under the terms of all non-cancelable operating leases, principally ground leases, in which the Company is the lessee as of December 31, 2016, are as follows (in thousands): Year Minimum Rental Revenues Minimum Rental Payments 2017 $ 624,928 $ 2,680 2018 549,841 2,707 2019 473,071 2,743 2020 398,517 2,563 2021 312,960 2,571 Thereafter 979,139 120,199 $ 3,338,456 $ 133,463 |
Non-Controlling Interests, Pref
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury | 10. Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury Non-Controlling Interests The Company had 369,176 OP Units outstanding at December 31, 2016 and 2015. These OP Units, issued to different partnerships, are exchangeable at the election of the OP Unit holder and, under certain circumstances at the option of the Company, exchangeable into an equivalent number of the Company’s common shares or for the equivalent amount of cash. Most of these OP Units are subject to registration rights agreements covering shares equivalent to the number of OP Units held by the holder if the Company elects to settle in its common shares. The OP Units are classified on the Company’s balance sheet as Non-Controlling Interests. Preferred Shares The Company’s preferred shares outstanding are as follows (in thousands): December 31, 2016 2015 Class J — 750,000 shares authorized; 400,000 shares issued and outstanding at December 31, 2016 and 2015 $ 200,000 $ 200,000 Class K — 750,000 shares authorized; 300,000 shares issued and outstanding at December 31, 2016 and 2015 150,000 150,000 $ 350,000 $ 350,000 The depositary shares, representing the Class J Cumulative Redeemable Preferred Shares (“Class J Shares”) and the Class K Cumulative Redeemable Preferred Shares (“Class K Shares”) represent 1/20 of a Class J Share and Class K Share, respectively, and have a liquidation value of $500 per share. The Class J depositary shares are not redeemable by the Company prior to August 1, 2017, and the Class K depositary shares are not redeemable by the Company prior to April 9, 2018, except in certain circumstances relating to the preservation of the Company’s status as a REIT. The Company’s authorized preferred shares consist of the following: • 750,000 of each: Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Cumulative Redeemable Preferred Shares, without par value • 750,000 Non-Cumulative Preferred Shares, without par value • 2,000,000 Cumulative Voting Preferred Shares, without par value Common Shares The Company’s common shares have a $0.10 per share par value. Common share dividends declared were as follows: For the Year Ended December 31, 2016 2015 2014 Common share dividends declared per share $ 0.76 $ 0.69 $ 0.62 The Company issued 0.7 million common shares in 2014 (primarily through the use of its continuous equity programs) at an average price per share of $18.15, resulting in net proceeds of $11.6 million. |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Loss | 11. Other Comprehensive Loss The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Net Unrealized Gains (Losses) on Marketable Securities Total Balance, December 31, 2013 $ (7,912 ) $ (30,624 ) $ 2,043 $ (36,493 ) Other comprehensive (loss) income before reclassifications (1,045 ) 10,002 (627 ) 8,330 Change in cash flow hedges reclassed to earnings (A) 472 — — 472 Reclassification adjustment for foreign currency translation (B) — 21,755 — 21,755 Reclassification adjustment for realized gains on available-for-sale securities (C) — — (1,416 ) (1,416 ) Net current-period other comprehensive (loss) income (573 ) 31,757 (2,043 ) 29,141 Balance, December 31, 2014 (8,485 ) 1,133 — (7,352 ) Other comprehensive income (loss) before reclassifications 1,203 (1,307 ) — (104 ) Change in cash flow hedges reclassed to earnings (A) 1,173 — — 1,173 Net current-period other comprehensive income (loss) 2,376 (1,307 ) — 1,069 Balance, December 31, 2015 (6,109 ) (174 ) — (6,283 ) Other comprehensive income (loss) before reclassifications 1,491 (88 ) — 1,403 Change in cash flow hedges reclassed to earnings (A) 688 — — 688 Net current-period other comprehensive income (loss) 2,179 (88 ) — 2,091 Balance, December 31, 2016 $ (3,930 ) $ (262 ) $ — $ (4,192 ) (A) In the Company’s consolidated statements of operations, amortization of $0.8 million, $0.7 million and $0.6 million was classified in Interest Expense for the three years ended December 31, 2016, 2015 and 2014, respectively, partially offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million in each of the same periods, which was previously recognized in Accumulated OCI. The year ended December 31, 2015, includes $0.6 million classified in Other Income (Expense), net. (B) Includes a release of foreign currency translation of $19.7 million related to the Company’s sale of its interest in SSB (Note 2), classified as Gain on Sale and Change in Control of Interests in the Company’s consolidated financial statements. Also includes a release of foreign currency translation of $2.1 million related to the Company’s liquidation of its investment in Russia and its substantial liquidation of its consolidated investment in Canada, classified as Gain on Sale, as well as Non-Controlling Interests, in the Company’s consolidated statements of operations. These transactions were previously recognized in Accumulated OCI. (C) Realized gains are included in the Company’s consolidated statement of operations within Other Income (Expense), net for the year ended December 31, 2014. |
Impairment Charges and Impairme
Impairment Charges and Impairment of Joint Venture Investments | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Impairment of Joint Venture Investments | 12. Impairment Charges and Impairment of Joint Venture Investments The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Assets marketed for sale or assets sold (A) $ 110.9 $ 179.7 $ 10.6 Undeveloped land previously held for development (B) — 99.3 18.6 Total continuing operations $ 110.9 $ 279.0 $ 29.2 Sold assets – discontinued operations — — 8.9 Joint venture investments (C) — 1.9 30.7 Total impairment charges $ 110.9 $ 280.9 $ 68.8 (A) The Company recorded impairment charges in 2015 and 2016 triggered by changes in its strategic plan that impacted its asset hold-period assumptions. During 2015, management accelerated the Company’s portfolio quality improvement initiative, which it intended to accomplish in part through the disposition of less strategic assets. The disposition initiative triggered the recording of impairment charges on 25 operating shopping centers. In 2016, in conjunction with the change of the Chief Executive Officer, the Company’s management and Board of Directors decided to increase the volume of near-term asset sales beyond the level contemplated in 2015 primarily to accelerate progress on its deleveraging goal. As a result, the decision to accelerate sales triggered the recording of impairment charges on 20 operating shopping centers that management identified as short-term disposition candidates. The impairment charges recorded in 2014 were triggered primarily by the Company’s marketing of certain assets for sale and management’s then-assessment of the likelihood and timing of potential transactions. (B) Amounts recorded primarily were related to land previously held for future development. The impairments were triggered primarily by the decision made by the Company’s senior management to sell the land and no longer consider development alternatives. (C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments. Amount recorded in 2014 represents a charge on a joint venture development project in Canada. The impairment primarily was triggered as a result of a major retailer’s decision to exit the Canadian market, as well as changes in the timing of the project and development assumptions. Items Measured at Fair Value on a Non-Recurring Basis The Company is required to assess the fair value of certain impaired consolidated and unconsolidated joint venture investments. The valuation of impaired real estate assets and investments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence. In general, the Company considers multiple valuation techniques when measuring fair value of an investment. However, in certain circumstances, a single valuation technique may be appropriate. For operational real estate assets, the significant assumptions included the capitalization rate used in the income capitalization valuation as well as the projected property net operating income. For projects under development or not at stabilization, the significant assumptions included the discount rate, the timing and the estimated costs for the construction completion and project stabilization, projected net operating income and the exit capitalization rate. For investments in unconsolidated joint ventures, the Company also considered the valuation of any underlying joint venture debt. These valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change. The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the years ended December 31, 2016, 2015 and 2014. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Losses December 31, 2016 Long-lived assets held and used $ — $ — $ 438.2 $ 438.2 $ 110.9 December 31, 2015 Long-lived assets held and used — — 407.1 407.1 279.0 Unconsolidated joint venture investments — — — — 1.9 December 31, 2014 Long-lived assets held and used/held for sale — — 141.2 141.2 38.1 Unconsolidated joint venture investments — — 6.4 6.4 30.7 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions, except price per square foot, which is in thousands): Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, Range Description 2016 2015 Valuation Technique Unobservable Inputs 2016 2015 Impairment of consolidated assets $ 13.4 $ 33.8 Indicative Bid (A) Contracted Price Indicative Bid (A) Contracted Price N/A N/A 398.2 287.6 Income Capitalization Approach (B)/ Sales Comparison Approach Market Capitalization Rate 7% – 8% – Price per Square Foot $15–$31 $10–$40 26.6 51.5 Indicative Bid (A) Indicative Bid (A) N/A N/A Discounted Cash Flow Discount Rate 10% – 10% – Terminal Capitalization Rate 10% – 8% – — 34.2 Indicative Bid (A) Sales Comparison Approach Indicative Bid (A) N/A N/A (A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. (B) Vacant space in certain assets was valued based on a price per square foot. |
Disposition of Real Estate and
Disposition of Real Estate and Real Estate Investments and Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposition of Real Estate and Real Estate Investments and Discontinued Operations | 13. Disposition of Real Estate and Real Estate Investments and Discontinued Operations Effective January 1, 2015, the Company adopted guidance from the FASB that changed the criteria for determining which disposals are presented as discontinued operations. As a result, most individual property disposals do not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold since January 1, 2015, remain in Income from Continuing Operations, and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate. Disposition of Real Estate During the years ended December 31, 2016 and 2015, the Company sold 33 properties and 29 properties, respectively, and various land parcels. These sales have not been classified as discontinued operations in the Company’s consolidated financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1). Discontinued Operations The Company sold 35 properties in 2014 that are included in discontinued operations. The following table provides a summary of revenues and expenses from the properties included in discontinued operations (Note 1) (in thousands): For the Year Ended December 31, 2014 Revenues $ 39,537 Expenses: Operating expenses 11,070 Impairment charges 8,877 Interest, net 9,947 Depreciation and amortization 16,254 46,148 Loss from discontinued operations (6,611 ) Gain on disposition of real estate 96,009 Income from discontinued operations $ 89,398 |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 14. Transactions with Related Parties Transactions with the Company’s equity affiliates are described in Note 2. As discussed in Note 2, on April 28, 2014, affiliates of DDR sold to Mr. Alexander Otto (the “Investor”) and certain of his affiliates (collectively with the Investor, the “Purchasers”) the Company’s 50% ownership interest in SSB for approximately $343.6 million, which represented the Company’s entire investment in Brazil. The Investor was deemed to be a related party in 2014 as a result of his common stock ownership in DDR. Furthermore, Dr. Finne, a director of DDR, is a Managing Director of certain entities affiliated with the Investor that purchased a portion of the Company’s ownership interest in SSB. The Company believed that the sales price and other terms of the transaction were negotiated on terms equivalent to those prevailing in an arms’ length transaction. The transaction was approved by the Company’s Board of Directors, with the two board members recommended for nomination by the Investor recusing themselves. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | 15. Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation The Company’s equity-based award plans provide for grants to Company employees and directors of incentive and non-qualified options to purchase common shares, rights to receive the appreciation in value of common shares, awards of common shares subject to restrictions on transfer, awards of common shares issuable in the future upon satisfaction of certain conditions and rights to purchase common shares and other awards based on common shares. Under the terms of the plans, awards available for grant were 5.8 million common shares at December 31, 2016. Stock Options Stock options may be granted at per-share prices not less than fair market value at the date of grant and must be exercised within the maximum contractual term of 10 years thereof. Options granted under the plans generally vest over three years in one-third increments, beginning one year after the date of grant. The fair values for option awards granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 31, 2016 2015 2014 Weighted-average fair value of grants $ 1.61 $ 2.35 $ 2.43 Risk-free interest rate (range) – Based upon the U.S. Treasury Strip with a maturity date that approximates the expected term of the award 1.1%–1.5% 1.4%–1.6% 1.2%–1.4% Dividend yield (range ) – Forecasted dividend yield based on the expected life 4.5%–5.2% 4.1%–4.3% 4.5%–4.6% Expected life (range) – Derived by referring to actual exercise experience 4–5 years 4–5 years 4–5 years Expected volatility (range) – Derived by using a 50/50 blend of implied and historical changes in the Company's historical stock prices over a time frame consistent with the expected life of the award 20.6%–22.5% 21.5%–23.4% 24.7%–28.5% The following table reflects the stock option activity described above: Weighted- Weighted- Average Aggregate Number of Options (Thousands) Average Exercise Price Remaining Contractual Term (Years) Intrinsic Value (Thousands) Balance December 31, 2013 2,661 $ 24.77 Granted 774 16.61 Exercised (154 ) 10.02 Forfeited (320 ) 33.40 Balance December 31, 2014 2,961 22.48 Granted 557 19.26 Exercised (234 ) 12.85 Forfeited (472 ) 36.51 Balance December 31, 2015 2,812 20.29 Granted 633 16.74 Exercised (855 ) 11.62 Forfeited (784 ) 29.46 Balance December 31, 2016 1,806 $ 19.16 6.1 $ 1,608 Options exercisable at December 31, 2016 1,038 $ 20.49 4.5 $ 1,608 2015 1,760 21.69 4.2 6,764 2014 1,922 25.75 4.0 9,077 The following table summarizes the characteristics of the options outstanding at December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at 12/31/16 (Thousands) Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Exercisable at 12/31/16 (Thousands) Weighted-Average Exercise Price $0.00 – 175 2.4 $ 7.49 175 $ 7.49 $12.01–$16.00 177 4.7 13.88 177 13.88 $16.01–$21.00 1,261 7.6 17.36 493 17.35 $21.01–$66.75 193 0.8 46.38 193 46.38 1,806 6.1 $ 19.16 1,038 $ 20.49 The following table reflects the activity for unvested stock option awards for the year ended December 31, 2016: Options (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 1,052 $ 2.64 Granted 633 1.61 Vested (460 ) 2.93 Forfeited (457 ) 2.06 Unvested at December 31, 2016 768 $ 1.97 As of December 31, 2016, total unrecognized stock option compensation cost granted under the plans was $0.8 million, which is expected to be recognized over a weighted-average 1.6-year term. The following table summarizes the activity of employee stock option exercises that are primarily settled with newly issued common shares or with treasury shares, if available (in millions): For the Year Ended December 31, 2016 2015 2014 Cash received for exercise price $ 9.9 $ 2.5 $ 1.5 Intrinsic value 6.0 1.2 1.1 Restricted Share Awards and Units The Board of Directors approved grants to executives of the Company of restricted common share units (“RSUs”) of 0.5 million in 2016 and restricted common share awards (“RSAs”) of 0.2 million and 0.3 million in 2015 and 2014, respectively. The restricted stock grants generally vest in equal annual amounts over a four-year period. RSUs have the same cash dividends as other common stock. RSAs have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. These grants have a weighted-average fair value at the date of grant ranging from $12.17 to $19.26, which was equal to the market value of the Company’s common shares at the date of grant. As a component of compensation to the Company’s non-employee directors, the Company issued 0.1 million common shares to the non-employee directors in each of the three years ended December 31, 2016. These grants were issued equal to the market value of the Company’s common shares at the date of grant and immediately vested upon grant. In 2013, the Company’s Board of Directors approved and adopted the Value Sharing Equity Program (the “2013 VSEP”) and the grant of awards to certain of the Company’s executives. The final measurement date for the 2013 VSEP was December 31, 2015. These award grants are reflected as restricted stock and vest in equal annual amounts through December 31, 2018. 2016 Value Sharing Equity Program In 2016, the Company adopted the 2016 Value Sharing Equity Program (the “2016 VSEP”), and performance awards under the VSEP were granted to certain officers. Awards under the 2016 VSEP, if earned, may result in the granting of common shares of the Company and time-vested RSUs to participants on future measurement dates based on a performance period beginning on February 9, 2016 and ending on December 31, 2018 (the “Performance Period”). As a result, in general, the total compensation available to participants under the 2016 VSEP, if any, will be fully earned only after approximately seven years (the Performance Period and the final four-year, time-based vesting period for RSUs). The 2016 VSEP was designed to allow the Company to reward participants for contributing to its financial performance and to allow such participants to share in “Value Created” (as defined below), based upon increases in DDR’s adjusted market capitalization over an initial market capitalization, using a starting share price of $17.41 per share (the “Starting Share Price”), over pre-established periods. Participants are granted performance-based awards which, if earned, are settled 20% in DDR common shares and 80% in RSUs that are generally subject to time-based vesting requirements for a period of four years. Pursuant five specified measurement dates (occurring on February June 30, 2017, December 31, 2017, June 30, 2018 and December 31, 2018) , DDR will “Value measurement date. Value Created is measured for each period for performance as increase in market capitalization applicable measurement date (i.e., product of DDR’s five-day average share not shareholder shares measurement date), adjusted equity issuances and/or equity repurchases, over DDR’s start Share Price. The ending share price used for performance measurement $25.35 (“Maximum Share Price”). Because initial market capitalization based on Starting Share Price, are no performance awards earned until DDR’s share price Each . Unless otherwise determined by DDR, the DDR common shares subject to awards earned under the performance awards will generally be subject to additional service-based restrictions that are expected to lapse in 20% annual increments on (or within 60 days after) the applicable measurement date and on each of the first four anniversaries of the applicable measurement date. After vesting, RSUs will be paid in the form of one common share for each such vested RSU. The fair value of the 2016 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions: Range Risk-free interest rate 0.8% Weighted-average dividend yield 5.0% Expected life 3 years Expected volatility 17% – Summary of Unvested Share Awards The following table reflects the activity for the unvested awards pursuant to all restricted stock grants and grants pursuant to the 2013 VSEP plans for the year ended December 31, 2016: Awards (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 742 $ 17.03 Granted 462 16.31 Vested (459 ) 16.35 Forfeited (286 ) 17.40 Unvested at December 31, 2016 459 $ 16.74 As of December 31, 2016, total unrecognized compensation for the restricted awards granted under the plans as summarized above was $10.9 million, which is expected to be recognized over a weighted-average 2.5-year term, which includes the performance-based and time-based vesting periods. Deferred Compensation Plans The Company maintains a 401(k) defined contribution plan covering substantially all of the officers and employees of the Company in accordance with the provisions of the Code. Also, for certain officers, the Company maintains the Elective Deferred Compensation Plan and DDR Corp. Equity Deferred Compensation Plan, both non-qualified plans, which permit the deferral of base salaries, commissions and annual performance-based cash bonuses or receipt of restricted shares. In addition, directors of the Company are permitted to defer all or a portion of their fees pursuant to the Directors’ Deferred Compensation Plan, a non-qualified plan. All of these plans were fully funded at December 31, 2016. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. Earnings Per Share The following table provides a reconciliation of net (loss) income from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): For the Year Ended December 31, 2016 2015 2014 Numerators – Basic and Diluted Continuing Operations: (Loss) income from continuing operations $ (12,187 ) $ (237,881 ) $ 21,107 Plus: Gain on disposition of real estate 73,386 167,571 3,060 Plus: (Income) loss attributable to non-controlling interests (1,187 ) (1,858 ) 2,356 Less: Write-off of preferred share original issuance costs — — (1,943 ) Less: Preferred dividends (22,375 ) (22,375 ) (24,054 ) Less: Earnings attributable to unvested shares and OP Units (786 ) (1,286 ) (1,684 ) Income (loss) from continuing operations 36,851 (95,829 ) (1,158 ) Discontinued Operations: Income from discontinued operations — — 89,398 Plus: Loss attributable to non-controlling interests — — 1,361 Net income (loss) attributable to common shareholders after allocation to participating securities $ 36,851 $ (95,829 ) $ 89,601 Denominators – Number of Shares Basic — 365,294 360,946 358,122 Effect of dilutive securities — 267 — — Diluted — 365,561 360,946 358,122 Basic Earnings Per Share: Income (loss) from continuing operations attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.00 Income from discontinued operations attributable to common shareholders — — 0.25 Net income (loss) attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.25 Diluted Earnings Per Share: Income (loss) from continuing operations attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.00 Income from discontinued operations attributable to common shareholders — — 0.25 Net income (loss) attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.25 Basic average shares outstanding do not include restricted shares totaling 0.5 million, 0.7 million and 1.2 million that were not vested at December 31, 2016, 2015 and 2014, respectively (Note 15). The following potentially dilutive securities were considered in the calculation of EPS: Potentially Dilutive Securities • Options to purchase 1.8 million, 2.8 million and 3.0 million common shares were outstanding at December 31, 2016, 2015 and 2014, respectively (Note 15). These outstanding options were not considered in the computation of diluted EPS for the years ended December 31, 2015 and 2014, as the options were anti-dilutive due to the Company’s loss from continuing operations. • Shares subject to issuance under the Company’s 2016 VSEP (Note 15) were not considered in the computation of diluted EPS for the year ended December 31, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not outstanding for the years ended December 31, 2015 and 2014, and accordingly was not considered in the calculations. • The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive (Note 10). • Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the year ended December 31, 2014, as the calculation was anti-dilutive. The final measurement date for the 2013 VSEP was December 31, 2015, and accordingly not dilutive. • The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for the year ended December 31, 2014, due to the Company’s loss from continuing operations. These notes were repaid in 2015 (Note 7). The senior convertible notes had a conversion price of $14.85 at December 31, 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The Company elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 1993. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distribute at least 90% of its taxable income to its shareholders. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes to its shareholders. As the Company distributed sufficient taxable income for each of the three years ended December 31, 2016, no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain foreign, state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. In addition, the Company has a TRS that is subject to federal, state and local income taxes on any taxable income generated from its operational activity. In order to maintain its REIT status, the Company must meet certain income tests to ensure that its gross income consists of passive income and not income from the active conduct of a trade or business. The Company utilizes its TRS to the extent certain fee and other miscellaneous non-real estate-related income cannot be earned by the REIT. The tax cost basis of assets was $9.8 billion and $10.6 billion at December 31, 2016 and 2015, respectively. For the years ended December 31, 2016, 2015 and 2014, the Company recorded a net payment of $1.0 million, $1.5 million and $1.6 million, respectively, related to taxes. The net payment for the year ended December 31, 2015, does not include the 2015 Puerto Rico tax prepayment of $20.2 million. These amounts reflect taxes paid to federal and state authorities for franchise and other taxes. In 2015, in accordance with temporary legislation of the Puerto Rico Internal Revenue Code, the Company made a voluntary election to prepay $20.2 million of taxes related to the built-in gains associated with the real estate assets in Puerto Rico and restructured the ownership of its 14 assets in Puerto Rico. The net balance sheet impact to the financial statements related to the restructuring was $16.8 million. The Company recorded a tax expense of $3.4 million related to the 2% effective tax rate spread between the 12% tax payment and the 10% withholding tax rate. This election permitted the Company to step up its tax basis in the Puerto Rican assets to the current estimated fair value while reducing its effective capital gains tax rate from 29% to 12%. In addition, effective January 1, 2015, the Company entered into a closing agreement with the Puerto Rico Secretary of Treasury that now treats the Company as a Puerto Rico REIT, eliminating the requirement to record current and deferred income taxes for 2015 and forward. To the extent the Company qualifies as a REIT under the IRS guidelines, the Company will not be subject to income tax. However, taxable distributions made to its shareholders will be subject to a 10% withholding tax, which is treated as additional dividend/equity and not an income tax on the Company’s financial statements. The Puerto Rico prepaid tax of $16.2 million at December 31, 2016, is included in Other Assets (Note 5). The following represents the combined activity of the Company’s TRS and its taxable activity in Puerto Rico (in thousands): For the Year Ended December 31, 2016 2015 2014 Book income (loss) before income taxes – $ 9,953 $ (1,446 ) $ 12,104 Book loss before income taxes – $ — $ — $ (11,040 ) Current – $ 17 $ — $ — Deferred – — — — Total expense – $ 17 $ — $ — Total expense – $ — $ — $ — The differences between total income tax expense and the amount computed by applying the statutory income tax rate to income before taxes with respect to its TRS activity and its Puerto Rico activity were as follows (in thousands): For the Year Ended December 31, TRS 2016 2015 2014 Statutory rate of 34% applied to pre-tax income (loss) $ 3,384 $ (492 ) $ 4,115 Effect of state and local income taxes, net of federal tax benefit 498 (72 ) 605 Valuation allowance decrease (4,039 ) (1,169 ) (6,144 ) Other 174 1,733 1,424 Total expense $ 17 $ — $ — Effective tax rate 0.17 % 0.00 % 0.00 % For the Year Ended December 31, Puerto Rico 2014 Statutory rate of 39% applied to pre-tax loss $ (4,306 ) Valuation allowance increase 4,194 Other 112 Total expense $ — Effective tax rate 0.00 % Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands): For the Year Ended December 31, 2016 2015 Deferred tax assets (A) $ 61,742 $ 65,891 Deferred tax liabilities (404 ) (514 ) Valuation allowance (61,338 ) (65,377 ) Net deferred tax asset $ — $ — (A) Primarily attributable to net operating losses, aggregating $37.8 million at December 31, 2016, and interest expense, subject to limitations and basis differentials in assets due to purchase price accounting. The TRS net operating loss carryforwards will expire in varying amounts between the years 2022 through 2035. Reconciliation of GAAP net income (loss) attributable to DDR to taxable income is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 GAAP net income (loss) attributable to DDR $ 60,012 $ (72,168 ) $ 117,282 Plus: Book depreciation and amortization (A) 376,493 385,696 341,391 Less: Tax depreciation and amortization (A) (224,766 ) (228,882 ) (210,850 ) Book/tax differences on losses from capital transactions (155,170 ) (149,507 ) (313,855 ) Joint venture equity in earnings, net (A) (3,802 ) 8,491 97,323 Deferred income (8,352 ) (4,293 ) (12,545 ) Compensation expense (5,237 ) (18,879 ) (6,103 ) Impairment charges 110,906 280,930 68,703 Senior convertible notes – — 9,954 11,377 Senior convertible notes – — (52,390 ) — Puerto Rico tax prepayment — (16,812 ) — Miscellaneous book/tax differences, net (2,625 ) (10,204 ) (14,745 ) Taxable income before adjustments 147,459 131,936 77,978 Less: Capital gains — — (48,015 ) Taxable income subject to the 90% dividend requirement $ 147,459 $ 131,936 $ 29,963 (A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity in earnings, net.” Reconciliation between cash dividends paid and the dividends paid deduction is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 Dividends paid $ 293,031 $ 264,243 $ 239,294 Plus: Deemed dividends on convertible debt — 14,159 12,026 Less: Dividends designated to prior year (5,594 ) (5,594 ) (6,608 ) Plus: Dividends designated from the following year 5,594 5,594 5,594 Less: Return of capital (145,572 ) (146,466 ) (172,328 ) Dividends paid deduction $ 147,459 $ 131,936 $ 77,978 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 18. Segment Information The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations in 2014 (Note 13) (in thousands): For the Year Ended December 31, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 1,005,761 $ 44 $ 1,005,805 Rental operation expenses (276,866 ) (218 ) (277,084 ) Net operating income (loss) 728,895 (174 ) 728,721 Impairment charges (110,906 ) (110,906 ) Depreciation and amortization (389,519 ) (389,519 ) Interest income 37,054 37,054 Other income (expense), net $ 3,322 3,322 Unallocated expenses (A) (295,471 ) (295,471 ) Equity in net income of joint ventures 15,699 15,699 Loss on sale and change in control of interests, net (1,087 ) (1,087 ) Loss from continuing operations $ (12,187 ) As of December 31, 2016: Total gross real estate assets $ 9,244,058 $ 9,244,058 Notes receivable, net (B) $ 442,826 $ (393,323 ) $ 49,503 For the Year Ended December 31, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 1,027,934 $ 137 $ 1,028,071 Rental operation expenses (293,578 ) (115 ) (293,693 ) Net operating income 734,356 22 734,378 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (402,045 ) (402,045 ) Interest income 29,213 29,213 Other income (expense), net $ (1,739 ) (1,739 ) Unallocated expenses (A) (321,395 ) (321,395 ) Equity in net loss of joint ventures (3,135 ) (3,135 ) Impairment of joint venture investments (1,909 ) (1,909 ) Gain on sale and change in control of interests, net 7,772 7,772 Loss from continuing operations $ (237,881 ) As of December 31, 2015: Total gross real estate assets $ 10,128,199 $ 10,128,199 Notes receivable, net (B) $ 437,144 $ (394,610 ) $ 42,534 For the Year Ended December 31, 2014 Shopping Centers Loan Investments Other Total Total revenues $ 985,479 $ 196 $ 985,675 Rental operation expenses (281,005 ) (102 ) (281,107 ) Net operating income 704,474 94 704,568 Impairment charges (29,175 ) (29,175 ) Depreciation and amortization (402,825 ) (402,825 ) Interest income 15,927 15,927 Other income (expense), net (500 ) $ (11,762 ) (12,262 ) Unallocated expenses (A) (323,459 ) (323,459 ) Equity in net income of joint ventures 10,989 10,989 Impairment of joint venture investments (30,652 ) (30,652 ) Gain on sale and change in control of interests, net 87,996 87,996 Income from continuing operations $ 21,107 As of December 31, 2014: Total gross real estate assets $ 10,335,785 $ 10,335,785 Notes receivable, net (B) $ 357,754 $ (301,509 ) $ 56,245 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense and Tax Expense as listed in the Company’s consolidated statements of operations. (B) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events In January 2017, the Company acquired an asset in Chicago, Illinois, for a gross purchase price of $81.0 million. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 20 . Quarterly Results of Operations (Unaudited) The following table sets forth the quarterly results of operations for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts): 2016 2015 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 254,423 $ 257,321 $ 253,800 $ 240,261 $ 258,825 $ 257,323 $ 257,135 $ 254,788 Net income (loss) attributable to DDR 45,573 41,058 (60,360 ) 33,741 (243,787 ) 18,598 59,555 93,466 Net income (loss) attributable to common shareholders 39,980 35,464 (65,954 ) 28,147 (249,381 ) 13,004 53,962 87,872 Basic: Net income (loss) per common share attributable to common shareholders $ 0.11 $ 0.10 $ (0.18 ) $ 0.08 $ (0.69 ) $ 0.03 $ 0.15 $ 0.24 Weighted-average number of shares 364,691 364,976 365,508 365,965 359,818 360,073 361,107 362,734 Diluted: Net income (loss) per common share attributable to common shareholders $ 0.11 $ 0.10 $ (0.18 ) $ 0.08 $ (0.69 ) $ 0.03 $ 0.15 $ 0.24 Weighted-average number of shares 365,042 365,318 365,508 366,075 359,818 364,147 363,571 365,197 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | SCHEDULE II DDR Corp. Valuation and Qualifying Accounts and Reserves For the Years Ended December 31, 2016, 2015 and 2014 (In thousands) Balance at Beginning of Year Charged to Expense Deductions Balance at End of Year Year ended December 31, 2016 Allowance for uncollectible accounts (A) $ 10,207 $ 4,471 $ 2,568 $ 12,110 Valuation allowance for deferred tax assets $ 65,377 $ — $ 4,039 $ 61,338 Year ended December 31, 2015 Allowance for uncollectible accounts (A) $ 26,389 $ 4,964 $ 21,146 $ 10,207 Valuation allowance for deferred tax assets $ 84,503 $ — $ 19,126 $ 65,377 Year ended December 31, 2014 Allowance for uncollectible accounts (A) $ 29,032 $ 4,342 (B) $ 6,985 $ 26,389 Valuation allowance for deferred tax assets $ 86,453 $ — $ 1,950 $ 84,503 (A) Includes allowances on accounts receivable, straight-line rents and notes receivable. (B) Includes loan loss reserve of $0.5 million for the year ended December 31, 2014. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | SCHEDULE III DDR Corp. Real Estate and Accumulated Depreciation December 31, 2016 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Land Improvements Improvements Land Improvements Total Depreciation (2) Depreciation Encumbrances Acquisition (A) Goodyear, AZ $ 11,859 $ 42,882 $ — $ 11,859 $ 42,882 $ 54,741 $ 1,428 $ 53,313 $ — 2016 (A) Phoenix, AZ 18,701 18,811 118 18,701 22,084 40,785 7,190 33,595 — 1999 (A) Phoenix, AZ 15,352 22,813 1,601 15,352 27,766 43,118 15,487 27,631 30,000 2003 (A) Phoenix, AZ 15,090 36,880 — 15,090 39,036 54,126 7,386 46,740 — 2012 (A) Phoenix, AZ 34,201 88,475 — 34,201 102,210 136,411 15,927 120,484 — 2012 (A) Tucson, AZ 19,298 94,117 — 19,088 97,151 116,239 15,206 101,033 — 2012 (A) Russellville, AR 606 13,391 — 606 21,426 22,032 12,090 9,942 — 1994 (A) Buena Park, CA 27,269 21,427 — 27,269 21,957 49,226 1,364 47,862 — 2015 (A) Fontana, CA 23,861 57,931 — 23,861 58,762 82,623 4,583 78,040 14,068 2014 (A) Long Beach, CA — 147,918 — — 193,505 193,505 60,980 132,525 — 2005 (C) Oakland, CA 4,361 33,538 — 4,361 33,538 37,899 4,174 33,725 — 2013 (A) Roseville, CA 23,574 67,031 — 23,574 67,658 91,232 5,920 85,312 — 2014 (A) San Francisco, CA 10,464 25,730 — 10,464 26,031 36,495 10,271 26,224 — 2002 (A) Valencia, CA — 15,784 — — 18,015 18,015 14,304 3,711 — 2006 (A) Vista, CA 12,677 47,145 — 12,677 48,712 61,389 3,671 57,718 33,200 2014 (A) Aurora, CO 4,816 20,798 — 4,816 22,021 26,837 2,471 24,366 — 2013 (A) Centennial, CO 7,833 35,550 — 8,082 65,592 73,674 35,164 38,510 — 1997 (C) Colorado Springs, CO 9,001 47,671 — 9,001 54,894 63,895 7,203 56,692 19,368 2011 (A) Denver, CO 1,141 3,593 — 1,141 6,534 7,675 2,583 5,092 — 2001 (A) Denver, CO 20,733 22,818 — 20,804 29,285 50,089 12,142 37,947 — 2003 (A) Parker, CO 4,632 38,256 — 4,632 39,485 44,117 4,313 39,804 — 2013 (A) Guilford, CT 4,588 41,892 — 6,209 60,174 66,383 1,848 64,535 — 2015 (C) Plainville, CT 17,528 59,777 — 17,528 67,176 84,704 7,875 76,829 45,610 2013 (A) Windsor Court, CT 6,090 11,745 — 6,090 12,263 18,353 3,851 14,502 — 2007 (A) Bradenton, FL 10,766 31,203 — 8,880 34,495 43,375 10,874 32,501 — 2007 (A) Brandon, FL — 4,111 — — 7,512 7,512 5,474 2,038 — 1972 (C) Brandon, FL 7,713 26,802 — 7,713 32,433 40,146 5,577 34,569 9,014 2009 (A) Homestead, FL 23,390 59,639 — 29,409 62,960 92,369 13,848 78,521 — 2008 (C) Miami, FL 11,626 30,457 — 34,943 118,513 153,456 33,759 119,697 — 2006 (C) Naples, FL 10,172 39,342 — 10,172 39,630 49,802 4,468 45,334 — 2013 (A) Orlando, FL 9,169 23,473 — 9,169 23,591 32,760 1,471 31,289 — 2015 (A) Orlando, FL 23,082 44,360 — 23,082 44,376 67,458 1,620 65,838 — 2015 (A) Orlando, FL 8,528 56,684 — 8,528 56,684 65,212 1,330 63,882 — 2016 (C) Palm Harbor, FL 1,137 4,089 — 1,137 5,060 6,197 3,327 2,870 — 1995 (A) Plant City, FL 4,304 24,875 — 4,304 30,198 34,502 3,859 30,643 — 2013 (A) Plantation, FL 21,729 37,331 — 22,112 96,427 118,539 32,717 85,822 44,212 2007 (A) Spring Hill, FL 1,084 4,816 266 2,096 12,467 14,563 8,629 5,934 1,634 1988 (C) SCHEDULE III DDR Corp. Real Estate and Accumulated Depreciation December 31, 2016 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Land Improvements Improvements Land Improvements Total Depreciation (2) Depreciation Encumbrances Acquisition (A) Tallahassee, FL 1,881 2,956 — 1,311 5,799 7,110 2,813 4,297 — 2003 (A) Tampa, FL 1,699 3,338 — 1,429 3,018 4,447 1,062 3,385 — 2007 (A) Tampa, FL 4,124 20,082 — 4,124 21,705 25,829 3,026 22,803 — 2013 (A) Tarpon Springs, FL 146 7,382 81 146 9,979 10,125 7,701 2,424 — 1974 (C) Tequesta, FL 2,108 7,400 — 1,690 12,485 14,175 3,618 10,557 — 2007 (A) Valrico, FL 3,282 12,190 — 2,466 16,377 18,843 5,490 13,353 — 2007 (A) Winter Garden, FL 38,945 130,382 — 38,945 133,492 172,437 16,450 155,987 — 2013 (A) Atlanta, GA 14,078 41,050 — 14,078 43,879 57,957 9,904 48,053 41,799 2009 (A) Cumming, GA 14,249 23,653 — 14,249 25,804 40,053 11,843 28,210 — 2003 (A) Cumming, GA 6,851 49,659 — 6,851 49,848 56,699 6,600 50,099 — 2013 (A) Douglasville, GA 6,812 24,645 — 6,812 25,571 32,383 3,260 29,123 — 2013 (A) Lithonia, GA 2,477 3,476 — 1,612 2,506 4,118 404 3,714 — 2013 (A) Lithonia, GA 4,546 5,951 — 2,214 3,291 5,505 742 4,763 — 2013 (A) Marietta, GA 8,425 27,737 — 8,380 29,112 37,492 7,045 30,447 — 2009 (A) Newnan, GA 2,858 15,248 — 2,651 15,885 18,536 5,734 12,802 — 2003 (A) Roswell, GA 6,566 15,005 — 7,894 25,955 33,849 9,840 24,009 — 2007 (A) Snellville, GA 10,185 51,815 — 10,342 57,052 67,394 18,440 48,954 20,430 2007 (A) Suwanee, GA 13,479 23,923 — 13,335 32,931 46,266 14,340 31,926 23,528 2003 (A) Warner Robins, GA 5,729 7,459 — 5,729 8,143 13,872 3,814 10,058 — 2003 (A) Meridian, ID 24,591 31,779 — 24,841 66,975 91,816 28,263 63,553 — 2001 (C) Nampa, ID 1,395 8,563 — 8,426 24,241 32,667 18,078 14,589 — 2007 (A) Chicago, IL 22,642 82,754 — 22,642 83,025 105,667 6,925 98,742 — 2014 (A) McHenry, IL 1,294 5,251 — 14,255 62,681 76,936 17,872 59,064 — 2006 (C) Schaumburg, IL 27,466 84,679 — 27,466 94,523 121,989 10,275 111,714 — 2013 (A) Tinley Park, IL 9,120 37,496 — 9,120 50,821 59,941 9,348 50,593 — 2012 (A) Evansville, IN 8,964 18,764 — 8,964 18,835 27,799 6,064 21,735 — 2007 (A) Cedar Rapids, IA 4,219 12,697 — 4,219 14,441 18,660 8,472 10,188 3,412 1998 (A) Merriam, KS 15,043 55,028 — 15,043 56,179 71,222 5,844 65,378 — 2013 (A) Bowie, MD 5,739 14,301 — 5,744 14,497 20,241 4,636 15,605 — 2007 (A) Salisbury, MD 2,070 12,495 277 2,071 15,295 17,366 7,416 9,950 — 1999 (C) Everett, MA 9,311 44,647 — 9,462 54,984 64,446 25,556 38,890 — 2001 (C) Framingham, MA 75,675 191,594 — 75,675 205,090 280,765 22,621 258,144 — 2013 (A) Grand Rapids, MI 3,380 17,323 — 3,380 26,781 30,161 14,804 15,357 — 1995 (A) Grandville, MI 6,483 18,933 — 5,494 17,647 23,141 2,665 20,476 — 2013 (A) Lansing, MI 1,598 6,999 — 2,289 17,263 19,552 5,462 14,090 — 2003 (A) Coon Rapids, MN 25,692 106,300 — 25,692 109,970 135,662 13,016 122,646 56,382 2013 (A) Maple Grove, MN 8,917 23,954 — 8,917 27,346 36,263 4,974 31,289 — 2011 (A) SCHEDULE III DDR Corp. Real Estate and Accumulated Depreciation December 31, 2016 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Land Improvements Improvements Land Improvements Total Depreciation (2) Depreciation Encumbrances Acquisition (A) St. Paul, MN 7,150 21,558 — 7,150 23,074 30,224 4,153 26,071 — 2013 (A) Gulfport, MS — 36,370 — — 57,585 57,585 24,267 33,318 — 2003 (A) Jackson, MS 4,190 6,783 — 3,212 6,783 9,995 3,414 6,581 — 2003 (A) Tupelo, MS 2,213 14,979 — 2,213 19,341 21,554 12,678 8,876 — 1994 (A) Arnold, MO 892 5,283 — 107 2,664 2,771 1,921 850 — 2012 (A) Brentwood, MO 10,018 32,053 — 10,018 36,787 46,805 18,793 28,012 29,862 1998 (A) Independence, MO 5,011 45,752 — 5,011 48,169 53,180 7,168 46,012 — 2012 (A) Springfield, MO — 2,048 — — 2,239 2,239 1,255 984 — 1998 (A) Seabrook, NH 18,032 68,663 — 18,032 69,189 87,221 4,606 82,615 — 2014 (C) East Hanover, NJ 3,847 23,798 — 3,847 24,959 28,806 7,844 20,962 — 2007 (A) Edgewater, NJ 7,714 30,473 — 7,714 31,181 38,895 9,808 29,087 — 2007 (A) Freehold, NJ 2,460 2,475 — 3,166 3,416 6,582 882 5,700 — 2005 (C) Hamilton, NJ 8,039 49,896 — 11,774 86,198 97,972 34,800 63,172 — 2003 (A) Mays Landing, NJ 49,033 107,230 — 49,033 117,460 166,493 48,415 118,078 57,678 2004 (A) Mays Landing, NJ 36,224 56,949 — 36,224 63,417 99,641 25,977 73,664 — 2004 (A) Princeton, NJ 13,448 74,249 — 14,464 99,103 113,567 51,527 62,040 54,931 1997 (A) Union, NJ 7,650 15,689 — 7,650 25,015 32,665 7,663 25,002 — 2007 (A) West Long Branch, NJ 14,131 51,982 — 14,131 65,487 79,618 23,347 56,271 — 2004 (A) Horseheads, NY 829 3,630 — 4,631 27,085 31,716 8,165 23,551 — 2008 (C) Apex, NC 9,576 43,619 — 10,521 56,300 66,821 18,294 48,527 — 2006 (C) Charlotte, NC 27,707 45,021 — 27,707 50,325 78,032 9,660 68,372 — 2011 (A) Charlotte, NC 11,224 82,124 — 11,224 90,937 102,161 13,857 88,304 — 2012 (A) Charlotte, NC 3,600 30,392 — 6,188 45,894 52,082 4,170 47,912 — 2013 (C) Cornelius, NC 4,382 15,184 — 4,382 20,740 25,122 7,529 17,593 — 2007 (A) Greensboro, NC 3,153 9,455 — 3,153 10,077 13,230 3,289 9,941 — 2007 (A) Mooresville, NC 14,369 43,688 — 14,369 47,518 61,887 19,057 42,830 — 2004 (A) Raleigh, NC 2,728 10,665 — 413 4,424 4,837 2,944 1,893 — 2007 (A) Raleigh, NC 3,317 35,411 — 3,317 38,105 41,422 5,670 35,752 — 2012 (A) Wilmington, NC 5,529 18,551 1,183 5,529 37,733 43,262 25,610 17,652 — 1989 (C) Winston Salem, NC 7,156 15,010 — 7,156 15,010 22,166 4,872 17,294 997 2007 (A) Alliance, OH 812 16,244 — 812 16,244 17,056 5,256 11,800 — 2007 (A) Aurora, OH 832 7,560 — 1,592 14,245 15,837 8,221 7,616 — 1995 (C) Boardman, OH 8,152 27,983 — 8,152 31,322 39,474 17,872 21,602 23,528 1997 (C) Cincinnati, OH 19,572 54,495 — 19,572 66,593 86,165 4,037 82,128 — 2014 (A) Columbus, OH 12,922 46,006 — 14,078 61,983 76,061 33,481 42,580 48,459 1998 (A) Columbus, OH 18,716 64,617 — 20,666 70,876 91,542 12,005 79,537 42,345 2011 (A) Dublin, OH 3,609 11,546 — 3,609 15,088 18,697 8,363 10,334 — 1998 (A) SCHEDULE III DDR Corp. Real Estate and Accumulated Depreciation December 31, 2016 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Land Improvements Improvements Land Improvements Total Depreciation (2) Depreciation Encumbrances Acquisition (A) Hamilton, OH 1,805 8,502 — 1,335 6,478 7,813 643 7,170 — 2014 (A) Huber Hts, OH 757 14,469 — 757 28,019 28,776 18,277 10,499 — 1993 (A) Macedonia, OH 11,582 34,323 — 11,582 38,310 49,892 10,321 39,571 18,376 2011 (A) Mason, OH 2,032 23,788 — 2,032 24,270 26,302 2,236 24,066 — 2014 (A) North Canton, OH 9,889 46,335 — 10,664 48,181 58,845 5,766 53,079 — 2013 (A) North Olmsted, OH 24,352 61,449 — 24,352 63,667 88,019 11,163 76,856 — 2013 (A) Solon, OH 6,220 7,454 — 6,220 27,228 33,448 13,807 19,641 — 1998 (C) Stow, OH 993 9,028 — 993 37,676 38,669 19,495 19,174 — 1969 (C) Toledo, OH 1,316 3,961 — 534 2,370 2,904 1,419 1,485 — 2004 (A) Westlake, OH 424 3,803 201 424 10,423 10,847 7,643 3,204 — 1974 (C) Gresham, OR 15,234 60,802 — 15,234 60,802 76,036 559 75,477 — 2016 (A) Portland, OR 20,208 50,738 — 20,208 51,846 72,054 8,476 63,578 — 2012 (A) Allentown, PA 5,558 20,060 — 5,343 23,747 29,090 10,119 18,971 7,435 2003 (A) Erie, PA 9,345 32,006 — 9,345 74,119 83,464 33,680 49,784 — 1995 (C) Jenkintown, PA 4,705 21,918 — 4,705 24,975 29,680 2,240 27,440 — 2014 (A) Mechanicsburg, PA 12,574 57,283 — 12,574 57,756 70,330 4,614 65,716 — 2014 (A) Arecibo, PR 7,965 29,898 — 4,885 23,963 28,848 12,198 16,650 — 2005 (A) Bayamon, PR 132,074 152,441 — 132,759 195,190 327,949 68,125 259,824 — 2005 (A) Bayamon, PR 91,645 98,007 — 92,027 125,139 217,166 43,381 173,785 121,341 2005 (A) Bayamon, PR 4,294 11,987 — 4,584 23,683 28,267 8,467 19,800 — 2005 (A) Carolina, PR 28,522 76,947 — 28,601 82,792 111,393 32,059 79,334 70,320 2005 (A) Cayey, PR 18,226 25,101 — 18,538 27,765 46,303 10,425 35,878 20,289 2005 (A) Fajardo, PR 4,376 41,199 — 4,376 50,193 54,569 16,980 37,589 24,396 2005 (A) Guayama, PR 1,960 18,721 — 1,960 19,559 21,519 7,459 14,060 11,404 2005 (A) Hatillo, PR 101,219 105,465 — 88,874 126,007 214,881 52,456 162,425 — 2005 (A) Humacao, PR 16,386 74,059 — 16,386 84,038 100,424 34,614 65,810 — 2005 (A) Isabela, PR 8,175 41,094 — 8,236 43,265 51,501 16,651 34,850 21,430 2005 (A) Rio Piedras, PR 10,338 23,285 — 10,338 29,781 40,119 11,669 28,450 — 2005 (A) San German, PR 9,686 20,775 — 9,686 21,768 31,454 8,411 23,043 — 2005 (A) Vega Baja, PR 7,076 18,684 — 3,851 13,967 17,818 7,311 10,507 — 2005 (A) Charleston, SC 3,479 9,850 — 3,479 19,266 22,745 10,667 12,078 — 2003 (A) Columbia, SC 2,950 29,065 — 2,950 38,833 41,783 4,721 37,062 — 2013 (A) Greenville, SC 5,659 14,411 — 5,659 14,411 20,070 4,688 15,382 1,385 2007 (A) Mount Pleasant, SC 2,430 10,470 — 2,364 21,167 23,531 12,939 10,592 — 1995 (A) Simpsonville, SC 417 6,563 — 417 10,370 10,787 4,581 6,206 — 1994 (A) Brentwood, TN 6,101 25,956 — 6,101 27,319 33,420 3,090 30,330 — 2013 (A) Hendersonville, TN 3,249 9,068 — 3,249 9,123 12,372 4,147 8,225 2,423 2003 (A) SCHEDULE III DDR Corp. Real Estate and Accumulated Depreciation December 31, 2016 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Land Improvements Improvements Land Improvements Total Depreciation (2) Depreciation Encumbrances Acquisition (A) Highland Village, TX 5,545 28,365 — 5,545 30,340 35,885 4,293 31,592 — 2013 (A) Houston, TX 15,179 60,407 — 15,179 60,406 75,585 3,581 72,004 — 2015 (A) Irving, TX 17,701 10,571 — 17,701 11,761 29,462 1,667 27,795 — 2013 (A) Kyle, TX 2,548 7,349 — 12,678 28,041 40,719 4,192 36,527 — 2009 (C) Mesquite, TX 7,051 25,531 — 7,051 25,452 32,503 3,015 29,488 — 2013 (A) San Antonio, TX 3,475 37,327 — 4,873 50,768 55,641 20,655 34,986 23,900 2002 (C) San Antonio, TX 5,602 39,196 — 10,158 113,817 123,975 30,174 93,801 — 2007 (C) San Antonio, TX 2,381 6,487 — 2,381 23,027 25,408 7,767 17,641 — 2007 (A) Chester, VA 10,780 4,752 — 10,780 14,074 24,854 4,357 20,497 — 2003 (A) Dumfries, VA 12,911 10,092 — 12,911 10,112 23,023 734 22,289 12,120 2014 (A) Fairfax, VA 15,681 68,536 — 15,681 69,373 85,054 7,493 77,561 — 2013 (A) Midlothian, VA 3,507 9,229 — 3,507 9,691 13,198 1,186 12,012 — 2013 (A) Midlothian, VA 4,754 20,273 — 4,754 25,732 30,486 3,488 26,998 — 2013 (A) Newport News, VA 963 7,120 — 963 7,122 8,085 1,024 7,061 — 2013 (A) Richmond, VA 11,879 34,736 — 11,879 36,064 47,943 11,737 36,206 — 2007 (A) Springfield, VA 17,016 40,038 — 17,016 41,789 58,805 13,808 44,997 — 2007 (A) Vancouver, WA 4,169 25,769 — 4,169 25,813 29,982 2,112 27,870 — 2014 (A) Brookfield, WI 4,791 16,023 — 4,791 21,662 26,453 4,035 22,418 5,634 2013 (A) Brown Deer, WI 8,465 32,652 — 8,465 37,869 46,334 6,602 39,732 11,628 2013 (A) West Allis, WI 2,371 10,982 — 1,703 12,530 14,233 5,359 8,874 — 2003 (A) Portfolio Balance (DDR) – 55,221 50,744 — 55,221 50,744 105,965 432 105,533 — Portfolio Balance (DDR) – 6,659 176,497 — 6,659 176,497 183,156 103,297 79,859 26,194 $ 1,988,521 $ 5,899,135 $ 3,727 $ 2,045,413 (3) $ 7,198,645 (4) $ 9,244,058 $ 1,996,176 $ 7,247,882 $ 978,732 (5) (1) The aggregate cost for federal income tax purposes was approximately $9.8 billion at December 31, 2016. (2) Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, 20 to 31.5 years Building improvements and fixtures Useful lives, ranging from 5 to 20 years Tenant improvements Shorter of economic life or lease terms (3) Includes $55.0 million of land under development at December 31, 2016. (4) Includes $50.4 million of construction in progress at December 31, 2016. (5) Excludes fair market value of debt adjustments and net loan costs aggregating $3.8 million. SCHEDULE III The changes in Total Real Estate Assets are as follows: For the Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 10,128,199 $ 10,335,785 $ 10,211,611 Acquisitions 130,512 226,885 632,672 Developments, improvements and expansions 148,521 305,772 249,891 Adjustments of property carrying values (109,912 ) (279,021 ) (38,052 ) Disposals (1,053,262 ) (461,222 ) (720,337 ) Balance at end of year $ 9,244,058 $ 10,128,199 $ 10,335,785 The changes in Accumulated Depreciation and Amortization are as follows: For the Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 2,062,899 $ 1,909,585 $ 1,823,199 Depreciation for year 317,402 309,462 309,595 Disposals (384,125 ) (156,148 ) (223,209 ) Balance at end of year $ 1,996,176 $ 2,062,899 $ 1,909,585 |
Mortgage Loans on Real Estate
Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans On Real Estate [Abstract] | |
Mortgage Loans on Real Estate | SCHEDULE IV DDR Corp. Mortgage Loans on Real Estate December 31, 2016 (In Thousands) Description Interest Rate Final Maturity Date Periodic Payment Terms (A) Prior Liens (B) Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Senior Loans Retail Borrower A 5.7% Sep-17 P&I $ — $ 33,000 $ 30,431 $ — Mezzanine Loans Retail Borrower B 9.0% Jun-23 I 20,500 7,500 7,541 — Borrower C 9.0% Jun-19 I 42,500 12,040 11,516 — 63,000 52,540 49,488 — Investments in and Advances to Joint Ventures Borrower D 8.5% Oct-21 QI 1,032,510 300,000 318,641 — Borrower E 8.5% Dec-22 QI 232,688 82,634 74,697 — $ 1,328,198 $ 435,174 $ 442,826 $ — (A) P&I = Principal & Interest; I = Interest only; QI = Quarterly partial payment Interest only. (B) The first mortgage loans on certain properties are not held by the Company. Accordingly, the amounts of the prior liens for those properties at December 31, 2016, are estimated. Changes in mortgage loans are summarized below (in thousands): For the Year Ended December 31, 2016 2015 2014 Balance at beginning of period $ 437,144 $ 357,754 $ 143,989 Additions during period: New mortgage loans 11,139 82,634 300,000 Interest 8,559 7,212 6,120 Accretion of discount 1,038 980 926 Deductions during period: Provision for loan loss reserve — — (500 ) Collections of principal and interest (15,054 ) (11,436 ) (92,781 ) Balance at close of period $ 442,826 $ 437,144 $ 357,754 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business DDR Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “DDR”) and unconsolidated joint ventures are primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing, financing and managing shopping centers. Unless otherwise provided, references herein to the Company or DDR include DDR Corp. and its wholly-owned subsidiaries and consolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local retailers. Consequently, the Company’s credit risk is concentrated in the retail industry. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss). The Company has two unconsolidated joint ventures included in the Company’s joint venture investments that are considered VIEs for which the Company is not the primary beneficiary. The Company’s maximum exposure to losses associated with these VIEs is limited to its aggregate investment, which was $405.4 million and $412.4 million as of December 31, 2016 and 2015, respectively. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Accounts payable related to construction in progress $ 13.3 $ 31.6 $ 25.7 Dividends declared 75.2 68.6 61.5 Mortgages assumed from acquisitions — 33.7 293.3 Issuance of Operating Partnership Units ("OP Units") — — 18.3 Redemption of OP Units — 18.3 — Elimination of a previously held equity interest (Note 3) — 1.4 2.5 Preferred equity interest and mezzanine loan applied to purchase price of acquired properties — — 51.8 Reclassification adjustment of foreign currency translation (Note 11) — — 21.8 Write-off of preferred share original issuance costs — — 1.9 |
Real Estate | Real Estate Real estate assets, which include construction in progress and undeveloped land, are stated at cost less accumulated depreciation. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, 20 to 31.5 years Building improvements and fixtures Useful lives, ranging from 5 to 20 years Tenant improvements Shorter of economic life or lease terms The Company periodically assesses the useful lives of its depreciable real estate assets and accounts for any revisions, which are not material for the periods presented, prospectively. Expenditures for maintenance and repairs are charged to operations as incurred. Significant expenditures that improve or extend the life of the asset are capitalized. Construction in Progress and Land includes undeveloped land as well as construction in progress related to shopping center developments and expansions. The Company capitalized certain direct costs (salaries and related personnel) and incremental internal construction costs of $8.1 million, $9.1 million and $9.9 million in 2016, 2015 and 2014, respectively. |
Purchase Price Accounting | Purchase Price Accounting Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements and intangibles, generally including (i) above- and below-market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to assets acquired and liabilities assumed on a gross basis based on their relative fair values at the date of acquisition. In estimating the fair value of the tangible and intangibles acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities and uses various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, analysis of recent comparable sales transactions, estimates of replacement costs net of depreciation and other available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above- and below-market lease values are recorded based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management's estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the estimated term of any below-market, fixed-rate renewal options for below-market leases. The capitalized above- and below-market lease values are amortized to base rental revenue over the related lease term. The purchase price is further allocated to in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of the acquired lease portfolio and the Company's overall relationship with the anchor tenants. Such amounts are amortized to expense over the remaining initial lease term (and expected renewal periods for tenant relationships). |
Real Estate Impairment Assessment | Real Estate Impairment Assessment The Company reviews its individual real estate assets, including undeveloped land and construction in progress, for potential impairment indicators whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment indicators include, but are not limited to, significant decreases in projected net operating income and occupancy percentages, estimated hold periods, projected losses on potential future sales, market factors, significant changes in projected development costs or completion dates and sustainability of development projects. An asset is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset or undeveloped land, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company recorded aggregate impairment charges of $110.9 million, $279.0 million and $38.1 million, related to consolidated real estate investments during the years ended December 31, 2016, 2015 and 2014 (including discontinued operations), respectively (Note 12). |
Disposition of Real Estate and Real Estate Investments | Disposition of Real Estate and Real Estate Investments Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Gains from dispositions are recognized using the full accrual or partial sale methods, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. If the criteria for sale recognition or gain recognition are not met because of a form of continuing involvement, the accounting for such transactions is dependent on the nature of the continuing involvement. In certain cases, a sale might not be recognized, and in others all or a portion of the gain might be deferred. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. Since January 1, 2015, the disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in Income from Continuing Operations and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate. Prior to January 1, 2015, pursuant to the revised guidance for reporting discontinued operations, the shopping centers sold by the Company were considered a component of an entity, and the operations of the sold asset were considered discontinued operations. Interest expense that was specifically identifiable to the property was included in the computation of interest expense attributable to discontinued operations. Consolidated interest expense at the corporate level was allocated to discontinued operations based on the proportion of net assets disposed. |
Real Estate Held for Sale | Real Estate Held for Sale The Company generally considers assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above-mentioned criteria for held for sale as of December 31, 2016 and 2015. |
Interest and Real Estate Taxes | Interest and Real Estate Taxes Interest and real estate taxes incurred relating to the construction, expansion or redevelopment of shopping centers are capitalized and depreciated over the estimated useful life of the building. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Interest paid during the years ended December 31, 2016, 2015 and 2014, aggregated $220.0 million, $234.6 million and $243.2 million, respectively, of which $3.1 million, $6.7 million and $8.7 million, respectively, was capitalized. |
Investments in and Advances to Joint Ventures | Investments in and Advances to Joint Ventures To the extent that the Company’s cost basis in an unconsolidated joint venture is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the joint venture. Periodically, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. The Company recorded aggregate impairment charges of $1.9 million and $30.7 million (Note 12) related to its investments in unconsolidated joint ventures during the years ended December 31, 2015 and 2014, respectively. These impairment charges create a basis difference between the Company’s share of accumulated equity as compared to the investment balance of the respective unconsolidated joint venture. The Company allocates the aggregate impairment charge to each of the respective properties owned by the joint venture on a relative fair value basis and amortizes this basis differential as an adjustment to the equity in net income (loss) recorded by the Company over the estimated remaining useful lives of the underlying assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Restricted Cash | Restricted Cash Restricted cash represents amounts on deposit with financial institutions primarily for debt service payments, real estate taxes, capital improvements and operating reserves as required pursuant to the respective loan agreement. For purposes of the Company’s consolidated statements of cash flows, changes in restricted cash caused by changes in operating expenses funded by the deposits, primarily real estate taxes, are reflected in cash from operating activities, and changes in restricted cash caused by changes in capital improvements are reflected in cash from investing activities. |
Accounts Receivable | Accounts Receivable The Company makes estimates of the amounts it believes will not be collected related to base rents, straight-line rents receivable, expense reimbursements and other amounts owed. The Company analyzes accounts receivable, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, amounts due from tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. Accounts receivable, other than straight-line rents receivable, are expected to be collected within one year and are net of estimated unrecoverable amounts of $7.1 million and $6.2 million at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, straight-line rents receivable, net of a provision for uncollectible amounts of $4.1 million and $4.0 million, respectively, aggregated $65.1 million and $65.7 million, respectively. |
Notes Receivable | Notes Receivable Notes receivable include certain loans that are held for investment and are generally collateralized by real estate-related investments and may be subordinate to other senior loans. Loans receivable are recorded at stated principal amounts or at initial investment plus accretable yield for loans purchased at a discount. The related discounts on mortgages and other loans purchased are accreted over the life of the related loan receivable. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest on each loan based on an assessment of the underlying collateral value to determine whether it is impaired, and not by the use of internal risk ratings. A loan loss reserve is recorded when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value of the underlying collateral. As the underlying collateral for a majority of the notes receivable is real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of loans outstanding, all of the Company’s loans are evaluated individually for this purpose. Interest income on performing loans is accrued as earned. A loan is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on an accrual basis on non-performing loans is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. |
Deferred Charges | Deferred Charges External costs and fees incurred in obtaining indebtedness are included in the Company’s consolidated balance sheets as a direct deduction from the related debt liability, rather than as an asset. Debt issuance costs related to the Company’s revolving credit facilities remain classified as an asset on the consolidated balance sheets as these costs are, at the outset, not associated with an outstanding borrowing. The aggregate costs are amortized over the terms of the related debt agreements. Such amortization is reflected in Interest Expense in the Company’s consolidated statements of operations. |
Available-for-Sale Securities | Available-for-Sale Securities Unrealized gains or losses from marketable equity securities were recorded in Other Comprehensive Income (“OCI”), and any realized gains and losses were recorded using the specific identification method in the Company’s consolidated statements of comprehensive income or loss. |
Treasury Shares | Treasury Shares The Company’s share repurchases are reflected as treasury shares utilizing the cost method of accounting and are presented as a reduction to consolidated shareholders’ equity. Reissuances of the Company’s treasury shares at an amount below cost are recorded as a charge to paid-in capital due to the Company’s cumulative distributions in excess of net income. |
Revenue Recognition | Revenue Recognition Minimum rents from tenants are recognized using the straight-line method over the lease term of the respective leases. Percentage and overage rents are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. Revenues associated with expense reimbursements from tenants are recognized in the period that the related expenses are incurred based upon the tenant lease provision. Management fees are recorded in the period earned based on a percentage of collected revenue at the properties under management. Included in management and other fee income are fees (i.e., leasing and development fees) derived from the Company’s unconsolidated joint venture investments that are recognized to the extent attributable to the unaffiliated ownership interest. Ancillary and other property-related income, primarily composed of leasing vacant space to temporary tenants and kiosk income, is recognized in the period earned. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. Fee and other income was composed of the following (in thousands): For the Year Ended December 31, 2016 2015 2014 Management and other fee income $ 36,298 $ 32,971 $ 31,907 Ancillary and other property income 18,678 19,038 24,288 Lease termination fees 3,512 2,774 4,085 Other 80 565 621 Total fee and other income $ 58,568 $ 55,348 $ 60,901 |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses include certain internal leasing and legal salaries and related expenses associated with the re-leasing of existing space, which are charged to operations as incurred. |
Stock Option and Other Equity-Based Plans | Stock Option and Other Equity-Based Plans Compensation cost relating to stock-based payment transactions classified as equity is recognized in the financial statements based upon the grant date fair value. Forfeitures are estimated at the time of grant in order to estimate the amount of share-based awards that will ultimately vest. The forfeiture rate is based on historical rates for non-executive employees and actual expectations for executives. Stock-based compensation cost recognized by the Company was $7.0 million for each of the years ended December 31, 2016 and 2015, and $9.1 million for the year ended December 31, 2014. These amounts include $0.9 million, $0.5 million and $1.4 million of expense related to the accelerated vesting of awards due to employee separations in 2016, 2015 and 2014, respectively. This net cost is included in General and Administrative Expenses in the Company’s consolidated statements of operations. |
Income Taxes | Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (“REIT”) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that it makes distributions to its shareholders equal to at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to satisfy certain other requirements. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015 and included numerous law changes applicable to REITs. Currently effective changes have not, and the Company expects that the future changes will not, have a material impact on the Company’s operations. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local tax jurisdictions as well as certain jurisdictions outside the United States, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2016, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2013 and forward. |
Deferred Tax Assets | Deferred Tax Assets The Company accounts for income taxes related to its taxable REIT subsidiary (“TRS”) under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the income statement in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized and would record a valuation allowance to reduce deferred tax assets when it has determined that an uncertainty exists regarding their realization, which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s international consolidated and unconsolidated joint venture investments are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities, an average exchange rate for each period for revenues, expenses, gains and losses, and at the transaction date for impairments or asset sales, with the Company’s proportionate share of the resulting translation adjustments recorded as Accumulated OCI. Gains or losses resulting from foreign currency transactions, translated to local currency, are included in income as incurred. In 2014, the Company recorded a release of foreign currency translation from Accumulated OCI to earnings as a result of the sale of its entire investments in Brazil and Russia and substantially all of its investments in Canada. |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements • Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and • Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Segment | Segments At December 31, 2016, the Company had two reportable operating segments: shopping centers and loan investments. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. |
New Accounting Standards to be Adopted | New Accounting Standards to Be Adopted Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers The Company is in the process of evaluating the impact that the adoption of ASU No. 2014-09 will have on its consolidated financial statements and disclosures. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and will be governed by the recently issued leasing guidance discussed below. Excluding revenue related to leasing transactions, the Company anticipates that upon adoption of ASU No. 2014-09, the recognition of lease commission income earned pursuant to its management agreements with unconsolidated joint ventures most likely will be accelerated into an earlier quarter than recognized in current GAAP. The majority of the Company’s lease commission income is recognized 50% upon lease execution and 50% upon tenant rent commencement. Under the new standard, the Company anticipates that a lease commission will be recognized in its entirety upon lease execution. This revenue is not considered material to the Company’s financial statements. Accounting for Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Leases The Company is in the process of evaluating the impact that the adoption of ASU No. 2016-02 will have on its consolidated financial statements and disclosures. The Company has currently identified three areas within its accounting policies it believes could be impacted by the new standard. First, the Company may have a change in presentation on its consolidated statement of operations with regards to Recoveries from Tenants which includes reimbursements from tenants for certain operating expenses, real estate taxes and insurance. Tenant expense reimbursements with a service obligation are not covered within the scope of ASU No. 2016-02. The Company also has certain lease arrangements with its tenants for space at its shopping centers in which the contractual amounts due under the lease by the lessee are not allocated between the rental and expense reimbursement components (“Gross Leases”). The aggregate revenue earned under Gross Leases is presented as Minimum Rents in the consolidated statements of operations. As a result, the Company anticipates it will be required to bifurcate the presentation of certain expense reimbursements as well as allocate the fair value of the embedded revenue associated with these reimbursements for Gross Leases, which represent an immaterial portion of the Company’s lease portfolio, and separately present such amounts in its consolidated statements of operations based upon materiality. In addition, the Company has ground lease agreements in which the Company is the lessee for land underneath all or a portion of the buildings at five shopping centers (Note 9). Currently, the Company accounts for these arrangements as operating leases. Under the new standard, the Company will record its rights and obligations under these leases as an asset and liability on its consolidated balance sheets. The Company is currently in the process of evaluating the inputs required to calculate the amount that will be recorded on its balance sheet for each ground lease. Lastly, this standard impacts the lessor’s ability to capitalize costs related to the leasing of vacant space. However, the Company does not believe this change will have a material impact on its financial statements. Business Combinations In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for public companies for fiscal years beginning after December 15, 2016. In addition, in January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business . ASU No. 2017-01 clarifies the definition and provides a more robust framework to use in determining when a set of assets and activities constitutes a business. ASU No. 2017-01 is intended to provide guidance when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption is permitted for both standards. Application of the guidance is prospective. The Company will early adopt the updated standard in the first quarter of 2017 However, the Company does not believe this change will have a material impact on its financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. Statement of Cash Flows (Topic 230), Restricted Cash The Company will early adopt the updated standards in the first quarter of 2017. The adoption of these standards will modify the Company's current presentation of certain activities within the consolidated statements of cash flows and related disclosures, but they are not expected to have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Accounts payable related to construction in progress $ 13.3 $ 31.6 $ 25.7 Dividends declared 75.2 68.6 61.5 Mortgages assumed from acquisitions — 33.7 293.3 Issuance of Operating Partnership Units ("OP Units") — — 18.3 Redemption of OP Units — 18.3 — Elimination of a previously held equity interest (Note 3) — 1.4 2.5 Preferred equity interest and mezzanine loan applied to purchase price of acquired properties — — 51.8 Reclassification adjustment of foreign currency translation (Note 11) — — 21.8 Write-off of preferred share original issuance costs — — 1.9 |
Estimated Useful Lives of Assets | Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, 20 to 31.5 years Building improvements and fixtures Useful lives, ranging from 5 to 20 years Tenant improvements Shorter of economic life or lease terms |
Schedule of Fee and Other Income from Continuing Operations | Fee and other income was composed of the following (in thousands): For the Year Ended December 31, 2016 2015 2014 Management and other fee income $ 36,298 $ 32,971 $ 31,907 Ancillary and other property income 18,678 19,038 24,288 Lease termination fees 3,512 2,774 4,085 Other 80 565 621 Total fee and other income $ 58,568 $ 55,348 $ 60,901 |
Investments in and Advances t33
Investments in and Advances to Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances | The Company’s equity method joint ventures, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2016, are as follows: Unconsolidated Real Estate Ventures Effective Ownership Percentage Assets Owned BRE DDR Retail Holdings III 5% 50 shopping centers in several states BRE DDR Retail Holdings IV 5 6 shopping centers in several states DDRTC Core Retail Fund, LLC 15 25 shopping centers in several states DDR Domestic Retail Fund I 20 55 shopping centers in several states DDR – 20 12 shopping centers in several states Other Joint Venture Interests 26 – 3 shopping centers in 2 states |
Service Fees and Income Earned by Company | Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Management and other fees $ 28.6 $ 26.0 $ 24.9 Interest income 33.4 26.0 11.0 Development fees and leasing commissions 7.5 6.8 6.4 |
Unconsolidated Joint Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): December 31, 2016 2015 Condensed Combined Balance Sheets Land $ 1,287,675 $ 1,343,889 Buildings 3,376,720 3,551,227 Fixtures and tenant improvements 203,824 191,581 4,868,219 5,086,697 Less: Accumulated depreciation (884,356 ) (817,235 ) 3,983,863 4,269,462 Construction in progress and land 56,983 52,390 Real estate, net 4,040,846 4,321,852 Cash and restricted cash 50,378 58,916 Receivables, net 50,685 52,768 Other assets, net 248,664 318,546 $ 4,390,573 $ 4,752,082 Mortgage debt $ 3,034,399 $ 3,177,603 Notes and accrued interest payable to the Company 1,584 1,556 Other liabilities 206,949 219,799 3,242,932 3,398,958 Redeemable preferred equity 393,338 395,156 Accumulated equity 754,303 957,968 $ 4,390,573 $ 4,752,082 Company's share of accumulated equity $ 97,977 $ 115,871 Redeemable preferred equity 393,338 395,156 Basis differentials (36,117 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,651 ) (2,449 ) Amounts payable to the Company 1,584 1,556 Investments in and Advances to Joint Ventures $ 454,131 $ 467,732 |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | For the Year Ended December 31, 2016 2015 2014 Condensed Combined Statements of Operations Revenues from operations $ 513,365 $ 524,697 $ 485,764 Expenses from operations: Operating expenses 144,984 146,924 140,615 Impairment charges (A) 13,598 52,700 21,583 Depreciation and amortization 195,198 207,816 151,651 Interest expense 132,943 140,701 171,803 Preferred share expense 33,418 25,991 7,355 Other (income) expense, net 23,513 30,235 37,970 543,654 604,367 530,977 Loss before tax expense and discontinued operations (30,289 ) (79,670 ) (45,213 ) Income tax expense (primarily Sonae Sierra Brasil), net — — (6,565 ) Loss from continuing operations (30,289 ) (79,670 ) (51,778 ) Discontinued operations: Loss from discontinued operations (A) — — (13,955 ) Gain on disposition of real estate, net of tax — — 55,020 Loss before gain on disposition of real estate, net (30,289 ) (79,670 ) (10,713 ) Gain on disposition of real estate, net 57,261 17,188 10,116 Net income (loss) attributable to unconsolidated joint ventures $ 26,972 $ (62,482 ) $ (597 ) Income attributable to non-controlling interests — — (2,022 ) Net income (loss) attributable to unconsolidated joint ventures $ 26,972 $ (62,482 ) $ (2,619 ) Company's share of equity in net income (loss) of joint ventures (B) $ 11,650 $ (5,289 ) $ 9,218 Basis differential adjustments (B) 4,049 2,154 1,771 Equity in net income (loss) of joint ventures (B) $ 15,699 $ (3,135 ) $ 10,989 (A) For the years ended December 31, 2016, 2015 and 2014, the Company’s proportionate share was $2.7 million, $10.5 million and $4.4 million, respectively. Impairment charges included in discontinued operations related to asset sales were $11.1 million for the year ended December 31, 2014, of which the Company’s proportionate share was $0.8 million. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges recorded on these investments, as appropriate, as discussed below. Reflected in discontinued operations are 37 properties sold in 2014. (B) The difference between the Company’s share of net income (loss), as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. The Company does not record income or loss from those investments in which its investment basis is zero. There were no such investments at December 31, 2016. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | In 2016 and 2015, the Company acquired the following shopping centers (in millions): Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Phoenix, AZ February 2016 $ 60.5 $ — Portland, OR September 2016 86.3 — Orange County, CA (A) March 2015 $ 49.2 $ 33.0 Orlando, FL April 2015 33.0 — Houston, TX June 2015 69.8 — Orlando, FL December 2015 67.1 — (A) Acquired from an unconsolidated joint venture. |
Schedule of Acquisition Cost of Shopping Centers | The fair value of acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) 2016 2015 2016 2015 Land $ 27,093 $ 74,699 N/A N/A Buildings 99,034 140,668 (B) (B) Tenant improvements 4,385 5,229 (B) (B) In-place leases (including lease origination costs and fair market value of leases) (A) 14,021 19,250 5.1 7.3 Tenant relations 8,810 9,176 11.1 10.9 Other assets 146 1,252 N/A N/A 153,489 250,274 Less: Mortgage debt assumed at fair value — (33,735 ) N/A N/A Less: Below-market leases (6,967 ) (29,885 ) 15.4 18.4 Less: Other liabilities assumed (547 ) (1,169 ) N/A N/A Net assets acquired $ 145,975 $ 185,485 (A) Includes above-market value leases of $1.5 million at December 31, 2015, none in 2016. (B) Depreciated in accordance with the Company’s policy (Note 1). |
Consideration | 2016 2015 Consideration: Cash (including debt repaid at closing) $ 145,975 $ 169,805 Gain on Change in Control of Interests — 14,279 Carrying value of previously held equity interest (A) — 1,401 Total consideration (B) $ 145,975 $ 185,485 (A) The significant inputs used to value the previously held equity interest were determined to be Level 3 for all of the applicable acquisitions. (B) Total consideration excludes $0.4 million and $0.7 million in 2016 and 2015, respectively, of costs related to the acquisition of these assets. These transaction costs were expensed as incurred and included in Other Income (Expense), net in the Company’s consolidated statements of operations. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable on Real Estate | The following table reconciles the loans receivable on real estate (in thousands): 2016 2015 Balance at January 1 $ 41,988 $ 52,444 Additions: New mortgage loans 11,139 — Interest 377 — Accretion of discount 1,038 980 Deductions: Collections of principal and interest (5,054 ) (11,436 ) Balance at December 31 $ 49,488 $ 41,988 |
Schedule Of Loans Reserve On Real Estate Table Text Block | The following table summarizes the activity in the loan loss reserve (in thousands): 2015 2014 Balance at January 1 $ 15,606 $ 15,106 Additions: Loan loss reserve — 500 Deductions: Write-offs (A) (15,606 ) — Balance at December 31 $ — $ 15,606 (A) In 2015, the Company sold a note receivable with a face value, including accrued interest, of $9.8 million and a net value of $5.0 million, for proceeds of $7.9 million. As a result, the related loan loss reserve of $4.8 million was reversed, and income of $2.9 million was recognized and classified as Gain on Disposition of Real Estate in the Company’s consolidated statements of operations. In connection with this transaction, the Company wrote off a cross–collateralized, fully reserved note receivable with a face value including accrued interest of $10.8 million. The aggregate write-down in the loan loss reserve related to this transaction was $15.6 million. |
Other Assets and Intangibles (T
Other Assets and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Components of Other Assets | Other assets consist of the following (in thousands): December 31, 2016 2015 Intangible assets: In-place leases, net $ 99,600 $ 130,330 Above-market leases, net 20,405 30,258 Lease origination costs 12,931 15,956 Tenant relations, net 108,662 134,504 Total intangible assets, net (A) 241,598 311,048 Other assets: Prepaid expenses (B) 26,842 28,923 Other assets 6,274 6,293 Deposits 5,965 7,536 Deferred charges, net 4,731 6,113 Total other assets, net $ 285,410 $ 359,913 Below-market leases, net (other liabilities) (A) $ 147,941 $ 155,297 (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is written off. (B) Includes $16.2 million and $16.8 million at December 31, 2016 and 2015, respectively. During 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid this tax as part of an overall tax restructuring (Note 17). |
Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases | Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions): Year Expense 2016 $ 72.1 2015 92.6 2014 109.5 |
Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases | Estimated net future amortization associated with the Company’s intangible assets is as follows (in millions): Year Income Expense 2017 $ 6.1 $ 61.0 2018 7.6 43.6 2019 8.4 32.9 2020 8.5 23.6 2021 8.8 17.2 |
Revolving Credit Facilities (Ta
Revolving Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Information Regarding Company's Revolving Credit Facilities | The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Value at December 31, Weighted-Average Interest Rate (A) December 31, Maturity Date at 2016 2015 2016 2015 December 31, 2016 Unsecured Credit Facility $ — $ 210.0 N/A 1.4% June 2019 PNC Facility — — N/A N/A June 2019 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2015. |
Unsecured and Secured Indebte38
Unsecured and Secured Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Unsecured and Secured Indebtedness | The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions): Carrying Value at December 31, Interest Rate (A) December 31, Maturity Date at 2016 2015 2016 2015 December 31, 2016 Unsecured indebtedness: Senior notes (B) $ 2,932.2 $ 3,172.2 3.375% – 3.375% – April 2017 – February 2026 Senior notes – (5.0 ) (5.9 ) Net unamortized debt issuance costs (14.0 ) (17.1 ) Total Senior Notes $ 2,913.2 $ 3,149.2 Unsecured Term Loan $ 400.0 $ 400.0 1.9% 1.5% April 2017 Net unamortized debt issuance costs (1.6 ) (2.1 ) Total Unsecured Term Loan $ 398.4 $ 397.9 Secured indebtedness: Secured Term Loan $ 200.0 $ 200.0 2.1% 1.8% April 2017 Net unamortized debt issuance costs (0.2 ) (0.7 ) Total Secured Term Loan $ 199.8 $ 199.3 Mortgage indebtedness – $ 959.1 $ 1,109.1 4.9% 5.0% April 2017 – February 2022 Mortgage indebtedness – 26.2 78.0 1.8% 1.8% March 2017 Net unamortized debt issuance costs (2.8 ) (3.9 ) Total Mortgage Indebtedness $ 982.5 $ 1,183.2 (A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2016 and 2015 . (B) Effective interest rate ranged from 3.5% to 8.1% at December 31, 2016. |
Scheduled Principal Payments | The scheduled principal payments of the Revolving Credit Facilities (Note 6) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2016, are as follows (in thousands): Year Amount 2017 $ 1,124,292 2018 489,212 2019 185,819 2020 649,367 2021 394,455 Thereafter 1,662,772 4,505,917 Unamortized fair market value of assumed debt 6,593 Net unamortized debt issuance costs (18,542 ) Total indebtedness $ 4,493,968 |
Financial Instruments and Fai39
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Debt Instruments with Carrying Values Different than Estimated Fair Values | Debt instruments with carrying values that are different than estimated fair values are summarized as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,913,217 $ 3,056,896 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 598,242 601,131 807,185 811,666 Mortgage Indebtedness 982,509 1,012,869 1,183,164 1,235,139 $ 4,493,968 $ 4,670,896 $ 5,139,537 $ 5,339,528 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Rental Revenues And Minimum Rental Payments | The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and the scheduled minimum rental payments under the terms of all non-cancelable operating leases, principally ground leases, in which the Company is the lessee as of December 31, 2016, are as follows (in thousands): Year Minimum Rental Revenues Minimum Rental Payments 2017 $ 624,928 $ 2,680 2018 549,841 2,707 2019 473,071 2,743 2020 398,517 2,563 2021 312,960 2,571 Thereafter 979,139 120,199 $ 3,338,456 $ 133,463 |
Non-Controlling Interests, Pr41
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Noncontrolling Interest [Line Items] | |
Preferred Shares Outstanding | The Company’s preferred shares outstanding are as follows (in thousands): December 31, 2016 2015 Class J — 750,000 shares authorized; 400,000 shares issued and outstanding at December 31, 2016 and 2015 $ 200,000 $ 200,000 Class K — 750,000 shares authorized; 300,000 shares issued and outstanding at December 31, 2016 and 2015 150,000 150,000 $ 350,000 $ 350,000 |
Common Shares [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Common Share Dividends Declared | Common share dividends declared were as follows: For the Year Ended December 31, 2016 2015 2014 Common share dividends declared per share $ 0.76 $ 0.69 $ 0.62 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated OCI by Component | The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Net Unrealized Gains (Losses) on Marketable Securities Total Balance, December 31, 2013 $ (7,912 ) $ (30,624 ) $ 2,043 $ (36,493 ) Other comprehensive (loss) income before reclassifications (1,045 ) 10,002 (627 ) 8,330 Change in cash flow hedges reclassed to earnings (A) 472 — — 472 Reclassification adjustment for foreign currency translation (B) — 21,755 — 21,755 Reclassification adjustment for realized gains on available-for-sale securities (C) — — (1,416 ) (1,416 ) Net current-period other comprehensive (loss) income (573 ) 31,757 (2,043 ) 29,141 Balance, December 31, 2014 (8,485 ) 1,133 — (7,352 ) Other comprehensive income (loss) before reclassifications 1,203 (1,307 ) — (104 ) Change in cash flow hedges reclassed to earnings (A) 1,173 — — 1,173 Net current-period other comprehensive income (loss) 2,376 (1,307 ) — 1,069 Balance, December 31, 2015 (6,109 ) (174 ) — (6,283 ) Other comprehensive income (loss) before reclassifications 1,491 (88 ) — 1,403 Change in cash flow hedges reclassed to earnings (A) 688 — — 688 Net current-period other comprehensive income (loss) 2,179 (88 ) — 2,091 Balance, December 31, 2016 $ (3,930 ) $ (262 ) $ — $ (4,192 ) (A) In the Company’s consolidated statements of operations, amortization of $0.8 million, $0.7 million and $0.6 million was classified in Interest Expense for the three years ended December 31, 2016, 2015 and 2014, respectively, partially offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million in each of the same periods, which was previously recognized in Accumulated OCI. The year ended December 31, 2015, includes $0.6 million classified in Other Income (Expense), net. (B) Includes a release of foreign currency translation of $19.7 million related to the Company’s sale of its interest in SSB (Note 2), classified as Gain on Sale and Change in Control of Interests in the Company’s consolidated financial statements. Also includes a release of foreign currency translation of $2.1 million related to the Company’s liquidation of its investment in Russia and its substantial liquidation of its consolidated investment in Canada, classified as Gain on Sale, as well as Non-Controlling Interests, in the Company’s consolidated statements of operations. These transactions were previously recognized in Accumulated OCI. (C) Realized gains are included in the Company’s consolidated statement of operations within Other Income (Expense), net for the year ended December 31, 2014. |
Impairment Charges and Impair43
Impairment Charges and Impairment of Joint Venture Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges on Assets or Investments | The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): For the Year Ended December 31, 2016 2015 2014 Assets marketed for sale or assets sold (A) $ 110.9 $ 179.7 $ 10.6 Undeveloped land previously held for development (B) — 99.3 18.6 Total continuing operations $ 110.9 $ 279.0 $ 29.2 Sold assets – discontinued operations — — 8.9 Joint venture investments (C) — 1.9 30.7 Total impairment charges $ 110.9 $ 280.9 $ 68.8 (A) The Company recorded impairment charges in 2015 and 2016 triggered by changes in its strategic plan that impacted its asset hold-period assumptions. During 2015, management accelerated the Company’s portfolio quality improvement initiative, which it intended to accomplish in part through the disposition of less strategic assets. The disposition initiative triggered the recording of impairment charges on 25 operating shopping centers. In 2016, in conjunction with the change of the Chief Executive Officer, the Company’s management and Board of Directors decided to increase the volume of near-term asset sales beyond the level contemplated in 2015 primarily to accelerate progress on its deleveraging goal. As a result, the decision to accelerate sales triggered the recording of impairment charges on 20 operating shopping centers that management identified as short-term disposition candidates. The impairment charges recorded in 2014 were triggered primarily by the Company’s marketing of certain assets for sale and management’s then-assessment of the likelihood and timing of potential transactions. (B) Amounts recorded primarily were related to land previously held for future development. The impairments were triggered primarily by the decision made by the Company’s senior management to sell the land and no longer consider development alternatives. (C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments. Amount recorded in 2014 represents a charge on a joint venture development project in Canada. The impairment primarily was triggered as a result of a major retailer’s decision to exit the Canadian market, as well as changes in the timing of the project and development assumptions. |
Impairment Charges Measured at Fair Value on Non-Recurring Basis | The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the years ended December 31, 2016, 2015 and 2014. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Losses December 31, 2016 Long-lived assets held and used $ — $ — $ 438.2 $ 438.2 $ 110.9 December 31, 2015 Long-lived assets held and used — — 407.1 407.1 279.0 Unconsolidated joint venture investments — — — — 1.9 December 31, 2014 Long-lived assets held and used/held for sale — — 141.2 141.2 38.1 Unconsolidated joint venture investments — — 6.4 6.4 30.7 |
Summary of Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions, except price per square foot, which is in thousands): Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, Range Description 2016 2015 Valuation Technique Unobservable Inputs 2016 2015 Impairment of consolidated assets $ 13.4 $ 33.8 Indicative Bid (A) Contracted Price Indicative Bid (A) Contracted Price N/A N/A 398.2 287.6 Income Capitalization Approach (B)/ Sales Comparison Approach Market Capitalization Rate 7% – 8% – Price per Square Foot $15–$31 $10–$40 26.6 51.5 Indicative Bid (A) Indicative Bid (A) N/A N/A Discounted Cash Flow Discount Rate 10% – 10% – Terminal Capitalization Rate 10% – 8% – — 34.2 Indicative Bid (A) Sales Comparison Approach Indicative Bid (A) N/A N/A (A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. (B) Vacant space in certain assets was valued based on a price per square foot. |
Disposition of Real Estate an44
Disposition of Real Estate and Real Estate Investments and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Revenues and Expenses from Properties Included in Discontinued Operations | The following table provides a summary of revenues and expenses from the properties included in discontinued operations (Note 1) (in thousands): For the Year Ended December 31, 2014 Revenues $ 39,537 Expenses: Operating expenses 11,070 Impairment charges 8,877 Interest, net 9,947 Depreciation and amortization 16,254 46,148 Loss from discontinued operations (6,611 ) Gain on disposition of real estate 96,009 Income from discontinued operations $ 89,398 |
Stock-Based Compensation Plan45
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Fair Values for Stock-based Awards Granted Using Black-Scholes Option Pricing Model | The fair values for option awards granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 31, 2016 2015 2014 Weighted-average fair value of grants $ 1.61 $ 2.35 $ 2.43 Risk-free interest rate (range) – Based upon the U.S. Treasury Strip with a maturity date that approximates the expected term of the award 1.1%–1.5% 1.4%–1.6% 1.2%–1.4% Dividend yield (range ) – Forecasted dividend yield based on the expected life 4.5%–5.2% 4.1%–4.3% 4.5%–4.6% Expected life (range) – Derived by referring to actual exercise experience 4–5 years 4–5 years 4–5 years Expected volatility (range) – Derived by using a 50/50 blend of implied and historical changes in the Company's historical stock prices over a time frame consistent with the expected life of the award 20.6%–22.5% 21.5%–23.4% 24.7%–28.5% |
Summary of Stock Option Activity | The following table reflects the stock option activity described above: Weighted- Weighted- Average Aggregate Number of Options (Thousands) Average Exercise Price Remaining Contractual Term (Years) Intrinsic Value (Thousands) Balance December 31, 2013 2,661 $ 24.77 Granted 774 16.61 Exercised (154 ) 10.02 Forfeited (320 ) 33.40 Balance December 31, 2014 2,961 22.48 Granted 557 19.26 Exercised (234 ) 12.85 Forfeited (472 ) 36.51 Balance December 31, 2015 2,812 20.29 Granted 633 16.74 Exercised (855 ) 11.62 Forfeited (784 ) 29.46 Balance December 31, 2016 1,806 $ 19.16 6.1 $ 1,608 Options exercisable at December 31, 2016 1,038 $ 20.49 4.5 $ 1,608 2015 1,760 21.69 4.2 6,764 2014 1,922 25.75 4.0 9,077 |
Summary of Characteristics of Options Outstanding | The following table summarizes the characteristics of the options outstanding at December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at 12/31/16 (Thousands) Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Exercisable at 12/31/16 (Thousands) Weighted-Average Exercise Price $0.00 – 175 2.4 $ 7.49 175 $ 7.49 $12.01–$16.00 177 4.7 13.88 177 13.88 $16.01–$21.00 1,261 7.6 17.36 493 17.35 $21.01–$66.75 193 0.8 46.38 193 46.38 1,806 6.1 $ 19.16 1,038 $ 20.49 |
Activities for Unvested Stock Option Awards | The following table reflects the activity for unvested stock option awards for the year ended December 31, 2016: Options (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 1,052 $ 2.64 Granted 633 1.61 Vested (460 ) 2.93 Forfeited (457 ) 2.06 Unvested at December 31, 2016 768 $ 1.97 |
Summary of Activity of Employee Stock Option Exercises | The following table summarizes the activity of employee stock option exercises that are primarily settled with newly issued common shares or with treasury shares, if available (in millions): For the Year Ended December 31, 2016 2015 2014 Cash received for exercise price $ 9.9 $ 2.5 $ 1.5 Intrinsic value 6.0 1.2 1.1 |
VSEP grants [Member] | |
Activities for Unvested Restricted Stock Awards | The following table reflects the activity for the unvested awards pursuant to all restricted stock grants and grants pursuant to the 2013 VSEP plans for the year ended December 31, 2016: Awards (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 742 $ 17.03 Granted 462 16.31 Vested (459 ) 16.35 Forfeited (286 ) 17.40 Unvested at December 31, 2016 459 $ 16.74 |
2016 VSEP [Member] | |
Summary of Fair Value of Value Sharing Equity Program Grants | The fair value of the 2016 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions: Range Risk-free interest rate 0.8% Weighted-average dividend yield 5.0% Expected life 3 years Expected volatility 17% – |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net (Loss) Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS | The following table provides a reconciliation of net (loss) income from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): For the Year Ended December 31, 2016 2015 2014 Numerators – Basic and Diluted Continuing Operations: (Loss) income from continuing operations $ (12,187 ) $ (237,881 ) $ 21,107 Plus: Gain on disposition of real estate 73,386 167,571 3,060 Plus: (Income) loss attributable to non-controlling interests (1,187 ) (1,858 ) 2,356 Less: Write-off of preferred share original issuance costs — — (1,943 ) Less: Preferred dividends (22,375 ) (22,375 ) (24,054 ) Less: Earnings attributable to unvested shares and OP Units (786 ) (1,286 ) (1,684 ) Income (loss) from continuing operations 36,851 (95,829 ) (1,158 ) Discontinued Operations: Income from discontinued operations — — 89,398 Plus: Loss attributable to non-controlling interests — — 1,361 Net income (loss) attributable to common shareholders after allocation to participating securities $ 36,851 $ (95,829 ) $ 89,601 Denominators – Number of Shares Basic — 365,294 360,946 358,122 Effect of dilutive securities — 267 — — Diluted — 365,561 360,946 358,122 Basic Earnings Per Share: Income (loss) from continuing operations attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.00 Income from discontinued operations attributable to common shareholders — — 0.25 Net income (loss) attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.25 Diluted Earnings Per Share: Income (loss) from continuing operations attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.00 Income from discontinued operations attributable to common shareholders — — 0.25 Net income (loss) attributable to common shareholders $ 0.10 $ (0.27 ) $ 0.25 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Line Items] | |
Summary of Combined Activity and Taxable Activity | The following represents the combined activity of the Company’s TRS and its taxable activity in Puerto Rico (in thousands): For the Year Ended December 31, 2016 2015 2014 Book income (loss) before income taxes – $ 9,953 $ (1,446 ) $ 12,104 Book loss before income taxes – $ — $ — $ (11,040 ) Current – $ 17 $ — $ — Deferred – — — — Total expense – $ 17 $ — $ — Total expense – $ — $ — $ — |
Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate | For the Year Ended December 31, TRS 2016 2015 2014 Statutory rate of 34% applied to pre-tax income (loss) $ 3,384 $ (492 ) $ 4,115 Effect of state and local income taxes, net of federal tax benefit 498 (72 ) 605 Valuation allowance decrease (4,039 ) (1,169 ) (6,144 ) Other 174 1,733 1,424 Total expense $ 17 $ — $ — Effective tax rate 0.17 % 0.00 % 0.00 % |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands): For the Year Ended December 31, 2016 2015 Deferred tax assets (A) $ 61,742 $ 65,891 Deferred tax liabilities (404 ) (514 ) Valuation allowance (61,338 ) (65,377 ) Net deferred tax asset $ — $ — (A) Primarily attributable to net operating losses, aggregating $37.8 million at December 31, 2016, and interest expense, subject to limitations and basis differentials in assets due to purchase price accounting. The TRS net operating loss carryforwards will expire in varying amounts between the years 2022 through 2035. |
Reconciliation of GAAP Net income (Loss) Attributable to Taxable Income | Reconciliation of GAAP net income (loss) attributable to DDR to taxable income is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 GAAP net income (loss) attributable to DDR $ 60,012 $ (72,168 ) $ 117,282 Plus: Book depreciation and amortization (A) 376,493 385,696 341,391 Less: Tax depreciation and amortization (A) (224,766 ) (228,882 ) (210,850 ) Book/tax differences on losses from capital transactions (155,170 ) (149,507 ) (313,855 ) Joint venture equity in earnings, net (A) (3,802 ) 8,491 97,323 Deferred income (8,352 ) (4,293 ) (12,545 ) Compensation expense (5,237 ) (18,879 ) (6,103 ) Impairment charges 110,906 280,930 68,703 Senior convertible notes – — 9,954 11,377 Senior convertible notes – — (52,390 ) — Puerto Rico tax prepayment — (16,812 ) — Miscellaneous book/tax differences, net (2,625 ) (10,204 ) (14,745 ) Taxable income before adjustments 147,459 131,936 77,978 Less: Capital gains — — (48,015 ) Taxable income subject to the 90% dividend requirement $ 147,459 $ 131,936 $ 29,963 (A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity in earnings, net.” |
Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction | Reconciliation between cash dividends paid and the dividends paid deduction is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 Dividends paid $ 293,031 $ 264,243 $ 239,294 Plus: Deemed dividends on convertible debt — 14,159 12,026 Less: Dividends designated to prior year (5,594 ) (5,594 ) (6,608 ) Plus: Dividends designated from the following year 5,594 5,594 5,594 Less: Return of capital (145,572 ) (146,466 ) (172,328 ) Dividends paid deduction $ 147,459 $ 131,936 $ 77,978 |
Puerto Rico [Member] | |
Income Taxes [Line Items] | |
Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate | The differences between total income tax expense and the amount computed by applying the statutory income tax rate to income before taxes with respect to its TRS activity and its Puerto Rico activity were as follows (in thousands): For the Year Ended December 31, Puerto Rico 2014 Statutory rate of 39% applied to pre-tax loss $ (4,306 ) Valuation allowance increase 4,194 Other 112 Total expense $ — Effective tax rate 0.00 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Information about Company's Reportable Operating Segments | The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations in 2014 (Note 13) (in thousands): For the Year Ended December 31, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 1,005,761 $ 44 $ 1,005,805 Rental operation expenses (276,866 ) (218 ) (277,084 ) Net operating income (loss) 728,895 (174 ) 728,721 Impairment charges (110,906 ) (110,906 ) Depreciation and amortization (389,519 ) (389,519 ) Interest income 37,054 37,054 Other income (expense), net $ 3,322 3,322 Unallocated expenses (A) (295,471 ) (295,471 ) Equity in net income of joint ventures 15,699 15,699 Loss on sale and change in control of interests, net (1,087 ) (1,087 ) Loss from continuing operations $ (12,187 ) As of December 31, 2016: Total gross real estate assets $ 9,244,058 $ 9,244,058 Notes receivable, net (B) $ 442,826 $ (393,323 ) $ 49,503 For the Year Ended December 31, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 1,027,934 $ 137 $ 1,028,071 Rental operation expenses (293,578 ) (115 ) (293,693 ) Net operating income 734,356 22 734,378 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (402,045 ) (402,045 ) Interest income 29,213 29,213 Other income (expense), net $ (1,739 ) (1,739 ) Unallocated expenses (A) (321,395 ) (321,395 ) Equity in net loss of joint ventures (3,135 ) (3,135 ) Impairment of joint venture investments (1,909 ) (1,909 ) Gain on sale and change in control of interests, net 7,772 7,772 Loss from continuing operations $ (237,881 ) As of December 31, 2015: Total gross real estate assets $ 10,128,199 $ 10,128,199 Notes receivable, net (B) $ 437,144 $ (394,610 ) $ 42,534 For the Year Ended December 31, 2014 Shopping Centers Loan Investments Other Total Total revenues $ 985,479 $ 196 $ 985,675 Rental operation expenses (281,005 ) (102 ) (281,107 ) Net operating income 704,474 94 704,568 Impairment charges (29,175 ) (29,175 ) Depreciation and amortization (402,825 ) (402,825 ) Interest income 15,927 15,927 Other income (expense), net (500 ) $ (11,762 ) (12,262 ) Unallocated expenses (A) (323,459 ) (323,459 ) Equity in net income of joint ventures 10,989 10,989 Impairment of joint venture investments (30,652 ) (30,652 ) Gain on sale and change in control of interests, net 87,996 87,996 Income from continuing operations $ 21,107 As of December 31, 2014: Total gross real estate assets $ 10,335,785 $ 10,335,785 Notes receivable, net (B) $ 357,754 $ (301,509 ) $ 56,245 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense and Tax Expense as listed in the Company’s consolidated statements of operations. (B) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets. |
Quarterly Results of Operatio49
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table sets forth the quarterly results of operations for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts): 2016 2015 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 254,423 $ 257,321 $ 253,800 $ 240,261 $ 258,825 $ 257,323 $ 257,135 $ 254,788 Net income (loss) attributable to DDR 45,573 41,058 (60,360 ) 33,741 (243,787 ) 18,598 59,555 93,466 Net income (loss) attributable to common shareholders 39,980 35,464 (65,954 ) 28,147 (249,381 ) 13,004 53,962 87,872 Basic: Net income (loss) per common share attributable to common shareholders $ 0.11 $ 0.10 $ (0.18 ) $ 0.08 $ (0.69 ) $ 0.03 $ 0.15 $ 0.24 Weighted-average number of shares 364,691 364,976 365,508 365,965 359,818 360,073 361,107 362,734 Diluted: Net income (loss) per common share attributable to common shareholders $ 0.11 $ 0.10 $ (0.18 ) $ 0.08 $ (0.69 ) $ 0.03 $ 0.15 $ 0.24 Weighted-average number of shares 365,042 365,318 365,508 366,075 359,818 364,147 363,571 365,197 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)JointVentureSegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum exposure to losses associated with VIEs | $ 405,400 | $ 412,400 | |
Capitalized costs | 8,100 | 9,100 | $ 9,900 |
Interest paid | 220,000 | 234,600 | 243,200 |
Capitalized interest paid | 3,100 | 6,700 | 8,700 |
Impairment of joint venture investments | 0 | 1,909 | 30,652 |
Accounts receivable, unrecoverable amount | 7,100 | 6,200 | |
Allowance for straight line rent | 4,100 | 4,000 | |
Straight line rent receivable, net | 65,100 | 65,700 | |
Stock-based compensation cost recognized by the company | 7,000 | 7,000 | 9,100 |
Accelerated vesting of awards due to employee severance charges | $ 900 | 500 | 1,400 |
Number of reportable segments | Segment | 2 | ||
Quantitative threshold of revenues, profit or loss and assets for identifying reportable segments | The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. | ||
Percentage of lease commission income upon lease execution | 50.00% | ||
Percentage of lease commission income upon tenant rent commencement | 50.00% | ||
Geographic Concentration Risk [Member] | Revenues [Member] | Shopping Center [Member] | Stand-Alone Shopping Center [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of revenues | 10.00% | ||
Real Estate Investment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges related to consolidated real estate investment | $ 110,900 | $ 279,000 | $ 38,100 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of unconsolidated joint ventures | JointVenture | 2 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Significant Noncash Transactions [Line Items] | |||
Accounts payable related to construction in progress | $ 13,300 | $ 31,600 | $ 25,700 |
Dividends declared | 75,245 | 68,604 | 61,500 |
Mortgages assumed from acquisitions | 0 | 33,700 | 293,300 |
Issuance of Operating Partnership Units ("OP Units") | 0 | 0 | 18,300 |
Redemption of OP Units | 0 | 18,300 | 0 |
Elimination of a previously held equity interest | 0 | 1,400 | 2,500 |
Preferred equity interest and mezzanine loan applied to purchase price of acquired properties | 0 | 0 | 51,800 |
Reclassification adjustment of foreign currency translation | 21,755 | ||
Write-off of preferred share original issuance costs | 0 | 0 | 1,943 |
Accumulated Other Comprehensive Loss [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Reclassification adjustment of foreign currency translation | $ 0 | $ 0 | $ 21,800 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Tenant improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | Shorter of economic life or lease terms |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Minimum [Member] | Building improvements and fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Maximum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 31 years 6 months |
Maximum [Member] | Building improvements and fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Schedule of Fee and Other Income from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Management and other fee income | $ 36,298 | $ 32,971 | $ 31,907 |
Ancillary and other property income | 18,678 | 19,038 | 24,288 |
Lease termination fees | 3,512 | 2,774 | 4,085 |
Other | 80 | 565 | 621 |
Total fee and other income | $ 58,568 | $ 55,348 | $ 60,901 |
Investments in and Advances t54
Investments in and Advances to Joint Ventures - Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances (Detail) | 12 Months Ended |
Dec. 31, 2016Assets | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 25.00% |
BRE DDR Retail Holdings III [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 5.00% |
Equity Method Investment, Assets Owned | 50 shopping centers in several states |
Number of shopping centers owned | 50 |
BRE DDR Retail Holdings IV [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 5.00% |
Equity Method Investment, Assets Owned | 6 shopping centers in several states |
Number of shopping centers owned | 6 |
DDRTC Core Retail Fund LLC [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 15.00% |
Equity Method Investment, Assets Owned | 25 shopping centers in several states |
Number of shopping centers owned | 25 |
DDR Domestic Retail Fund I [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 20.00% |
Equity Method Investment, Assets Owned | 55 shopping centers in several states |
Number of shopping centers owned | 55 |
DDR-SAU Retail Fund LLC [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 20.00% |
Equity Method Investment, Assets Owned | 12 shopping centers in several states |
Number of shopping centers owned | 12 |
Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investment, Assets Owned | 3 shopping centers in 2 states |
Number of shopping centers owned | 3 |
Minimum [Member] | Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 26.00% |
Maximum [Member] | Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 79.00% |
Investments in and Advances t55
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Combined Balance Sheets | ||
Land | $ 1,990,406 | $ 2,184,145 |
Buildings | 6,412,532 | 6,965,632 |
Fixtures and tenant improvements | 735,685 | 743,037 |
Total real estate rental property | 9,138,623 | 9,892,814 |
Less: Accumulated depreciation | (1,996,176) | (2,062,899) |
Real estate rental property, net | 7,142,447 | 7,829,915 |
Construction in progress and land | 105,435 | 235,385 |
Total real estate assets, net | 7,247,882 | 8,065,300 |
Other assets, net | 285,410 | 359,913 |
Total assets | 8,197,518 | 9,097,088 |
Mortgage debt | 982,509 | 1,183,164 |
Total liabilities | 4,951,506 | 5,633,619 |
Total liabilities and equity | 8,197,518 | 9,097,088 |
Company's share of accumulated equity | 97,977 | 115,871 |
Redeemable preferred equity | 393,338 | 395,156 |
Basis differentials | (36,117) | (42,402) |
Deferred development fees, net of portion related to the Company's interest | (2,651) | (2,449) |
Amounts payable to the Company | 1,584 | 1,556 |
Investments in and Advances to Joint Ventures | 454,131 | 467,732 |
Unconsolidated Joint Ventures [Member] | ||
Condensed Combined Balance Sheets | ||
Land | 1,287,675 | 1,343,889 |
Buildings | 3,376,720 | 3,551,227 |
Fixtures and tenant improvements | 203,824 | 191,581 |
Total real estate rental property | 4,868,219 | 5,086,697 |
Less: Accumulated depreciation | (884,356) | (817,235) |
Real estate rental property, net | 3,983,863 | 4,269,462 |
Construction in progress and land | 56,983 | 52,390 |
Total real estate assets, net | 4,040,846 | 4,321,852 |
Cash and restricted cash | 50,378 | 58,916 |
Receivables, net | 50,685 | 52,768 |
Other assets, net | 248,664 | 318,546 |
Total assets | 4,390,573 | 4,752,082 |
Mortgage debt | 3,034,399 | 3,177,603 |
Notes and accrued interest payable to the Company | 1,584 | 1,556 |
Other liabilities | 206,949 | 219,799 |
Total liabilities | 3,242,932 | 3,398,958 |
Redeemable preferred equity | 393,338 | 395,156 |
Accumulated equity | 754,303 | 957,968 |
Total liabilities and equity | $ 4,390,573 | $ 4,752,082 |
Investments in and Advances t56
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expenses from operations: | |||||||||||
Operating expenses | $ 853,610 | $ 1,048,141 | $ 797,591 | ||||||||
Impairment charges | 110,906 | 279,021 | 29,175 | ||||||||
Depreciation and amortization | 389,519 | 402,045 | 402,825 | ||||||||
Interest expense | 217,589 | 241,727 | 237,120 | ||||||||
Other (income) expense, net | (3,322) | 1,739 | 12,262 | ||||||||
(Loss) income before tax expense | (10,406) | (231,595) | 22,962 | ||||||||
Income tax expense (primarily Sonae Sierra Brasil), net | (1,781) | (6,286) | (1,855) | ||||||||
(Loss) income from continuing operations | (12,187) | (237,881) | 21,107 | ||||||||
Discontinued operations: | |||||||||||
Loss from discontinued operations | (6,611) | ||||||||||
Gain on disposition of real estate, net of tax | 96,009 | ||||||||||
(Loss) income before gain on disposition of real estate | (12,187) | (237,881) | 110,505 | ||||||||
Gain on disposition of real estate, net | 73,386 | 167,571 | 3,060 | ||||||||
(Income) loss attributable to non-controlling interests, net | (1,187) | (1,858) | 3,717 | ||||||||
Net income (loss) attributable to DDR | $ 33,741 | $ (60,360) | $ 41,058 | $ 45,573 | $ 93,466 | $ 59,555 | $ 18,598 | $ (243,787) | 60,012 | (72,168) | 117,282 |
Company's share of equity in net income (loss) of joint ventures | 11,650 | (5,289) | 9,218 | ||||||||
Basis differential adjustments | 4,049 | 2,154 | 1,771 | ||||||||
Equity in net income (loss) of joint ventures | 15,699 | (3,135) | 10,989 | ||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||
Condensed Combined Statements of Operations | |||||||||||
Revenues from operations | 513,365 | 524,697 | 485,764 | ||||||||
Expenses from operations: | |||||||||||
Operating expenses | 144,984 | 146,924 | 140,615 | ||||||||
Impairment charges | 13,598 | 52,700 | 21,583 | ||||||||
Depreciation and amortization | 195,198 | 207,816 | 151,651 | ||||||||
Interest expense | 132,943 | 140,701 | 171,803 | ||||||||
Preferred share expense | 33,418 | 25,991 | 7,355 | ||||||||
Other (income) expense, net | 23,513 | 30,235 | 37,970 | ||||||||
Total expenses | 543,654 | 604,367 | 530,977 | ||||||||
(Loss) income before tax expense | (30,289) | (79,670) | (45,213) | ||||||||
Income tax expense (primarily Sonae Sierra Brasil), net | 0 | 0 | (6,565) | ||||||||
(Loss) income from continuing operations | (30,289) | (79,670) | (51,778) | ||||||||
Discontinued operations: | |||||||||||
Loss from discontinued operations | 0 | 0 | (13,955) | ||||||||
Gain on disposition of real estate, net of tax | 0 | 0 | 55,020 | ||||||||
(Loss) income before gain on disposition of real estate | (30,289) | (79,670) | (10,713) | ||||||||
Gain on disposition of real estate, net | 57,261 | 17,188 | 10,116 | ||||||||
Net income (loss) attributable to unconsolidated joint ventures | 26,972 | (62,482) | (597) | ||||||||
(Income) loss attributable to non-controlling interests, net | 0 | 0 | (2,022) | ||||||||
Net income (loss) attributable to DDR | $ 26,972 | $ (62,482) | $ (2,619) |
Investments in and Advances t57
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Property | |
Schedule Of Equity Method Investments [Line Items] | |||
Company's proportionate share of the impairment charges | $ 2,700,000 | $ 10,500,000 | $ 4,400,000 |
Company's share of aggregate impairment charges reclassified to discontinued operations | $ 800,000 | ||
Number of properties sold under discontinued operations | Property | 35 | ||
Investment basis value for which no income loss recognized | $ 0 | ||
Unconsolidated Joint Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Impairment charges reclassified to discontinued operations related to asset sales | $ 11,100,000 | ||
Number of properties sold under discontinued operations | Property | 37 |
Investments in and Advances t58
Investments in and Advances to Joint Ventures - Service Fees and Income Earned by Company's Unconsolidated Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Management and other fees | $ 28.6 | $ 26 | $ 24.9 |
Interest income | 33.4 | 26 | 11 |
Development fees and leasing commissions | $ 7.5 | $ 6.8 | $ 6.4 |
Investments in and Advances t59
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | Apr. 28, 2014USD ($)ShoppingCenter | Apr. 28, 2014ShoppingCenterBRL / $ | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($) |
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties sold | Property | 33 | 29 | |||
Percentage of ownership interest transferred | 25.00% | ||||
Gain (loss) on change in control of interests | $ (1,087) | $ 7,772 | $ 87,996 | ||
Number of assets sold to former joint venture partner | Property | 2 | ||||
Aggregate sales price | $ 112,300 | ||||
Gain on sale of properties | $ 73,386 | 167,571 | 3,060 | ||
Joint Venture Partner [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties sold | Property | 10 | ||||
Parent Company [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investment interest percentage | 33.00% | ||||
Gain on Sale of Interests | 83,700 | ||||
Gain on sale and change in control of interests | $ 19,700 | ||||
Property Management Company [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gain (loss) on change in control of interests | $ (6,500) | ||||
Percentage of ownership interest transferred | 50.00% | ||||
BRE DDR Joint Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Redeemable preferred equity | $ 386,100 | ||||
Preferred equity investment accrued interest | $ 7,200 | ||||
Preferred equity fixed dividend rate per annum | 8.50% | ||||
Maximum preferred equity fixed distribution deferral | 23.50% | ||||
Ownership interest of joint venture partner | 95.00% | ||||
Ownership interest in joint venture | 5.00% | ||||
Redemption of preferred equity in full at company option | after seven years | ||||
SSB [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Proceeds from sale of joint venture assets | $ 343,600 | ||||
Percentage of ownership interest transferred | 50.00% | 50.00% | |||
Weighted-average exchange rate used for recording the equity in net income | BRL / $ | 2.26 | ||||
Sonae Sierra Brasil Sa [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest of joint venture partner | 66.00% | ||||
Shopping centers owned | ShoppingCenter | 10 | 10 | |||
Unpaid Preferred Equity Distributions [Member] | BRE DDR Joint Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Preferred equity fixed dividend rate per annum | 8.50% | ||||
Shopping Centers and Land [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties sold | Property | 17 | ||||
Proceeds from sale of joint venture assets | $ 214,600 | ||||
Gain on sale of joint venture assets | $ 13,800 | ||||
Shopping Center [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gain on sale of properties | $ 59,800 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquired Shopping Centers (Detail) - Shopping Center [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Phoenix [Member] | AZ [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2016-02 | |
Purchase Price | $ 60.5 | |
Face Value of Mortgage Debt Assumed | $ 0 | |
Portland [Member] | OR [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2016-09 | |
Purchase Price | $ 86.3 | |
Face Value of Mortgage Debt Assumed | $ 0 | |
Orange County [Member] | CA [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2015-03 | |
Purchase Price | $ 49.2 | |
Face Value of Mortgage Debt Assumed | $ 33 | |
Orlando [Member] | FL [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2015-04 | |
Purchase Price | $ 33 | |
Face Value of Mortgage Debt Assumed | $ 0 | |
Houston [Member] | TX [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2015-06 | |
Purchase Price | $ 69.8 | |
Face Value of Mortgage Debt Assumed | $ 0 | |
Orlando [Member] | FL [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2015-12 | |
Purchase Price | $ 67.1 | |
Face Value of Mortgage Debt Assumed | $ 0 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Less: Below-market leases | $ (147,941) | $ (155,297) |
Shopping Center Acquired [Member] | ||
Business Acquisition [Line Items] | ||
Land | 27,093 | 74,699 |
Buildings | 99,034 | 140,668 |
Tenant improvements | 4,385 | 5,229 |
Other assets | 146 | 1,252 |
Assets acquired | 153,489 | 250,274 |
Less: Mortgage debt assumed at fair value | 0 | (33,735) |
Less: Below-market leases | (6,967) | (29,885) |
Less: Other liabilities assumed | (547) | (1,169) |
Net assets acquired | 145,975 | 185,485 |
Shopping Center Acquired [Member] | In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets acquired | $ 14,021 | $ 19,250 |
Weighted Average Amortization Period | 5 years 1 month 6 days | 7 years 3 months 18 days |
Shopping Center Acquired [Member] | Tenant Relations [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets acquired | $ 8,810 | $ 9,176 |
Weighted Average Amortization Period | 11 years 1 month 6 days | 10 years 10 months 24 days |
Shopping Center Acquired [Member] | Below-Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Weighted Average Amortization Period | 15 years 4 months 24 days | 18 years 4 months 24 days |
Acquisitions - Schedule of Ac62
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combinations [Abstract] | ||
Above-market value of leases | $ 0 | $ 1.5 |
Acquisitions - Consideration (D
Acquisitions - Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Cash (including debt repaid at closing) | $ 145,975 | $ 169,805 |
Gain on Change in Control of Interests | 0 | 14,279 |
Carrying value of previously held equity interest | 0 | 1,401 |
Total consideration | $ 145,975 | $ 185,485 |
Acquisitions - Consideration (P
Acquisitions - Consideration (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Acquisition costs related to assets | $ 0.4 | $ 0.7 | |
Revenues from the date of acquisition | $ 6.8 | $ 9.5 | $ 23.1 |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and other receivables outstanding | $ 49,503 | $ 42,534 | $ 56,245 |
Maturity Start Date | 2017-09 | ||
Maturity End Date | 2023-06 | ||
Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Rate | 5.60% | ||
Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Rate | 12.00% |
Notes Receivable - Loans Receiv
Notes Receivable - Loans Receivable on Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Balance at January 1 | $ 41,988 | $ 52,444 | |
Additions: | |||
New mortgage loans | 11,139 | 0 | |
Interest | 377 | 0 | |
Accretion of discount | 1,038 | 980 | $ 926 |
Deductions: | |||
Collections of principal and interest | (5,054) | (11,436) | |
Balance at December 31 | $ 49,488 | $ 41,988 | $ 52,444 |
Notes Receivable - Summary of A
Notes Receivable - Summary of Activity in Loan Loss Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Balance at January 1 | $ 15,606 | $ 15,106 |
Additions: | ||
Loan loss reserve | 0 | 500 |
Deductions: | ||
Write-offs | (15,606) | 0 |
Balance at December 31 | $ 0 | $ 15,606 |
Notes Receivable - Summary of68
Notes Receivable - Summary of Activity in Loan Loss Reserve (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net | $ 49,503 | $ 42,534 | $ 56,245 |
Gain on disposition of real estate, net of tax | $ 73,386 | 167,571 | 3,060 |
Aggregate write down in the loan loss reserve | 15,606 | $ 0 | |
Sale of Note Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Face value of note receivable sold, including accrued interest | 9,800 | ||
Notes receivable, net | 5,000 | ||
Proceeds from sale of notes receivable | 7,900 | ||
Loan loss reserve | 4,800 | ||
Gain on disposition of real estate, net of tax | 2,900 | ||
Write off a cross collateralized note receivable, including accrued interest | 10,800 | ||
Aggregate write down in the loan loss reserve | $ 15,600 |
Other Assets and Intangibles -
Other Assets and Intangibles - Components of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible assets: | ||
Total intangible assets, net | $ 241,598 | $ 311,048 |
Other assets: | ||
Prepaid expenses | 26,842 | 28,923 |
Other assets | 6,274 | 6,293 |
Deposits | 5,965 | 7,536 |
Deferred charges, net | 4,731 | 6,113 |
Total other assets, net | 285,410 | 359,913 |
Below-market leases, net (other liabilities) | 147,941 | 155,297 |
In-place leases, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 99,600 | 130,330 |
Above-market leases, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 20,405 | 30,258 |
Lease Origination Costs [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 12,931 | 15,956 |
Tenant Relations, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | $ 108,662 | $ 134,504 |
Other Assets and Intangibles 70
Other Assets and Intangibles - Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Puerto Rico Tax Restructuring | ||
Other Assets [Line Items] | ||
Prepaid expenses | $ 16.2 | $ 16.8 |
Other Assets and Intangibles 71
Other Assets and Intangibles - Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |||
Amortization expense | $ 72.1 | $ 92.6 | $ 109.5 |
Other Assets and Intangibles 72
Other Assets and Intangibles - Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Future amortization income, 2017 | $ 6.1 |
Future amortization income, 2018 | 7.6 |
Future amortization income, 2019 | 8.4 |
Future amortization income, 2020 | 8.5 |
Future amortization income, 2021 | $ 8.8 |
Other Assets and Intangibles 73
Other Assets and Intangibles - Summary of Estimated Future Amortization Expense Associated with Intangible Assets, Excluding Above and Below-Market Leases (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Future amortization expense, 2017 | $ 61 |
Future amortization expense, 2018 | 43.6 |
Future amortization expense, 2019 | 32.9 |
Future amortization expense, 2020 | 23.6 |
Future amortization expense, 2021 | $ 17.2 |
Revolving Credit Facilities - I
Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Carrying Value | $ 0 | $ 210,000 |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 0 | $ 210,000 |
Weighted-Average Interest Rate | 1.40% | |
Lines of Credit Maturity Date | 2019-06 | |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | PNC Bank National Association [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 0 | $ 0 |
Lines of Credit Maturity Date | 2019-06 |
Revolving Credit Facilities - A
Revolving Credit Facilities - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | The Company was in compliance with these financial covenants at December 31, 2016 and 2015. |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Specified spread line of credit facility | 1.00% |
JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member] | |
Debt Instrument [Line Items] | |
Unsecured revolving credit facility borrowing capacity | $ 750,000,000 |
Accordion feature | $ 1,250,000,000 |
Line of credit facility competitive bid option on periodic interest rates | up to 50% of the facility |
Facility fee | 0.20% |
Revolving credit facility maturity extension option | two six-month options to extend the maturity to June 2020 upon the Company’s request |
PNC Bank National Association [Member] | |
Debt Instrument [Line Items] | |
Unsecured revolving credit facility | $ 50,000,000 |
Unsecured and Secured Indebte76
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (18,542) | |
Total Senior Notes | 2,913,217 | $ 3,149,188 |
Total Unsecured Term Loan | 398,399 | 397,934 |
Secured term loan | 199,843 | 199,251 |
Mortgage indebtedness | $ 982,509 | $ 1,183,164 |
Mortgage, Weighted Average Interest Rate | 4.90% | 5.20% |
Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 2,932,200 | $ 3,172,200 |
Senior notes – discount, net | (5,000) | (5,900) |
Net unamortized debt issuance costs | (14,000) | (17,100) |
Total Senior Notes | $ 2,913,200 | $ 3,149,200 |
Debt Instrument Maturity Date, Start | 2017-04 | |
Debt Instrument Maturity Date, End | 2026-02 | |
Unsecured Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 3.375% | 3.375% |
Unsecured Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 7.875% | 9.625% |
Mortgage indebtedness-Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 959,100 | $ 1,109,100 |
Mortgage, Weighted Average Interest Rate | 4.90% | 5.00% |
Debt Instrument Maturity Date, Start | 2017-04 | |
Debt Instrument Maturity Date, End | 2022-02 | |
Mortgage indebtedness-Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 26,200 | $ 78,000 |
Mortgage, Weighted Average Interest Rate | 1.80% | 1.80% |
Debt Instrument Maturity Date | 2017-03 | |
Mortgages indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (2,800) | $ (3,900) |
Mortgage indebtedness | 982,500 | 1,183,200 |
Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | 400,000 | 400,000 |
Net unamortized debt issuance costs | (1,600) | (2,100) |
Total Unsecured Term Loan | $ 398,400 | $ 397,900 |
Term Loan interest rates | 1.90% | 1.50% |
Debt Instrument Maturity Date | 2017-04 | |
Key Bank National Association [Member] | Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 200,000 | $ 200,000 |
Net unamortized debt issuance costs | (200) | (700) |
Secured term loan | $ 199,800 | $ 199,300 |
Term Loan interest rates | 2.10% | 1.80% |
Debt Instrument Maturity Date | 2017-04 |
Unsecured and Secured Indebte77
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Parenthetical) (Detail) | Dec. 31, 2016 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 8.10% |
Unsecured and Secured Indebte78
Unsecured and Secured Indebtedness - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2015USD ($)$ / Noteshares | |
Debt Instrument [Line Items] | ||||
Senior notes, Weighted Average Interest Rate | 4.90% | 5.20% | ||
Senior notes issued which may not be redeemed prior to maturity | $ 82,200,000 | |||
Covenant terms | The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitation on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also require that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. | |||
Covenant compliance | At December 31, 2016 and 2015, the Company was in compliance with all of the financial and other covenants under the indentures. | |||
Total fees, excluding underwriting discounts, incurred for the issuance of senior notes | $ 43,000 | $ 4,605,000 | $ 1,046,000 | |
Gross fees paid for revolving credit facilities and term loans | 1,800,000 | 2,300,000 | $ 1,900,000 | |
Mortgage Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Net book value of investments and real estate collateralizing mortgages payable | $ 1,500,000,000 | |||
Mortgage Payable [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate | 3.40% | |||
Mortgage Payable [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate | 9.80% | |||
Secured Term Loan with Key Bank National Association [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan maturity date | 2017-04 | |||
Extension maturity period | P1Y | |||
Covenant compliance | The Company was in compliance with these financial covenants at December 31, 2016 and 2015. | |||
Extended maturity date | 2018-04 | |||
LIBOR [Member] | Secured Term Loan with Key Bank National Association [Member] | ||||
Debt Instrument [Line Items] | ||||
Specified spread line of credit facility | 1.35% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total fees, excluding underwriting discounts, incurred for the issuance of senior notes | $ 2,000,000 | |||
Senior Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior convertible notes aggregate principal amount outstanding at maturity | $ 350,000,000 | |||
Conversion price, common shares per 1000 principal amount of senior convertible notes | shares | 9.0311 | |||
Principal amount of senior convertible notes | $ / Note | 1,000 | |||
Conversion of convertible notes | shares | 3,200,000 | |||
Unsecured Debt [Member] | Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured term loan | $ 400,000,000 | |||
Term loan maturity date | 2017-04 | |||
Accordion feature | $ 600,000,000 | |||
Extension maturity period | with three one-year borrower options | |||
Covenant compliance | Company was in compliance with these financial covenants at December 31, 2016 and 2015 | |||
Unsecured Debt [Member] | LIBOR [Member] | Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Specified spread line of credit facility | 1.10% |
Unsecured and Secured Indebte79
Unsecured and Secured Indebtedness - Scheduled Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 1,124,292 | |
2,018 | 489,212 | |
2,019 | 185,819 | |
2,020 | 649,367 | |
2,021 | 394,455 | |
Thereafter | 1,662,772 | |
Total | 4,505,917 | |
Unamortized fair market value of assumed debt | 6,593 | |
Net unamortized debt issuance costs | (18,542) | |
Total indebtedness | $ 4,493,968 | $ 5,139,537 |
Financial Instruments and Fai80
Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)Derivative | Dec. 31, 2015USD ($)Derivative | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Carrying amount of notes | $ 443.3 | $ 437.6 |
Designated As Hedging Instrument [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Aggregate notional amount | 76.9 | 78.5 |
Fair Value, Measurements, Recurring [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Fair value of swap liability | $ 1 | $ 2.5 |
Interest Rate Swap [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Derivative maturity date | Sep. 1, 2017 | |
Derivative fixed interest rate | 2.80% | |
Interest Rate Swap [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Number of interest rate derivatives held | Derivative | 1 | 1 |
Level 3 [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Approximate fair value of notes | $ 445.2 | $ 441.5 |
Financial Instruments and Fai81
Financial Instruments and Fair Value Measurements - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | $ 2,913,217 | $ 3,149,188 |
Revolving Credit Facilities and term loans | 598,242 | 807,185 |
Mortgage indebtedness | 982,509 | 1,183,164 |
Total indebtedness | 4,493,968 | 5,139,537 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 3,056,896 | 3,292,723 |
Revolving Credit Facilities and term loans | 601,131 | 811,666 |
Mortgage indebtedness | 1,012,869 | 1,235,139 |
Total indebtedness | $ 4,670,896 | $ 5,339,528 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Contingencies And Commitments [Line Items] | |
Agreements entered into with general contractors for the construction or redevelopment of shopping centers | $ 11.6 |
Outstanding letters of credit | 21.9 |
Affiliate debt guarantee | $ 4.5 |
Mortgage debt maturity, year and month | 2020-10 |
Long-term ground leases expiration period | various dates through 2070 |
Minimum [Member] | |
Contingencies And Commitments [Line Items] | |
Period space in shopping centers leased | 1 month |
Maximum [Member] | |
Contingencies And Commitments [Line Items] | |
Period space in shopping centers leased | 30 years |
Commitments and Contingencies83
Commitments and Contingencies - Schedule Of Future Minimum Rental Revenues And Minimum Rental Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Minimum Rental Revenues | |
2,017 | $ 624,928 |
2,018 | 549,841 |
2,019 | 473,071 |
2,020 | 398,517 |
2,021 | 312,960 |
Thereafter | 979,139 |
Total future minimum rental revenues | 3,338,456 |
Minimum Rental Payments | |
2,017 | 2,680 |
2,018 | 2,707 |
2,019 | 2,743 |
2,020 | 2,563 |
2,021 | 2,571 |
Thereafter | 120,199 |
Total future minimum rental payments | $ 133,463 |
Non-Controlling Interests, Pr84
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity [Line Items] | |||
Operating partnership units outstanding | 369,176 | 369,176 | |
Common shares, par value | $ 0.10 | $ 0.10 | |
Net proceeds | $ 0 | $ 0 | $ 11,635 |
Common Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Issuance of common shares | 664,000 | ||
Average price per share | $ 18.15 | ||
Class J Depositary Share [Member] | |||
Schedule Of Equity [Line Items] | |||
Cumulative redeemable preferred shares liquidation value | $ 500 | ||
Redemption date restrictions for depositary shares | Aug. 1, 2017 | ||
Class K Depositary Share [Member] | |||
Schedule Of Equity [Line Items] | |||
Cumulative redeemable preferred shares liquidation value | $ 500 | ||
Redemption date restrictions for depositary shares | Apr. 9, 2018 | ||
Class A Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class B Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class C Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class D Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class E Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class F Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class G Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class H Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class I Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Class J Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Cumulative redeemable preferred shares liquidation value | $ 500 | $ 500 | |
Preferred Shares, without par value | 750,000 | 750,000 | |
Class K Cumulative Redeemable Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Cumulative redeemable preferred shares liquidation value | $ 500 | $ 500 | |
Preferred Shares, without par value | 750,000 | 750,000 | |
Non-Cumulative Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 750,000 | ||
Cumulative Voting Preferred Shares [Member] | |||
Schedule Of Equity [Line Items] | |||
Preferred Shares, without par value | 2,000,000 |
Non-Controlling Interests, Pr85
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury - Preferred Shares Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Shares Outstanding [Line Items] | ||
Cumulative redeemable preferred shares | $ 350,000 | $ 350,000 |
Class J Cumulative Redeemable Preferred Shares [Member] | ||
Preferred Shares Outstanding [Line Items] | ||
Cumulative redeemable preferred shares | 200,000 | 200,000 |
Class K Cumulative Redeemable Preferred Shares [Member] | ||
Preferred Shares Outstanding [Line Items] | ||
Cumulative redeemable preferred shares | $ 150,000 | $ 150,000 |
Non-Controlling Interests, Pr86
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury - Preferred Shares Outstanding (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class J Cumulative Redeemable Preferred Shares [Member] | ||
Preferred Shares Outstanding [Line Items] | ||
Preferred equity fixed dividend rate per annum | 6.50% | 6.50% |
Cumulative redeemable preferred shares liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares issued | 400,000 | 400,000 |
Cumulative redeemable preferred shares outstanding | 400,000 | 400,000 |
Class K Cumulative Redeemable Preferred Shares [Member] | ||
Preferred Shares Outstanding [Line Items] | ||
Preferred equity fixed dividend rate per annum | 6.25% | 6.25% |
Cumulative redeemable preferred shares liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares issued | 300,000 | 300,000 |
Cumulative redeemable preferred shares outstanding | 300,000 | 300,000 |
Non-Controlling Interests, Pr87
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury - Common Share Dividends Declared (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Common share dividends declared per share | $ 0.76 | $ 0.69 | $ 0.62 |
Other Comprehensive Loss - Chan
Other Comprehensive Loss - Changes in Accumulated OCI by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 3,455,185 | ||
Other comprehensive income (loss) before reclassifications | 1,403 | $ (104) | $ 8,330 |
Change in cash flow hedges reclassed to earnings | 688 | 1,173 | 472 |
Reclassification adjustment of foreign currency translation | 21,755 | ||
Reclassification adjustment for realized gains on available-for-sale securities | 0 | 0 | (1,416) |
Net current-period other comprehensive income (loss) | 2,091 | 1,069 | 29,141 |
Ending Balance | 3,237,515 | 3,455,185 | |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (6,109) | (8,485) | (7,912) |
Other comprehensive income (loss) before reclassifications | 1,491 | 1,203 | (1,045) |
Change in cash flow hedges reclassed to earnings | 688 | 1,173 | 472 |
Reclassification adjustment of foreign currency translation | 0 | ||
Reclassification adjustment for realized gains on available-for-sale securities | 0 | ||
Net current-period other comprehensive income (loss) | 2,179 | 2,376 | (573) |
Ending Balance | (3,930) | (6,109) | (8,485) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (174) | 1,133 | (30,624) |
Other comprehensive income (loss) before reclassifications | (88) | (1,307) | 10,002 |
Change in cash flow hedges reclassed to earnings | 0 | 0 | 0 |
Reclassification adjustment of foreign currency translation | 21,755 | ||
Reclassification adjustment for realized gains on available-for-sale securities | 0 | ||
Net current-period other comprehensive income (loss) | (88) | (1,307) | 31,757 |
Ending Balance | (262) | (174) | 1,133 |
Net Unrealized Gains (Losses) on Marketable Securities [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 0 | 0 | 2,043 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | (627) |
Change in cash flow hedges reclassed to earnings | 0 | 0 | 0 |
Reclassification adjustment of foreign currency translation | 0 | ||
Reclassification adjustment for realized gains on available-for-sale securities | (1,416) | ||
Net current-period other comprehensive income (loss) | 0 | 0 | (2,043) |
Ending Balance | 0 | 0 | 0 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (6,283) | (7,352) | (36,493) |
Reclassification adjustment of foreign currency translation | 0 | 0 | 21,800 |
Ending Balance | $ (4,192) | $ (6,283) | $ (7,352) |
Other Comprehensive Loss - Ch89
Other Comprehensive Loss - Changes in Accumulated OCI by Component (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Change in cash flow hedges reclassed to earnings | $ (688) | $ (1,173) | $ (472) |
Reclassification adjustment of foreign currency translation | 21,755 | ||
Sonae Sierra Brazil [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassification adjustment of foreign currency translation | 19,700 | ||
Other Income (Expense), Net [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Change in cash flow hedges reclassed to earnings | 600 | ||
Interest Expense [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Change in cash flow hedges reclassed to earnings | 800 | 700 | 600 |
Equity in Net Income of Joint Ventures [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Change in cash flow hedges reclassed to earnings | $ 100 | $ 100 | 100 |
Foreign Currency [Member] | Russia and Canada [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassification adjustment of foreign currency translation | $ 2,100 |
Impairment Charges and Impair90
Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Assets or Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | |||
Assets marketed for sale or assets sold | $ 110,900 | $ 179,700 | $ 10,600 |
Total continuing operations | 110,906 | 279,021 | 29,175 |
Sold assets – discontinued operations | 0 | 0 | 8,877 |
Impairment of joint venture investments | 0 | 1,909 | 30,652 |
Total impairment charges | 110,900 | 280,900 | 68,800 |
Undeveloped Land [Member] | |||
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | |||
Undeveloped land previously held for development | $ 0 | $ 99,300 | $ 18,600 |
Impairment Charges and Impair91
Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Assets or Investments (Parenthetical) (Detail) - ShoppingCenter | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Shopping Centers [Member] | ||
Schedule Of Investments [Line Items] | ||
Number of properties | 20 | 25 |
Impairment Charges and Impair92
Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of joint venture investments | $ 0 | $ 1,909 | $ 30,652 |
Fair Value Measurements [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unconsolidated joint venture investments, Fair Value Measurements | 0 | 6,400 | |
Long-lived assets held and used/held for sale, Fair Value Measurements | 438,200 | 407,100 | 141,200 |
Long-lived assets held and used/held for sale, Total Losses | 110,900 | 279,000 | 38,100 |
Impairment of joint venture investments | 1,900 | 30,700 | |
Fair Value Measurements [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used/held for sale, Fair Value Measurements | 0 | 0 | 0 |
Unconsolidated joint venture investments, Fair Value Measurements | 0 | 0 | |
Fair Value Measurements [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used/held for sale, Fair Value Measurements | 0 | 0 | 0 |
Unconsolidated joint venture investments, Fair Value Measurements | 0 | 0 | |
Fair Value Measurements [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used/held for sale, Fair Value Measurements | $ 438,200 | 407,100 | 141,200 |
Unconsolidated joint venture investments, Fair Value Measurements | $ 0 | $ 6,400 |
Impairment Charges and Impair93
Impairment Charges and Impairment of Joint Venture Investments - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements [Member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / ft² | Dec. 31, 2015USD ($)$ / ft² | Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 438.2 | $ 407.1 | $ 141.2 |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Income Capitalization/Sales Comparison Approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 398.2 | $ 287.6 | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Income Capitalization/Sales Comparison Approach [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 7.00% | 8.00% | |
Price per Square Foot, Range | $ / ft² | 15 | 10 | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Income Capitalization/Sales Comparison Approach [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 9.00% | |
Price per Square Foot, Range | $ / ft² | 31 | 40 | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 10.00% | |
Range | 10.00% | 8.00% | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 11.00% | 14.00% | |
Range | 12.00% | 10.00% | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Indicative Bid/Contracted Price [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 13.4 | $ 33.8 | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Indicative Bid [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 26.6 | 51.5 | |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Indicative Bid/Sales Comparison Approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 34.2 |
Disposition of Real Estate an94
Disposition of Real Estate and Real Estate Investments and Discontinued Operations - Additional Information (Detail) - Property | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | |||
Number of properties sold | 33 | 29 | |
Number of properties sold under discontinued operations | 35 |
Disposition of Real Estate an95
Disposition of Real Estate and Real Estate Investments and Discontinued Operations - Operating Results Related to Assets Sold (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | |||
Revenues | $ 39,537 | ||
Expenses | |||
Operating expenses | 11,070 | ||
Impairment charges | $ 0 | $ 0 | 8,877 |
Interest, net | 9,947 | ||
Depreciation and amortization | 16,254 | ||
Total expenses, discontinued operations | 46,148 | ||
Loss from discontinued operations | (6,611) | ||
Gain on disposition of real estate | 96,009 | ||
Income from discontinued operations | $ 0 | $ 0 | $ 89,398 |
Transactions with Related Par96
Transactions with Related Parties - Additional Information (Detail) $ in Millions | Apr. 28, 2014USD ($)BoardMember | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Percentage of ownership interest transferred | 25.00% | |
Number of board members to be nominated by investor | BoardMember | 2 | |
SSB [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest transferred | 50.00% | |
Proceeds from sale of unconsolidated joint venture assets | $ | $ 343.6 |
Stock-Based Compensation Plan97
Stock-Based Compensation Plans and Employee Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Stock [Line Items] | |||
Share-based payments award, number of shares available for grant | 5.8 | ||
2016 VSEP [Member] | |||
Class Of Stock [Line Items] | |||
Vesting period | 7 years | ||
Compensation fully earned and vested description | Awards under the 2016 VSEP, if earned, may result in the granting of common shares of the Company and time-vested RSUs to participants on future measurement dates based on a performance period beginning on February 9, 2016 and ending on December 31, 2018 (the “Performance Period”). As a result, in general, the total compensation available to participants under the 2016 VSEP, if any, will be fully earned only after approximately seven years (the Performance Period and the final four-year, time-based vesting period for RSUs). | ||
Settlement percentage of common shares | 20.00% | ||
Settlement percentage of restricted stock units | 80.00% | ||
Expected lapse percentage | 20.00% | ||
Minimum [Member] | 2016 VSEP [Member] | |||
Class Of Stock [Line Items] | |||
Share price for vesting | $ 17.41 | ||
Maximum [Member] | 2016 VSEP [Member] | |||
Class Of Stock [Line Items] | |||
Share price for vesting | $ 25.35 | ||
Stock options [Member] | |||
Class Of Stock [Line Items] | |||
Contractual term of stock options, Maximum | 10 years | ||
Vesting period | 3 years | ||
Portion of increments granted for stock options | one-third | ||
Term of increment grant | one year after the date of grant. | ||
Total unrecognized compensation cost granted | $ 0.8 | ||
Term of recognition of unrecognized stock option compensation cost | 1 year 7 months 6 days | ||
RSUs [Member] | |||
Class Of Stock [Line Items] | |||
Restricted common shares | 0.5 | ||
Restricted Stock [Member] | |||
Class Of Stock [Line Items] | |||
Vesting period | 4 years | ||
Total unrecognized compensation cost granted | $ 10.9 | ||
Term of recognition of unrecognized stock option compensation cost | 2 years 6 months | ||
Restricted common shares | 0.2 | 0.3 | |
Weighted-average fair value of the restricted stock | $ 16.31 | ||
Common shares issued | 0.1 | 0.1 | 0.1 |
Restricted Stock [Member] | Minimum [Member] | |||
Class Of Stock [Line Items] | |||
Weighted-average fair value of the restricted stock | $ 12.17 | ||
Restricted Stock [Member] | Maximum [Member] | |||
Class Of Stock [Line Items] | |||
Weighted-average fair value of the restricted stock | $ 19.26 | ||
Time-based Vesting [Member] | 2016 VSEP [Member] | |||
Class Of Stock [Line Items] | |||
Vesting period | 4 years | ||
Performance Awards [Member] | 2016 VSEP [Member] | |||
Class Of Stock [Line Items] | |||
Aggregate percentage of performance awards | 1.4909% |
Stock-Based Compensation Plan98
Stock-Based Compensation Plans and Employee Benefits - Summary of Fair Values for Stock-based Awards Granted Using Black-Scholes Option Pricing Model (Detail) - Black-Scholes Option Pricing Model [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of grants | $ 1.61 | $ 2.35 | $ 2.43 |
Risk-free interest rate (range) - Based upon the U.S. Treasury Strip with a maturity date that approximates the expected term of the award, minimum | 1.10% | 1.40% | 1.20% |
Risk-free interest rate (range) - Based upon the U.S. Treasury Strip with a maturity date that approximates the expected term of the award, maximum | 1.50% | 1.60% | 1.40% |
Expected volatility (range) - Derived by using a 50/50 blend of implied and historical changes in the Company's historical stock prices over a time frame consistent with the expected life of the award, minimum | 20.60% | 21.50% | 24.70% |
Expected volatility (range) - Derived by using a 50/50 blend of implied and historical changes in the Company's historical stock prices over a time frame consistent with the expected life of the award, maximum | 22.50% | 23.40% | 28.50% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (range) – Forecasted dividend yield based on the expected life | 4.50% | 4.10% | 4.50% |
Expected life (range) – Derived by referring to actual exercise experience | 4 years | 4 years | 4 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (range) – Forecasted dividend yield based on the expected life | 5.20% | 4.30% | 4.60% |
Expected life (range) – Derived by referring to actual exercise experience | 5 years | 5 years | 5 years |
Stock-Based Compensation Plan99
Stock-Based Compensation Plans and Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options Outstanding, Beginning Balance | 2,812 | 2,961 | 2,661 |
Number of Options, Granted | 633 | 557 | 774 |
Number of Options, Exercised | (855) | (234) | (154) |
Number of Options, Forfeited | (784) | (472) | (320) |
Number of Options Outstanding, Ending Balance | 1,806 | 2,812 | 2,961 |
Number of Options exercisable | 1,038 | 1,760 | 1,922 |
Weighted Average Exercise Price, Beginning balance | $ 20.29 | $ 22.48 | $ 24.77 |
Weighted Average Exercise Price, Granted | 16.74 | 19.26 | 16.61 |
Weighted Average Exercise Price, Exercised | 11.62 | 12.85 | 10.02 |
Weighted Average Exercise Price, Forfeited | 29.46 | 36.51 | 33.40 |
Weighted Average Exercise Price, Ending balance | 19.16 | 20.29 | 22.48 |
Weighted Average Exercise Price, Options exercisable | $ 20.49 | $ 21.69 | $ 25.75 |
Weighted-Average Remaining Contractual Term (Years), Ending Balance | 6 years 1 month 6 days | ||
Weighted-Average Remaining Contractual Term (Years), Options exercisable | 4 years 6 months | 4 years 2 months 12 days | 4 years |
Aggregate Intrinsic Value, Ending balance | $ 1,608 | ||
Aggregate Intrinsic Value, Options exercisable | $ 1,608 | $ 6,764 | $ 9,077 |
Stock-Based Compensation Pla100
Stock-Based Compensation Plans and Employee Benefits - Summary of Characteristics of Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding at 12/31/16 | shares | 1,806 |
Weighted-Average Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Weighted-Average Exercise Price - Options Outstanding | $ 19.16 |
Exercisable at 12/31/16 | shares | 1,038 |
Weighted-Average Exercise Price - Options Exercisable | $ 20.49 |
0.00 - 12.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Limit | 0 |
Exercise Price Range, Upper Limit | $ 12 |
Outstanding at 12/31/16 | shares | 175 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 4 months 24 days |
Weighted-Average Exercise Price - Options Outstanding | $ 7.49 |
Exercisable at 12/31/16 | shares | 175 |
Weighted-Average Exercise Price - Options Exercisable | $ 7.49 |
12.01 - 16.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Limit | 12.01 |
Exercise Price Range, Upper Limit | $ 16 |
Outstanding at 12/31/16 | shares | 177 |
Weighted-Average Remaining Contractual Life (Years) | 4 years 8 months 12 days |
Weighted-Average Exercise Price - Options Outstanding | $ 13.88 |
Exercisable at 12/31/16 | shares | 177 |
Weighted-Average Exercise Price - Options Exercisable | $ 13.88 |
16.01 - 21.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Limit | 16.01 |
Exercise Price Range, Upper Limit | $ 21 |
Outstanding at 12/31/16 | shares | 1,261 |
Weighted-Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
Weighted-Average Exercise Price - Options Outstanding | $ 17.36 |
Exercisable at 12/31/16 | shares | 493 |
Weighted-Average Exercise Price - Options Exercisable | $ 17.35 |
21.01 - 66.75 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Limit | 21.01 |
Exercise Price Range, Upper Limit | $ 66.75 |
Outstanding at 12/31/16 | shares | 193 |
Weighted-Average Remaining Contractual Life (Years) | 9 months 18 days |
Weighted-Average Exercise Price - Options Outstanding | $ 46.38 |
Exercisable at 12/31/16 | shares | 193 |
Weighted-Average Exercise Price - Options Exercisable | $ 46.38 |
Stock-Based Compensation Pla101
Stock-Based Compensation Plans and Employee Benefits - Activities for Unvested Stock Option Awards (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Granted | 633 | 557 | 774 |
Number of Options, Forfeited | (784) | (472) | (320) |
Weighted Average Exercise Price, Beginning balance | $ 20.29 | $ 22.48 | $ 24.77 |
Weighted Average Exercise Price, Ending balance | $ 19.16 | $ 20.29 | $ 22.48 |
Unvested stock option awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding, Beginning Balance | 1,052 | ||
Number of Options, Granted | 633 | ||
Number of options, Vested | (460) | ||
Number of Options, Forfeited | (457) | ||
Number of Options Outstanding, Ending Balance | 768 | 1,052 | |
Weighted Average Exercise Price, Beginning balance | $ 2.64 | ||
Weighted-Average Grant-Date Fair Value, Granted | 1.61 | ||
Weighted-Average Grant-Date Fair Value, Vested | 2.93 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 2.06 | ||
Weighted Average Exercise Price, Ending balance | $ 1.97 | $ 2.64 |
Stock-Based Compensation Pla102
Stock-Based Compensation Plans and Employee Benefits - Summary of Activity of Employee Stock Option Exercises (Detail) - Stock options [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received for exercise price | $ 9.9 | $ 2.5 | $ 1.5 |
Intrinsic value | $ 6 | $ 1.2 | $ 1.1 |
Stock-Based Compensation Pla103
Stock-Based Compensation Plans and Employee Benefits - Summary of Fair Value of Value Sharing Equity Program Grants (Detail) - 2016 VSEP [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Inputs Equity Quantitative Information [Line Items] | |
Risk-free interest rate | 0.80% |
Weighted-average dividend yield | 5.00% |
Expected life | 3 years |
Expected volatility, minimum | 17.00% |
Expected volatility, maximum | 19.00% |
Stock-Based Compensation Pla104
Stock-Based Compensation Plans and Employee Benefits - Activities for Unvested Restricted Stock Awards (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of awards unvested, beginning balance | shares | 742 |
Number of awards, Granted | shares | 462 |
Number of awards, Vested | shares | (459) |
Number of awards, Forfeited | shares | (286) |
Number of awards unvested, ending balance | shares | 459 |
Weighted-Average Grant Date Fair Value unvested, beginning balance | $ / shares | $ 17.03 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 16.31 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 16.35 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 17.40 |
Weighted-Average Grant Date Fair Value unvested, ending balance | $ / shares | $ 16.74 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net (Loss) Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Continuing Operations: | |||||||||||
(Loss) income from continuing operations | $ (12,187) | $ (237,881) | $ 21,107 | ||||||||
Plus: Gain on disposition of real estate | 73,386 | 167,571 | 3,060 | ||||||||
Plus: (Income) loss attributable to non-controlling interests | (1,187) | (1,858) | 2,356 | ||||||||
Less: Write-off of preferred share original issuance costs | 0 | 0 | (1,943) | ||||||||
Less: Preferred dividends | (22,375) | (22,375) | (24,054) | ||||||||
Less: Earnings attributable to unvested shares and OP Units | (786) | (1,286) | (1,684) | ||||||||
Income (loss) from continuing operations | 36,851 | (95,829) | (1,158) | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 0 | 0 | 89,398 | ||||||||
Plus: Loss attributable to non-controlling interests | 0 | 0 | 1,361 | ||||||||
Net income (loss) attributable to common shareholders after allocation to participating securities | $ 36,851 | $ (95,829) | $ 89,601 | ||||||||
Denominators – Number of Shares | |||||||||||
Basic—Average shares outstanding | 365,965 | 365,508 | 364,976 | 364,691 | 362,734 | 361,107 | 360,073 | 359,818 | 365,294 | 360,946 | 358,122 |
Effect of dilutive securities—Stock options | 267 | 0 | 0 | ||||||||
Diluted—Average shares outstanding | 366,075 | 365,508 | 365,318 | 365,042 | 365,197 | 363,571 | 364,147 | 359,818 | 365,561 | 360,946 | 358,122 |
Basic Earnings Per Share: | |||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ 0.10 | $ (0.27) | $ 0 | ||||||||
Income from discontinued operations attributable to common shareholders | 0 | 0 | 0.25 | ||||||||
Net income (loss) attributable to common shareholders | $ 0.08 | $ (0.18) | $ 0.10 | $ 0.11 | $ 0.24 | $ 0.15 | $ 0.03 | $ (0.69) | 0.10 | (0.27) | 0.25 |
Diluted Earnings Per Share: | |||||||||||
Income (loss) from continuing operations attributable to common shareholders | 0.10 | (0.27) | 0 | ||||||||
Income from discontinued operations attributable to common shareholders | 0 | 0 | 0.25 | ||||||||
Net income (loss) attributable to common shareholders | $ 0.08 | $ (0.18) | $ 0.10 | $ 0.11 | $ 0.24 | $ 0.15 | $ 0.03 | $ (0.69) | $ 0.10 | $ (0.27) | $ 0.25 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common shares included in the computation of diluted EPS | 1.8 | ||
Senior Convertible Notes Due 2040 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Senior convertible notes convertible to common shares price | $ 14.85 | ||
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common shares not included in the computation of diluted EPS | 0.5 | 0.7 | 1.2 |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common shares not included in the computation of diluted EPS | 2.8 | 3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Assets | Dec. 31, 2014USD ($) | |
Income Taxes [Line Items] | |||
Percentage of distributed taxable income to qualify as a REIT | 90.00% | ||
Number of years the Company distributed sufficient taxable income in order to meet REIT distribution requirements | 3 years | ||
U.S. federal income taxes | $ 0 | $ 0 | $ 0 |
U.S. federal excise taxes | $ 0 | 0 | 0 |
Number of subsequent taxable years | 4 years | ||
Tax cost basis of assets | $ 9,800,000,000 | 10,600,000,000 | |
Net payment | 1,000,000 | 1,500,000 | 1,600,000 |
Tax expense | 1,781,000 | $ 6,286,000 | $ 1,855,000 |
Puerto Rico [Member] | |||
Income Taxes [Line Items] | |||
Number of properties | Assets | 14 | ||
Prepay of taxes | $ 20,200,000 | ||
Prepaid expenses | $ 16,200,000 | 16,800,000 | |
Tax expense | $ 3,400,000 | ||
Effective tax rate spread | 2.00% | ||
Effective tax rate | 12.00% | 0.00% | |
Withholding tax rate | 10.00% | ||
Effective tax rate on capital gains | 12.00% | 29.00% |
Income Taxes - Summary of Combi
Income Taxes - Summary of Combined Activity and Taxable Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
TRS [Member] | |||
Income Before Income Taxes [Line Items] | |||
Book income (loss) before income taxes | $ 9,953 | $ (1,446) | $ 12,104 |
Total expense | 17 | 0 | 0 |
Puerto Rico [Member] | |||
Income Before Income Taxes [Line Items] | |||
Book income (loss) before income taxes | 0 | 0 | (11,040) |
Total expense | 0 | 0 | 0 |
Puerto Rico [Member] | TRS [Member] | |||
Income Before Income Taxes [Line Items] | |||
Current | 17 | 0 | 0 |
Deferred | $ 0 | $ 0 | $ 0 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense Benefit [Line Items] | |||
Other | $ 2,625 | $ 10,204 | $ 14,745 |
Puerto Rico [Member] | |||
Income Tax Expense Benefit [Line Items] | |||
Statutory rate applied to pre-tax income (loss) | (4,306) | ||
Valuation allowance (decrease) increase | 4,194 | ||
Other | 112 | ||
Total expense | 0 | $ 0 | $ 0 |
Effective tax rate | 12.00% | 0.00% | |
TRS [Member] | |||
Income Tax Expense Benefit [Line Items] | |||
Statutory rate applied to pre-tax income (loss) | 3,384 | $ (492) | $ 4,115 |
Effect of state and local income taxes, net of federal tax benefit | 498 | (72) | 605 |
Valuation allowance (decrease) increase | (4,039) | (1,169) | (6,144) |
Other | 174 | 1,733 | 1,424 |
Total expense | $ 17 | $ 0 | $ 0 |
Effective tax rate | 0.17% | 0.00% | 0.00% |
Income Taxes - Summary of Di110
Income Taxes - Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
TRS [Member] | |||
Income Tax Expense Benefit [Line Items] | |||
Corporate statutory rate | 34.00% | 34.00% | 34.00% |
Puerto Rico [Member] | |||
Income Tax Expense Benefit [Line Items] | |||
Corporate statutory rate | 39.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - TRS [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Expense Benefit [Line Items] | ||
Deferred tax assets | $ 61,742 | $ 65,891 |
Deferred tax liabilities | (404) | (514) |
Valuation allowance | (61,338) | (65,377) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Summary of De112
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical)(Detail) - TRS [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Expense Benefit [Line Items] | |
Net operating loss carryforwards | $ 37.8 |
Expiry of net operating loss carryforwards | 2022 through 2035 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
GAAP net income (loss) attributable to DDR | $ 33,741 | $ (60,360) | $ 41,058 | $ 45,573 | $ 93,466 | $ 59,555 | $ 18,598 | $ (243,787) | $ 60,012 | $ (72,168) | $ 117,282 |
Plus: Book depreciation and amortization | 376,493 | 385,696 | 341,391 | ||||||||
Less: Tax depreciation and amortization | (224,766) | (228,882) | (210,850) | ||||||||
Book/tax differences on losses from capital transactions | (155,170) | (149,507) | (313,855) | ||||||||
Joint venture equity in earnings, net | (3,802) | 8,491 | 97,323 | ||||||||
Deferred income | (8,352) | (4,293) | (12,545) | ||||||||
Compensation expense | (5,237) | (18,879) | (6,103) | ||||||||
Impairment charges | 110,906 | 280,930 | 68,703 | ||||||||
Senior convertible notes – accretion adjustment | 0 | 9,954 | 11,377 | ||||||||
Senior convertible notes – repurchase premium | 0 | (52,390) | 0 | ||||||||
Puerto Rico tax prepayment | 0 | (16,812) | 0 | ||||||||
Miscellaneous book/tax differences, net | (2,625) | (10,204) | (14,745) | ||||||||
Taxable income before adjustments | 147,459 | 131,936 | 77,978 | ||||||||
Less: Capital gains | 0 | 0 | (48,015) | ||||||||
Taxable income subject to the 90% dividend requirement | $ 147,459 | $ 131,936 | $ 29,963 |
Income Taxes - Reconciliatio114
Income Taxes - Reconciliation of GAAP Net Loss Attributable to Taxable Income (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Percentage of taxable income dividend rate | 90.00% |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Dividends paid | $ 293,031 | $ 264,243 | $ 239,294 |
Plus: Deemed dividends on convertible debt | 0 | 14,159 | 12,026 |
Less: Dividends designated to prior year | (5,594) | (5,594) | (6,608) |
Plus: Dividends designated from the following year | 5,594 | 5,594 | 5,594 |
Less: Return of capital | (145,572) | (146,466) | (172,328) |
Dividends paid deduction | $ 147,459 | $ 131,936 | $ 77,978 |
Segment Information - Summary o
Segment Information - Summary of Information about Company's Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 240,261 | $ 253,800 | $ 257,321 | $ 254,423 | $ 254,788 | $ 257,135 | $ 257,323 | $ 258,825 | $ 1,005,805 | $ 1,028,071 | $ 985,675 |
Rental operation expenses | (277,084) | (293,693) | (281,107) | ||||||||
Net operating income (loss) | 728,721 | 734,378 | 704,568 | ||||||||
Impairment charges | (110,906) | (279,021) | (29,175) | ||||||||
Depreciation and amortization | (389,519) | (402,045) | (402,825) | ||||||||
Interest income | 37,054 | 29,213 | 15,927 | ||||||||
Other income (expense), net | 3,322 | (1,739) | (12,262) | ||||||||
Unallocated expenses | (295,471) | (321,395) | (323,459) | ||||||||
Equity in net income (loss) of joint ventures | 15,699 | (3,135) | 10,989 | ||||||||
Impairment of joint venture investments | 0 | (1,909) | (30,652) | ||||||||
(Loss) gain on sale and change in control of interests, net | (1,087) | 7,772 | 87,996 | ||||||||
(Loss) income from continuing operations | (12,187) | (237,881) | 21,107 | ||||||||
Total gross real estate assets | 9,244,058 | 10,128,199 | 9,244,058 | 10,128,199 | 10,335,785 | ||||||
Notes receivable, net | 49,503 | 42,534 | 49,503 | 42,534 | 56,245 | ||||||
Operating Segments [Member] | Shopping Center [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,005,761 | 1,027,934 | 985,479 | ||||||||
Rental operation expenses | (276,866) | (293,578) | (281,005) | ||||||||
Net operating income (loss) | 728,895 | 734,356 | 704,474 | ||||||||
Impairment charges | (110,906) | (279,021) | (29,175) | ||||||||
Depreciation and amortization | (389,519) | (402,045) | (402,825) | ||||||||
Equity in net income (loss) of joint ventures | 15,699 | (3,135) | 10,989 | ||||||||
Impairment of joint venture investments | (1,909) | (30,652) | |||||||||
(Loss) gain on sale and change in control of interests, net | (1,087) | 7,772 | 87,996 | ||||||||
Total gross real estate assets | 9,244,058 | 10,128,199 | 9,244,058 | 10,128,199 | 10,335,785 | ||||||
Operating Segments [Member] | Loan Investments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 44 | 137 | 196 | ||||||||
Rental operation expenses | (218) | (115) | (102) | ||||||||
Net operating income (loss) | (174) | 22 | 94 | ||||||||
Interest income | 37,054 | 29,213 | 15,927 | ||||||||
Other income (expense), net | (500) | ||||||||||
Notes receivable, net | 442,826 | 437,144 | 442,826 | 437,144 | 357,754 | ||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other income (expense), net | 3,322 | (1,739) | (11,762) | ||||||||
Unallocated expenses | (295,471) | (321,395) | (323,459) | ||||||||
Notes receivable, net | $ (393,323) | $ (394,610) | $ (393,323) | $ (394,610) | $ (301,509) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jan. 31, 2017USD ($) | |
Chicago, IL [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Gross purchase Price | $ 81 |
Quarterly Results of Operati118
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 240,261 | $ 253,800 | $ 257,321 | $ 254,423 | $ 254,788 | $ 257,135 | $ 257,323 | $ 258,825 | $ 1,005,805 | $ 1,028,071 | $ 985,675 |
Net income (loss) attributable to DDR | 33,741 | (60,360) | 41,058 | 45,573 | 93,466 | 59,555 | 18,598 | (243,787) | 60,012 | (72,168) | 117,282 |
Net income (loss) attributable to common shareholders | $ 28,147 | $ (65,954) | $ 35,464 | $ 39,980 | $ 87,872 | $ 53,962 | $ 13,004 | $ (249,381) | $ 37,637 | $ (94,543) | $ 91,285 |
Basic: | |||||||||||
Net income (loss) per common share attributable to common shareholders | $ 0.08 | $ (0.18) | $ 0.10 | $ 0.11 | $ 0.24 | $ 0.15 | $ 0.03 | $ (0.69) | $ 0.10 | $ (0.27) | $ 0.25 |
Weighted-average number of shares | 365,965 | 365,508 | 364,976 | 364,691 | 362,734 | 361,107 | 360,073 | 359,818 | 365,294 | 360,946 | 358,122 |
Diluted: | |||||||||||
Net income (loss) per common share attributable to common shareholders | $ 0.08 | $ (0.18) | $ 0.10 | $ 0.11 | $ 0.24 | $ 0.15 | $ 0.03 | $ (0.69) | $ 0.10 | $ (0.27) | $ 0.25 |
Weighted-average number of shares | 366,075 | 365,508 | 365,318 | 365,042 | 365,197 | 363,571 | 364,147 | 359,818 | 365,561 | 360,946 | 358,122 |
Valuation and Qualifying Acc119
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for uncollectible accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 10,207 | $ 26,389 | $ 29,032 |
Charged to Expense | 4,471 | 4,964 | 4,342 |
Deductions | 2,568 | 21,146 | 6,985 |
Balance at End of Year | 12,110 | 10,207 | 26,389 |
Valuation allowance for deferred tax assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 65,377 | 84,503 | 86,453 |
Charged to Expense | 0 | 0 | 0 |
Deductions | 4,039 | 19,126 | 1,950 |
Balance at End of Year | $ 61,338 | $ 65,377 | $ 84,503 |
Valuation and Qualifying Acc120
Valuation and Qualifying Accounts and Reserves (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Valuation And Qualifying Accounts [Abstract] | |
Loan loss reserve | $ 0.5 |
Real Estate and Accumulated 121
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,988,521 | ||
Buildings & Improvements, Initial Cost | 5,899,135 | ||
Improvements, Initial Cost | 3,727 | ||
Land, Total Cost | 2,045,413 | ||
Buildings & Improvements, Total Cost | 7,198,645 | ||
Total Cost | 9,244,058 | ||
Accumulated Depreciation | 1,996,176 | ||
Total Cost, Net of Accumulated Depreciation | 7,247,882 | ||
Encumbrances | 978,732 | ||
The changes in Total Real Estate Assets for the three years ended December 31, 2016 are as follows: | |||
Balance at beginning of year | 10,128,199 | $ 10,335,785 | $ 10,211,611 |
Acquisitions | 130,512 | 226,885 | 632,672 |
Developments, improvements and expansions | 148,521 | 305,772 | 249,891 |
Adjustments of property carrying values | (109,912) | (279,021) | (38,052) |
Disposals | (1,053,262) | (461,222) | (720,337) |
Balance at end of year | 9,244,058 | 10,128,199 | 10,335,785 |
The changes in Accumulated Depreciation and Amortization for the three years ended December 31, 2016 are as follows: | |||
Balance at beginning of year | 2,062,899 | 1,909,585 | 1,823,199 |
Depreciation for year | 317,402 | 309,462 | 309,595 |
Disposals | (384,125) | (156,148) | (223,209) |
Balance at end of year | 1,996,176 | $ 2,062,899 | $ 1,909,585 |
Goodyear, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | 11,859 | ||
Buildings & Improvements, Initial Cost | 42,882 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 11,859 | ||
Buildings & Improvements, Total Cost | 42,882 | ||
Total Cost | 54,741 | ||
Accumulated Depreciation | 1,428 | ||
Total Cost, Net of Accumulated Depreciation | 53,313 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,016 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,701 | ||
Buildings & Improvements, Initial Cost | 18,811 | ||
Improvements, Initial Cost | 118 | ||
Land, Total Cost | 18,701 | ||
Buildings & Improvements, Total Cost | 22,084 | ||
Total Cost | 40,785 | ||
Accumulated Depreciation | 7,190 | ||
Total Cost, Net of Accumulated Depreciation | 33,595 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,999 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,352 | ||
Buildings & Improvements, Initial Cost | 22,813 | ||
Improvements, Initial Cost | 1,601 | ||
Land, Total Cost | 15,352 | ||
Buildings & Improvements, Total Cost | 27,766 | ||
Total Cost | 43,118 | ||
Accumulated Depreciation | 15,487 | ||
Total Cost, Net of Accumulated Depreciation | 27,631 | ||
Encumbrances | $ 30,000 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,090 | ||
Buildings & Improvements, Initial Cost | 36,880 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 15,090 | ||
Buildings & Improvements, Total Cost | 39,036 | ||
Total Cost | 54,126 | ||
Accumulated Depreciation | 7,386 | ||
Total Cost, Net of Accumulated Depreciation | 46,740 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 34,201 | ||
Buildings & Improvements, Initial Cost | 88,475 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 34,201 | ||
Buildings & Improvements, Total Cost | 102,210 | ||
Total Cost | 136,411 | ||
Accumulated Depreciation | 15,927 | ||
Total Cost, Net of Accumulated Depreciation | 120,484 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Tucson, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 19,298 | ||
Buildings & Improvements, Initial Cost | 94,117 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 19,088 | ||
Buildings & Improvements, Total Cost | 97,151 | ||
Total Cost | 116,239 | ||
Accumulated Depreciation | 15,206 | ||
Total Cost, Net of Accumulated Depreciation | 101,033 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Russellville, AR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 606 | ||
Buildings & Improvements, Initial Cost | 13,391 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 606 | ||
Buildings & Improvements, Total Cost | 21,426 | ||
Total Cost | 22,032 | ||
Accumulated Depreciation | 12,090 | ||
Total Cost, Net of Accumulated Depreciation | 9,942 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,994 | ||
Buena Park, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,269 | ||
Buildings & Improvements, Initial Cost | 21,427 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 27,269 | ||
Buildings & Improvements, Total Cost | 21,957 | ||
Total Cost | 49,226 | ||
Accumulated Depreciation | 1,364 | ||
Total Cost, Net of Accumulated Depreciation | 47,862 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,015 | ||
Fontana, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,861 | ||
Buildings & Improvements, Initial Cost | 57,931 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 23,861 | ||
Buildings & Improvements, Total Cost | 58,762 | ||
Total Cost | 82,623 | ||
Accumulated Depreciation | 4,583 | ||
Total Cost, Net of Accumulated Depreciation | 78,040 | ||
Encumbrances | $ 14,068 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Long Beach, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 147,918 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 193,505 | ||
Total Cost | 193,505 | ||
Accumulated Depreciation | 60,980 | ||
Total Cost, Net of Accumulated Depreciation | 132,525 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Oakland, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,361 | ||
Buildings & Improvements, Initial Cost | 33,538 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,361 | ||
Buildings & Improvements, Total Cost | 33,538 | ||
Total Cost | 37,899 | ||
Accumulated Depreciation | 4,174 | ||
Total Cost, Net of Accumulated Depreciation | 33,725 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Roseville, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,574 | ||
Buildings & Improvements, Initial Cost | 67,031 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 23,574 | ||
Buildings & Improvements, Total Cost | 67,658 | ||
Total Cost | 91,232 | ||
Accumulated Depreciation | 5,920 | ||
Total Cost, Net of Accumulated Depreciation | 85,312 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
San Francisco, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,464 | ||
Buildings & Improvements, Initial Cost | 25,730 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,464 | ||
Buildings & Improvements, Total Cost | 26,031 | ||
Total Cost | 36,495 | ||
Accumulated Depreciation | 10,271 | ||
Total Cost, Net of Accumulated Depreciation | 26,224 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,002 | ||
Valencia, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 15,784 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 18,015 | ||
Total Cost | 18,015 | ||
Accumulated Depreciation | 14,304 | ||
Total Cost, Net of Accumulated Depreciation | 3,711 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,006 | ||
Vista, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,677 | ||
Buildings & Improvements, Initial Cost | 47,145 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 12,677 | ||
Buildings & Improvements, Total Cost | 48,712 | ||
Total Cost | 61,389 | ||
Accumulated Depreciation | 3,671 | ||
Total Cost, Net of Accumulated Depreciation | 57,718 | ||
Encumbrances | $ 33,200 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Aurora, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,816 | ||
Buildings & Improvements, Initial Cost | 20,798 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,816 | ||
Buildings & Improvements, Total Cost | 22,021 | ||
Total Cost | 26,837 | ||
Accumulated Depreciation | 2,471 | ||
Total Cost, Net of Accumulated Depreciation | 24,366 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Centennial, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,833 | ||
Buildings & Improvements, Initial Cost | 35,550 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,082 | ||
Buildings & Improvements, Total Cost | 65,592 | ||
Total Cost | 73,674 | ||
Accumulated Depreciation | 35,164 | ||
Total Cost, Net of Accumulated Depreciation | 38,510 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,997 | ||
Colorado Springs, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,001 | ||
Buildings & Improvements, Initial Cost | 47,671 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,001 | ||
Buildings & Improvements, Total Cost | 54,894 | ||
Total Cost | 63,895 | ||
Accumulated Depreciation | 7,203 | ||
Total Cost, Net of Accumulated Depreciation | 56,692 | ||
Encumbrances | $ 19,368 | ||
Date of Construction (C) Acquisition (A) | 2,011 | ||
Denver, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,141 | ||
Buildings & Improvements, Initial Cost | 3,593 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,141 | ||
Buildings & Improvements, Total Cost | 6,534 | ||
Total Cost | 7,675 | ||
Accumulated Depreciation | 2,583 | ||
Total Cost, Net of Accumulated Depreciation | 5,092 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,001 | ||
Denver, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 20,733 | ||
Buildings & Improvements, Initial Cost | 22,818 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 20,804 | ||
Buildings & Improvements, Total Cost | 29,285 | ||
Total Cost | 50,089 | ||
Accumulated Depreciation | 12,142 | ||
Total Cost, Net of Accumulated Depreciation | 37,947 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Parker, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,632 | ||
Buildings & Improvements, Initial Cost | 38,256 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,632 | ||
Buildings & Improvements, Total Cost | 39,485 | ||
Total Cost | 44,117 | ||
Accumulated Depreciation | 4,313 | ||
Total Cost, Net of Accumulated Depreciation | 39,804 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Guilford, CT [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,588 | ||
Buildings & Improvements, Initial Cost | 41,892 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,209 | ||
Buildings & Improvements, Total Cost | 60,174 | ||
Total Cost | 66,383 | ||
Accumulated Depreciation | 1,848 | ||
Total Cost, Net of Accumulated Depreciation | 64,535 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,015 | ||
Plainville, CT [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 17,528 | ||
Buildings & Improvements, Initial Cost | 59,777 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 17,528 | ||
Buildings & Improvements, Total Cost | 67,176 | ||
Total Cost | 84,704 | ||
Accumulated Depreciation | 7,875 | ||
Total Cost, Net of Accumulated Depreciation | 76,829 | ||
Encumbrances | $ 45,610 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Windsor Court, CT [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,090 | ||
Buildings & Improvements, Initial Cost | 11,745 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,090 | ||
Buildings & Improvements, Total Cost | 12,263 | ||
Total Cost | 18,353 | ||
Accumulated Depreciation | 3,851 | ||
Total Cost, Net of Accumulated Depreciation | 14,502 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Bradenton, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,766 | ||
Buildings & Improvements, Initial Cost | 31,203 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,880 | ||
Buildings & Improvements, Total Cost | 34,495 | ||
Total Cost | 43,375 | ||
Accumulated Depreciation | 10,874 | ||
Total Cost, Net of Accumulated Depreciation | 32,501 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Brandon, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 4,111 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 7,512 | ||
Total Cost | 7,512 | ||
Accumulated Depreciation | 5,474 | ||
Total Cost, Net of Accumulated Depreciation | 2,038 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,972 | ||
Brandon, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,713 | ||
Buildings & Improvements, Initial Cost | 26,802 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,713 | ||
Buildings & Improvements, Total Cost | 32,433 | ||
Total Cost | 40,146 | ||
Accumulated Depreciation | 5,577 | ||
Total Cost, Net of Accumulated Depreciation | 34,569 | ||
Encumbrances | $ 9,014 | ||
Date of Construction (C) Acquisition (A) | 2,009 | ||
Homestead, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,390 | ||
Buildings & Improvements, Initial Cost | 59,639 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 29,409 | ||
Buildings & Improvements, Total Cost | 62,960 | ||
Total Cost | 92,369 | ||
Accumulated Depreciation | 13,848 | ||
Total Cost, Net of Accumulated Depreciation | 78,521 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,008 | ||
Miami, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,626 | ||
Buildings & Improvements, Initial Cost | 30,457 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 34,943 | ||
Buildings & Improvements, Total Cost | 118,513 | ||
Total Cost | 153,456 | ||
Accumulated Depreciation | 33,759 | ||
Total Cost, Net of Accumulated Depreciation | 119,697 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,006 | ||
Naples, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,172 | ||
Buildings & Improvements, Initial Cost | 39,342 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,172 | ||
Buildings & Improvements, Total Cost | 39,630 | ||
Total Cost | 49,802 | ||
Accumulated Depreciation | 4,468 | ||
Total Cost, Net of Accumulated Depreciation | 45,334 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Orlando, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,169 | ||
Buildings & Improvements, Initial Cost | 23,473 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,169 | ||
Buildings & Improvements, Total Cost | 23,591 | ||
Total Cost | 32,760 | ||
Accumulated Depreciation | 1,471 | ||
Total Cost, Net of Accumulated Depreciation | 31,289 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,015 | ||
Orlando, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,082 | ||
Buildings & Improvements, Initial Cost | 44,360 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 23,082 | ||
Buildings & Improvements, Total Cost | 44,376 | ||
Total Cost | 67,458 | ||
Accumulated Depreciation | 1,620 | ||
Total Cost, Net of Accumulated Depreciation | 65,838 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,015 | ||
Orlando, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,528 | ||
Buildings & Improvements, Initial Cost | 56,684 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,528 | ||
Buildings & Improvements, Total Cost | 56,684 | ||
Total Cost | 65,212 | ||
Accumulated Depreciation | 1,330 | ||
Total Cost, Net of Accumulated Depreciation | 63,882 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,016 | ||
Palm Harbor, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,137 | ||
Buildings & Improvements, Initial Cost | 4,089 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,137 | ||
Buildings & Improvements, Total Cost | 5,060 | ||
Total Cost | 6,197 | ||
Accumulated Depreciation | 3,327 | ||
Total Cost, Net of Accumulated Depreciation | 2,870 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,995 | ||
Plant City, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,304 | ||
Buildings & Improvements, Initial Cost | 24,875 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,304 | ||
Buildings & Improvements, Total Cost | 30,198 | ||
Total Cost | 34,502 | ||
Accumulated Depreciation | 3,859 | ||
Total Cost, Net of Accumulated Depreciation | 30,643 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Plantation, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 21,729 | ||
Buildings & Improvements, Initial Cost | 37,331 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 22,112 | ||
Buildings & Improvements, Total Cost | 96,427 | ||
Total Cost | 118,539 | ||
Accumulated Depreciation | 32,717 | ||
Total Cost, Net of Accumulated Depreciation | 85,822 | ||
Encumbrances | $ 44,212 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Spring Hill, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,084 | ||
Buildings & Improvements, Initial Cost | 4,816 | ||
Improvements, Initial Cost | 266 | ||
Land, Total Cost | 2,096 | ||
Buildings & Improvements, Total Cost | 12,467 | ||
Total Cost | 14,563 | ||
Accumulated Depreciation | 8,629 | ||
Total Cost, Net of Accumulated Depreciation | 5,934 | ||
Encumbrances | $ 1,634 | ||
Date of Construction (C) Acquisition (A) | 1,988 | ||
Tallahassee, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,881 | ||
Buildings & Improvements, Initial Cost | 2,956 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,311 | ||
Buildings & Improvements, Total Cost | 5,799 | ||
Total Cost | 7,110 | ||
Accumulated Depreciation | 2,813 | ||
Total Cost, Net of Accumulated Depreciation | 4,297 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Tampa, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,699 | ||
Buildings & Improvements, Initial Cost | 3,338 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,429 | ||
Buildings & Improvements, Total Cost | 3,018 | ||
Total Cost | 4,447 | ||
Accumulated Depreciation | 1,062 | ||
Total Cost, Net of Accumulated Depreciation | 3,385 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Tampa, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,124 | ||
Buildings & Improvements, Initial Cost | 20,082 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,124 | ||
Buildings & Improvements, Total Cost | 21,705 | ||
Total Cost | 25,829 | ||
Accumulated Depreciation | 3,026 | ||
Total Cost, Net of Accumulated Depreciation | 22,803 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Tarpon Springs, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 146 | ||
Buildings & Improvements, Initial Cost | 7,382 | ||
Improvements, Initial Cost | 81 | ||
Land, Total Cost | 146 | ||
Buildings & Improvements, Total Cost | 9,979 | ||
Total Cost | 10,125 | ||
Accumulated Depreciation | 7,701 | ||
Total Cost, Net of Accumulated Depreciation | 2,424 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,974 | ||
Tequesta, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,108 | ||
Buildings & Improvements, Initial Cost | 7,400 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,690 | ||
Buildings & Improvements, Total Cost | 12,485 | ||
Total Cost | 14,175 | ||
Accumulated Depreciation | 3,618 | ||
Total Cost, Net of Accumulated Depreciation | 10,557 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Valrico, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,282 | ||
Buildings & Improvements, Initial Cost | 12,190 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,466 | ||
Buildings & Improvements, Total Cost | 16,377 | ||
Total Cost | 18,843 | ||
Accumulated Depreciation | 5,490 | ||
Total Cost, Net of Accumulated Depreciation | 13,353 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Winter Garden, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 38,945 | ||
Buildings & Improvements, Initial Cost | 130,382 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 38,945 | ||
Buildings & Improvements, Total Cost | 133,492 | ||
Total Cost | 172,437 | ||
Accumulated Depreciation | 16,450 | ||
Total Cost, Net of Accumulated Depreciation | 155,987 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Atlanta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,078 | ||
Buildings & Improvements, Initial Cost | 41,050 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,078 | ||
Buildings & Improvements, Total Cost | 43,879 | ||
Total Cost | 57,957 | ||
Accumulated Depreciation | 9,904 | ||
Total Cost, Net of Accumulated Depreciation | 48,053 | ||
Encumbrances | $ 41,799 | ||
Date of Construction (C) Acquisition (A) | 2,009 | ||
Cumming, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,249 | ||
Buildings & Improvements, Initial Cost | 23,653 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,249 | ||
Buildings & Improvements, Total Cost | 25,804 | ||
Total Cost | 40,053 | ||
Accumulated Depreciation | 11,843 | ||
Total Cost, Net of Accumulated Depreciation | 28,210 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Cumming, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,851 | ||
Buildings & Improvements, Initial Cost | 49,659 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,851 | ||
Buildings & Improvements, Total Cost | 49,848 | ||
Total Cost | 56,699 | ||
Accumulated Depreciation | 6,600 | ||
Total Cost, Net of Accumulated Depreciation | 50,099 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Douglasville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,812 | ||
Buildings & Improvements, Initial Cost | 24,645 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,812 | ||
Buildings & Improvements, Total Cost | 25,571 | ||
Total Cost | 32,383 | ||
Accumulated Depreciation | 3,260 | ||
Total Cost, Net of Accumulated Depreciation | 29,123 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Lithonia, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,477 | ||
Buildings & Improvements, Initial Cost | 3,476 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,612 | ||
Buildings & Improvements, Total Cost | 2,506 | ||
Total Cost | 4,118 | ||
Accumulated Depreciation | 404 | ||
Total Cost, Net of Accumulated Depreciation | 3,714 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Lithonia, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,546 | ||
Buildings & Improvements, Initial Cost | 5,951 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,214 | ||
Buildings & Improvements, Total Cost | 3,291 | ||
Total Cost | 5,505 | ||
Accumulated Depreciation | 742 | ||
Total Cost, Net of Accumulated Depreciation | 4,763 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Marietta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,425 | ||
Buildings & Improvements, Initial Cost | 27,737 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,380 | ||
Buildings & Improvements, Total Cost | 29,112 | ||
Total Cost | 37,492 | ||
Accumulated Depreciation | 7,045 | ||
Total Cost, Net of Accumulated Depreciation | 30,447 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,009 | ||
Newnan, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,858 | ||
Buildings & Improvements, Initial Cost | 15,248 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,651 | ||
Buildings & Improvements, Total Cost | 15,885 | ||
Total Cost | 18,536 | ||
Accumulated Depreciation | 5,734 | ||
Total Cost, Net of Accumulated Depreciation | 12,802 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Roswell, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,566 | ||
Buildings & Improvements, Initial Cost | 15,005 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,894 | ||
Buildings & Improvements, Total Cost | 25,955 | ||
Total Cost | 33,849 | ||
Accumulated Depreciation | 9,840 | ||
Total Cost, Net of Accumulated Depreciation | 24,009 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Snellville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,185 | ||
Buildings & Improvements, Initial Cost | 51,815 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,342 | ||
Buildings & Improvements, Total Cost | 57,052 | ||
Total Cost | 67,394 | ||
Accumulated Depreciation | 18,440 | ||
Total Cost, Net of Accumulated Depreciation | 48,954 | ||
Encumbrances | $ 20,430 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Suwanee, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 13,479 | ||
Buildings & Improvements, Initial Cost | 23,923 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 13,335 | ||
Buildings & Improvements, Total Cost | 32,931 | ||
Total Cost | 46,266 | ||
Accumulated Depreciation | 14,340 | ||
Total Cost, Net of Accumulated Depreciation | 31,926 | ||
Encumbrances | $ 23,528 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Warner Robins, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,729 | ||
Buildings & Improvements, Initial Cost | 7,459 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,729 | ||
Buildings & Improvements, Total Cost | 8,143 | ||
Total Cost | 13,872 | ||
Accumulated Depreciation | 3,814 | ||
Total Cost, Net of Accumulated Depreciation | 10,058 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Meridian, ID [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 24,591 | ||
Buildings & Improvements, Initial Cost | 31,779 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 24,841 | ||
Buildings & Improvements, Total Cost | 66,975 | ||
Total Cost | 91,816 | ||
Accumulated Depreciation | 28,263 | ||
Total Cost, Net of Accumulated Depreciation | 63,553 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,001 | ||
Nampa, ID [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,395 | ||
Buildings & Improvements, Initial Cost | 8,563 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,426 | ||
Buildings & Improvements, Total Cost | 24,241 | ||
Total Cost | 32,667 | ||
Accumulated Depreciation | 18,078 | ||
Total Cost, Net of Accumulated Depreciation | 14,589 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Chicago, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 22,642 | ||
Buildings & Improvements, Initial Cost | 82,754 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 22,642 | ||
Buildings & Improvements, Total Cost | 83,025 | ||
Total Cost | 105,667 | ||
Accumulated Depreciation | 6,925 | ||
Total Cost, Net of Accumulated Depreciation | 98,742 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
McHenry, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,294 | ||
Buildings & Improvements, Initial Cost | 5,251 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,255 | ||
Buildings & Improvements, Total Cost | 62,681 | ||
Total Cost | 76,936 | ||
Accumulated Depreciation | 17,872 | ||
Total Cost, Net of Accumulated Depreciation | 59,064 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,006 | ||
Schaumburg, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,466 | ||
Buildings & Improvements, Initial Cost | 84,679 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 27,466 | ||
Buildings & Improvements, Total Cost | 94,523 | ||
Total Cost | 121,989 | ||
Accumulated Depreciation | 10,275 | ||
Total Cost, Net of Accumulated Depreciation | 111,714 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Tinley Park, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,120 | ||
Buildings & Improvements, Initial Cost | 37,496 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,120 | ||
Buildings & Improvements, Total Cost | 50,821 | ||
Total Cost | 59,941 | ||
Accumulated Depreciation | 9,348 | ||
Total Cost, Net of Accumulated Depreciation | 50,593 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Evansville, IN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,964 | ||
Buildings & Improvements, Initial Cost | 18,764 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,964 | ||
Buildings & Improvements, Total Cost | 18,835 | ||
Total Cost | 27,799 | ||
Accumulated Depreciation | 6,064 | ||
Total Cost, Net of Accumulated Depreciation | 21,735 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Cedar Rapids, IA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,219 | ||
Buildings & Improvements, Initial Cost | 12,697 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,219 | ||
Buildings & Improvements, Total Cost | 14,441 | ||
Total Cost | 18,660 | ||
Accumulated Depreciation | 8,472 | ||
Total Cost, Net of Accumulated Depreciation | 10,188 | ||
Encumbrances | $ 3,412 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Merriam, KS [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,043 | ||
Buildings & Improvements, Initial Cost | 55,028 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 15,043 | ||
Buildings & Improvements, Total Cost | 56,179 | ||
Total Cost | 71,222 | ||
Accumulated Depreciation | 5,844 | ||
Total Cost, Net of Accumulated Depreciation | 65,378 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Bowie, MD [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,739 | ||
Buildings & Improvements, Initial Cost | 14,301 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,744 | ||
Buildings & Improvements, Total Cost | 14,497 | ||
Total Cost | 20,241 | ||
Accumulated Depreciation | 4,636 | ||
Total Cost, Net of Accumulated Depreciation | 15,605 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Salisbury, MD [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,070 | ||
Buildings & Improvements, Initial Cost | 12,495 | ||
Improvements, Initial Cost | 277 | ||
Land, Total Cost | 2,071 | ||
Buildings & Improvements, Total Cost | 15,295 | ||
Total Cost | 17,366 | ||
Accumulated Depreciation | 7,416 | ||
Total Cost, Net of Accumulated Depreciation | 9,950 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,999 | ||
Everett, MA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,311 | ||
Buildings & Improvements, Initial Cost | 44,647 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,462 | ||
Buildings & Improvements, Total Cost | 54,984 | ||
Total Cost | 64,446 | ||
Accumulated Depreciation | 25,556 | ||
Total Cost, Net of Accumulated Depreciation | 38,890 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,001 | ||
Framingham, MA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 75,675 | ||
Buildings & Improvements, Initial Cost | 191,594 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 75,675 | ||
Buildings & Improvements, Total Cost | 205,090 | ||
Total Cost | 280,765 | ||
Accumulated Depreciation | 22,621 | ||
Total Cost, Net of Accumulated Depreciation | 258,144 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Grand Rapids, MI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,380 | ||
Buildings & Improvements, Initial Cost | 17,323 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,380 | ||
Buildings & Improvements, Total Cost | 26,781 | ||
Total Cost | 30,161 | ||
Accumulated Depreciation | 14,804 | ||
Total Cost, Net of Accumulated Depreciation | 15,357 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,995 | ||
Grandville, MI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,483 | ||
Buildings & Improvements, Initial Cost | 18,933 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,494 | ||
Buildings & Improvements, Total Cost | 17,647 | ||
Total Cost | 23,141 | ||
Accumulated Depreciation | 2,665 | ||
Total Cost, Net of Accumulated Depreciation | 20,476 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Lansing, MI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,598 | ||
Buildings & Improvements, Initial Cost | 6,999 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,289 | ||
Buildings & Improvements, Total Cost | 17,263 | ||
Total Cost | 19,552 | ||
Accumulated Depreciation | 5,462 | ||
Total Cost, Net of Accumulated Depreciation | 14,090 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Coon Rapids, MN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 25,692 | ||
Buildings & Improvements, Initial Cost | 106,300 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 25,692 | ||
Buildings & Improvements, Total Cost | 109,970 | ||
Total Cost | 135,662 | ||
Accumulated Depreciation | 13,016 | ||
Total Cost, Net of Accumulated Depreciation | 122,646 | ||
Encumbrances | $ 56,382 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Maple Grove, MN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,917 | ||
Buildings & Improvements, Initial Cost | 23,954 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,917 | ||
Buildings & Improvements, Total Cost | 27,346 | ||
Total Cost | 36,263 | ||
Accumulated Depreciation | 4,974 | ||
Total Cost, Net of Accumulated Depreciation | 31,289 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,011 | ||
St. Paul, MN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,150 | ||
Buildings & Improvements, Initial Cost | 21,558 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,150 | ||
Buildings & Improvements, Total Cost | 23,074 | ||
Total Cost | 30,224 | ||
Accumulated Depreciation | 4,153 | ||
Total Cost, Net of Accumulated Depreciation | 26,071 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Gulfport, MS [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 36,370 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 57,585 | ||
Total Cost | 57,585 | ||
Accumulated Depreciation | 24,267 | ||
Total Cost, Net of Accumulated Depreciation | 33,318 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Jackson, MS [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,190 | ||
Buildings & Improvements, Initial Cost | 6,783 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,212 | ||
Buildings & Improvements, Total Cost | 6,783 | ||
Total Cost | 9,995 | ||
Accumulated Depreciation | 3,414 | ||
Total Cost, Net of Accumulated Depreciation | 6,581 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Tupelo, MS [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,213 | ||
Buildings & Improvements, Initial Cost | 14,979 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,213 | ||
Buildings & Improvements, Total Cost | 19,341 | ||
Total Cost | 21,554 | ||
Accumulated Depreciation | 12,678 | ||
Total Cost, Net of Accumulated Depreciation | 8,876 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,994 | ||
Arnold, MO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 892 | ||
Buildings & Improvements, Initial Cost | 5,283 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 107 | ||
Buildings & Improvements, Total Cost | 2,664 | ||
Total Cost | 2,771 | ||
Accumulated Depreciation | 1,921 | ||
Total Cost, Net of Accumulated Depreciation | 850 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Brentwood, MO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,018 | ||
Buildings & Improvements, Initial Cost | 32,053 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,018 | ||
Buildings & Improvements, Total Cost | 36,787 | ||
Total Cost | 46,805 | ||
Accumulated Depreciation | 18,793 | ||
Total Cost, Net of Accumulated Depreciation | 28,012 | ||
Encumbrances | $ 29,862 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Independence, MO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,011 | ||
Buildings & Improvements, Initial Cost | 45,752 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,011 | ||
Buildings & Improvements, Total Cost | 48,169 | ||
Total Cost | 53,180 | ||
Accumulated Depreciation | 7,168 | ||
Total Cost, Net of Accumulated Depreciation | 46,012 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Springfield, MO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 2,048 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 2,239 | ||
Total Cost | 2,239 | ||
Accumulated Depreciation | 1,255 | ||
Total Cost, Net of Accumulated Depreciation | 984 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Seabrook, NH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,032 | ||
Buildings & Improvements, Initial Cost | 68,663 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 18,032 | ||
Buildings & Improvements, Total Cost | 69,189 | ||
Total Cost | 87,221 | ||
Accumulated Depreciation | 4,606 | ||
Total Cost, Net of Accumulated Depreciation | 82,615 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
East Hanover, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,847 | ||
Buildings & Improvements, Initial Cost | 23,798 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,847 | ||
Buildings & Improvements, Total Cost | 24,959 | ||
Total Cost | 28,806 | ||
Accumulated Depreciation | 7,844 | ||
Total Cost, Net of Accumulated Depreciation | 20,962 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Edgewater, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,714 | ||
Buildings & Improvements, Initial Cost | 30,473 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,714 | ||
Buildings & Improvements, Total Cost | 31,181 | ||
Total Cost | 38,895 | ||
Accumulated Depreciation | 9,808 | ||
Total Cost, Net of Accumulated Depreciation | 29,087 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Freehold, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,460 | ||
Buildings & Improvements, Initial Cost | 2,475 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,166 | ||
Buildings & Improvements, Total Cost | 3,416 | ||
Total Cost | 6,582 | ||
Accumulated Depreciation | 882 | ||
Total Cost, Net of Accumulated Depreciation | 5,700 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Hamilton, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,039 | ||
Buildings & Improvements, Initial Cost | 49,896 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 11,774 | ||
Buildings & Improvements, Total Cost | 86,198 | ||
Total Cost | 97,972 | ||
Accumulated Depreciation | 34,800 | ||
Total Cost, Net of Accumulated Depreciation | 63,172 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Mays Landing, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 49,033 | ||
Buildings & Improvements, Initial Cost | 107,230 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 49,033 | ||
Buildings & Improvements, Total Cost | 117,460 | ||
Total Cost | 166,493 | ||
Accumulated Depreciation | 48,415 | ||
Total Cost, Net of Accumulated Depreciation | 118,078 | ||
Encumbrances | $ 57,678 | ||
Date of Construction (C) Acquisition (A) | 2,004 | ||
Mays Landing, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 36,224 | ||
Buildings & Improvements, Initial Cost | 56,949 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 36,224 | ||
Buildings & Improvements, Total Cost | 63,417 | ||
Total Cost | 99,641 | ||
Accumulated Depreciation | 25,977 | ||
Total Cost, Net of Accumulated Depreciation | 73,664 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,004 | ||
Princeton, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 13,448 | ||
Buildings & Improvements, Initial Cost | 74,249 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,464 | ||
Buildings & Improvements, Total Cost | 99,103 | ||
Total Cost | 113,567 | ||
Accumulated Depreciation | 51,527 | ||
Total Cost, Net of Accumulated Depreciation | 62,040 | ||
Encumbrances | $ 54,931 | ||
Date of Construction (C) Acquisition (A) | 1,997 | ||
Union, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,650 | ||
Buildings & Improvements, Initial Cost | 15,689 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,650 | ||
Buildings & Improvements, Total Cost | 25,015 | ||
Total Cost | 32,665 | ||
Accumulated Depreciation | 7,663 | ||
Total Cost, Net of Accumulated Depreciation | 25,002 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
West Long Branch, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,131 | ||
Buildings & Improvements, Initial Cost | 51,982 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,131 | ||
Buildings & Improvements, Total Cost | 65,487 | ||
Total Cost | 79,618 | ||
Accumulated Depreciation | 23,347 | ||
Total Cost, Net of Accumulated Depreciation | 56,271 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,004 | ||
Horseheads, NY [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 829 | ||
Buildings & Improvements, Initial Cost | 3,630 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,631 | ||
Buildings & Improvements, Total Cost | 27,085 | ||
Total Cost | 31,716 | ||
Accumulated Depreciation | 8,165 | ||
Total Cost, Net of Accumulated Depreciation | 23,551 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,008 | ||
Apex, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,576 | ||
Buildings & Improvements, Initial Cost | 43,619 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,521 | ||
Buildings & Improvements, Total Cost | 56,300 | ||
Total Cost | 66,821 | ||
Accumulated Depreciation | 18,294 | ||
Total Cost, Net of Accumulated Depreciation | 48,527 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,006 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,707 | ||
Buildings & Improvements, Initial Cost | 45,021 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 27,707 | ||
Buildings & Improvements, Total Cost | 50,325 | ||
Total Cost | 78,032 | ||
Accumulated Depreciation | 9,660 | ||
Total Cost, Net of Accumulated Depreciation | 68,372 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,011 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,224 | ||
Buildings & Improvements, Initial Cost | 82,124 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 11,224 | ||
Buildings & Improvements, Total Cost | 90,937 | ||
Total Cost | 102,161 | ||
Accumulated Depreciation | 13,857 | ||
Total Cost, Net of Accumulated Depreciation | 88,304 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,600 | ||
Buildings & Improvements, Initial Cost | 30,392 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,188 | ||
Buildings & Improvements, Total Cost | 45,894 | ||
Total Cost | 52,082 | ||
Accumulated Depreciation | 4,170 | ||
Total Cost, Net of Accumulated Depreciation | 47,912 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Cornelius, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,382 | ||
Buildings & Improvements, Initial Cost | 15,184 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,382 | ||
Buildings & Improvements, Total Cost | 20,740 | ||
Total Cost | 25,122 | ||
Accumulated Depreciation | 7,529 | ||
Total Cost, Net of Accumulated Depreciation | 17,593 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Greensboro, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,153 | ||
Buildings & Improvements, Initial Cost | 9,455 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,153 | ||
Buildings & Improvements, Total Cost | 10,077 | ||
Total Cost | 13,230 | ||
Accumulated Depreciation | 3,289 | ||
Total Cost, Net of Accumulated Depreciation | 9,941 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Mooresville, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,369 | ||
Buildings & Improvements, Initial Cost | 43,688 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,369 | ||
Buildings & Improvements, Total Cost | 47,518 | ||
Total Cost | 61,887 | ||
Accumulated Depreciation | 19,057 | ||
Total Cost, Net of Accumulated Depreciation | 42,830 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,004 | ||
Raleigh, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,728 | ||
Buildings & Improvements, Initial Cost | 10,665 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 413 | ||
Buildings & Improvements, Total Cost | 4,424 | ||
Total Cost | 4,837 | ||
Accumulated Depreciation | 2,944 | ||
Total Cost, Net of Accumulated Depreciation | 1,893 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Raleigh, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,317 | ||
Buildings & Improvements, Initial Cost | 35,411 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,317 | ||
Buildings & Improvements, Total Cost | 38,105 | ||
Total Cost | 41,422 | ||
Accumulated Depreciation | 5,670 | ||
Total Cost, Net of Accumulated Depreciation | 35,752 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Wilmington, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,529 | ||
Buildings & Improvements, Initial Cost | 18,551 | ||
Improvements, Initial Cost | 1,183 | ||
Land, Total Cost | 5,529 | ||
Buildings & Improvements, Total Cost | 37,733 | ||
Total Cost | 43,262 | ||
Accumulated Depreciation | 25,610 | ||
Total Cost, Net of Accumulated Depreciation | 17,652 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,989 | ||
Winston Salem, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,156 | ||
Buildings & Improvements, Initial Cost | 15,010 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,156 | ||
Buildings & Improvements, Total Cost | 15,010 | ||
Total Cost | 22,166 | ||
Accumulated Depreciation | 4,872 | ||
Total Cost, Net of Accumulated Depreciation | 17,294 | ||
Encumbrances | $ 997 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Alliance, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 812 | ||
Buildings & Improvements, Initial Cost | 16,244 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 812 | ||
Buildings & Improvements, Total Cost | 16,244 | ||
Total Cost | 17,056 | ||
Accumulated Depreciation | 5,256 | ||
Total Cost, Net of Accumulated Depreciation | 11,800 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Aurora, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 832 | ||
Buildings & Improvements, Initial Cost | 7,560 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,592 | ||
Buildings & Improvements, Total Cost | 14,245 | ||
Total Cost | 15,837 | ||
Accumulated Depreciation | 8,221 | ||
Total Cost, Net of Accumulated Depreciation | 7,616 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,995 | ||
Boardman, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,152 | ||
Buildings & Improvements, Initial Cost | 27,983 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,152 | ||
Buildings & Improvements, Total Cost | 31,322 | ||
Total Cost | 39,474 | ||
Accumulated Depreciation | 17,872 | ||
Total Cost, Net of Accumulated Depreciation | 21,602 | ||
Encumbrances | $ 23,528 | ||
Date of Construction (C) Acquisition (A) | 1,997 | ||
Cincinnati, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 19,572 | ||
Buildings & Improvements, Initial Cost | 54,495 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 19,572 | ||
Buildings & Improvements, Total Cost | 66,593 | ||
Total Cost | 86,165 | ||
Accumulated Depreciation | 4,037 | ||
Total Cost, Net of Accumulated Depreciation | 82,128 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Columbus, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,922 | ||
Buildings & Improvements, Initial Cost | 46,006 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 14,078 | ||
Buildings & Improvements, Total Cost | 61,983 | ||
Total Cost | 76,061 | ||
Accumulated Depreciation | 33,481 | ||
Total Cost, Net of Accumulated Depreciation | 42,580 | ||
Encumbrances | $ 48,459 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Columbus, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,716 | ||
Buildings & Improvements, Initial Cost | 64,617 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 20,666 | ||
Buildings & Improvements, Total Cost | 70,876 | ||
Total Cost | 91,542 | ||
Accumulated Depreciation | 12,005 | ||
Total Cost, Net of Accumulated Depreciation | 79,537 | ||
Encumbrances | $ 42,345 | ||
Date of Construction (C) Acquisition (A) | 2,011 | ||
Dublin, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,609 | ||
Buildings & Improvements, Initial Cost | 11,546 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,609 | ||
Buildings & Improvements, Total Cost | 15,088 | ||
Total Cost | 18,697 | ||
Accumulated Depreciation | 8,363 | ||
Total Cost, Net of Accumulated Depreciation | 10,334 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Hamilton, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,805 | ||
Buildings & Improvements, Initial Cost | 8,502 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,335 | ||
Buildings & Improvements, Total Cost | 6,478 | ||
Total Cost | 7,813 | ||
Accumulated Depreciation | 643 | ||
Total Cost, Net of Accumulated Depreciation | 7,170 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Huber Hts, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 757 | ||
Buildings & Improvements, Initial Cost | 14,469 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 757 | ||
Buildings & Improvements, Total Cost | 28,019 | ||
Total Cost | 28,776 | ||
Accumulated Depreciation | 18,277 | ||
Total Cost, Net of Accumulated Depreciation | 10,499 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,993 | ||
Macedonia, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,582 | ||
Buildings & Improvements, Initial Cost | 34,323 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 11,582 | ||
Buildings & Improvements, Total Cost | 38,310 | ||
Total Cost | 49,892 | ||
Accumulated Depreciation | 10,321 | ||
Total Cost, Net of Accumulated Depreciation | 39,571 | ||
Encumbrances | $ 18,376 | ||
Date of Construction (C) Acquisition (A) | 2,011 | ||
Mason, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,032 | ||
Buildings & Improvements, Initial Cost | 23,788 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,032 | ||
Buildings & Improvements, Total Cost | 24,270 | ||
Total Cost | 26,302 | ||
Accumulated Depreciation | 2,236 | ||
Total Cost, Net of Accumulated Depreciation | 24,066 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
North Canton, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,889 | ||
Buildings & Improvements, Initial Cost | 46,335 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,664 | ||
Buildings & Improvements, Total Cost | 48,181 | ||
Total Cost | 58,845 | ||
Accumulated Depreciation | 5,766 | ||
Total Cost, Net of Accumulated Depreciation | 53,079 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
North Olmsted, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 24,352 | ||
Buildings & Improvements, Initial Cost | 61,449 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 24,352 | ||
Buildings & Improvements, Total Cost | 63,667 | ||
Total Cost | 88,019 | ||
Accumulated Depreciation | 11,163 | ||
Total Cost, Net of Accumulated Depreciation | 76,856 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Solon, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,220 | ||
Buildings & Improvements, Initial Cost | 7,454 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,220 | ||
Buildings & Improvements, Total Cost | 27,228 | ||
Total Cost | 33,448 | ||
Accumulated Depreciation | 13,807 | ||
Total Cost, Net of Accumulated Depreciation | 19,641 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,998 | ||
Stow, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 993 | ||
Buildings & Improvements, Initial Cost | 9,028 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 993 | ||
Buildings & Improvements, Total Cost | 37,676 | ||
Total Cost | 38,669 | ||
Accumulated Depreciation | 19,495 | ||
Total Cost, Net of Accumulated Depreciation | 19,174 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,969 | ||
Toledo, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,316 | ||
Buildings & Improvements, Initial Cost | 3,961 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 534 | ||
Buildings & Improvements, Total Cost | 2,370 | ||
Total Cost | 2,904 | ||
Accumulated Depreciation | 1,419 | ||
Total Cost, Net of Accumulated Depreciation | 1,485 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,004 | ||
Westlake, OH | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 424 | ||
Buildings & Improvements, Initial Cost | 3,803 | ||
Improvements, Initial Cost | 201 | ||
Land, Total Cost | 424 | ||
Buildings & Improvements, Total Cost | 10,423 | ||
Total Cost | 10,847 | ||
Accumulated Depreciation | 7,643 | ||
Total Cost, Net of Accumulated Depreciation | 3,204 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,974 | ||
Gresham, OR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,234 | ||
Buildings & Improvements, Initial Cost | 60,802 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 15,234 | ||
Buildings & Improvements, Total Cost | 60,802 | ||
Total Cost | 76,036 | ||
Accumulated Depreciation | 559 | ||
Total Cost, Net of Accumulated Depreciation | 75,477 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,016 | ||
Portland, OR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 20,208 | ||
Buildings & Improvements, Initial Cost | 50,738 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 20,208 | ||
Buildings & Improvements, Total Cost | 51,846 | ||
Total Cost | 72,054 | ||
Accumulated Depreciation | 8,476 | ||
Total Cost, Net of Accumulated Depreciation | 63,578 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,012 | ||
Allentown, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,558 | ||
Buildings & Improvements, Initial Cost | 20,060 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,343 | ||
Buildings & Improvements, Total Cost | 23,747 | ||
Total Cost | 29,090 | ||
Accumulated Depreciation | 10,119 | ||
Total Cost, Net of Accumulated Depreciation | 18,971 | ||
Encumbrances | $ 7,435 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Erie, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,345 | ||
Buildings & Improvements, Initial Cost | 32,006 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,345 | ||
Buildings & Improvements, Total Cost | 74,119 | ||
Total Cost | 83,464 | ||
Accumulated Depreciation | 33,680 | ||
Total Cost, Net of Accumulated Depreciation | 49,784 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,995 | ||
Jenkintown, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,705 | ||
Buildings & Improvements, Initial Cost | 21,918 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,705 | ||
Buildings & Improvements, Total Cost | 24,975 | ||
Total Cost | 29,680 | ||
Accumulated Depreciation | 2,240 | ||
Total Cost, Net of Accumulated Depreciation | 27,440 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Mechanicsburg, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,574 | ||
Buildings & Improvements, Initial Cost | 57,283 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 12,574 | ||
Buildings & Improvements, Total Cost | 57,756 | ||
Total Cost | 70,330 | ||
Accumulated Depreciation | 4,614 | ||
Total Cost, Net of Accumulated Depreciation | 65,716 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Arecibo, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,965 | ||
Buildings & Improvements, Initial Cost | 29,898 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,885 | ||
Buildings & Improvements, Total Cost | 23,963 | ||
Total Cost | 28,848 | ||
Accumulated Depreciation | 12,198 | ||
Total Cost, Net of Accumulated Depreciation | 16,650 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Bayamon, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 132,074 | ||
Buildings & Improvements, Initial Cost | 152,441 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 132,759 | ||
Buildings & Improvements, Total Cost | 195,190 | ||
Total Cost | 327,949 | ||
Accumulated Depreciation | 68,125 | ||
Total Cost, Net of Accumulated Depreciation | 259,824 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Bayamon, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 91,645 | ||
Buildings & Improvements, Initial Cost | 98,007 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 92,027 | ||
Buildings & Improvements, Total Cost | 125,139 | ||
Total Cost | 217,166 | ||
Accumulated Depreciation | 43,381 | ||
Total Cost, Net of Accumulated Depreciation | 173,785 | ||
Encumbrances | $ 121,341 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Bayamon, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,294 | ||
Buildings & Improvements, Initial Cost | 11,987 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,584 | ||
Buildings & Improvements, Total Cost | 23,683 | ||
Total Cost | 28,267 | ||
Accumulated Depreciation | 8,467 | ||
Total Cost, Net of Accumulated Depreciation | 19,800 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Carolina, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 28,522 | ||
Buildings & Improvements, Initial Cost | 76,947 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 28,601 | ||
Buildings & Improvements, Total Cost | 82,792 | ||
Total Cost | 111,393 | ||
Accumulated Depreciation | 32,059 | ||
Total Cost, Net of Accumulated Depreciation | 79,334 | ||
Encumbrances | $ 70,320 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Cayey, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,226 | ||
Buildings & Improvements, Initial Cost | 25,101 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 18,538 | ||
Buildings & Improvements, Total Cost | 27,765 | ||
Total Cost | 46,303 | ||
Accumulated Depreciation | 10,425 | ||
Total Cost, Net of Accumulated Depreciation | 35,878 | ||
Encumbrances | $ 20,289 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Fajardo, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,376 | ||
Buildings & Improvements, Initial Cost | 41,199 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,376 | ||
Buildings & Improvements, Total Cost | 50,193 | ||
Total Cost | 54,569 | ||
Accumulated Depreciation | 16,980 | ||
Total Cost, Net of Accumulated Depreciation | 37,589 | ||
Encumbrances | $ 24,396 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Guayama, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,960 | ||
Buildings & Improvements, Initial Cost | 18,721 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,960 | ||
Buildings & Improvements, Total Cost | 19,559 | ||
Total Cost | 21,519 | ||
Accumulated Depreciation | 7,459 | ||
Total Cost, Net of Accumulated Depreciation | 14,060 | ||
Encumbrances | $ 11,404 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Hatillo, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 101,219 | ||
Buildings & Improvements, Initial Cost | 105,465 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 88,874 | ||
Buildings & Improvements, Total Cost | 126,007 | ||
Total Cost | 214,881 | ||
Accumulated Depreciation | 52,456 | ||
Total Cost, Net of Accumulated Depreciation | 162,425 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Humacao, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 16,386 | ||
Buildings & Improvements, Initial Cost | 74,059 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 16,386 | ||
Buildings & Improvements, Total Cost | 84,038 | ||
Total Cost | 100,424 | ||
Accumulated Depreciation | 34,614 | ||
Total Cost, Net of Accumulated Depreciation | 65,810 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Isabela, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,175 | ||
Buildings & Improvements, Initial Cost | 41,094 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,236 | ||
Buildings & Improvements, Total Cost | 43,265 | ||
Total Cost | 51,501 | ||
Accumulated Depreciation | 16,651 | ||
Total Cost, Net of Accumulated Depreciation | 34,850 | ||
Encumbrances | $ 21,430 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Rio Piedras, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,338 | ||
Buildings & Improvements, Initial Cost | 23,285 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,338 | ||
Buildings & Improvements, Total Cost | 29,781 | ||
Total Cost | 40,119 | ||
Accumulated Depreciation | 11,669 | ||
Total Cost, Net of Accumulated Depreciation | 28,450 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
San German, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,686 | ||
Buildings & Improvements, Initial Cost | 20,775 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 9,686 | ||
Buildings & Improvements, Total Cost | 21,768 | ||
Total Cost | 31,454 | ||
Accumulated Depreciation | 8,411 | ||
Total Cost, Net of Accumulated Depreciation | 23,043 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Vega Baja, PR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,076 | ||
Buildings & Improvements, Initial Cost | 18,684 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,851 | ||
Buildings & Improvements, Total Cost | 13,967 | ||
Total Cost | 17,818 | ||
Accumulated Depreciation | 7,311 | ||
Total Cost, Net of Accumulated Depreciation | 10,507 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,005 | ||
Charleston, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,479 | ||
Buildings & Improvements, Initial Cost | 9,850 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,479 | ||
Buildings & Improvements, Total Cost | 19,266 | ||
Total Cost | 22,745 | ||
Accumulated Depreciation | 10,667 | ||
Total Cost, Net of Accumulated Depreciation | 12,078 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Columbia, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,950 | ||
Buildings & Improvements, Initial Cost | 29,065 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,950 | ||
Buildings & Improvements, Total Cost | 38,833 | ||
Total Cost | 41,783 | ||
Accumulated Depreciation | 4,721 | ||
Total Cost, Net of Accumulated Depreciation | 37,062 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Greenville, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,659 | ||
Buildings & Improvements, Initial Cost | 14,411 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,659 | ||
Buildings & Improvements, Total Cost | 14,411 | ||
Total Cost | 20,070 | ||
Accumulated Depreciation | 4,688 | ||
Total Cost, Net of Accumulated Depreciation | 15,382 | ||
Encumbrances | $ 1,385 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Mount Pleasant, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,430 | ||
Buildings & Improvements, Initial Cost | 10,470 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,364 | ||
Buildings & Improvements, Total Cost | 21,167 | ||
Total Cost | 23,531 | ||
Accumulated Depreciation | 12,939 | ||
Total Cost, Net of Accumulated Depreciation | 10,592 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,995 | ||
Simpsonville, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 417 | ||
Buildings & Improvements, Initial Cost | 6,563 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 417 | ||
Buildings & Improvements, Total Cost | 10,370 | ||
Total Cost | 10,787 | ||
Accumulated Depreciation | 4,581 | ||
Total Cost, Net of Accumulated Depreciation | 6,206 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1,994 | ||
Brentwood, TN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,101 | ||
Buildings & Improvements, Initial Cost | 25,956 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,101 | ||
Buildings & Improvements, Total Cost | 27,319 | ||
Total Cost | 33,420 | ||
Accumulated Depreciation | 3,090 | ||
Total Cost, Net of Accumulated Depreciation | 30,330 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Hendersonville, TN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,249 | ||
Buildings & Improvements, Initial Cost | 9,068 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,249 | ||
Buildings & Improvements, Total Cost | 9,123 | ||
Total Cost | 12,372 | ||
Accumulated Depreciation | 4,147 | ||
Total Cost, Net of Accumulated Depreciation | 8,225 | ||
Encumbrances | $ 2,423 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Highland Village, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,545 | ||
Buildings & Improvements, Initial Cost | 28,365 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 5,545 | ||
Buildings & Improvements, Total Cost | 30,340 | ||
Total Cost | 35,885 | ||
Accumulated Depreciation | 4,293 | ||
Total Cost, Net of Accumulated Depreciation | 31,592 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Houston, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,179 | ||
Buildings & Improvements, Initial Cost | 60,407 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 15,179 | ||
Buildings & Improvements, Total Cost | 60,406 | ||
Total Cost | 75,585 | ||
Accumulated Depreciation | 3,581 | ||
Total Cost, Net of Accumulated Depreciation | 72,004 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,015 | ||
Irving, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 17,701 | ||
Buildings & Improvements, Initial Cost | 10,571 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 17,701 | ||
Buildings & Improvements, Total Cost | 11,761 | ||
Total Cost | 29,462 | ||
Accumulated Depreciation | 1,667 | ||
Total Cost, Net of Accumulated Depreciation | 27,795 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Kyle, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,548 | ||
Buildings & Improvements, Initial Cost | 7,349 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 12,678 | ||
Buildings & Improvements, Total Cost | 28,041 | ||
Total Cost | 40,719 | ||
Accumulated Depreciation | 4,192 | ||
Total Cost, Net of Accumulated Depreciation | 36,527 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,009 | ||
Mesquite, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,051 | ||
Buildings & Improvements, Initial Cost | 25,531 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 7,051 | ||
Buildings & Improvements, Total Cost | 25,452 | ||
Total Cost | 32,503 | ||
Accumulated Depreciation | 3,015 | ||
Total Cost, Net of Accumulated Depreciation | 29,488 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,475 | ||
Buildings & Improvements, Initial Cost | 37,327 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,873 | ||
Buildings & Improvements, Total Cost | 50,768 | ||
Total Cost | 55,641 | ||
Accumulated Depreciation | 20,655 | ||
Total Cost, Net of Accumulated Depreciation | 34,986 | ||
Encumbrances | $ 23,900 | ||
Date of Construction (C) Acquisition (A) | 2,002 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,602 | ||
Buildings & Improvements, Initial Cost | 39,196 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,158 | ||
Buildings & Improvements, Total Cost | 113,817 | ||
Total Cost | 123,975 | ||
Accumulated Depreciation | 30,174 | ||
Total Cost, Net of Accumulated Depreciation | 93,801 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,381 | ||
Buildings & Improvements, Initial Cost | 6,487 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 2,381 | ||
Buildings & Improvements, Total Cost | 23,027 | ||
Total Cost | 25,408 | ||
Accumulated Depreciation | 7,767 | ||
Total Cost, Net of Accumulated Depreciation | 17,641 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Chester, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,780 | ||
Buildings & Improvements, Initial Cost | 4,752 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 10,780 | ||
Buildings & Improvements, Total Cost | 14,074 | ||
Total Cost | 24,854 | ||
Accumulated Depreciation | 4,357 | ||
Total Cost, Net of Accumulated Depreciation | 20,497 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Dumfries, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,911 | ||
Buildings & Improvements, Initial Cost | 10,092 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 12,911 | ||
Buildings & Improvements, Total Cost | 10,112 | ||
Total Cost | 23,023 | ||
Accumulated Depreciation | 734 | ||
Total Cost, Net of Accumulated Depreciation | 22,289 | ||
Encumbrances | $ 12,120 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Fairfax, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,681 | ||
Buildings & Improvements, Initial Cost | 68,536 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 15,681 | ||
Buildings & Improvements, Total Cost | 69,373 | ||
Total Cost | 85,054 | ||
Accumulated Depreciation | 7,493 | ||
Total Cost, Net of Accumulated Depreciation | 77,561 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Midlothian, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,507 | ||
Buildings & Improvements, Initial Cost | 9,229 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 3,507 | ||
Buildings & Improvements, Total Cost | 9,691 | ||
Total Cost | 13,198 | ||
Accumulated Depreciation | 1,186 | ||
Total Cost, Net of Accumulated Depreciation | 12,012 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Midlothian, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,754 | ||
Buildings & Improvements, Initial Cost | 20,273 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,754 | ||
Buildings & Improvements, Total Cost | 25,732 | ||
Total Cost | 30,486 | ||
Accumulated Depreciation | 3,488 | ||
Total Cost, Net of Accumulated Depreciation | 26,998 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Newport News, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 963 | ||
Buildings & Improvements, Initial Cost | 7,120 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 963 | ||
Buildings & Improvements, Total Cost | 7,122 | ||
Total Cost | 8,085 | ||
Accumulated Depreciation | 1,024 | ||
Total Cost, Net of Accumulated Depreciation | 7,061 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Richmond, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,879 | ||
Buildings & Improvements, Initial Cost | 34,736 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 11,879 | ||
Buildings & Improvements, Total Cost | 36,064 | ||
Total Cost | 47,943 | ||
Accumulated Depreciation | 11,737 | ||
Total Cost, Net of Accumulated Depreciation | 36,206 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Springfield, VA | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 17,016 | ||
Buildings & Improvements, Initial Cost | 40,038 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 17,016 | ||
Buildings & Improvements, Total Cost | 41,789 | ||
Total Cost | 58,805 | ||
Accumulated Depreciation | 13,808 | ||
Total Cost, Net of Accumulated Depreciation | 44,997 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,007 | ||
Vancouver, WA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,169 | ||
Buildings & Improvements, Initial Cost | 25,769 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,169 | ||
Buildings & Improvements, Total Cost | 25,813 | ||
Total Cost | 29,982 | ||
Accumulated Depreciation | 2,112 | ||
Total Cost, Net of Accumulated Depreciation | 27,870 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,014 | ||
Brookfield, WI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,791 | ||
Buildings & Improvements, Initial Cost | 16,023 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 4,791 | ||
Buildings & Improvements, Total Cost | 21,662 | ||
Total Cost | 26,453 | ||
Accumulated Depreciation | 4,035 | ||
Total Cost, Net of Accumulated Depreciation | 22,418 | ||
Encumbrances | $ 5,634 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
Brown Deer, WI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,465 | ||
Buildings & Improvements, Initial Cost | 32,652 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 8,465 | ||
Buildings & Improvements, Total Cost | 37,869 | ||
Total Cost | 46,334 | ||
Accumulated Depreciation | 6,602 | ||
Total Cost, Net of Accumulated Depreciation | 39,732 | ||
Encumbrances | $ 11,628 | ||
Date of Construction (C) Acquisition (A) | 2,013 | ||
West Allis, WI [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,371 | ||
Buildings & Improvements, Initial Cost | 10,982 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,703 | ||
Buildings & Improvements, Total Cost | 12,530 | ||
Total Cost | 14,233 | ||
Accumulated Depreciation | 5,359 | ||
Total Cost, Net of Accumulated Depreciation | 8,874 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2,003 | ||
Portfolio Balance (DDR) - unencumbered [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 55,221 | ||
Buildings & Improvements, Initial Cost | 50,744 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 55,221 | ||
Buildings & Improvements, Total Cost | 50,744 | ||
Total Cost | 105,965 | ||
Accumulated Depreciation | 432 | ||
Total Cost, Net of Accumulated Depreciation | 105,533 | ||
Encumbrances | 0 | ||
Portfolio Balance (DDR) - encumbered [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | 6,659 | ||
Buildings & Improvements, Initial Cost | 176,497 | ||
Improvements, Initial Cost | 0 | ||
Land, Total Cost | 6,659 | ||
Buildings & Improvements, Total Cost | 176,497 | ||
Total Cost | 183,156 | ||
Accumulated Depreciation | 103,297 | ||
Total Cost, Net of Accumulated Depreciation | 79,859 | ||
Encumbrances | $ 26,194 |
Real Estate and Accumulated 122
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Tax cost basis of assets | $ 9,800 |
Real estate land under development | 55 |
Real estate construction in progress | 50.4 |
Fair market value of debt adjustments and unamortized debt issuance costs | $ 3.8 |
Tenant improvements [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | Shorter of economic life or lease terms |
Minimum [Member] | Buildings [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 20 years |
Minimum [Member] | Building Improvements and Fixtures [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 5 years |
Maximum [Member] | Buildings [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 31 years 6 months |
Maximum [Member] | Building Improvements and Fixtures [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 20 years |
Mortgage Loans on Real Estate (
Mortgage Loans on Real Estate (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Mortgage Loans On Real Estate [Line Items] | |
Prior Liens | $ 1,328,198 |
Face Amount of Mortgages | 435,174 |
Carrying Amount of Mortgages | 442,826 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Mezzanine Loans [Member] | Retail [Member] | Borrower B [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Interest Rate | 9.00% |
Final Maturity Date | 2023-06 |
Periodic Payment Terms | I |
Prior Liens | $ 20,500 |
Face Amount of Mortgages | 7,500 |
Carrying Amount of Mortgages | 7,541 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Mezzanine Loans [Member] | Retail [Member] | Borrower C [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Interest Rate | 9.00% |
Final Maturity Date | 2019-06 |
Periodic Payment Terms | I |
Prior Liens | $ 42,500 |
Face Amount of Mortgages | 12,040 |
Carrying Amount of Mortgages | 11,516 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Senior Loans And Mezzanine Loans [Member] | Retail [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Prior Liens | 63,000 |
Face Amount of Mortgages | 52,540 |
Carrying Amount of Mortgages | 49,488 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Investments in and Advances to Joint Ventures [Member] | Borrower D [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Interest Rate | 8.50% |
Final Maturity Date | 2021-10 |
Periodic Payment Terms | QI |
Prior Liens | $ 1,032,510 |
Face Amount of Mortgages | 300,000 |
Carrying Amount of Mortgages | 318,641 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Investments in and Advances to Joint Ventures [Member] | Borrower E [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Interest Rate | 8.50% |
Final Maturity Date | 2022-12 |
Periodic Payment Terms | QI |
Prior Liens | $ 232,688 |
Face Amount of Mortgages | 82,634 |
Carrying Amount of Mortgages | 74,697 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Senior Loans [Member] | Retail [Member] | Borrower A [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Interest Rate | 5.70% |
Final Maturity Date | 2017-09 |
Periodic Payment Terms | P&I |
Prior Liens | $ 0 |
Face Amount of Mortgages | 33,000 |
Carrying Amount of Mortgages | 30,431 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Changes in Mortgage Loans (Deta
Changes in Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans On Real Estate [Abstract] | |||
Balance at beginning of period | $ 437,144 | $ 357,754 | $ 143,989 |
Additions during period: | |||
New mortgage loans | 11,139 | 82,634 | 300,000 |
Interest | 8,559 | 7,212 | 6,120 |
Accretion of discount | 1,038 | 980 | 926 |
Deductions during period: | |||
Provision for loan loss reserve | 0 | 0 | (500) |
Collections of principal and interest | (15,054) | (11,436) | (92,781) |
Balance at close of period | $ 442,826 | $ 437,144 | $ 357,754 |