SITE Centers (SITC) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021	Dec. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		211,040,251
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	Cumulative Redeemable Preferred Shares

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Land	$ 961,551	$ 953,556
Buildings	3,510,342	3,488,499
Fixtures and tenant improvements	526,902	509,866
Total real estate rental property	4,998,795	4,951,921
Less: Accumulated depreciation	(1,497,861)	(1,427,057)
Real estate rental property, net	3,500,934	3,524,864
Construction in progress and land	43,392	37,467
Total real estate assets, net	3,544,326	3,562,331
Investments in and advances to joint ventures, net	75,097	77,297
Investment in and advances to affiliate	190,070	190,035
Cash and cash equivalents	57,945	69,742
Restricted cash	3,206	4,672
Accounts receivable	61,984	73,517
Other assets, net	120,830	130,690
Total assets	4,053,458	4,108,284
Unsecured indebtedness:
Senior notes, net	1,450,691	1,449,613
Term loan, net	99,723	99,635
Revolving credit facilities	0	135,000
Total unsecured indebtedness	1,550,414	1,684,248
Mortgage indebtedness, net	248,008	249,260
Total indebtedness	1,798,422	1,933,508
Accounts payable and other liabilities	209,757	215,109
Dividends payable	28,248	14,844
Total liabilities	2,036,427	2,163,461
Commitments and contingencies
SITE Centers Equity
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 211,039,597 and 193,995,499 shares issued at June 30, 2021 and December 31, 2020, respectively	21,104	19,400
Additional paid-in capital	5,940,528	5,705,164
Accumulated distributions in excess of net income	(4,123,347)	(4,099,534)
Deferred compensation obligation	4,484	5,479
Accumulated other comprehensive loss	0	(2,682)
Less: Common shares in treasury at cost: 221,296 and 898,267 shares at June 30, 2021 and December 31, 2020, respectively	(4,311)	(11,319)
Total SITE Centers shareholders' equity	2,013,458	1,941,508
Non-controlling interests	3,573	3,315
Total equity	2,017,031	1,944,823
Total liabilities and equity	4,053,458	4,108,284
Class A Cumulative Redeemable Preferred Shares [Member]
SITE Centers Equity
Cumulative redeemable preferred shares	175,000	175,000
Class K Cumulative Redeemable Preferred Shares [Member]
SITE Centers Equity
Cumulative redeemable preferred shares	$ 0	$ 150,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Common shares, par value	$ 0.10	$ 0.10
Common shares, shares authorized	300,000,000	300,000,000
Common shares, shares issued	211,039,597	193,995,499
Treasury at cost	221,296	898,267
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 K Cumulative Redeemable Preferred Shares [Member]
Cumulative redeemable preferred shares, liquidation value		$ 500
Cumulative redeemable preferred shares, shares authorized		750,000
Cumulative redeemable preferred shares, shares issued		300,000
Cumulative redeemable preferred shares, shares outstanding		300,000
Preferred stock dividend rate		6.25%
Cumulative redeemable preferred shares, par value

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues from operations:
Rental income	$ 126,230	$ 98,079	$ 246,120	$ 210,608
Fee and other income	9,238	9,492	17,487	26,273
Total revenue from operations	135,468	107,571	263,607	236,881
Rental operation expenses:
Operating and maintenance	19,422	16,519	39,638	34,999
Real estate taxes	19,535	17,348	39,199	35,005
Impairment charges			7,270	0
General and administrative	12,425	13,502	29,820	24,878
Depreciation and amortization	47,217	40,873	92,777	83,866
Total rental operation expenses	98,599	88,242	208,704	178,748
Other income (expense):
Interest expense	(19,136)	(19,811)	(38,531)	(40,398)
Other (expense) income, net	(324)	2,938	(690)	(10,986)
Total other income (expense)	(19,460)	(16,873)	(39,221)	(51,384)
Income before earnings from equity method investments and other items	17,409	2,456	15,682	6,749
Equity in net income (loss) of joint ventures	4,850	(1,513)	9,235	658
Reserve of preferred equity interests, net	0	(4,878)	0	(22,935)
Gain (loss) on sale of joint venture interest	0	(128)	13,908	45,553
Gain on disposition of real estate, net	218	2	198	775
Income (loss) before tax expense	22,477	(4,061)	39,023	30,800
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(490)	(342)	(855)	(575)
Net income (loss)	21,987	(4,403)	38,168	30,225
Income attributable to non-controlling interests, net	(118)	(210)	(291)	(505)
Net income (loss) attributable to SITE Centers	21,869	(4,613)	37,877	29,720
Write-off of preferred share original issuance costs	(5,156)	0	(5,156)	0
Preferred dividends	(2,945)	(5,133)	(8,078)	(10,266)
Net income (loss) attributable to common shareholders	$ 13,768	$ (9,746)	$ 24,643	$ 19,454
Per share data:
Basic	$ 0.06	$ (0.05)	$ 0.12	$ 0.10
Diluted	$ 0.06	$ (0.05)	$ 0.12	$ 0.10

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 21,987	$ (4,403)	$ 38,168	$ 30,225
Other comprehensive income:
Foreign currency translation, net	0	292	(1)	(493)
Reclassification adjustment for foreign currency translation included in net income	0	0	2,683	0
Change in cash flow hedges reclassed to earnings	0	0	0	1,172
Total other comprehensive income	0	292	2,682	679
Comprehensive income (loss)	21,987	(4,111)	40,850	30,904
Total comprehensive income attributable to non-controlling interests	(118)	(210)	(291)	(505)
Total comprehensive income (loss) attributable to SITE Centers	$ 21,869	$ (4,321)	$ 40,559	$ 30,399

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS 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]
Beginning Balance at Dec. 31, 2019	$ 1,981,478	$ 325,000	$ 19,382	$ 5,700,400	$ (4,066,099)	$ 7,929	$ (491)	$ (7,707)	$ 3,064
Issuance of common shares related to stock plans	126	0	17	109	0	0	0	0	0
Repurchase of common shares	(7,500)	0	0	0	0	0	0	(7,500)	0
Stock-based compensation, net	2,684	0	0	3,012	0	(1,935)	0	1,607	0
Distributions to non-controlling interests	(278)	0	0	0	0	0	0	0	(278)
Dividends declared-common shares	(38,914)	0	0	0	(38,914)	0	0	0	0
Dividends declared-preferred shares	(5,133)	0	0	0	(5,133)	0	0	0	0
Comprehensive (loss) income	35,015	0	0	0	34,333	0	387	0	295
Ending Balance at Mar. 31, 2020	1,967,478	325,000	19,399	5,703,521	(4,075,813)	5,994	(104)	(13,600)	3,081
Beginning Balance at Dec. 31, 2019	1,981,478	325,000	19,382	5,700,400	(4,066,099)	7,929	(491)	(7,707)	3,064
Comprehensive (loss) income	30,904
Ending Balance at Jun. 30, 2020	1,959,804	325,000	19,400	5,704,719	(4,085,559)	5,434	188	(12,669)	3,291
Beginning Balance at Mar. 31, 2020	1,967,478	325,000	19,399	5,703,521	(4,075,813)	5,994	(104)	(13,600)	3,081
Issuance of common shares related to stock plans	(186)	0	1	(187)	0	0	0	0	0
Stock-based compensation, net	1,756	0	0	1,385	0	(560)	0	931	0
Dividends declared-preferred shares	(5,133)	0	0	0	(5,133)	0	0	0	0
Comprehensive (loss) income	(4,111)	0	0	0	(4,613)	0	292	0	210
Ending Balance at Jun. 30, 2020	1,959,804	325,000	19,400	5,704,719	(4,085,559)	5,434	188	(12,669)	3,291
Beginning Balance at Dec. 31, 2020	1,944,823	325,000	19,400	5,705,164	(4,099,534)	5,479	(2,682)	(11,319)	3,315
Issuance of common shares related to stock plans	37	0	6	31	0	0	0	0	0
Issuance of common shares for cash offering	225,529	0	1,696	219,910	0	0	0	3,923	0
Stock-based compensation, net	10,621	0	0	8,580	0	(968)	0	3,009	0
Distributions to non-controlling interests	(16)	0	0	0	0	0	0	0	(16)
Dividends declared-common shares	(23,303)	0	0	0	(23,303)	0	0	0	0
Dividends declared-preferred shares	(4,950)	0	0	0	(4,950)	0	0	0	0
Comprehensive (loss) income	18,863	0	0	0	16,008	0	2,682	0	173
Ending Balance at Mar. 31, 2021	2,171,604	325,000	21,102	5,933,685	(4,111,779)	4,511	0	(4,387)	3,472
Beginning Balance at Dec. 31, 2020	1,944,823	325,000	19,400	5,705,164	(4,099,534)	5,479	(2,682)	(11,319)	3,315
Comprehensive (loss) income	40,850
Ending Balance at Jun. 30, 2021	2,017,031	175,000	21,104	5,940,528	(4,123,347)	4,484	0	(4,311)	3,573
Beginning Balance at Mar. 31, 2021	2,171,604	325,000	21,102	5,933,685	(4,111,779)	4,511	0	(4,387)	3,472
Issuance of common shares related to stock plans	62	0	2	60	0	0	0	0	0
Issuance of common shares for cash offering	(199)	0	0	(199)	0	0	0	0	0
Stock-based compensation, net	1,894	0	0	1,845	0	(27)	0	76	0
Distributions to non-controlling interests	(17)	0	0	0	0	0	0	0	(17)
Redemption of preferred shares	(150,019)	(150,000)	0	5,137	(5,156)	0	0	0	0
Dividends declared-common shares	(25,492)	0	0	0	(25,492)	0	0	0	0
Dividends declared-preferred shares	(2,789)	0	0	0	(2,789)	0	0	0	0
Comprehensive (loss) income	21,987	0	0	0	21,869	0	0	0	118
Ending Balance at Jun. 30, 2021	$ 2,017,031	$ 175,000	$ 21,104	$ 5,940,528	$ (4,123,347)	$ 4,484	$ 0	$ (4,311)	$ 3,573

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net income	$ 38,168	$ 30,225
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	92,777	83,866
Stock-based compensation	9,626	2,766
Amortization and write-off of debt issuance costs and fair market value of debt adjustments	2,117	2,550
Loss on debt extinguishment	0	16,568
Equity in net income of joint ventures	(9,235)	(658)
Reserve of preferred equity interests, net	0	22,935
Operating cash distributions from joint ventures	1,858	2,282
Gain on sale of joint venture interest	(13,908)	(45,553)
Gain on disposition of real estate, net	(198)	(775)
Impairment charges	7,270	0
Assumption of buildings due to ground lease terminations	0	(3,025)
Change in notes receivable accrued interest	0	647
Net change in accounts receivable	16,271	(20,560)
Net change in accounts payable and accrued expenses	(300)	(7,363)
Net change in other operating assets and liabilities	310	(12,040)
Total adjustments	106,588	41,640
Net cash flow provided by operating activities	144,756	71,865
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed	(31,473)	0
Real estate developed and improvements to operating real estate	(35,290)	(40,205)
Proceeds from disposition of real estate	13,902	1,062
Proceeds from sale of joint venture interest	16,067	140,441
Equity contributions to joint ventures	(153)	(146)
Distributions from joint ventures	5,386	3,267
Repayment of notes receivable	0	7,500
Net cash flow (used for) provided by investing activities	(31,561)	111,919
Cash flow from financing activities:
(Repayment of) proceeds from revolving credit facilities, net	(135,000)	280,000
Repayment of senior notes, including repayment costs	0	(216,568)
Repayment of mortgage debt	(19,152)	(40,830)
Proceeds from issuance of common shares, net of offering expenses	225,330	0
Redemption of preferred shares	(150,019)	0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan	(4,487)	(949)
Repurchase of common shares	0	(7,500)
Distributions to non-controlling interests and redeemable operating partnership units	(23)	(307)
Dividends paid	(43,106)	(88,083)
Net cash flow used for financing activities	(126,457)	(74,237)
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	4
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,262)	109,547
Cash, cash equivalents and restricted cash, beginning of period	74,414	19,133
Cash, cash equivalents and restricted cash, end of period	$ 61,151	$ 128,684

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	6 Months Ended
	Jun. 30, 2021
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, leasing 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. The Company considered impacts to its estimates related to COVID-19, as appropriate, within its unaudited condensed consolidated financial statements, and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the uncertainties surrounding the severity and duration of the COVID-19 pandemic. 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 six months ended June 30, 2021 and 2020, 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, 2020 . 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). Reclassifications Certain amounts for the three and six months ended June 30, 2020, have been reclassified in order to conform with the current period’s presentation. The Company reclassified $3.5 million and $7.0 million of interest income for the three and six months ended June 30, 2020, respectively, primarily related to preferred equity investments that were transferred or redeemed in the fourth quarter of 2020, on its consolidated statements of operations from Interest Income to Other (Expense) Income, net. 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): Six Months Ended June 30, 2021 2020 Dividends declared, but not paid $ 28.2 $ 5.1 Mortgages assumed, shopping center acquisition 17.9 — Write-off of preferred share original issuance costs 5.1 — Accounts payable related to construction in progress 7.3 4.9 Tax receivable 4.1 — Assumption of buildings due to ground lease terminations — 3.0

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	2. Revenue Recognition Impact of the COVID-19 Pandemic on Revenue and Receivables Beginning in March 2020, the retail sector has been significantly impacted by the COVID-19 pandemic. Though the impact of the COVID-19 pandemic on tenant operations has varied by tenant category, local conditions and applicable government mandates, a significant number of the Company’s tenants have experienced a reduction in sales and foot traffic, and many tenants were forced to limit their operations or close their businesses for a period of time. The COVID-19 pandemic had a significant impact on the Company’s collection of rents from April 2020 through the end of 2020. The Company engaged in discussions with most of its larger tenants that failed to satisfy all or a portion of their rent obligations and agreed to terms on rent-deferral arrangements (and, in a small number of cases, rent abatements) and other lease modifications with a significant number of such tenants, of which $4.1 million remains outstanding under these deferral arrangements at June 30, 2021 for tenants that are not accounted for on the cash basis. The Company continues to evaluate its options with respect to tenants with which the Company has not reached satisfactory resolution of unpaid rents and has commenced collection actions against several tenants. For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income and no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received. The Company will remove the cash basis designation and resume recording rental income from such tenants on a straight-line basis at such time it believes collection from the tenants is probable based upon a demonstrated payment history, improved liquidity, the addition of credit-worthy guarantors or a recapitalization event. During the three and six months ended June 30, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $5.8 million and $7.2 million, respectively (the Company’s share of unconsolidated joint ventures was $1.1 million and $1.4 million, respectively), primarily due to rental income paid in 2021 related to outstanding receivables in 2020 from tenants on the cash basis of accounting. The aggregate amount of uncollectible revenue reported during the quarter primarily was due to the impact of the COVID-19 pandemic. 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 and is recognized in the period earned as follows (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 6,602 $ 7,551 $ 13,177 $ 16,876 Leasing commissions 1,038 682 2,055 3,678 Development fees 126 177 239 1,047 Disposition fees 592 210 592 1,766 Total revenue from contracts with customers 8,358 8,620 16,063 23,367 Other property income: Other 880 872 1,424 2,906 Total fee and other income $ 9,238 $ 9,492 $ 17,487 $ 26,273

Investments in and Advances to

Investments in and Advances to Joint Ventures	6 Months Ended
	Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in and Advances to Joint Ventures	3. Investments in and Advances to Joint Ventures At June 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 56 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): June 30, 2021 December 31, 2020 Condensed Combined Balance Sheets Land $ 433,407 $ 441,412 Buildings 1,227,351 1,258,879 Fixtures and tenant improvements 142,829 137,663 1,803,587 1,837,954 Less: Accumulated depreciation (500,877 ) (492,288 ) 1,302,710 1,345,666 Construction in progress and land 4,811 58,201 Real estate, net 1,307,521 1,403,867 Cash and restricted cash 45,155 35,212 Receivables, net 19,798 25,719 Other assets, net 57,876 61,381 $ 1,430,350 $ 1,526,179 Mortgage debt $ 997,403 $ 1,029,579 Notes and accrued interest payable to the Company 4,712 4,375 Other liabilities 59,208 57,349 1,061,323 1,091,303 Accumulated equity 369,027 434,876 $ 1,430,350 $ 1,526,179 Company's share of accumulated equity $ 65,629 $ 72,555 Basis differentials 5,939 1,644 Deferred development fees, net of portion related to the Company's interest (1,183 ) (1,277 ) Amounts payable to the Company 4,712 4,375 Investments in and Advances to Joint Ventures, net $ 75,097 $ 77,297 Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Condensed Combined Statements of Operations Revenues from operations $ 51,397 $ 53,266 $ 101,957 $ 138,887 Expenses from operations: Operating expenses 13,869 18,633 28,286 43,048 Impairment charges — 1,520 — 33,240 Depreciation and amortization 16,587 23,575 33,704 53,679 Interest expense 10,971 15,100 21,918 32,855 Preferred share expense — 4,554 — 9,084 Other expense, net 3,010 2,941 5,974 7,598 44,437 66,323 89,882 179,504 Income (loss) before gain on disposition of real estate 6,960 (13,057 ) 12,075 (40,617 ) Gain on disposition of real estate, net 8,186 4 36,587 8,910 Net income (loss) attributable to unconsolidated joint ventures $ 15,146 $ (13,053 ) $ 48,662 $ (31,707 ) Company's share of equity in net income (loss) of joint ventures $ 3,814 $ (1,578 ) $ 8,137 $ 437 Basis differential adjustments (A) 1,036 65 1,098 221 Equity in net income (loss) of joint ventures $ 4,850 $ (1,513 ) $ 9,235 $ 658 (A) 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, 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. The impact of the COVID-19 pandemic on revenues and receivables for the Company’s joint ventures is more fully described in Note 2. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.6 $ 2.7 $ 5.2 $ 7.2 Development fees, leasing commissions and other 0.5 0.4 0.9 3.0 3.1 3.1 6.1 10.2 Other: Interest income (A) — 3.5 — 6.9 Other 0.4 0.4 0.8 1.2 0.4 3.9 0.8 8.1 $ 3.5 $ 7.0 $ 6.9 $ 18.3 (A) Interest income recorded in 2020 related to preferred equity interests in two joint ventures which were transferred or redeemed in the fourth quarter of 2020. Disposition of Shopping Centers and Undeveloped Land In February 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land (approximating 70 acres) in Richmond Hill, Ontario. The Company’s share of net proceeds totaled $22.1 million, after accounting for customary closing costs and foreign currency translation. The net proceeds include $6.1 million that are held in escrow of which $4.1 million is expected to be released to the Company pending receipt of certain tax clearance certificates from the Canadian taxing authorities, and the remaining $2.0 million is considered contingent and should be released upon final dissolution of the partnership. The Company recorded an aggregate gain on the transaction of $16.7 million which included its $2.8 million share of the gain reported by the joint venture, as well as $13.9 million related to the promoted interest on the disposition of the investment and write-off of the accumulated foreign currency translation. From January 1, 2021 to June 30, 2021, three shopping centers were sold by an unconsolidated joint venture for $37.0 million. The Company’s share of the gain on sale was $2.6 million.

Investment in and Advances to A

Investment in and Advances to Affiliate	6 Months Ended
	Jun. 30, 2021
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. 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 Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts with RVI: Asset and property management fees $ 4.0 $ 4.8 $ 7.9 $ 9.7 Leasing commissions 0.6 0.5 1.4 1.7 Disposition fees 0.6 0.2 0.6 1.8 Total revenue from contracts with RVI $ 5.2 $ 5.5 $ 9.9 $ 13.2

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	5 . Acquisitions During the six months ended June 30, 2021, the Company acquired the following shopping centers (in millions): Asset Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Shoppes at Addison Place Delray Beach, Florida May 2021 $ 40.0 $ 17.9 Emmet Street Station Charlottesville, Virginia May 2021 8.8 — The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) Land $ 14,845 N/A Buildings 31,941 (A) Tenant improvements 512 (A) In-place leases (including lease origination costs and fair market value of leases) 3,361 5.4 Other assets assumed 37 N/A 50,696 Less: Mortgage debt assumed at fair value (17,944 ) N/A Less: Below-market leases (1,279 ) 14.9 Net assets acquired $ 31,473 (A) Depreciated in accordance with the Company’s policy. The total consideration paid included $31.5 million paid in cash and $17.9 million of assumed mortgage indebtedness. Included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2021, was $0.5 million in total revenues from the date of acquisition through June 30, 2021, for the two properties acquired.

Other Assets and Intangibles, n

Other Assets and Intangibles, net	6 Months Ended
	Jun. 30, 2021
Other Assets [Abstract]
Other Assets and Intangibles, net	6 . Other Assets and Intangibles, net Other assets and intangibles consist of the following (in thousands): June 30, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 51,322 $ 56,756 Above-market leases, net 7,496 8,387 Lease origination costs, net 4,763 4,974 Tenant relationships, net 17,872 20,301 Total intangible assets, net (A) 81,453 90,418 Operating lease ROU assets 19,618 20,604 Other assets: Prepaid expenses 8,802 7,416 Other assets 1,886 2,348 Deposits 3,929 3,767 Deferred charges, net 5,142 6,137 Total other assets, net $ 120,830 $ 130,690 Below-market leases, net (other liabilities) $ 55,538 $ 57,348 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $5.4 million and $3.3 million for the three months ended June 30, 2021 and 2020

Revolving Credit Facilities

Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2021
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): Carrying Amount at June 30, 2021 Weighted-Average Interest Rate at June 30, 2021 Maturity Date at June 30, 2021 Unsecured Credit Facility $ — N/A January 2024 PNC Facility — N/A January 2024 The Company maintains an 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 certain borrowing conditions are satisfied, and an accordion feature for expansion of availability up to $ 1.45 billion, provided that new lenders agree to the existing terms of the facility or existing lenders increase their commitment level, and a maturity date o f January 2024 , with 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 basis points on the entire facility at June 30, 2021 . The Company maintains a $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 June 30, 2021) or the Alternative Base Rate, as defined in the respective facility, plus a specified spread (0% at June 30, 2021). 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 June 30, 2021.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	8 . Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of debt. The fair market value of senior notes is determined using a pricing model to approximate 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. Carrying values that are different from estimated fair values are summarized as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,450,691 $ 1,567,298 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and term loan 99,723 100,000 234,635 235,000 Mortgage Indebtedness 248,008 249,887 249,260 250,624 $ 1,798,422 $ 1,917,185 $ 1,933,508 $ 2,035,490

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	9 . Equity Common Shares Dividend Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Common share dividends declared per share $ 0.12 $ — $ 0.23 $ 0.20 Common Shares Issuance In March 2021, the Company issued 17.25 million common shares resulting in net proceeds of $225.3 million. Common Shares – Continuous Equity Program In June 2021, the Company offered and sold 980,396 common shares on a forward basis under its $250 million continuous equity program at a weighted-average forward price of $15.09 per share generating expected gross proceeds before issuance costs of $14.8 million. dividends during the term of the agreement. The transaction may be settled at any time before the settlement date, July 1, 2022. Under limited circumstances or certain unanticipated events, the forward purchaser also has the ability to require the Company to physically settle the forward equity sale agreement in shares prior to the settlement date. The Company intends to use proceeds received upon settlement of the transaction to fund acquisitions and capital expenditures and for general corporate purposes. As of June 30, 2021, the Company has not settled any portion of the transaction . The agreement to offer and sell shares on a forward basis is accounted for as an equity instrument . The fair value will not be adjusted so long as the Company continues to meet the accounting requirements for equity instruments. Preferred Shares In April 2021, the Company redeemed all $150.0 million aggregate liquidation preference of its Class K Cumulative Redeemable Preferred Shares (the “Class K Preferred Shares”) at a redemption price of $500 per Class K Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $7.2049 per Class K Preferred Share (or $0.3602 per depositary share). The Company recorded a charge of $5.1 million to net income attributable to common shareholders in the second quarter of 2021, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid in capital upon original issuance.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Other Comprehensive Income	10 . Other Comprehensive Income The changes in Accumulated Other Comprehensive (Loss) Income related to foreign currency items are as follows (in thousands): Balance, December 31, 2020 $ (2,682 ) Other comprehensive loss before reclassifications (1 ) Reclassification adjustment for foreign currency translation (A) 2,683 Net current-period other comprehensive income 2,682 Balance, June 30, 2021 $ — (A) Represents the release of foreign currency translation in the first quarter of 2021, related to the sale of a parcel of undeveloped land in Richmond Hill, Ontario owned by one of the Company’s joint ventures (Note 3).

Impairment Charges

Impairment Charges	6 Months Ended
	Jun. 30, 2021
Asset Impairment Charges [Abstract]
Impairment Charges	1 1 . Impairment Charges For the six months ended June 30, 2021, the Company recorded impairment charges of $7.3 million, based on the difference between the carrying value of the assets or investments and the estimated fair market value. In 2021, the impairment charges recorded were triggered by a change in the hold period assumptions for an asset considered for sale and sold in the first quarter. For the three and six months ended June 30, 2020, the Company recorded reserves of $4.9 million and $22.9 million, respectively, as a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR joint ventures that were transferred or redeemed in the fourth quarter of 2020. Items Measured at Fair Value 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 and expected hold period. For projects under development or not at stabilization, the significant assumptions included the discount rate, the timing and the estimated costs for the construction completion and project stabilization, projected net operating income and the exit capitalization rate. 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 on financial assets that were measured on a fair value basis for the six months ended June 30, 2021. 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 June 30, 2021 Long-lived assets held and used $ — $ — $ 10.0 $ 10.0 $ 7.3 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value (in millions): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Weighted Description June 30, 2021 Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 10.0 Indicative Bid (A) Indicative Bid (A) N/A N/A (A) Fair value measurement based upon an indicative bid and 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 third parties to determine these estimated fair values.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	1 2 . 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 Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Numerators – Basic and Diluted Net income (loss) $ 21,987 $ (4,403 ) $ 38,168 $ 30,225 Income attributable to non-controlling interests (118 ) (210 ) (291 ) (505 ) Write-off of preferred share original issuance costs (5,156 ) — (5,156 ) — Preferred dividends (2,945 ) (5,133 ) (8,078 ) (10,266 ) Earnings attributable to unvested shares and OP units (151 ) — (299 ) (149 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 13,617 $ (9,746 ) $ 24,344 $ 19,305 Denominators – Number of Shares Basic — 211,035 193,170 204,819 193,448 Assumed conversion of dilutive securities 846 — 808 — Diluted — 211,881 193,170 205,627 193,448 Earnings (Loss) Per Share: Basic $ 0.06 $ (0.05 ) $ 0.12 $ 0.10 Diluted $ 0.06 $ (0.05 ) $ 0.12 $ 0.10 For the three and six months ended June 30, 2021, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three and six months ended June 30, 2021, the PRSUs issued in March 2021 were anti-dilutive, and therefore, not considered in the computation of diluted EPS. For the three and six months ended June 30, 2020, the PRSUs issued in March 2020, March 2019 and March 2018 were anti-dilutive, and therefore, not considered in the computation of diluted EPS. In connection with the PRSUs granted in March 2018, the Company recorded a mark-to-market adjustment of $5.6 million as expense for the six months ended June 30, 2021 and recorded $0.3 million as expense and $1.9 million as income for the three and six months ended June 30, 2020, respectively. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. The agreement to offer and sell shares on a forward basis entered into in June 2021 for approximately 1.0 million common shares was not considered in the computation of diluted EPS for the three and six-month periods ended June 30, 2021 (Note 9). This agreement was not outstanding in 2020.

Nature of Business and Financ_2

Nature of Business and Financial Statement Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
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, leasing 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. The Company considered impacts to its estimates related to COVID-19, as appropriate, within its unaudited condensed consolidated financial statements, and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the uncertainties surrounding the severity and duration of the COVID-19 pandemic.
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 six months ended June 30, 2021 and 2020, 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, 2020 .
Principles of Consolidation	Principles of Consolidation
Reclassifications	Reclassifications
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): Six Months Ended June 30, 2021 2020 Dividends declared, but not paid $ 28.2 $ 5.1 Mortgages assumed, shopping center acquisition 17.9 — Write-off of preferred share original issuance costs 5.1 — Accounts payable related to construction in progress 7.3 4.9 Tax receivable 4.1 — Assumption of buildings due to ground lease terminations — 3.0

Nature of Business and Financ_3

Nature of Business and Financial Statement Presentation (Tables)	6 Months Ended
	Jun. 30, 2021
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): Six Months Ended June 30, 2021 2020 Dividends declared, but not paid $ 28.2 $ 5.1 Mortgages assumed, shopping center acquisition 17.9 — Write-off of preferred share original issuance costs 5.1 — Accounts payable related to construction in progress 7.3 4.9 Tax receivable 4.1 — Assumption of buildings due to ground lease terminations — 3.0

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Fee and Other Income	Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.6 $ 2.7 $ 5.2 $ 7.2 Development fees, leasing commissions and other 0.5 0.4 0.9 3.0 3.1 3.1 6.1 10.2 Other: Interest income (A) — 3.5 — 6.9 Other 0.4 0.4 0.8 1.2 0.4 3.9 0.8 8.1 $ 3.5 $ 7.0 $ 6.9 $ 18.3
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 and is recognized in the period earned as follows (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 6,602 $ 7,551 $ 13,177 $ 16,876 Leasing commissions 1,038 682 2,055 3,678 Development fees 126 177 239 1,047 Disposition fees 592 210 592 1,766 Total revenue from contracts with customers 8,358 8,620 16,063 23,367 Other property income: Other 880 872 1,424 2,906 Total fee and other income $ 9,238 $ 9,492 $ 17,487 $ 26,273

Investments in and Advances t_2

Investments in and Advances to Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments	At June 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 56 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): June 30, 2021 December 31, 2020 Condensed Combined Balance Sheets Land $ 433,407 $ 441,412 Buildings 1,227,351 1,258,879 Fixtures and tenant improvements 142,829 137,663 1,803,587 1,837,954 Less: Accumulated depreciation (500,877 ) (492,288 ) 1,302,710 1,345,666 Construction in progress and land 4,811 58,201 Real estate, net 1,307,521 1,403,867 Cash and restricted cash 45,155 35,212 Receivables, net 19,798 25,719 Other assets, net 57,876 61,381 $ 1,430,350 $ 1,526,179 Mortgage debt $ 997,403 $ 1,029,579 Notes and accrued interest payable to the Company 4,712 4,375 Other liabilities 59,208 57,349 1,061,323 1,091,303 Accumulated equity 369,027 434,876 $ 1,430,350 $ 1,526,179 Company's share of accumulated equity $ 65,629 $ 72,555 Basis differentials 5,939 1,644 Deferred development fees, net of portion related to the Company's interest (1,183 ) (1,277 ) Amounts payable to the Company 4,712 4,375 Investments in and Advances to Joint Ventures, net $ 75,097 $ 77,297
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments	Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Condensed Combined Statements of Operations Revenues from operations $ 51,397 $ 53,266 $ 101,957 $ 138,887 Expenses from operations: Operating expenses 13,869 18,633 28,286 43,048 Impairment charges — 1,520 — 33,240 Depreciation and amortization 16,587 23,575 33,704 53,679 Interest expense 10,971 15,100 21,918 32,855 Preferred share expense — 4,554 — 9,084 Other expense, net 3,010 2,941 5,974 7,598 44,437 66,323 89,882 179,504 Income (loss) before gain on disposition of real estate 6,960 (13,057 ) 12,075 (40,617 ) Gain on disposition of real estate, net 8,186 4 36,587 8,910 Net income (loss) attributable to unconsolidated joint ventures $ 15,146 $ (13,053 ) $ 48,662 $ (31,707 ) Company's share of equity in net income (loss) of joint ventures $ 3,814 $ (1,578 ) $ 8,137 $ 437 Basis differential adjustments (A) 1,036 65 1,098 221 Equity in net income (loss) of joint ventures $ 4,850 $ (1,513 ) $ 9,235 $ 658 (A) 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, 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.
Schedule of Fee and Other Income	Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.6 $ 2.7 $ 5.2 $ 7.2 Development fees, leasing commissions and other 0.5 0.4 0.9 3.0 3.1 3.1 6.1 10.2 Other: Interest income (A) — 3.5 — 6.9 Other 0.4 0.4 0.8 1.2 0.4 3.9 0.8 8.1 $ 3.5 $ 7.0 $ 6.9 $ 18.3

Investment in and Advances to_2

Investment in and Advances to Affiliate (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Fee and Other Income	Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.6 $ 2.7 $ 5.2 $ 7.2 Development fees, leasing commissions and other 0.5 0.4 0.9 3.0 3.1 3.1 6.1 10.2 Other: Interest income (A) — 3.5 — 6.9 Other 0.4 0.4 0.8 1.2 0.4 3.9 0.8 8.1 $ 3.5 $ 7.0 $ 6.9 $ 18.3
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 Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Revenue from contracts with RVI: Asset and property management fees $ 4.0 $ 4.8 $ 7.9 $ 9.7 Leasing commissions 0.6 0.5 1.4 1.7 Disposition fees 0.6 0.2 0.6 1.8 Total revenue from contracts with RVI $ 5.2 $ 5.5 $ 9.9 $ 13.2

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Company Acquired Shopping Centers	During the six months ended June 30, 2021, the Company acquired the following shopping centers (in millions): Asset Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Shoppes at Addison Place Delray Beach, Florida May 2021 $ 40.0 $ 17.9 Emmet Street Station Charlottesville, Virginia May 2021 8.8 —
Schedule of Acquisition Cost of Shopping Centers	The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) Land $ 14,845 N/A Buildings 31,941 (A) Tenant improvements 512 (A) In-place leases (including lease origination costs and fair market value of leases) 3,361 5.4 Other assets assumed 37 N/A 50,696 Less: Mortgage debt assumed at fair value (17,944 ) N/A Less: Below-market leases (1,279 ) 14.9 Net assets acquired $ 31,473 (A) Depreciated in accordance with the Company’s policy.

Other Assets and Intangibles,_2

Other Assets and Intangibles, net (Tables)	6 Months Ended
	Jun. 30, 2021
Other Assets [Abstract]
Components of Other Assets and Intangibles	Other assets and intangibles consist of the following (in thousands): June 30, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 51,322 $ 56,756 Above-market leases, net 7,496 8,387 Lease origination costs, net 4,763 4,974 Tenant relationships, net 17,872 20,301 Total intangible assets, net (A) 81,453 90,418 Operating lease ROU assets 19,618 20,604 Other assets: Prepaid expenses 8,802 7,416 Other assets 1,886 2,348 Deposits 3,929 3,767 Deferred charges, net 5,142 6,137 Total other assets, net $ 120,830 $ 130,690 Below-market leases, net (other liabilities) $ 55,538 $ 57,348 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $5.4 million and $3.3 million for the three months ended June 30, 2021 and 2020

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2021
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): Carrying Amount at June 30, 2021 Weighted-Average Interest Rate at June 30, 2021 Maturity Date at June 30, 2021 Unsecured Credit Facility $ — N/A January 2024 PNC Facility — N/A January 2024

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values Different from Estimated Fair Values	Carrying values that are different from estimated fair values are summarized as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,450,691 $ 1,567,298 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and term loan 99,723 100,000 234,635 235,000 Mortgage Indebtedness 248,008 249,887 249,260 250,624 $ 1,798,422 $ 1,917,185 $ 1,933,508 $ 2,035,490

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Common Shares [Member]
Common Share Dividends Declared	Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Common share dividends declared per share $ 0.12 $ — $ 0.23 $ 0.20

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income Related to Foreign Currency Items	The changes in Accumulated Other Comprehensive (Loss) Income related to foreign currency items are as follows (in thousands): Balance, December 31, 2020 $ (2,682 ) Other comprehensive loss before reclassifications (1 ) Reclassification adjustment for foreign currency translation (A) 2,683 Net current-period other comprehensive income 2,682 Balance, June 30, 2021 $ — (A) Represents the release of foreign currency translation in the first quarter of 2021, related to the sale of a parcel of undeveloped land in Richmond Hill, Ontario owned by one of the Company’s joint ventures (Note 3).

Impairment Charges (Tables)

Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Asset Impairment Charges [Abstract]
Impairment Charges Measured at Fair Value on Non-Recurring Basis	The following table presents information about the Company’s impairment charges on financial assets that were measured on a fair value basis for the six months ended June 30, 2021. 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 June 30, 2021 Long-lived assets held and used $ — $ — $ 10.0 $ 10.0 $ 7.3
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 (in millions): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Weighted Description June 30, 2021 Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 10.0 Indicative Bid (A) Indicative Bid (A) N/A N/A (A) Fair value measurement based upon an indicative bid and 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 third parties to determine these estimated fair values.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Net Income 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 Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Numerators – Basic and Diluted Net income (loss) $ 21,987 $ (4,403 ) $ 38,168 $ 30,225 Income attributable to non-controlling interests (118 ) (210 ) (291 ) (505 ) Write-off of preferred share original issuance costs (5,156 ) — (5,156 ) — Preferred dividends (2,945 ) (5,133 ) (8,078 ) (10,266 ) Earnings attributable to unvested shares and OP units (151 ) — (299 ) (149 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 13,617 $ (9,746 ) $ 24,344 $ 19,305 Denominators – Number of Shares Basic — 211,035 193,170 204,819 193,448 Assumed conversion of dilutive securities 846 — 808 — Diluted — 211,881 193,170 205,627 193,448 Earnings (Loss) Per Share: Basic $ 0.06 $ (0.05 ) $ 0.12 $ 0.10 Diluted $ 0.06 $ (0.05 ) $ 0.12 $ 0.10

Nature of Business and Financ_4

Nature of Business and Financial Statement Presentation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Other Expense [Member]
Nature Of Business And Financial Statement Presentation [Line Items]
Reclassification adjustments	$ 3.5	$ 7

Nature of Business and Financ_5

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other Significant Noncash Transactions [Line Items]
Dividends declared, but not paid	$ 28,248	$ 5,100	$ 14,844
Mortgages assumed, shopping center acquisition	17,900	0
Write-off of preferred share original issuance costs	5,100	0
Accounts payable related to construction in progress	7,300	4,900
Tax receivable	4,100	0
Building [Member]
Other Significant Noncash Transactions [Line Items]
Assumption of buildings due to ground lease terminations	$ 0	$ 3,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - Covid19 $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Rent Receivable From Tenants	$ 4.1	$ 4.1
Rental income	5.8	7.2
Share of unconsolidated joint ventures in rental income	$ 1.1	$ 1.4

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Fee and Other Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 8,358	$ 8,620	$ 16,063	$ 23,367
Other property income:
Other	880	872	1,424	2,906
Total fee and other income	9,238	9,492	17,487	26,273
Asset and Property Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	6,602	7,551	13,177	16,876
Leasing Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,038	682	2,055	3,678
Development Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	126	177	239	1,047
Disposition Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 592	$ 210	$ 592	$ 1,766

Investments in and Advances t_3

Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands	Feb. 27, 2021USD ($)a	Jun. 30, 2021USD ($)ShoppingCenter	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)ShoppingCenter	Jun. 30, 2020USD ($)	Dec. 31, 2020ShoppingCenter
Schedule Of Equity Method Investments [Line Items]
Gain on sale of joint venture interest		$ 0	$ (128)	$ 13,908	$ 45,553
Company's proportionate share of gain on sale of joint venture assets				$ 2,600
Undeveloped Land [Member] | Richmond Hill, Ontario [Member]
Schedule Of Equity Method Investments [Line Items]
Area of land sold | a	70
Net proceeds after closing costs and foreign currency translation	$ 22,100
Amounts held in escrow	6,100
Aggregate gain on transaction	16,700
Gain reported by the joint venture	2,800
Gain on sale of joint venture interest	13,900
Undeveloped Land [Member] | Richmond Hill, Ontario [Member] | Amount of Funds in Escrow to be Received from Canadian Taxing Authority Pending Receipt of Certain Tax Certificates [Member]
Schedule Of Equity Method Investments [Line Items]
Amounts held in escrow	4,100
Undeveloped Land [Member] | Richmond Hill, Ontario [Member] | Amount of Funds in Escrow to be Released Upon Final Dissolution of Partnership [Member]
Schedule Of Equity Method Investments [Line Items]
Amounts held in escrow	$ 2,000
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Shopping centers owned | ShoppingCenter		56		56		59
Number of properties sold | ShoppingCenter				3
Proceeds from sale of joint venture assets				$ 37,000

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	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Condensed Combined Balance Sheets
Land	$ 961,551		$ 953,556
Buildings	3,510,342		3,488,499
Fixtures and tenant improvements	526,902		509,866
Total real estate rental property	4,998,795		4,951,921
Less: Accumulated depreciation	(1,497,861)		(1,427,057)
Real estate rental property, net	3,500,934		3,524,864
Construction in progress and land	43,392		37,467
Total real estate assets, net	3,544,326		3,562,331
Other assets, net	120,830		130,690
Total assets	4,053,458		4,108,284
Mortgage debt	248,008		249,260
Total liabilities	2,036,427		2,163,461
Accumulated equity	2,017,031	$ 2,171,604	1,944,823	$ 1,959,804	$ 1,967,478	$ 1,981,478
Total liabilities and equity	4,053,458		4,108,284
Company's share of accumulated equity	65,629		72,555
Basis differentials	5,939		1,644
Deferred development fees, net of portion related to the Company's interest	(1,183)		(1,277)
Amounts payable to the Company	4,712		4,375
Investments in and Advances to Joint Ventures, net	75,097		77,297
Unconsolidated Joint Ventures [Member]
Condensed Combined Balance Sheets
Land	433,407		441,412
Buildings	1,227,351		1,258,879
Fixtures and tenant improvements	142,829		137,663
Total real estate rental property	1,803,587		1,837,954
Less: Accumulated depreciation	(500,877)		(492,288)
Real estate rental property, net	1,302,710		1,345,666
Construction in progress and land	4,811		58,201
Total real estate assets, net	1,307,521		1,403,867
Cash and restricted cash	45,155		35,212
Receivables, net	19,798		25,719
Other assets, net	57,876		61,381
Total assets	1,430,350		1,526,179
Mortgage debt	997,403		1,029,579
Notes and accrued interest payable to the Company	4,712		4,375
Other liabilities	59,208		57,349
Total liabilities	1,061,323		1,091,303
Accumulated equity	369,027		434,876
Total liabilities and equity	$ 1,430,350		$ 1,526,179

Investments in and Advances t_5

Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Combined Statements of Operations
Revenues from operations	$ 135,468	$ 107,571	$ 263,607	$ 236,881
Expenses from operations:
Impairment charges			7,270	0
Depreciation and amortization	47,217	40,873	92,777	83,866
Interest expense	19,136	19,811	38,531	40,398
Other expense, net	324	(2,938)	690	10,986
Net income (loss)	21,987	(4,403)	38,168	30,225
Equity in net income (loss) of joint ventures	4,850	(1,513)	9,235	658
Unconsolidated Joint Ventures [Member]
Condensed Combined Statements of Operations
Revenues from operations	51,397	53,266	101,957	138,887
Expenses from operations:
Operating expenses	13,869	18,633	28,286	43,048
Impairment charges	0	1,520	0	33,240
Depreciation and amortization	16,587	23,575	33,704	53,679
Interest expense	10,971	15,100	21,918	32,855
Preferred share expense	0	4,554	0	9,084
Other expense, net	3,010	2,941	5,974	7,598
Total expenses	44,437	66,323	89,882	179,504
Income (loss) before gain on disposition of real estate	6,960	(13,057)	12,075	(40,617)
Gain on disposition of real estate, net	8,186	4	36,587	8,910
Net income (loss)	15,146	(13,053)	48,662	(31,707)
Company's share of equity in net income (loss) of joint ventures	3,814	(1,578)	8,137	437
Basis differential adjustments	1,036	65	1,098	221
Equity in net income (loss) of joint ventures	$ 4,850	$ (1,513)	$ 9,235	$ 658

Investments in and Advances t_6

Investments in and Advances to Joint Ventures - Revenues Earned By the Company from Unconsolidated Joint Ventures and Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from contracts:
Total revenue from contracts with customers	$ 8,358	$ 8,620	$ 16,063	$ 23,367
Other:
Interest income	0	3,500	0	6,900
Other	400	400	800	1,200
Other, Total	400	3,900	800	8,100
Revenue and other income	3,500	7,000	6,900	18,300
Asset and Property Management Fees [Member]
Revenue from contracts:
Total revenue from contracts with customers	6,602	7,551	13,177	16,876
Unconsolidated Joint Ventures [Member]
Revenue from contracts:
Total revenue from contracts with customers	3,100	3,100	6,100	10,200
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member]
Revenue from contracts:
Total revenue from contracts with customers	2,600	2,700	5,200	7,200
Unconsolidated Joint Ventures [Member] | Development Fees, Leasing Commissions and Other [Member]
Revenue from contracts:
Total revenue from contracts with customers	$ 500	$ 400	$ 900	$ 3,000

Investment in and Advances to_3

Investment in and Advances to Affiliate - Additional Information (Detail) $ in Millions	Jun. 30, 2021USD ($)
Retail Value Inc. [Member]
Investments In And Advances To Affiliates [Line Items]
Preferred investment	$ 190

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 Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	$ 8,358	$ 8,620	$ 16,063	$ 23,367
Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	5,200	5,500	9,900	13,200
Asset and Property Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	6,602	7,551	13,177	16,876
Asset and Property Management Fees [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	4,000	4,800	7,900	9,700
Leasing Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	1,038	682	2,055	3,678
Leasing Commissions [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	600	500	1,400	1,700
Disposition Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	592	210	592	1,766
Disposition Fees [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	$ 600	$ 200	$ 600	$ 1,800

Acquisitions - Schedule of Comp

Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Shoppes at Addison Place [Member] | Delray Beach, Florida [Member]
Business Acquisition [Line Items]
Date Acquired	2021-05
Purchase Price	$ 40
Face Value of Mortgage Debt Assumed	$ 17.9
Emmet Street Station [Member] | Charlottesville, Virginia [Member]
Business Acquisition [Line Items]
Date Acquired	2021-05
Purchase Price	$ 8.8
Face Value of Mortgage Debt Assumed	$ 0

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Less: Below-market leases	$ (55,538)	$ (57,348)
Shopping Center Acquired [Member]
Business Acquisition [Line Items]
Land	14,845
Buildings	31,941
Tenant improvements	512
Other assets assumed	37
Assets acquired	50,696
Less: Mortgage debt assumed at fair value	(17,944)
Less: Below-market leases	(1,279)
Net assets acquired	31,473
Shopping Center Acquired [Member] | In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 3,361
Weighted Average Amortization Period	5 years 4 months 24 days
Shopping Center Acquired [Member] | Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	14 years 10 months 24 days

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Mortgages assumed, shopping center acquisition		$ 17.9	$ 0
Revenues from the date of acquisition	$ 0.5	0.5
Cash [Member]
Business Acquisition [Line Items]
Consideration paid		31.5
Mortgage Assumed [Member]
Business Acquisition [Line Items]
Mortgages assumed, shopping center acquisition		$ 17.9

Other Assets and Intangibles,_3

Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible assets:
Total intangible assets, net	$ 81,453	$ 90,418
Operating lease ROU assets	19,618	20,604
Other assets:
Prepaid expenses	8,802	7,416
Other assets	1,886	2,348
Deposits	3,929	3,767
Deferred charges, net	5,142	6,137
Total other assets, net	120,830	130,690
Below-market leases, net (other liabilities)	55,538	57,348
In-Place Leases, Net [Member]
Intangible assets:
Total intangible assets, net	51,322	56,756
Above-Market Leases, Net [Member]
Intangible assets:
Total intangible assets, net	7,496	8,387
Lease Origination Costs [Member]
Intangible assets:
Total intangible assets, net	4,763	4,974
Tenant Relationships, Net [Member]
Intangible assets:
Total intangible assets, net	$ 17,872	$ 20,301

Other Assets and Intangibles,_4

Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
Amortization expense	$ 5.4	$ 3.3	$ 11	$ 7.1

Revolving Credit Facilities - I

Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Amount	$ 0	$ 135,000
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Citizens Bank, N.A. , RBC Capital Markets and U.S. Bank National AssociationJ.P. , Morgan Chase Bank, N.A. and Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Carrying Amount	$ 0
Weighted-Average Interest Rate
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
Weighted-Average Interest Rate
Lines of Credit Maturity Date	2024-01

Revolving Credit Facilities - A

Revolving Credit Facilities - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member]	6 Months Ended
	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Covenant compliance	The Company was in compliance with these financial covenants at June 30, 2021.
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 a maturity date of January 2024, with 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 Different from Estimated Fair Values (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,450,691	$ 1,449,613
Revolving Credit Facilities and term loan	99,723	234,635
Mortgage Indebtedness	248,008	249,260
Total indebtedness	1,798,422	1,933,508
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,567,298	1,549,866
Revolving Credit Facilities and term loan	100,000	235,000
Mortgage Indebtedness	249,887	250,624
Total indebtedness	$ 1,917,185	$ 2,035,490

Equity - Common Share Dividend

Equity - Common Share Dividend Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Common share dividends declared per share	$ 0.12	$ 0	$ 0.23	$ 0.20

Equity Additional Information (

Equity Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Common shares, issued		17,250,000
Proceeds from issuance of common shares, net of offering expenses		$ 225,300	$ 225,330	$ 0
Write-off of preferred share original issuance costs			5,100	$ 0
Class K Cumulative Redeemable Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred stock, liquidation preference, value	$ 150,000
Cumulative redeemable preferred shares, liquidation value	$ 500
Per share price of depositary share	25
Redeemable preferred stock dividend per share prorated to redemption date	7.2049
Redeemable preferred stock dividend per depositary share prorated to redemption date	$ 0.3602
Write-off of preferred share original issuance costs	$ 5,100
Continuous Equity Program [Member]
Class Of Stock [Line Items]
Sale of common shares, value			$ 250,000
Forward Sale Agreement [Member]
Class Of Stock [Line Items]
Sale of common shares			980,396
Weighted-average price			$ 15.09
Sale of common shares, value			$ 14,800

Other Comprehensive Income - Ch

Other Comprehensive Income - Changes in Accumulated Other Comprehensive (Loss) Income Related to Foreign Currency Items (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 2,171,604	$ 1,967,478	$ 1,944,823	$ 1,981,478
Reclassification adjustment for foreign currency translation included in net income	0	0	2,683	0
Ending Balance	2,017,031	$ 1,959,804	2,017,031	$ 1,959,804
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			(2,682)
Other comprehensive loss before reclassifications			(1)
Reclassification adjustment for foreign currency translation included in net income			2,683
Net current-period other comprehensive income			2,682
Ending Balance	$ 0		$ 0

Impairment Charges - Additional

Impairment Charges - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Investments [Line Items]
Impairment charges			$ 7,270	$ 0
Reserve of preferred equity interests, net	$ 0	$ (4,878)	$ 0	(22,935)
BRE DDR Joint Ventures [Member]
Schedule Of Investments [Line Items]
Reserve of preferred equity interests, net		$ 4,900		$ 22,900

Impairment Charges - Impairment

Impairment Charges - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements [Member] $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 10
Long-lived assets held and used, Total Impairment Charges	7.3
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 10

Impairment Charges - Summary of

Impairment Charges - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements [Member] $ in Millions	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	$ 10
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	10
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	$ 10

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Net Income 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 21,987	$ (4,403)	$ 38,168	$ 30,225
Income attributable to non-controlling interests	(118)	(210)	(291)	(505)
Write-off of preferred share original issuance costs	(5,156)	0	(5,156)	0
Preferred dividends	(2,945)	(5,133)	(8,078)	(10,266)
Earnings attributable to unvested shares and OP units	(151)	0	(299)	(149)
Net income (loss) attributable to common shareholders after allocation to participating securities	$ 13,617	$ (9,746)	$ 24,344	$ 19,305
Denominators – Number of Shares
Basic—Average shares outstanding	211,035	193,170	204,819	193,448
Assumed conversion of dilutive securities	846	0	808	0
Diluted—Average shares outstanding	211,881	193,170	205,627	193,448
Earnings (Loss) Per Share:
Basic	$ 0.06	$ (0.05)	$ 0.12	$ 0.10
Diluted	$ 0.06	$ (0.05)	$ 0.12	$ 0.10

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Forward Sale Agreement [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Sale of common shares	1,000,000			1,000,000
Performance Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Mark-to-market adjustment			$ (0.3)	$ (5.6)	$ 1.9
Common shares, shares issued		570,295