Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | ||
Sep. 30, 2019 | Oct. 31, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q3 | ||
Entity File Number | 1-11690 | ||
Entity Tax Identification Number | 34-1723097 | ||
Entity Address, Address Line One | 3300 Enterprise Parkway | ||
Entity Address, City or Town | Beachwood | ||
Entity Address, Postal Zip Code | 44122 | ||
City Area Code | 216 | ||
Local Phone Number | 755-5500 | ||
Entity Address, State or Province | OH | ||
Entity Registrant Name | SITE Centers Corp. | ||
Entity Central Index Key | 0000894315 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Common Stock, Par Or Stated Value Per Share | $ 0.10 | $ 0.10 | |
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Common Stock, Shares Outstanding | 193,803,971 | ||
Common Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Shares | ||
6.375% Class A Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC PRA | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Class A Cumulative Redeemable Preferred Shares | ||
6.5% Class J Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC PRJ | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Class J Cumulative Redeemable Preferred Shares | ||
6.25% Class K Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC PRK | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Class K Cumulative Redeemable Preferred Shares |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Land | $ 857,782 | $ 873,548 |
Buildings | 3,209,229 | 3,251,030 |
Fixtures and tenant improvements | 466,394 | 448,371 |
Total real estate rental property | 4,533,405 | 4,572,949 |
Less: Accumulated depreciation | (1,255,110) | (1,172,357) |
Real estate rental property, net | 3,278,295 | 3,400,592 |
Construction in progress and land | 76,525 | 54,917 |
Total real estate assets, net | 3,354,820 | 3,455,509 |
Investments in and advances to joint ventures, net | 330,879 | 329,623 |
Investment in and advances to affiliate | 206,668 | 223,985 |
Cash and cash equivalents | 23,727 | 11,087 |
Restricted cash | 2,296 | 2,563 |
Accounts receivable | 60,655 | 67,335 |
Other assets, net | 120,816 | 116,229 |
Total assets | 4,099,861 | 4,206,331 |
Unsecured indebtedness: | ||
Senior notes, net | 1,647,474 | 1,646,007 |
Term loan, net | 99,417 | 49,655 |
Revolving credit facilities | 0 | 100,000 |
Total unsecured indebtedness | 1,746,891 | 1,795,662 |
Mortgage indebtedness, net | 86,392 | 88,743 |
Total indebtedness | 1,833,283 | 1,884,405 |
Accounts payable and other liabilities | 214,430 | 203,662 |
Dividends payable | 44,643 | 45,262 |
Total liabilities | 2,092,356 | 2,133,329 |
Commitments and contingencies | ||
SITE Centers Equity | ||
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 184,718,192 and 184,711,545 shares issued at September 30, 2019 and December 31, 2018, respectively | 18,472 | 18,471 |
Additional paid-in capital | 5,547,534 | 5,544,220 |
Accumulated distributions in excess of net income | (4,037,373) | (3,980,151) |
Deferred compensation obligation | 8,070 | 8,193 |
Accumulated other comprehensive loss | (757) | (1,381) |
Less: Common shares in treasury at cost: 4,469,878 and 3,373,114 shares at September 30, 2019 and December 31, 2018, respectively | (56,520) | (44,278) |
Total SITE Centers shareholders' equity | 2,004,426 | 2,070,074 |
Non-controlling interests | 3,079 | 2,928 |
Total equity | 2,007,505 | 2,073,002 |
Total liabilities and equity | 4,099,861 | 4,206,331 |
Class A Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | 175,000 | 175,000 |
Class J Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | 200,000 | 200,000 |
Class K Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | $ 150,000 | $ 150,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, shares authorized | 300,000,000 | 300,000,000 |
Common shares, shares issued | 184,718,192 | 184,711,545 |
Treasury at cost | 4,469,878 | 3,373,114 |
Class A Cumulative Redeemable Preferred Shares [Member] | ||
Cumulative redeemable preferred shares, liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 350,000 | 350,000 |
Cumulative redeemable preferred shares, shares outstanding | 350,000 | 350,000 |
Preferred stock dividend rate | 6.375% | 6.375% |
Cumulative redeemable preferred shares, par value | ||
Class J Cumulative Redeemable Preferred Shares [Member] | ||
Cumulative redeemable preferred shares, liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 400,000 | 400,000 |
Cumulative redeemable preferred shares, shares outstanding | 400,000 | 400,000 |
Preferred stock dividend rate | 6.50% | 6.50% |
Cumulative redeemable preferred shares, par value | ||
Class K Cumulative Redeemable Preferred Shares [Member] | ||
Cumulative redeemable preferred shares, liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 300,000 | 300,000 |
Cumulative redeemable preferred shares, shares outstanding | 300,000 | 300,000 |
Preferred stock dividend rate | 6.25% | 6.25% |
Cumulative redeemable preferred shares, par value |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues from operations: | ||||
Rental income | $ 108,060 | $ 126,148 | $ 332,555 | $ 529,916 |
Fee and other income | 13,580 | 16,163 | 48,764 | 33,879 |
Business interruption income | 885 | 1,784 | 885 | 6,884 |
Total revenue from operations | 122,525 | 144,095 | 382,204 | 570,679 |
Rental operation expenses: | ||||
Operating and maintenance | 16,738 | 18,386 | 54,322 | 85,473 |
Real estate taxes | 16,721 | 21,211 | 52,262 | 83,712 |
Impairment charges | 2,750 | 19,890 | 3,370 | 68,394 |
Hurricane property (credit) loss | 0 | (157) | 0 | 817 |
General and administrative | 15,304 | 15,232 | 44,348 | 45,353 |
Depreciation and amortization | 40,732 | 49,629 | 123,400 | 196,515 |
Total rental operation expenses | 92,245 | 124,191 | 277,702 | 480,264 |
Other income (expense): | ||||
Interest income | 4,616 | 5,055 | 13,658 | 15,412 |
Interest expense | (21,160) | (26,962) | (63,973) | (115,915) |
Other income (expense), net | (322) | (1,454) | (254) | (99,316) |
Total other income (expense) | (16,866) | (23,361) | (50,569) | (199,819) |
Income (loss) before earnings from equity method investments and other items | 13,414 | (3,457) | 53,933 | (109,404) |
Equity in net income (loss) of joint ventures | 2,612 | (2,920) | 5,446 | 9,687 |
Reserve of preferred equity interests, net | (6,373) | (2,201) | (12,106) | (4,537) |
Gain on disposition of real estate, net | 14,497 | 124 | 31,087 | 39,643 |
Income (loss) before tax expense | 24,150 | (8,454) | 78,360 | (64,611) |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (249) | (238) | (827) | (611) |
Net income (loss) | 23,901 | (8,692) | 77,533 | (65,222) |
Income attributable to non-controlling interests, net | (271) | (239) | (836) | (1,191) |
Net income (loss) attributable to SITE Centers | 23,630 | (8,931) | 76,697 | (66,413) |
Preferred dividends | (8,382) | (8,382) | (25,148) | (25,148) |
Net income (loss) attributable to common shareholders | $ 15,248 | $ (17,313) | $ 51,549 | $ (91,561) |
Per share data: | ||||
Basic | $ 0.08 | $ (0.09) | $ 0.28 | $ (0.50) |
Diluted | $ 0.08 | $ (0.09) | $ 0.28 | $ (0.50) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 23,901 | $ (8,692) | $ 77,533 | $ (65,222) |
Other comprehensive income (loss): | ||||
Foreign currency translation, net | (105) | 311 | 273 | (402) |
Change in fair value of interest-rate contracts | 0 | (9) | 0 | (10) |
Change in cash flow hedges reclassed to earnings | 117 | 117 | 351 | 351 |
Total other comprehensive income (loss) | 12 | 419 | 624 | (61) |
Comprehensive income (loss) | 23,913 | (8,273) | 78,157 | (65,283) |
Total comprehensive income attributable to non-controlling interests | (271) | (294) | (836) | (1,117) |
Total comprehensive income (loss) attributable to SITE Centers | $ 23,642 | $ (8,567) | $ 77,321 | $ (66,400) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Deferred Compensation Obligation [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock at Cost [Member] | Non-Controlling Interests [Member] |
Balance at Dec. 31, 2017 | $ 2,897,438 | $ 525,000 | $ 18,426 | $ 5,531,249 | $ (3,183,134) | $ 8,777 | $ (1,106) | $ (8,280) | $ 6,506 |
Issuance of common shares related to stock plans | 5,930 | 0 | 39 | 5,891 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation, net | 4,903 | 0 | 0 | 4,986 | 0 | (1,059) | 0 | 976 | 0 |
Distributions to non-controlling interests | (837) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (837) |
Redemption of OP Units | (709) | 0 | 0 | 880 | 0 | 0 | 0 | 0 | (1,589) |
Dividends declared-common shares | (140,611) | 0 | 0 | 0 | (140,611) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (16,766) | 0 | 0 | 0 | (16,766) | 0 | 0 | 0 | 0 |
Comprehensive (loss) income | (57,010) | 0 | 0 | 0 | (57,482) | 0 | (351) | 0 | 823 |
Balance at Jun. 30, 2018 | 2,692,338 | 525,000 | 18,465 | 5,543,006 | (3,397,993) | 7,718 | (1,457) | (7,304) | 4,903 |
Balance at Dec. 31, 2017 | 2,897,438 | 525,000 | 18,426 | 5,531,249 | (3,183,134) | 8,777 | (1,106) | (8,280) | 6,506 |
Comprehensive (loss) income | (65,283) | ||||||||
Balance at Sep. 30, 2018 | 1,974,991 | 525,000 | 18,467 | 5,542,949 | (4,115,736) | 8,474 | (1,093) | (8,054) | 4,984 |
Balance at Jun. 30, 2018 | 2,692,338 | 525,000 | 18,465 | 5,543,006 | (3,397,993) | 7,718 | (1,457) | (7,304) | 4,903 |
Issuance of common shares related to stock plans | 39 | 0 | 2 | 37 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation, net | (88) | 0 | 0 | (94) | 0 | 756 | 0 | (750) | 0 |
Distributions to non-controlling interests | (213) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (213) |
Dividends declared-common shares | (37,024) | 0 | 0 | 0 | (37,024) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (8,382) | 0 | 0 | 0 | (8,382) | 0 | 0 | 0 | 0 |
RVI spin-off | (663,406) | 0 | 0 | 0 | (663,406) | 0 | 0 | 0 | 0 |
Comprehensive (loss) income | (8,273) | 0 | 0 | 0 | (8,931) | 0 | 364 | 0 | 294 |
Balance at Sep. 30, 2018 | 1,974,991 | 525,000 | 18,467 | 5,542,949 | (4,115,736) | 8,474 | (1,093) | (8,054) | 4,984 |
Balance at Dec. 31, 2018 | 2,073,002 | 525,000 | 18,471 | 5,544,220 | (3,980,151) | 8,193 | (1,381) | (44,278) | 2,928 |
Issuance of common shares related to stock plans | 0 | 0 | 1 | (1) | 0 | 0 | 0 | 0 | 0 |
Repurchase of common shares | (14,069) | 0 | 0 | 0 | 0 | 0 | 0 | (14,069) | 0 |
Stock-based compensation, net | 3,729 | 0 | 0 | 2,188 | 0 | (147) | 0 | 1,688 | 0 |
Distributions to non-controlling interests | (379) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (379) |
Dividends declared-common shares | (72,510) | 0 | 0 | 0 | (72,510) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (16,766) | 0 | 0 | 0 | (16,766) | 0 | 0 | 0 | 0 |
Comprehensive (loss) income | 54,244 | 0 | 0 | 0 | 53,067 | 0 | 612 | 0 | 565 |
Balance at Jun. 30, 2019 | 2,027,251 | 525,000 | 18,472 | 5,546,407 | (4,016,360) | 8,046 | (769) | (56,659) | 3,114 |
Balance at Dec. 31, 2018 | 2,073,002 | 525,000 | 18,471 | 5,544,220 | (3,980,151) | 8,193 | (1,381) | (44,278) | 2,928 |
Comprehensive (loss) income | 78,157 | ||||||||
Balance at Sep. 30, 2019 | 2,007,505 | 525,000 | 18,472 | 5,547,534 | (4,037,373) | 8,070 | (757) | (56,520) | 3,079 |
Balance at Jun. 30, 2019 | 2,027,251 | 525,000 | 18,472 | 5,546,407 | (4,016,360) | 8,046 | (769) | (56,659) | 3,114 |
Issuance of common shares related to stock plans | 21 | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation, net | 1,269 | 0 | 0 | 1,106 | 0 | 24 | 0 | 139 | 0 |
Distributions to non-controlling interests | (306) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (306) |
Dividends declared-common shares | (36,261) | 0 | 0 | 0 | (36,261) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (8,382) | 0 | 0 | 0 | (8,382) | 0 | 0 | 0 | 0 |
Comprehensive (loss) income | 23,913 | 0 | 0 | 0 | 23,630 | 0 | 12 | 0 | 271 |
Balance at Sep. 30, 2019 | $ 2,007,505 | $ 525,000 | $ 18,472 | $ 5,547,534 | $ (4,037,373) | $ 8,070 | $ (757) | $ (56,520) | $ 3,079 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 77,533 | $ (65,222) |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 123,400 | 196,515 |
Stock-based compensation | 9,582 | 5,344 |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 3,055 | 15,209 |
Loss on extinguishment of debt | 0 | 49,049 |
Equity in net income of joint ventures | (5,446) | (9,687) |
Reserve of preferred equity interests, net | 12,106 | 4,537 |
Operating cash distributions from joint ventures | 7,693 | 6,077 |
Gain on disposition of real estate, net | (31,087) | (39,643) |
Impairment charges | 3,370 | 68,394 |
Cash paid for interest rate hedging activities | 0 | (4,538) |
Assumption of building due to ground lease termination | 0 | (2,150) |
Change in notes receivable accrued interest | 206 | 1,020 |
Net change in accounts receivable | 4,233 | (2,908) |
Transaction costs related to RVI spin-off | 0 | (27,203) |
Net change in accounts payable and accrued expenses | (7,124) | 15,256 |
Net change in other operating assets and liabilities | (8,101) | (12,581) |
Total adjustments | 111,887 | 262,691 |
Net cash flow provided by operating activities | 189,420 | 197,469 |
Cash flow from investing activities: | ||
Real estate developed and improvements to operating real estate | (80,197) | (95,357) |
Proceeds from disposition of real estate | 107,101 | 301,479 |
Hurricane property insurance advance proceeds | 0 | 20,193 |
Equity contributions to joint ventures | (47,020) | (170) |
Distributions from unconsolidated joint ventures | 15,329 | 30,350 |
Repayment of joint venture advances | 17,418 | 68,146 |
Net transactions with RVI | 17,000 | (33,681) |
Net cash flow provided by investing activities | 29,631 | 290,960 |
Cash flow from financing activities: | ||
(Repayment of) proceeds from revolving credit facilities, net | (100,000) | 105,000 |
Repayment of senior notes | 0 | (947,014) |
Repayment of term loan and mortgage debt | (1,669) | (759,970) |
Payment of debt issuance costs | (5,006) | (32,825) |
Proceeds from mortgage payable and term loan | 50,000 | 1,350,000 |
(Repurchase) issuance of common shares in conjunction with equity award plans and dividend reinvestment plan | (708) | 5,048 |
Repurchase of common shares | (14,069) | 0 |
Redemption of operating partnership units | 0 | (736) |
Contribution of assets to RVI | 0 | (52,358) |
Distributions to non-controlling interests and redeemable operating partnership units | (685) | (1,097) |
Dividends paid | (134,539) | (235,926) |
Net cash flow used for financing activities | (206,676) | (569,878) |
Effect of foreign exchange rate changes on cash and cash equivalents | (2) | (2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 12,375 | (81,449) |
Cash, cash equivalents and restricted cash, beginning of period | 13,650 | 94,724 |
Cash, cash equivalents and restricted cash, end of period | $ 26,023 | $ 13,273 |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business and Financial Statement Presentation | 1 . Nature of Business and Financial Statement Presentation Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) 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 SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries and consolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local tenants. 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. Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and nine months ended September 30, 2019 and 2018, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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 $164.3 million and $192.2 million as of September 30, 2019 and December 31, 2018, respectively. Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $1.4 million and $11.5 million of contractual lease payments from Fee and Other Income to Rental Income within total revenues on its consolidated statements of operations for the three and nine months ended September 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02— Leases Topic 842” 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): Nine Months Ended September 30, 2019 2018 Dividends declared, but not paid $ 44.6 $ 45.4 Accounts payable related to construction in progress 14.9 8.2 Assumption of building due to ground lease termination — 2.2 Contribution of net assets to RVI — 663.4 Receivable and reduction of real estate assets, net - related to hurricane — 7.8 Conversion of Operating Partnership Units — 0.9 Common Shares The Company declared common share dividends of $0.20 per share for each of the three months ended September 30, 2019 and 2018, and $0.60 per share and $0.96 per share for the nine months ended September 30, 2019 and 2018, respectively. New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842, as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections in connection with the adoption: • As a lessee — the short-term lease exception for the Company’s office leases; • As a lessor — to include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • As a lessor — to exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). Upon adoption of the standard, the Company’s consolidated financial statements were impacted as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at three shopping centers and three additional leases where the Company is the lessee (Note 6), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients. The Company recorded ROU assets and lease liabilities of approximately $22.0 million and $40.3 million, respectively, as of January 1, 2019 • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $1.7 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018 • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income which includes Minimum Rents, Percentage and Overage Rents, Recoveries from Tenants, Ancillary Income and Lease Termination Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, bad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Rental Income Rental Income on the consolidated statements of operations includes contractual lease payments that generally include the following: • Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income, and parking income, which are recognized in the period earned. Upon adoption of Topic 842, Rental Income for the periods beginning on or after January 1, 2019, has been reduced for amounts the Company believes are not probable of being collected. Fee and O ther I ncome Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers and other property-related income, primarily composed of theater income, and is recognized in the period earned as follows (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Revenue from contracts: Asset and property management fees $ 9,751 $ 10,501 $ 32,392 $ 20,982 Leasing commissions 1,036 1,818 3,916 4,752 Development fees 552 393 1,497 1,021 Disposition fees 546 1,622 3,263 1,622 Credit facility guaranty and refinancing fees 60 60 1,860 60 Total revenue from contracts with customers 11,945 14,394 42,928 28,437 Other property income: Other 1,635 1,769 5,836 5,442 Total fee and other income $ 13,580 $ 16,163 $ 48,764 $ 33,879 |
Investments in and Advances to
Investments in and Advances to Joint Ventures | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Joint Ventures | 3. Investments in and Advances to Joint Ventures At September 30, 2019 and December 31, 2018, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 102 and 106 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): September 30, 2019 December 31, 2018 Condensed Combined Balance Sheets Land $ 957,434 $ 1,004,289 Buildings 2,710,289 2,804,027 Fixtures and tenant improvements 230,656 221,412 3,898,379 4,029,728 Less: Accumulated depreciation (968,414 ) (935,921 ) 2,929,965 3,093,807 Construction in progress and land 54,198 56,498 Real estate, net 2,984,163 3,150,305 Cash and restricted cash 88,934 94,111 Receivables, net 39,820 44,702 Other assets, net 164,641 186,693 $ 3,277,558 $ 3,475,811 Mortgage debt $ 1,844,940 $ 2,212,503 Notes and accrued interest payable to the Company 6,105 5,182 Other liabilities 153,788 161,372 2,004,833 2,379,057 Redeemable preferred equity – (A) 263,316 274,493 Accumulated equity 1,009,409 822,261 $ 3,277,558 $ 3,475,811 Company's share of accumulated equity $ 172,567 $ 145,786 Redeemable preferred equity, net (B) 162,730 189,891 Basis differentials (8,114 ) (8,536 ) Deferred development fees, net of portion related to the Company's interest (2,409 ) (2,700 ) Amounts payable to the Company 6,105 5,182 Investments in and Advances to Joint Ventures, net $ 330,879 $ 329,623 (A) Includes PIK that the Company has accrued since March 2017 of $16.1 million and $12.2 million at September 30, 2019 and December 31, 2018, respectively, which, in each case, was fully reserved. (B) Amount is net of the valuation allowance of $84.5 million and $72.4 million and the fully reserved PIK of $16.1 million and $12.2 million at September 30, 2019 and December 31, 2018, respectively. Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Condensed Combined Statements of Operations Revenues from operations (A) $ 105,223 $ 103,217 $ 319,906 $ 325,501 Expenses from operations: Operating expenses 28,798 29,577 89,341 96,272 Impairment charges — 87,880 12,267 104,790 Depreciation and amortization 36,867 34,332 113,340 111,308 Interest expense 22,530 23,126 73,472 72,315 Preferred share expense 5,544 6,249 16,487 19,074 Other expense, net 5,017 5,460 16,358 19,497 98,756 186,624 321,265 423,256 Income (loss) before gain on disposition of real estate 6,467 (83,407 ) (1,359 ) (97,755 ) (Loss) gain on disposition of real estate, net (440 ) 32,548 15,205 82,924 Net income (loss) attributable to unconsolidated joint ventures $ 6,027 $ (50,859 ) $ 13,846 $ (14,831 ) Company's share of equity in net income (loss) of joint ventures $ 2,404 $ (7,669 ) $ 4,851 $ 4,310 Basis differential adjustments (B) 208 4,749 595 5,377 Equity in net income (loss) of joint ventures $ 2,612 $ (2,920 ) $ 5,446 $ 9,687 (A) Revenue from operations is subject to leasing or other standards. (B) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests in the BRE DDR Joint Ventures (as defined below) are as follows (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Revenue from contracts: Asset and property management fees $ 4.7 $ 4.0 $ 14.8 $ 14.5 Development fees, leasing commissions and other 1.2 1.5 3.7 5.1 Total revenue from contracts with customers 5.9 5.5 18.5 19.6 Other: Interest income 4.2 4.8 12.6 14.6 Other 0.8 0.7 2.3 1.9 Total fee and other income $ 10.9 $ 11.0 $ 33.4 $ 36.1 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. BRE DDR Joint Ventures The Company’s two unconsolidated investments with The Blackstone Group L.P. (“Blackstone”), BRE DDR Retail Holdings III (“BRE DDR III”) and BRE DDR Retail Holdings IV (“BRE DDR IV” and, together with BRE DDR III, the “BRE DDR Joint Ventures”), have substantially similar terms. An affiliate of Blackstone is the managing member and effectively owns 95% of the common equity of each of the two BRE DDR Joint Ventures, and consolidated affiliates of SITE Centers effectively own the remaining 5%. 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, as discussed below, is redeemed in full (except for certain specified events). The Company’s preferred interests are entitled to certain preferential cumulative distributions payable out of operating cash flows and certain capital proceeds pursuant to the terms and conditions of the preferred investments. The preferred distributions are recognized as Interest Income within the Company’s consolidated statements of operations and are classified as a note receivable in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets. The preferred investments have an annual distribution rate of 8.5 % including any deferred and unpaid preferred distributions. Blackstone has the right to defer up to 2.0 % of the 8.5 % preferred fixed distributions as a payment in kind (“PIK”) distribution. Blackstone has made this PIK deferral election since the formation of both joint ventures. The cash portion of the preferred fixed distributions is generally payable first out of operating cash flows and is current for both BRE DDR Joint Ventures. The Company has no expectation that the cash portion of the preferred fixed distribution will become impaired. As a result of the valuation allowances recorded, the Company no longer recognizes as interest income the 2.0% PIK. Although Blackstone has the right to change its payment election, the Company expects future preferred distributions to continue to include the PIK component. The recognition of the PIK interest income will be reevaluated based upon any future adjustments to the aggregate valuation allowance, as appropriate. The Preferred investments are summarized as follows (in millions, except properties owned): Preferred Investment (Principal) Properties Owned Formation Initial September 30, 2019 Valuation Allowance Net of Reserve Inception September 30, 2019 BRE DDR III 2014 $ 300.0 $ 178.9 $ (73.2 ) $ 105.7 70 14 BRE DDR IV 2015 82.6 64.1 (11.3 ) 52.8 6 5 $ 382.6 $ 243.0 $ (84.5 ) $ 158.5 The Company reassessed the aggregate valuation allowance at September 30, 2019, with respect to its preferred investments in the BRE DDR Joint Ventures. Based upon actual timing and values of recent property sales, as well as current market assumptions, the Company adjusted the aggregate valuation allowance by an increase of $6.4 million and $12.1 million for the three and nine months ended September 30, 2019, respectively, resulting in a net valuation allowance of $84.5 million. The valuation allowance is recorded as Reserve of Preferred Equity Interests on the Company’s consolidated statements of operations. The Company will continue to monitor the investments and related valuation allowance, which could be increased or decreased in future periods, as appropriate. Disposition of Shopping Centers From January 1, 2019 to September 30, 2019, the Company’s joint ventures sold four shopping centers for $129.5 million, of which the Company’s share of the gain on sale was $1.5 million. |
Investment in and Advances to A
Investment in and Advances to Affiliate | 9 Months Ended |
Sep. 30, 2019 | |
Investments In And Advances To Affiliates [Abstract] | |
Investment in and Advances to Affiliate | 4 . Investment in and Advances to Affiliate The Company has a preferred investment in Retail Value Inc. (“RVI”) of $190.0 million and had receivables from RVI of $16.7 million and $34.0 million at September 30, 2019 and December 31, 2018, respectively, primarily consisting of restricted cash and insurance premiums owed by RVI pursuant to the terms of the agreement governing the separation of RVI from the Company, which occurred on July 1, 2018. Revenue from contracts with RVI is included in Fee and Other Income on the consolidated statements of operations and was composed of the following (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Asset and property management fees $ 5.1 $ 6.5 $ 16.6 $ 6.5 Leasing commissions 0.4 0.7 1.8 0.7 Disposition fees 0.5 1.6 3.2 1.6 Credit facility guaranty and refinancing fees 0.1 0.1 1.9 0.1 Total revenue from contracts with RVI 6.1 8.9 23.5 8.9 |
Other Assets, net
Other Assets, net | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets [Abstract] | |
Other Assets, Net | 5 . Other Assets, net Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): September 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 21,952 $ 30,703 Above-market leases, net 3,272 6,833 Lease origination costs 3,015 4,045 Tenant relations, net 27,747 35,838 Total intangible assets, net (A) 55,986 77,419 Operating lease ROU assets (B) 21,628 — Notes receivable 19,670 19,675 Other assets: Prepaid expenses 6,593 5,372 Other assets 4,206 3,612 Deposits 4,108 4,384 Deferred charges, net 8,625 5,767 Total other assets, net $ 120,816 $ 116,229 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $4.2 million and $18.1 million for the three months ended September 30, 2019 and 2018, respectively, and $13.5 million and $28.2 million for the nine months ended September 30, 2019 and 2018, respectively. (B) Operating lease ROU assets are discussed further in Notes 1 and 6. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 6 . Leases Lessee 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. The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2029. Certain of the lease agreements include variable payments for reimbursement of common area expenses. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBR”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on the Company’s outstanding public debt, as well as comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground and office leases; however, these options were not considered as part of the lease term when calculating the lease liability, as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification September 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 21,628 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 40,518 Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative for its office leases are as follows (in thousands): Three Months Ended Nine Months Ended Classification September 30, 2019 September 30, 2019 Operating and Maintenance $ 788 $ 2,822 General and Administrative (A) 852 2,065 Total lease costs $ 1,640 $ 4,887 (A) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: September 30, 2019 Weighted-Average Remaining Lease Term 35.7 years Weighted-Average Discount Rate 7.3 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 2,394 As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases, Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 306,740 $ 3,253 2020 279,374 4,070 2021 243,379 4,080 2022 202,371 3,928 2023 150,909 3,417 Thereafter 417,296 120,825 $ 1,600,069 $ 139,573 As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending September 30, (in thousands): Year September 30, 2020 $ 4,137 2021 4,150 2022 4,114 2023 3,542 2024 3,516 Thereafter 118,216 Total lease payments 137,675 Less imputed interest (97,157 ) Total $ 40,518 Lessor 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 for rents which, in some cases, are 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 income from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions as determined under Topic 842 for such premises for the 12-month periods ending September 30, were as follows (in thousands): Year Ending September 30, 2020 $ 315,868 2021 288,171 2022 249,158 2023 199,433 2024 152,146 Thereafter 441,305 Total $ 1,646,081 |
Revolving Credit Facilities
Revolving Credit Facilities | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities | 7 . Revolving Credit Facilities The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Amount at September 30, 2019 Weighted-Average Interest Rate at September 30, 2019 Maturity Date Unsecured Credit Facility $ — N/A January 2024 PNC Facility — N/A January 2024 In July 2019, the Company amended and restated its unsecured revolving credit facility with a syndicate of financial institutions, arranged by Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $950 million if certain financial covenants are maintained, and an accordion feature for expansion of availability up to $1.45 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level, and was amended to extend the maturity date to January 2024, subject to two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions). 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 September 30, 2019. In August 2019, the Company also amended its $20 million unsecured revolving credit facility with PNC Bank, National Association (“PNC”, the “PNC Facility” and, the Company the Company 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 (0.90% at September 30, 2019) or the Alternative Base Rate, as defined in the respective facility, plus a specified spread (0% at September 30, 2019). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc., S&P Global Ratings, Fitch Investor Services, Inc. and their successors. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at September 30, 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8 . Fair Value Measurements The Company utilized the methods and assumptions described below in estimating fair value disclosures of 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 are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The carrying values and the estimated fair values are summarized as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,647,474 $ 1,753,587 $ 1,646,007 $ 1,639,827 Revolving Credit Facilities and term loans 99,417 100,179 149,655 150,533 Mortgage Indebtedness 86,392 88,118 88,743 89,228 $ 1,833,283 $ 1,941,884 $ 1,884,405 $ 1,879,588 |
Other Comprehensive Loss
Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Loss | 9 . Other Comprehensive Loss The changes in Accumulated Other Comprehensive Loss by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2018 $ (1,641 ) $ 260 $ (1,381 ) Other comprehensive income before reclassifications — 273 273 Change in cash flow hedges reclassed to earnings (A) 351 — 351 Net current-period other comprehensive income 351 273 624 Balance, September 30, 2019 $ (1,290 ) $ 533 $ (757 ) (A) Amortization classified in Interest Expense in the Company’s consolidated statement of operations for the nine months ended September 30, 2019, which was previously recognized in Accumulated Other Comprehensive Loss. |
Impairment Charges and Reserves
Impairment Charges and Reserves | 9 Months Ended |
Sep. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Reserves | 10 . Impairment Charges and Reserves The Company recorded impairment charges and reserves based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Assets marketed for sale (A) $ — $ 5.8 $ 0.6 $ 5.8 Assets included in the spin-off of RVI (B) — 14.1 — 62.6 Undeveloped land (A) 2.8 — 2.8 — Reserve of preferred equity interests (C) 6.4 2.2 12.1 4.5 Total impairment charges $ 9.2 $ 22.1 $ 15.5 $ 72.9 (A) The impairments recorded during the nine months ended September 30, 2019, were triggered by indicative bids received. (B) In 2018, charges were triggered by indicative bids received and changes in market assumptions due to the disposition process beginning in 2017. (C) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 3). 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 valuation 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 valuation 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 the valuation of the preferred equity interests, the significant assumptions used in the discounted cash flow analysis included the discount rate, projected net operating income, the timing of the expected redemption and the exit capitalization rates. For investments in unconsolidated joint ventures, the Company also considered the valuation of any underlying joint venture debt. These valuations were calculated based on market conditions and assumptions made by management at the time the valuation adjustments and impairments 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 and reserves on both financial and nonfinancial assets that were measured on a fair value basis for the nine months ended September 30, 2019. 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 Impairment Charges September 30, 2019 Long-lived assets held and used $ — $ — $ 5.0 $ 5.0 $ 3.4 Preferred equity interests — — 158.5 158.5 12.1 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): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Description September 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of consolidated assets $ 5.0 Indicative Bid (A) Indicative Bid (A) N/A Reserve of preferred equity interests 158.5 Discounted Cash Flow Discount Rate 8.8%-9.6% Terminal Capitalization Rate 8.0%-8.9% NOI Growth Rate 1% (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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11 . Earnings Per Share The following table provides a reconciliation of net income (loss) 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). Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Numerators – Basic and Diluted Net income (loss) $ 23,901 $ (8,692 ) $ 77,533 $ (65,222 ) Plus: Income attributable to non-controlling interests (271 ) (239 ) (836 ) (1,191 ) Less: Preferred dividends (8,382 ) (8,382 ) (25,148 ) (25,148 ) Less: Earnings attributable to unvested shares and operating partnership units (174 ) (119 ) (520 ) (971 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 15,074 $ (17,432 ) $ 51,029 $ (92,532 ) Denominators – Number of Shares Basic — 180,567 184,655 180,555 184,616 Assumed conversion of diluted securities 940 — 1,064 — Diluted — 181,507 184,655 181,619 184,616 Earnings (Loss) Per Share: Basic $ 0.08 $ (0.09 ) $ 0.28 $ (0.50 ) Diluted $ 0.08 $ (0.09 ) $ 0.28 $ (0.50 ) Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2019 and March 2018 were dilutive and the PRSUs issued in March 2017 were anti-dilutive in the computation of EPS for the three and nine months ended September 30, 2019. PRSUs issued in March 2018 and March 2017 were not considered in the computation of diluted EPS for the three and nine months ended September 30, 2018, as the calculation was anti-dilutive. For the three and nine months ended September 30, 2019, the Company recorded a mark-to-market adjustment of $ 1.4 million and $ 2.8 million, respectively, primarily in connection with the PRSUs issued in March 2018. Stock Repurchase Program In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program. In 2019, the Company repurchased 1.2 million shares at a cost of $14.1 million. These shares are recorded as Treasury Shares on the Company’s consolidated balance sheet. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 12 . Segment Information The tables below present information about the Company’s reportable operating segments (in thousands): Three Months Ended September 30, 2019 Shopping Centers Loan Investments Other Total Rental income $ 108,060 $ — $ — $ 108,060 Other income 13,567 13 — 13,580 Business interruption income — — 885 885 Total revenues 121,627 13 885 122,525 Rental operation expenses (33,456 ) (3 ) — (33,459 ) Net operating income 88,171 10 885 89,066 Impairment charges (2,750 ) (2,750 ) Depreciation and amortization (40,732 ) (40,732 ) Interest income 4,616 4,616 Other income (expense), net (322 ) (322 ) Unallocated expenses (A) (36,464 ) (36,464 ) Equity in net income of joint ventures 2,612 2,612 Reserve of preferred equity interests, net (6,373 ) (6,373 ) Gain on disposition of real estate, net 14,497 14,497 Income before tax expense $ 24,150 Three Months Ended September 30, 2018 Shopping Centers Loan Investments Other Total Rental income $ 126,148 $ — $ — $ 126,148 Other income 16,149 14 — 16,163 Business interruption income — — 1,784 1,784 Total revenues 142,297 14 1,784 144,095 Rental operation expenses (39,597 ) — — (39,597 ) Net operating income 102,700 14 1,784 104,498 Impairment charges (19,890 ) (19,890 ) Hurricane property credit, net 157 157 Depreciation and amortization (49,629 ) (49,629 ) Interest income 5,055 5,055 Other income (expense), net (1,454 ) (1,454 ) Unallocated expenses (A) (42,194 ) (42,194 ) Equity in net loss of joint ventures (2,920 ) (2,920 ) Reserve of preferred equity interests, net (2,201 ) (2,201 ) Gain on disposition of real estate, net 124 124 Loss before tax expense $ (8,454 ) Nine Months Ended September 30, 2019 Shopping Centers Loan Investments Other Total Rental income $ 332,555 $ — $ — $ 332,555 Other income 48,722 42 — 48,764 Business interruption income — — 885 885 Total revenues 381,277 42 885 382,204 Rental operation expenses (106,574 ) (10 ) — (106,584 ) Net operating income 274,703 32 885 275,620 Impairment charges (3,370 ) (3,370 ) Depreciation and amortization (123,400 ) (123,400 ) Interest income 13,658 13,658 Other income (expense), net (254 ) (254 ) Unallocated expenses (A) (108,321 ) (108,321 ) Equity in net income of joint ventures 5,446 5,446 Reserve of preferred equity interests, net (12,106 ) (12,106 ) Gain on disposition of real estate, net 31,087 31,087 Income before tax expense $ 78,360 As of September 30, 2019: Total gross real estate assets $ 4,609,930 $ 4,609,930 Notes receivable, net (B) $ 182,400 $ (162,730 ) $ 19,670 Nine Months Ended September 30, 2018 Shopping Centers Loan Investments Other Total Rental income $ 529,916 $ — $ — $ 529,916 Other income 33,836 43 — 33,879 Business interruption income 5,100 — 1,784 6,884 Total revenues 568,852 43 1,784 570,679 Rental operation expenses (169,185 ) — — (169,185 ) Net operating income 399,667 43 1,784 401,494 Impairment charges (68,394 ) (68,394 ) Hurricane property (loss) credit, net (974 ) 157 (817 ) Depreciation and amortization (196,515 ) (196,515 ) Interest income 15,412 15,412 Other income (expense), net (99,316 ) (99,316 ) Unallocated expenses (A) (161,268 ) (161,268 ) Equity in net income of joint ventures 9,687 9,687 Reserve of preferred equity interests, net (4,537 ) (4,537 ) Gain on disposition of real estate, net 39,643 39,643 Loss before tax expense $ (64,611 ) As of September 30, 2018: Total gross real estate assets $ 5,171,227 $ 5,171,227 Notes receivable, net (B) $ 223,748 $ (204,078 ) $ 19,670 (A) Unallocated expenses consist of General and Administrative Expenses and Interest 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 | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13 . Subsequent Events In October 2019, the Company purchased a shopping center in Austin, Texas, for $12.6 million. In October 2019, the Company issued 13.225 million common shares resulting in net proceeds of approximately $195.0 million. In October 2019, the Company provided notice of its intent to redeem all $200.0 million aggregate liquidation preference of its 6.5% Class J Cumulative Redeemable Preferred Shares (the “Class J Preferred Shares”) at a redemption price of $500 per Class J Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $3.7917 per Class J Preferred Share (or $0.1896 per depository share). The Company expects to record a non-cash charge of approximately $7.2 million to net income attributable to common shareholders in the fourth quarter of 2019 relating to the write-off of the Class J Preferred Shares’ original issuance costs. |
Nature of Business and Financ_2
Nature of Business and Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Business | Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) 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 SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries and consolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local tenants. 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. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and nine months ended September 30, 2019 and 2018, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
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 $164.3 million and $192.2 million as of September 30, 2019 and December 31, 2018, respectively. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $1.4 million and $11.5 million of contractual lease payments from Fee and Other Income to Rental Income within total revenues on its consolidated statements of operations for the three and nine months ended September 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02— Leases Topic 842” |
Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information | 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): Nine Months Ended September 30, 2019 2018 Dividends declared, but not paid $ 44.6 $ 45.4 Accounts payable related to construction in progress 14.9 8.2 Assumption of building due to ground lease termination — 2.2 Contribution of net assets to RVI — 663.4 Receivable and reduction of real estate assets, net - related to hurricane — 7.8 Conversion of Operating Partnership Units — 0.9 |
Common Shares | Common Shares The Company declared common share dividends of $0.20 per share for each of the three months ended September 30, 2019 and 2018, and $0.60 per share and $0.96 per share for the nine months ended September 30, 2019 and 2018, respectively. |
New Accounting Standard Adopted and to be Adopted | New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842, as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections in connection with the adoption: • As a lessee — the short-term lease exception for the Company’s office leases; • As a lessor — to include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • As a lessor — to exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). Upon adoption of the standard, the Company’s consolidated financial statements were impacted as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at three shopping centers and three additional leases where the Company is the lessee (Note 6), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients. The Company recorded ROU assets and lease liabilities of approximately $22.0 million and $40.3 million, respectively, as of January 1, 2019 • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $1.7 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018 • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income which includes Minimum Rents, Percentage and Overage Rents, Recoveries from Tenants, Ancillary Income and Lease Termination Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, bad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses |
Nature of Business and Financ_3
Nature of Business and Financial Statement Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): Nine Months Ended September 30, 2019 2018 Dividends declared, but not paid $ 44.6 $ 45.4 Accounts payable related to construction in progress 14.9 8.2 Assumption of building due to ground lease termination — 2.2 Contribution of net assets to RVI — 663.4 Receivable and reduction of real estate assets, net - related to hurricane — 7.8 Conversion of Operating Partnership Units — 0.9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Adoption of Topic 606 [Member] | |
Schedule of Fee and Other Income | Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers and other property-related income, primarily composed of theater income, and is recognized in the period earned as follows (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Revenue from contracts: Asset and property management fees $ 9,751 $ 10,501 $ 32,392 $ 20,982 Leasing commissions 1,036 1,818 3,916 4,752 Development fees 552 393 1,497 1,021 Disposition fees 546 1,622 3,263 1,622 Credit facility guaranty and refinancing fees 60 60 1,860 60 Total revenue from contracts with customers 11,945 14,394 42,928 28,437 Other property income: Other 1,635 1,769 5,836 5,442 Total fee and other income $ 13,580 $ 16,163 $ 48,764 $ 33,879 |
Investments in and Advances t_2
Investments in and Advances to Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |
Revenues Earned By the Company from Unconsolidated Joint Ventures | Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests in the BRE DDR Joint Ventures (as defined below) are as follows (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Revenue from contracts: Asset and property management fees $ 4.7 $ 4.0 $ 14.8 $ 14.5 Development fees, leasing commissions and other 1.2 1.5 3.7 5.1 Total revenue from contracts with customers 5.9 5.5 18.5 19.6 Other: Interest income 4.2 4.8 12.6 14.6 Other 0.8 0.7 2.3 1.9 Total fee and other income $ 10.9 $ 11.0 $ 33.4 $ 36.1 |
Summary of Preferred investments | The Preferred investments are summarized as follows (in millions, except properties owned): Preferred Investment (Principal) Properties Owned Formation Initial September 30, 2019 Valuation Allowance Net of Reserve Inception September 30, 2019 BRE DDR III 2014 $ 300.0 $ 178.9 $ (73.2 ) $ 105.7 70 14 BRE DDR IV 2015 82.6 64.1 (11.3 ) 52.8 6 5 $ 382.6 $ 243.0 $ (84.5 ) $ 158.5 |
Unconsolidated Joint Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | At September 30, 2019 and December 31, 2018, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 102 and 106 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): September 30, 2019 December 31, 2018 Condensed Combined Balance Sheets Land $ 957,434 $ 1,004,289 Buildings 2,710,289 2,804,027 Fixtures and tenant improvements 230,656 221,412 3,898,379 4,029,728 Less: Accumulated depreciation (968,414 ) (935,921 ) 2,929,965 3,093,807 Construction in progress and land 54,198 56,498 Real estate, net 2,984,163 3,150,305 Cash and restricted cash 88,934 94,111 Receivables, net 39,820 44,702 Other assets, net 164,641 186,693 $ 3,277,558 $ 3,475,811 Mortgage debt $ 1,844,940 $ 2,212,503 Notes and accrued interest payable to the Company 6,105 5,182 Other liabilities 153,788 161,372 2,004,833 2,379,057 Redeemable preferred equity – (A) 263,316 274,493 Accumulated equity 1,009,409 822,261 $ 3,277,558 $ 3,475,811 Company's share of accumulated equity $ 172,567 $ 145,786 Redeemable preferred equity, net (B) 162,730 189,891 Basis differentials (8,114 ) (8,536 ) Deferred development fees, net of portion related to the Company's interest (2,409 ) (2,700 ) Amounts payable to the Company 6,105 5,182 Investments in and Advances to Joint Ventures, net $ 330,879 $ 329,623 (A) Includes PIK that the Company has accrued since March 2017 of $16.1 million and $12.2 million at September 30, 2019 and December 31, 2018, respectively, which, in each case, was fully reserved. (B) Amount is net of the valuation allowance of $84.5 million and $72.4 million and the fully reserved PIK of $16.1 million and $12.2 million at September 30, 2019 and December 31, 2018, respectively. |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Condensed Combined Statements of Operations Revenues from operations (A) $ 105,223 $ 103,217 $ 319,906 $ 325,501 Expenses from operations: Operating expenses 28,798 29,577 89,341 96,272 Impairment charges — 87,880 12,267 104,790 Depreciation and amortization 36,867 34,332 113,340 111,308 Interest expense 22,530 23,126 73,472 72,315 Preferred share expense 5,544 6,249 16,487 19,074 Other expense, net 5,017 5,460 16,358 19,497 98,756 186,624 321,265 423,256 Income (loss) before gain on disposition of real estate 6,467 (83,407 ) (1,359 ) (97,755 ) (Loss) gain on disposition of real estate, net (440 ) 32,548 15,205 82,924 Net income (loss) attributable to unconsolidated joint ventures $ 6,027 $ (50,859 ) $ 13,846 $ (14,831 ) Company's share of equity in net income (loss) of joint ventures $ 2,404 $ (7,669 ) $ 4,851 $ 4,310 Basis differential adjustments (B) 208 4,749 595 5,377 Equity in net income (loss) of joint ventures $ 2,612 $ (2,920 ) $ 5,446 $ 9,687 (A) Revenue from operations is subject to leasing or other standards. (B) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. |
Investment in and Advances to_2
Investment in and Advances to Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retail Value Inc. [Member] | |
Schedule of Fee and Other Income | Revenue from contracts with RVI is included in Fee and Other Income on the consolidated statements of operations and was composed of the following (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Asset and property management fees $ 5.1 $ 6.5 $ 16.6 $ 6.5 Leasing commissions 0.4 0.7 1.8 0.7 Disposition fees 0.5 1.6 3.2 1.6 Credit facility guaranty and refinancing fees 0.1 0.1 1.9 0.1 Total revenue from contracts with RVI 6.1 8.9 23.5 8.9 |
Other Assets, net (Tables)
Other Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets [Abstract] | |
Components of Other Assets, Net | Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): September 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 21,952 $ 30,703 Above-market leases, net 3,272 6,833 Lease origination costs 3,015 4,045 Tenant relations, net 27,747 35,838 Total intangible assets, net (A) 55,986 77,419 Operating lease ROU assets (B) 21,628 — Notes receivable 19,670 19,675 Other assets: Prepaid expenses 6,593 5,372 Other assets 4,206 3,612 Deposits 4,108 4,384 Deferred charges, net 8,625 5,767 Total other assets, net $ 120,816 $ 116,229 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $4.2 million and $18.1 million for the three months ended September 30, 2019 and 2018, respectively, and $13.5 million and $28.2 million for the nine months ended September 30, 2019 and 2018, respectively. (B) Operating lease ROU assets are discussed further in Notes 1 and 6. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease ROU Aassets and Operating Lease Liabilities | Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification September 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 21,628 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 40,518 |
Schedule of Operating Lease Expenses | Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative for its office leases are as follows (in thousands): Three Months Ended Nine Months Ended Classification September 30, 2019 September 30, 2019 Operating and Maintenance $ 788 $ 2,822 General and Administrative (A) 852 2,065 Total lease costs $ 1,640 $ 4,887 (A) Includes short-term leases and variable lease costs, which are immaterial. |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: September 30, 2019 Weighted-Average Remaining Lease Term 35.7 years Weighted-Average Discount Rate 7.3 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 2,394 |
Schedule of Future Minimum Rental Revenues from Rental Properties and Minimum Rental Payments under ASC 840 | As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases, Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 306,740 $ 3,253 2020 279,374 4,070 2021 243,379 4,080 2022 202,371 3,928 2023 150,909 3,417 Thereafter 417,296 120,825 $ 1,600,069 $ 139,573 |
Schedule of Maturities of Lease Liabilities | As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending September 30, (in thousands): Year September 30, 2020 $ 4,137 2021 4,150 2022 4,114 2023 3,542 2024 3,516 Thereafter 118,216 Total lease payments 137,675 Less imputed interest (97,157 ) Total $ 40,518 |
Schedule of Future Minimum Rental Income from Rental Properties under Terms of Non-Cancelable Tenant Leases | The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions as determined under Topic 842 for such premises for the 12-month periods ending September 30, were as follows (in thousands): Year Ending September 30, 2020 $ 315,868 2021 288,171 2022 249,158 2023 199,433 2024 152,146 Thereafter 441,305 Total $ 1,646,081 |
Revolving Credit Facilities (Ta
Revolving Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Amount at September 30, 2019 Weighted-Average Interest Rate at September 30, 2019 Maturity Date Unsecured Credit Facility $ — N/A January 2024 PNC Facility — N/A January 2024 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values | The carrying values and the estimated fair values are summarized as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,647,474 $ 1,753,587 $ 1,646,007 $ 1,639,827 Revolving Credit Facilities and term loans 99,417 100,179 149,655 150,533 Mortgage Indebtedness 86,392 88,118 88,743 89,228 $ 1,833,283 $ 1,941,884 $ 1,884,405 $ 1,879,588 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in Accumulated Other Comprehensive Loss by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2018 $ (1,641 ) $ 260 $ (1,381 ) Other comprehensive income before reclassifications — 273 273 Change in cash flow hedges reclassed to earnings (A) 351 — 351 Net current-period other comprehensive income 351 273 624 Balance, September 30, 2019 $ (1,290 ) $ 533 $ (757 ) (A) Amortization classified in Interest Expense in the Company’s consolidated statement of operations for the nine months ended September 30, 2019, which was previously recognized in Accumulated Other Comprehensive Loss. |
Impairment Charges and Reserv_2
Impairment Charges and Reserves (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Reserves on Assets or Investments | The Company recorded impairment charges and reserves based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Assets marketed for sale (A) $ — $ 5.8 $ 0.6 $ 5.8 Assets included in the spin-off of RVI (B) — 14.1 — 62.6 Undeveloped land (A) 2.8 — 2.8 — Reserve of preferred equity interests (C) 6.4 2.2 12.1 4.5 Total impairment charges $ 9.2 $ 22.1 $ 15.5 $ 72.9 (A) The impairments recorded during the nine months ended September 30, 2019, were triggered by indicative bids received. (B) In 2018, charges were triggered by indicative bids received and changes in market assumptions due to the disposition process beginning in 2017. (C) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 3). |
Impairment Charges and Reserves Measured at Fair Value on Non-Recurring Basis | The following table presents information about the Company’s impairment charges and reserves on both financial and nonfinancial assets that were measured on a fair value basis for the nine months ended September 30, 2019. 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 Impairment Charges September 30, 2019 Long-lived assets held and used $ — $ — $ 5.0 $ 5.0 $ 3.4 Preferred equity interests — — 158.5 158.5 12.1 |
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): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Description September 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of consolidated assets $ 5.0 Indicative Bid (A) Indicative Bid (A) N/A Reserve of preferred equity interests 158.5 Discounted Cash Flow Discount Rate 8.8%-9.6% Terminal Capitalization Rate 8.0%-8.9% NOI Growth Rate 1% (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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS | The following table provides a reconciliation of net income (loss) 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). Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Numerators – Basic and Diluted Net income (loss) $ 23,901 $ (8,692 ) $ 77,533 $ (65,222 ) Plus: Income attributable to non-controlling interests (271 ) (239 ) (836 ) (1,191 ) Less: Preferred dividends (8,382 ) (8,382 ) (25,148 ) (25,148 ) Less: Earnings attributable to unvested shares and operating partnership units (174 ) (119 ) (520 ) (971 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 15,074 $ (17,432 ) $ 51,029 $ (92,532 ) Denominators – Number of Shares Basic — 180,567 184,655 180,555 184,616 Assumed conversion of diluted securities 940 — 1,064 — Diluted — 181,507 184,655 181,619 184,616 Earnings (Loss) Per Share: Basic $ 0.08 $ (0.09 ) $ 0.28 $ (0.50 ) Diluted $ 0.08 $ (0.09 ) $ 0.28 $ (0.50 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Information about Company's Reportable Operating Segments | The tables below present information about the Company’s reportable operating segments (in thousands): Three Months Ended September 30, 2019 Shopping Centers Loan Investments Other Total Rental income $ 108,060 $ — $ — $ 108,060 Other income 13,567 13 — 13,580 Business interruption income — — 885 885 Total revenues 121,627 13 885 122,525 Rental operation expenses (33,456 ) (3 ) — (33,459 ) Net operating income 88,171 10 885 89,066 Impairment charges (2,750 ) (2,750 ) Depreciation and amortization (40,732 ) (40,732 ) Interest income 4,616 4,616 Other income (expense), net (322 ) (322 ) Unallocated expenses (A) (36,464 ) (36,464 ) Equity in net income of joint ventures 2,612 2,612 Reserve of preferred equity interests, net (6,373 ) (6,373 ) Gain on disposition of real estate, net 14,497 14,497 Income before tax expense $ 24,150 Three Months Ended September 30, 2018 Shopping Centers Loan Investments Other Total Rental income $ 126,148 $ — $ — $ 126,148 Other income 16,149 14 — 16,163 Business interruption income — — 1,784 1,784 Total revenues 142,297 14 1,784 144,095 Rental operation expenses (39,597 ) — — (39,597 ) Net operating income 102,700 14 1,784 104,498 Impairment charges (19,890 ) (19,890 ) Hurricane property credit, net 157 157 Depreciation and amortization (49,629 ) (49,629 ) Interest income 5,055 5,055 Other income (expense), net (1,454 ) (1,454 ) Unallocated expenses (A) (42,194 ) (42,194 ) Equity in net loss of joint ventures (2,920 ) (2,920 ) Reserve of preferred equity interests, net (2,201 ) (2,201 ) Gain on disposition of real estate, net 124 124 Loss before tax expense $ (8,454 ) Nine Months Ended September 30, 2019 Shopping Centers Loan Investments Other Total Rental income $ 332,555 $ — $ — $ 332,555 Other income 48,722 42 — 48,764 Business interruption income — — 885 885 Total revenues 381,277 42 885 382,204 Rental operation expenses (106,574 ) (10 ) — (106,584 ) Net operating income 274,703 32 885 275,620 Impairment charges (3,370 ) (3,370 ) Depreciation and amortization (123,400 ) (123,400 ) Interest income 13,658 13,658 Other income (expense), net (254 ) (254 ) Unallocated expenses (A) (108,321 ) (108,321 ) Equity in net income of joint ventures 5,446 5,446 Reserve of preferred equity interests, net (12,106 ) (12,106 ) Gain on disposition of real estate, net 31,087 31,087 Income before tax expense $ 78,360 As of September 30, 2019: Total gross real estate assets $ 4,609,930 $ 4,609,930 Notes receivable, net (B) $ 182,400 $ (162,730 ) $ 19,670 Nine Months Ended September 30, 2018 Shopping Centers Loan Investments Other Total Rental income $ 529,916 $ — $ — $ 529,916 Other income 33,836 43 — 33,879 Business interruption income 5,100 — 1,784 6,884 Total revenues 568,852 43 1,784 570,679 Rental operation expenses (169,185 ) — — (169,185 ) Net operating income 399,667 43 1,784 401,494 Impairment charges (68,394 ) (68,394 ) Hurricane property (loss) credit, net (974 ) 157 (817 ) Depreciation and amortization (196,515 ) (196,515 ) Interest income 15,412 15,412 Other income (expense), net (99,316 ) (99,316 ) Unallocated expenses (A) (161,268 ) (161,268 ) Equity in net income of joint ventures 9,687 9,687 Reserve of preferred equity interests, net (4,537 ) (4,537 ) Gain on disposition of real estate, net 39,643 39,643 Loss before tax expense $ (64,611 ) As of September 30, 2018: Total gross real estate assets $ 5,171,227 $ 5,171,227 Notes receivable, net (B) $ 223,748 $ (204,078 ) $ 19,670 (A) Unallocated expenses consist of General and Administrative Expenses and Interest 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. |
Nature of Business and Financ_4
Nature of Business and Financial Statement Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 02, 2019USD ($) | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)JointVenture$ / shares | Sep. 30, 2018USD ($)$ / shares | Jan. 01, 2019USD ($)ShoppingCenterOffice | Dec. 31, 2018USD ($) |
Nature Of Business And Financial Statement Presentation [Line Items] | |||||||
Maximum exposure to losses associated with VIEs | $ 164,300 | $ 164,300 | $ 192,200 | ||||
Common share dividend declared per share | $ / shares | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.96 | |||
Number of shopping centers leased under ground lease agreements | ShoppingCenter | 3 | ||||||
Number of additional lease agreements where company is lessee | Office | 3 | ||||||
ROU assets | $ 21,628 | $ 21,628 | $ 22,000 | $ 0 | |||
Lease liabilities | $ 40,518 | $ 40,518 | $ 40,300 | ||||
Reversal of real estate taxes paid by tenants | $ 1,700 | ||||||
Adjustment for Contractual Lease Payments [Member] | ASU 2016-02 [Member] | |||||||
Nature Of Business And Financial Statement Presentation [Line Items] | |||||||
Reclassification adjustments | $ 1,400 | $ 11,500 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||
Nature Of Business And Financial Statement Presentation [Line Items] | |||||||
Number of unconsolidated joint ventures | JointVenture | 2 |
Nature of Business and Financ_5
Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Other Significant Noncash Transactions [Line Items] | |||
Dividends declared, but not paid | $ 44,643 | $ 45,400 | $ 45,262 |
Accounts payable related to construction in progress | 14,900 | 8,200 | |
Receivable and reduction of real estate assets, net - related to hurricane | 0 | 7,800 | |
Conversion of Operating Partnership Units | 0 | 900 | |
Retail Value Inc. [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Contribution of net assets to RVI | 0 | 663,400 | |
Building [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Assumption of building due to ground lease termination | $ 0 | $ 2,200 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Sep. 30, 2019 |
Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Operating lease term | 1 month |
Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Operating lease term | 30 years |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Fee and Other Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 11,945 | $ 14,394 | $ 42,928 | $ 28,437 |
Other property income: | ||||
Other | 1,635 | 1,769 | 5,836 | 5,442 |
Total fee and other income | 13,580 | 16,163 | 48,764 | 33,879 |
Asset and Property Management Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 9,751 | 10,501 | 32,392 | 20,982 |
Leasing Commissions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,036 | 1,818 | 3,916 | 4,752 |
Development Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 552 | 393 | 1,497 | 1,021 |
Disposition Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 546 | 1,622 | 3,263 | 1,622 |
Credit Facility Guaranty and Refinancing Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 60 | $ 60 | $ 1,860 | $ 60 |
Investments in and Advances t_3
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)ShoppingCenter | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ShoppingCenterInvestment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)ShoppingCenter | |
Schedule Of Equity Method Investments [Line Items] | |||||
Reserve of preferred equity interests | $ 6,373 | $ 2,201 | $ 12,106 | $ 4,537 | |
Preferred investment interest valuation allowance | $ 84,500 | $ 84,500 | $ 72,400 | ||
Unconsolidated Joint Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Shopping centers owned | ShoppingCenter | 102 | 102 | 106 | ||
Unconsolidated Joint Ventures [Member] | Shopping Centers [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties sold | ShoppingCenter | 4 | ||||
Proceeds from sale of joint venture assets | $ 129,500 | ||||
Gain on sale of joint venture assets | $ 1,500 | ||||
BRE DDR Joint Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of unconsolidated investments | Investment | 2 | ||||
Maximum preferred investment fixed distribution deferral | 2.00% | 2.00% | |||
BRE DDR Joint Ventures [Member] | Preferred Equity Fixed Dividend Rate [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Preferred equity fixed dividend rate per annum | 8.50% | ||||
BRE DDR III [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest of joint venture partner | 95.00% | 95.00% | |||
Ownership interest in joint venture | 5.00% | 5.00% | |||
BRE DDR IV [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest of joint venture partner | 95.00% | 95.00% | |||
Ownership interest in joint venture | 5.00% | 5.00% |
Investments in and Advances t_4
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Condensed Combined Balance Sheets | ||
Land | $ 857,782 | $ 873,548 |
Buildings | 3,209,229 | 3,251,030 |
Fixtures and tenant improvements | 466,394 | 448,371 |
Total real estate rental property | 4,533,405 | 4,572,949 |
Less: Accumulated depreciation | (1,255,110) | (1,172,357) |
Real estate rental property, net | 3,278,295 | 3,400,592 |
Construction in progress and land | 76,525 | 54,917 |
Total real estate assets, net | 3,354,820 | 3,455,509 |
Other assets, net | 120,816 | 116,229 |
Total assets | 4,099,861 | 4,206,331 |
Mortgage debt | 86,392 | 88,743 |
Total liabilities | 2,092,356 | 2,133,329 |
Total liabilities and equity | 4,099,861 | 4,206,331 |
Company's share of accumulated equity | 172,567 | 145,786 |
Redeemable preferred equity, net | 162,730 | 189,891 |
Basis differentials | (8,114) | (8,536) |
Deferred development fees, net of portion related to the Company's interest | (2,409) | (2,700) |
Amounts payable to the Company | 6,105 | 5,182 |
Investments in and Advances to Joint Ventures, net | 330,879 | 329,623 |
Unconsolidated Joint Ventures [Member] | ||
Condensed Combined Balance Sheets | ||
Land | 957,434 | 1,004,289 |
Buildings | 2,710,289 | 2,804,027 |
Fixtures and tenant improvements | 230,656 | 221,412 |
Total real estate rental property | 3,898,379 | 4,029,728 |
Less: Accumulated depreciation | (968,414) | (935,921) |
Real estate rental property, net | 2,929,965 | 3,093,807 |
Construction in progress and land | 54,198 | 56,498 |
Total real estate assets, net | 2,984,163 | 3,150,305 |
Cash and restricted cash | 88,934 | 94,111 |
Receivables, net | 39,820 | 44,702 |
Other assets, net | 164,641 | 186,693 |
Total assets | 3,277,558 | 3,475,811 |
Mortgage debt | 1,844,940 | 2,212,503 |
Notes and accrued interest payable to the Company | 6,105 | 5,182 |
Other liabilities | 153,788 | 161,372 |
Total liabilities | 2,004,833 | 2,379,057 |
Redeemable preferred equity – SITE Centers | 263,316 | 274,493 |
Accumulated equity | 1,009,409 | 822,261 |
Total liabilities and equity | $ 3,277,558 | $ 3,475,811 |
Investments in and Advances t_5
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Preferred investment interest valuation allowance | $ 84.5 | $ 72.4 |
PIK [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Redeemable preferred equity, net | $ 16.1 | $ 12.2 |
Investments in and Advances t_6
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Expenses from operations: | ||||
Operating expenses | $ 92,245 | $ 124,191 | $ 277,702 | $ 480,264 |
Impairment charges | 2,750 | 19,890 | 3,370 | 68,394 |
Depreciation and amortization | 40,732 | 49,629 | 123,400 | 196,515 |
Interest expense | 21,160 | 26,962 | 63,973 | 115,915 |
Other expense, net | 322 | 1,454 | 254 | 99,316 |
(Loss) gain on disposition of real estate, net | 14,497 | 124 | 31,087 | 39,643 |
Company's share of equity in net income (loss) of joint ventures | 2,404 | (7,669) | 4,851 | 4,310 |
Basis differential adjustments | 208 | 4,749 | 595 | 5,377 |
Equity in net income (loss) of joint ventures | 2,612 | (2,920) | 5,446 | 9,687 |
Unconsolidated Joint Ventures [Member] | ||||
Condensed Combined Statements of Operations | ||||
Revenues from operations | 105,223 | 103,217 | 319,906 | 325,501 |
Expenses from operations: | ||||
Operating expenses | 28,798 | 29,577 | 89,341 | 96,272 |
Impairment charges | 0 | 87,880 | 12,267 | 104,790 |
Depreciation and amortization | 36,867 | 34,332 | 113,340 | 111,308 |
Interest expense | 22,530 | 23,126 | 73,472 | 72,315 |
Preferred share expense | 5,544 | 6,249 | 16,487 | 19,074 |
Other expense, net | 5,017 | 5,460 | 16,358 | 19,497 |
Total expenses | 98,756 | 186,624 | 321,265 | 423,256 |
Income (loss) before gain on disposition of real estate | 6,467 | (83,407) | (1,359) | (97,755) |
(Loss) gain on disposition of real estate, net | (440) | 32,548 | 15,205 | 82,924 |
Net income (loss) attributable to unconsolidated joint ventures | $ 6,027 | $ (50,859) | $ 13,846 | $ (14,831) |
Investments in and Advances t_7
Investments in and Advances to Joint Ventures - Revenues Earned By the Company from Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from contracts: | ||||
Total revenue from contracts with customers | $ 11,945 | $ 14,394 | $ 42,928 | $ 28,437 |
Other: | ||||
Interest income | 4,200 | 4,800 | 12,600 | 14,600 |
Other | 800 | 700 | 2,300 | 1,900 |
Total fee and other income | 10,900 | 11,000 | 33,400 | 36,100 |
Asset and Property Management Fees [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | 9,751 | 10,501 | 32,392 | 20,982 |
Unconsolidated Joint Ventures [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | 5,900 | 5,500 | 18,500 | 19,600 |
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | 4,700 | 4,000 | 14,800 | 14,500 |
Unconsolidated Joint Ventures [Member] | Development Fees, Leasing Commissions and Other [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | $ 1,200 | $ 1,500 | $ 3,700 | $ 5,100 |
Investments in and Advances t_8
Investments in and Advances to Joint Ventures - Summary of Preferred investments (Detail) $ in Millions | 9 Months Ended | |||
Sep. 30, 2019USD ($)ShoppingCenter | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($)ShoppingCenter | Oct. 31, 2014USD ($)ShoppingCenter | |
Schedule Of Equity Method Investments [Line Items] | ||||
Preferred Investment, Valuation Allowance | $ (84.5) | $ (72.4) | ||
BRE DDR Retail Holdings Joint Venture Acquisitions [Member] | BRE DDR III [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Unconsolidated Joint Venture Partner Formation Date Month And Year | 2014 | |||
Preferred Investment (Principal) | $ 178.9 | $ 300 | ||
Preferred Investment, Valuation Allowance | (73.2) | |||
Preferred Investment, Net of Reserve | $ 105.7 | |||
Properties Owned | ShoppingCenter | 14 | 70 | ||
BRE DDR Retail Holdings Joint Venture Acquisitions [Member] | BRE DDR IV [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Unconsolidated Joint Venture Partner Formation Date Month And Year | 2015 | |||
Preferred Investment (Principal) | $ 64.1 | $ 82.6 | ||
Preferred Investment, Valuation Allowance | (11.3) | |||
Preferred Investment, Net of Reserve | $ 52.8 | |||
Properties Owned | ShoppingCenter | 5 | 6 | ||
BRE DDR Retail Holdings Joint Venture Acquisitions [Member] | BRE DDR III and IV [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Preferred Investment (Principal) | $ 243 | $ 382.6 | ||
Preferred Investment, Valuation Allowance | (84.5) | |||
Preferred Investment, Net of Reserve | $ 158.5 |
Investment in and Advances to_3
Investment in and Advances to Affiliate - Additional Information (Detail) - Retail Value Inc. [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments In And Advances To Affiliates [Line Items] | ||
Preferred investment | $ 190 | |
Receivable from affiliate consisting of restricted cash and insurance premiums | $ 16.7 | $ 34 |
Investment in and Advances to_4
Investment in and Advances to Affiliate - Schedule of Revenue From Contracts With Customers Included in Fee and Other Income on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 11,945 | $ 14,394 | $ 42,928 | $ 28,437 |
Retail Value Inc. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 6,100 | 8,900 | 23,500 | 8,900 |
Asset and Property Management Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 9,751 | 10,501 | 32,392 | 20,982 |
Asset and Property Management Fees [Member] | Retail Value Inc. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,100 | 6,500 | 16,600 | 6,500 |
Leasing Commissions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,036 | 1,818 | 3,916 | 4,752 |
Leasing Commissions [Member] | Retail Value Inc. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 400 | 700 | 1,800 | 700 |
Disposition Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 546 | 1,622 | 3,263 | 1,622 |
Disposition Fees [Member] | Retail Value Inc. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 500 | 1,600 | 3,200 | 1,600 |
Credit Facility Guaranty and Refinancing Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 60 | 60 | 1,860 | 60 |
Credit Facility Guaranty and Refinancing Fees [Member] | Retail Value Inc. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 100 | $ 100 | $ 1,900 | $ 100 |
Other Assets, net - Components
Other Assets, net - Components of Other Assets, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Intangible assets: | ||||
Total intangible assets, net | $ 55,986 | $ 77,419 | ||
Operating lease ROU assets | 21,628 | $ 22,000 | 0 | |
Notes receivable | 19,670 | 19,675 | $ 19,670 | |
Other assets: | ||||
Prepaid expenses | 6,593 | 5,372 | ||
Other assets | 4,206 | 3,612 | ||
Deposits | 4,108 | 4,384 | ||
Deferred charges, net | 8,625 | 5,767 | ||
Total other assets, net | 120,816 | 116,229 | ||
In-Place Leases, Net [Member] | ||||
Intangible assets: | ||||
Total intangible assets, net | 21,952 | 30,703 | ||
Above-Market Leases, Net [Member] | ||||
Intangible assets: | ||||
Total intangible assets, net | 3,272 | 6,833 | ||
Lease Origination Costs [Member] | ||||
Intangible assets: | ||||
Total intangible assets, net | 3,015 | 4,045 | ||
Tenant Relations, Net [Member] | ||||
Intangible assets: | ||||
Total intangible assets, net | $ 27,747 | $ 35,838 |
Other Assets, net - Component_2
Other Assets, net - Components of Other Assets, Net (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Assets [Abstract] | ||||
Amortization expense | $ 4.2 | $ 18.1 | $ 13.5 | $ 28.2 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease ROU Assets and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Lease ROU Assets | $ 21,628 | $ 22,000 | $ 0 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | ||
Operating Lease Liabilities | $ 40,518 | $ 40,300 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Lease Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lessee Lease Description [Line Items] | ||
Total lease costs | $ 1,640 | $ 4,887 |
Operating and Maintenance [Member] | ||
Lessee Lease Description [Line Items] | ||
Total lease costs | 788 | 2,822 |
General and Administrative [Member] | ||
Lessee Lease Description [Line Items] | ||
Total lease costs | $ 852 | $ 2,065 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Weighted-Average Remaining Lease Term | 35 years 8 months 12 days |
Weighted-Average Discount Rate | 7.30% |
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) | $ 2,394 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues from Rental Properties and Minimum Rental Payments under ASC 840 (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Minimum Rental Revenues | |
2019 | $ 306,740 |
2020 | 279,374 |
2021 | 243,379 |
2022 | 202,371 |
2023 | 150,909 |
Thereafter | 417,296 |
Total future minimum rental revenues | 1,600,069 |
Minimum Rental Payments | |
2019 | 3,253 |
2020 | 4,070 |
2021 | 4,080 |
2022 | 3,928 |
2023 | 3,417 |
Thereafter | 120,825 |
Total future minimum rental payments | $ 139,573 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 4,137 | |
2021 | 4,150 | |
2022 | 4,114 | |
2023 | 3,542 | |
2024 | 3,516 | |
Thereafter | 118,216 | |
Total lease payments | 137,675 | |
Less imputed interest | (97,157) | |
Total | $ 40,518 | $ 40,300 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2019 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 month |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 30 years |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Income from Rental Properties under Terms of Non-Cancelable Tenant Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 315,868 |
2021 | 288,171 |
2022 | 249,158 |
2023 | 199,433 |
2024 | 152,146 |
Thereafter | 441,305 |
Total | $ 1,646,081 |
Revolving Credit Facilities - I
Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | $ 100,000 |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | J.P. Morgan Chase Bank, N.A. and Wells Fargo Securities, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | |
Lines of Credit Maturity Date | 2024-01 | |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | PNC Bank National Association [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | |
Lines of Credit Maturity Date | 2024-01 |
Revolving Credit Facilities - A
Revolving Credit Facilities - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member] | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | The Company was in compliance with these financial covenants at September 30, 2019. |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Specified spread line of credit facility | 0.90% |
Alternative Base Rate [Member] | |
Debt Instrument [Line Items] | |
Specified spread line of credit facility | 0.00% |
Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association [Member] | |
Debt Instrument [Line Items] | |
Lines of Credit Maturity Date | 2024-01 |
Line of credit options to extended maturity date | 2025-01 |
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 | And was amended to extend the maturity date to January 2024, subject to two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions). |
Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Unsecured revolving credit facility borrowing capacity | $ 950,000,000 |
Accordion feature | $ 1,450,000,000 |
PNC Bank National Association [Member] | |
Debt Instrument [Line Items] | |
Lines of Credit Maturity Date | 2024-01 |
Unsecured revolving credit facility | $ 20,000,000 |
PNC Bank National Association [Member] | Retail Value Inc. [Member] | |
Debt Instrument [Line Items] | |
Guaranty borrowing capacity | $ 30,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 1,647,474 | $ 1,646,007 |
Revolving Credit Facilities and term loans | 99,417 | 149,655 |
Mortgage Indebtedness | 86,392 | 88,743 |
Total indebtedness | 1,833,283 | 1,884,405 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 1,753,587 | 1,639,827 |
Revolving Credit Facilities and term loans | 100,179 | 150,533 |
Mortgage Indebtedness | 88,118 | 89,228 |
Total indebtedness | $ 1,941,884 | $ 1,879,588 |
Other Comprehensive Loss - Chan
Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | $ 2,073,002 |
Other comprehensive income before reclassifications | 273 |
Change in cash flow hedges reclassed to earnings | 351 |
Net current-period other comprehensive income | 624 |
Balance | 2,007,505 |
Gains and Losses on Cash Flow Hedges [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | (1,641) |
Other comprehensive income before reclassifications | 0 |
Change in cash flow hedges reclassed to earnings | 351 |
Net current-period other comprehensive income | 351 |
Balance | (1,290) |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | 260 |
Other comprehensive income before reclassifications | 273 |
Change in cash flow hedges reclassed to earnings | 0 |
Net current-period other comprehensive income | 273 |
Balance | 533 |
Accumulated Other Comprehensive Loss [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | (1,381) |
Balance | $ (757) |
Impairment Charges and Reserv_3
Impairment Charges and Reserves - Impairment Charges on Assets or Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | ||||
Assets marketed for sale | $ 0 | $ 5,800 | $ 600 | $ 5,800 |
Assets included in the spin-off of RVI | 0 | 14,100 | 0 | 62,600 |
Reserve of preferred equity interests, net | 6,400 | 2,200 | 12,106 | 4,537 |
Total impairment charges | 9,200 | 22,100 | 15,500 | 72,900 |
Undeveloped Land [Member] | ||||
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | ||||
Assets marketed for sale | $ 2,800 | $ 0 | $ 2,800 | $ 0 |
Impairment Charges and Reserv_4
Impairment Charges and Reserves - Impairment Charges and Reserves Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, Total Impairment Charges | $ 0 | $ 5,800 | $ 600 | $ 5,800 |
Preferred equity interests, Total Impairment Charges | 6,400 | $ 2,200 | 12,106 | $ 4,537 |
Fair Value Measurements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, Fair Value Measurements | 5,000 | 5,000 | ||
Preferred equity interests, Fair Value Measurements | 158,500 | 158,500 | ||
Long-lived assets held and used, Total Impairment Charges | 3,400 | |||
Preferred equity interests, Total Impairment Charges | 12,100 | |||
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, Fair Value Measurements | 0 | 0 | ||
Preferred equity interests, 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, Fair Value Measurements | 0 | 0 | ||
Preferred equity interests, 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, Fair Value Measurements | 5,000 | 5,000 | ||
Preferred equity interests, Fair Value Measurements | $ 158,500 | $ 158,500 |
Impairment Charges and Reserv_5
Impairment Charges and Reserves - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Consolidated Assets, Fair Value | $ 5 |
Preferred Equity Interests, Fair Value | 158.5 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Consolidated Assets, Fair Value | 5 |
Preferred Equity Interests, Fair Value | 158.5 |
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Indicative Bid [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Consolidated Assets, Fair Value | 5 |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Preferred Equity Interests, Fair Value | $ 158.5 |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | NOI Growth Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs rate | 1.00% |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs rate | 8.80% |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Terminal Capitalization Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs rate | 8.00% |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs rate | 9.60% |
Reserve of Preferred Equity Interests [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Terminal Capitalization Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs rate | 8.90% |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Net Income (Loss) 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 23,901 | $ (8,692) | $ 77,533 | $ (65,222) |
Plus: Income attributable to non-controlling interests | (271) | (239) | (836) | (1,191) |
Less: Preferred dividends | (8,382) | (8,382) | (25,148) | (25,148) |
Less: Earnings attributable to unvested shares and operating partnership units | (174) | (119) | (520) | (971) |
Net income (loss) attributable to common shareholders after allocation to participating securities | $ 15,074 | $ (17,432) | $ 51,029 | $ (92,532) |
Denominators – Number of Shares | ||||
Basic—Average shares outstanding | 180,567 | 184,655 | 180,555 | 184,616 |
Assumed conversion of diluted securities | 940 | 0 | 1,064 | 0 |
Diluted—Average shares outstanding | 181,507 | 184,655 | 181,619 | 184,616 |
Earnings (Loss) Per Share: | ||||
Basic | $ 0.08 | $ (0.09) | $ 0.28 | $ (0.50) |
Diluted | $ 0.08 | $ (0.09) | $ 0.28 | $ (0.50) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Stock repurchase program authorized amount | $ 100,000 | ||||
Shares repurchased | 1.2 | ||||
Shares repurchased at cost | $ 14,100 | $ 14,069 | |||
Performance Restricted Stock Units [Member] | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Mark-to-market adjustment | $ 1,400 | $ 2,800 |
Segment Information - Summary o
Segment Information - Summary of Information about Company's Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Rental income | $ 108,060 | $ 126,148 | $ 332,555 | $ 529,916 | |
Other income | 13,580 | 16,163 | 48,764 | 33,879 | |
Business interruption income | 885 | 1,784 | 885 | 6,884 | |
Total revenue from operations | 122,525 | 144,095 | 382,204 | 570,679 | |
Rental operation expenses | (33,459) | (39,597) | (106,584) | (169,185) | |
Net operating income | 89,066 | 104,498 | 275,620 | 401,494 | |
Impairment charges | (2,750) | (19,890) | (3,370) | (68,394) | |
Hurricane property (loss) credit, net | 157 | (817) | |||
Depreciation and amortization | (40,732) | (49,629) | (123,400) | (196,515) | |
Interest income | 4,616 | 5,055 | 13,658 | 15,412 | |
Other income (expense), net | (322) | (1,454) | (254) | (99,316) | |
Unallocated expenses | (36,464) | (42,194) | (108,321) | (161,268) | |
Equity in net income (loss) of joint ventures | 2,612 | (2,920) | 5,446 | 9,687 | |
Reserve of preferred equity interests, net | (6,373) | (2,201) | (12,106) | (4,537) | |
Gain on disposition of real estate, net | 14,497 | 124 | 31,087 | 39,643 | |
Income (loss) before tax expense | 24,150 | (8,454) | 78,360 | (64,611) | |
Total gross real estate assets | 4,609,930 | 5,171,227 | 4,609,930 | 5,171,227 | |
Notes receivable, net | 19,670 | 19,670 | 19,670 | 19,670 | $ 19,675 |
Operating Segments [Member] | Shopping Center [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 108,060 | 126,148 | 332,555 | 529,916 | |
Other income | 13,567 | 16,149 | 48,722 | 33,836 | |
Business interruption income | 5,100 | ||||
Total revenue from operations | 121,627 | 142,297 | 381,277 | 568,852 | |
Rental operation expenses | (33,456) | (39,597) | (106,574) | (169,185) | |
Net operating income | 88,171 | 102,700 | 274,703 | 399,667 | |
Impairment charges | (2,750) | (19,890) | (3,370) | (68,394) | |
Hurricane property (loss) credit, net | (974) | ||||
Depreciation and amortization | (40,732) | (49,629) | (123,400) | (196,515) | |
Equity in net income (loss) of joint ventures | 2,612 | (2,920) | 5,446 | 9,687 | |
Gain on disposition of real estate, net | 14,497 | 124 | 31,087 | 39,643 | |
Total gross real estate assets | 4,609,930 | 5,171,227 | 4,609,930 | 5,171,227 | |
Operating Segments [Member] | Loan Investments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 0 | 0 | 0 | ||
Other income | 13 | 14 | 42 | 43 | |
Business interruption income | 0 | ||||
Total revenue from operations | 13 | 14 | 42 | 43 | |
Rental operation expenses | (3) | 0 | (10) | 0 | |
Net operating income | 10 | 14 | 32 | 43 | |
Interest income | 4,616 | 5,055 | 13,658 | 15,412 | |
Reserve of preferred equity interests, net | (6,373) | (2,201) | (12,106) | (4,537) | |
Notes receivable, net | 182,400 | 223,748 | 182,400 | 223,748 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Business interruption income | 885 | 1,784 | 885 | 1,784 | |
Total revenue from operations | 885 | 1,784 | 885 | 1,784 | |
Net operating income | 885 | 1,784 | 885 | 1,784 | |
Hurricane property (loss) credit, net | 157 | 157 | |||
Interest income | 0 | ||||
Other income (expense), net | (322) | (1,454) | (254) | (99,316) | |
Unallocated expenses | (36,464) | (42,194) | (108,321) | (161,268) | |
Notes receivable, net | $ (162,730) | $ (204,078) | $ (162,730) | $ (204,078) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended |
Oct. 31, 2019 | Dec. 31, 2019 | |
Class J Cumulative Redeemable Preferred Shares [Member] | Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Preferred stock redemption premium | $ 7.2 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Common shares, issued | 13,225 | |
Net proceeds from issuance of common shares | $ 195 | |
Subsequent Event [Member] | Class J Cumulative Redeemable Preferred Shares [Member] | ||
Subsequent Event [Line Items] | ||
Preferred stock, liquidation preference, value | $ 200 | |
Preferred stock dividend rate | 6.50% | |
Cumulative redeemable preferred shares, liquidation value | $ 500 | |
Per share price of depositary share | 25 | |
Redeemable preferred stock dividend per share prorated to redemption date | 3.7917 | |
Redeemable preferred stock dividend per depositary share prorated to redemption date | $ 0.1896 | |
Shopping Center [Member] | Austin, Texas [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price | $ 12.6 |