SITE Centers (SITC) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021	Dec. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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		211,217,691
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	Sep. 30, 2021	Dec. 31, 2020
Assets
Land	$ 962,872	$ 953,556
Buildings	3,533,242	3,488,499
Fixtures and tenant improvements	544,374	509,866
Total real estate rental property	5,040,488	4,951,921
Less: Accumulated depreciation	(1,536,248)	(1,427,057)
Real estate rental property, net	3,504,240	3,524,864
Construction in progress and land	42,143	37,467
Total real estate assets, net	3,546,383	3,562,331
Investments in and advances to joint ventures, net	72,684	77,297
Investment in and advances to affiliate	190,121	190,035
Cash and cash equivalents	61,924	69,742
Restricted cash	3,414	4,672
Accounts receivable	59,910	73,517
Other assets, net	117,857	130,690
Total assets	4,052,293	4,108,284
Unsecured indebtedness:
Senior notes, net	1,451,229	1,449,613
Term loan, net	99,767	99,635
Revolving credit facilities	0	135,000
Total unsecured indebtedness	1,550,996	1,684,248
Mortgage indebtedness, net	241,561	249,260
Total indebtedness	1,792,557	1,933,508
Accounts payable and other liabilities	213,018	215,109
Dividends payable	28,251	14,844
Total liabilities	2,033,826	2,163,461
Commitments and contingencies
SITE Centers Equity
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 211,095,870 and 193,995,499 shares issued at September 30, 2021 and December 31, 2020, respectively	21,110	19,400
Additional paid-in capital	5,942,466	5,705,164
Accumulated distributions in excess of net income	(4,123,534)	(4,099,534)
Deferred compensation obligation	4,590	5,479
Accumulated other comprehensive loss	0	(2,682)
Less: Common shares in treasury at cost: 254,298 and 898,267 shares at September 30, 2021 and December 31, 2020, respectively	(4,815)	(11,319)
Total SITE Centers shareholders' equity	2,014,817	1,941,508
Non-controlling interests	3,650	3,315
Total equity	2,018,467	1,944,823
Total liabilities and equity	4,052,293	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	9 Months Ended	12 Months Ended
	Sep. 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	211,095,870	193,995,499
Treasury at cost	254,298	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from operations:
Rental income	$ 120,569	$ 95,874	$ 366,689	$ 306,482
Fee and other income	13,872	9,680	31,359	35,953
Total revenue from operations	134,441	105,554	398,048	342,435
Rental operation expenses:
Operating and maintenance	18,562	15,775	58,200	50,774
Real estate taxes	19,160	16,542	58,359	51,547
Impairment charges			7,270	0
General and administrative	11,727	13,664	41,547	38,542
Depreciation and amortization	44,669	41,148	137,446	125,014
Total rental operation expenses	94,118	87,129	302,822	265,877
Other income (expense):
Interest expense	(19,170)	(18,089)	(57,701)	(58,487)
Other (expense) income, net	(524)	3,259	(1,214)	(7,727)
Total other income (expense)	(19,694)	(14,830)	(58,915)	(66,214)
Income before earnings from equity method investments and other items	20,629	3,595	36,311	10,344
Equity in net income of joint ventures	1,824	250	11,059	908
Reserve of preferred equity interests, net	0	3,542	0	(19,393)
Gain on sale of joint venture interests	35	82	13,943	45,635
Gain on disposition of real estate, net	5,871	218	6,069	993
Income before tax expense	28,359	7,687	67,382	38,487
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(202)	(284)	(1,057)	(859)
Net income (loss)	28,157	7,403	66,325	37,628
Income attributable to non-controlling interests, net	(93)	(116)	(384)	(621)
Net income attributable to SITE Centers	28,064	7,287	65,941	37,007
Write-off of preferred share original issuance costs	0	0	(5,156)	0
Preferred dividends	(2,789)	(5,133)	(10,867)	(15,399)
Net income attributable to common shareholders	$ 25,275	$ 2,154	$ 49,918	$ 21,608
Per share data:
Basic	$ 0.12	$ 0.01	$ 0.24	$ 0.11
Diluted	$ 0.12	$ 0.01	$ 0.24	$ 0.11

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 28,157	$ 7,403	$ 66,325	$ 37,628
Other comprehensive income:
Foreign currency translation, net	0	(3,916)	(1)	(4,409)
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 (loss)	0	(3,916)	2,682	(3,237)
Comprehensive income	28,157	3,487	69,007	34,391
Total comprehensive income attributable to non-controlling interests	(93)	(116)	(384)	(621)
Total comprehensive income attributable to SITE Centers	$ 28,064	$ 3,371	$ 68,623	$ 33,770

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) Income [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	(60)	0	18	(78)	0	0	0	0	0
Repurchase of common shares	(7,500)	0	0	0	0	0	0	(7,500)	0
Stock-based compensation, net	4,440	0	0	4,397	0	(2,495)	0	2,538	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	(10,266)	0	0	0	(10,266)	0	0	0	0
Comprehensive (loss) income	30,904	0	0	0	29,720	0	679	0	505
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, 2019	1,981,478	325,000	19,382	5,700,400	(4,066,099)	7,929	(491)	(7,707)	3,064
Comprehensive (loss) income	34,391
Ending Balance at Sep. 30, 2020	1,959,712	325,000	19,400	5,706,225	(4,083,405)	5,442	(3,728)	(12,463)	3,241
Beginning 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
Stock-based compensation, net	1,720	0	0	1,506	0	8	0	206	0
Distributions to non-controlling interests	(166)	0	0	0	0	0	0	0	(166)
Dividends declared-preferred shares	(5,133)	0	0	0	(5,133)	0	0	0	0
Comprehensive (loss) income	3,487	0	0	0	7,287	0	(3,916)	0	116
Ending Balance at Sep. 30, 2020	1,959,712	325,000	19,400	5,706,225	(4,083,405)	5,442	(3,728)	(12,463)	3,241
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	99	0	8	91	0	0	0	0	0
Issuance of common shares for cash offering	225,330	0	1,696	219,711	0	0	0	3,923	0
Stock-based compensation, net	12,515	0	0	10,425	0	(995)	0	3,085	0
Distributions to non-controlling interests	(33)	0	0	0	0	0	0	0	(33)
Redemption of preferred shares	(150,019)	(150,000)	0	5,137	(5,156)	0	0	0	0
Dividends declared-common shares	(48,795)	0	0	0	(48,795)	0	0	0	0
Dividends declared-preferred shares	(7,739)	0	0	0	(7,739)	0	0	0	0
Comprehensive (loss) income	40,850	0	0	0	37,877	0	2,682	0	291
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 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	69,007
Ending Balance at Sep. 30, 2021	2,018,467	175,000	21,110	5,942,466	(4,123,534)	4,590	0	(4,815)	3,650
Beginning 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
Issuance of common shares related to stock plans	133	0	6	127	0	0	0	0	0
Issuance of common shares for cash offering	(164)	0	0	(164)	0	0	0	0	0
Stock-based compensation, net	1,577	0	0	1,975	0	106	0	(504)	0
Distributions to non-controlling interests	(16)	0	0	0	0	0	0	0	(16)
Dividends declared-common shares	(25,462)	0	0	0	(25,462)	0	0	0	0
Dividends declared-preferred shares	(2,789)	0	0	0	(2,789)	0	0	0	0
Comprehensive (loss) income	28,157	0	0	0	28,064	0	0	0	93
Ending Balance at Sep. 30, 2021	$ 2,018,467	$ 175,000	$ 21,110	$ 5,942,466	$ (4,123,534)	$ 4,590	$ 0	$ (4,815)	$ 3,650

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flow from operating activities:
Net income	$ 66,325	$ 37,628
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	137,446	125,014
Stock-based compensation	11,698	5,670
Amortization and write-off of debt issuance costs and fair market value of debt adjustments	3,210	3,581
Loss on debt extinguishment	0	16,568
Equity in net income of joint ventures	(11,059)	(908)
Reserve of preferred equity interests, net	0	19,393
Operating cash distributions from joint ventures	2,840	2,825
Gain on sale of joint venture interests	(13,943)	(45,635)
Gain on disposition of real estate, net	(6,069)	(993)
Impairment charges	7,270	0
Assumption of buildings due to ground lease terminations	0	(3,025)
Change in notes receivable accrued interest	0	(2,891)
Net change in accounts receivable	18,391	(18,500)
Net change in accounts payable and accrued expenses	5,143	(4,567)
Net change in other operating assets and liabilities	(3,888)	(8,226)
Total adjustments	151,039	88,306
Net cash flow provided by operating activities	217,364	125,934
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed	(62,610)	0
Real estate developed and improvements to operating real estate	(55,677)	(50,987)
Proceeds from disposition of real estate	29,793	1,227
Proceeds from sale of joint venture interests	16,067	140,441
Equity contributions to joint ventures	(247)	(206)
Distributions from joint ventures	7,014	4,395
Repayment of notes receivable	0	7,500
Net cash flow (used for) provided by investing activities	(64,731)	102,370
Repayment of joint venture advances, net	929	0
Cash flow from financing activities:
(Repayment of) proceeds from revolving credit facilities, net	(135,000)	170,000
Repayment of senior notes, including repayment costs	0	(216,568)
Repayment of mortgage debt	(25,613)	(41,230)
Proceeds from issuance of common shares, net of offering expenses	225,166	0
Redemption of preferred shares	(150,019)	0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan	(4,878)	(955)
Repurchase of common shares	0	(7,500)
Distributions to non-controlling interests and redeemable operating partnership units	(39)	(473)
Dividends paid	(71,325)	(93,215)
Net cash flow used for financing activities	(161,708)	(189,941)
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	17
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,075)	38,363
Cash, cash equivalents and restricted cash, beginning of period	74,414	19,133
Cash, cash equivalents and restricted cash, end of period	$ 65,338	$ 57,513

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2020, have been reclassified in order to conform with the current period’s presentation. The Company reclassified $3.4 million and $10.5 million of interest income for the three and nine months ended September 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): Nine Months Ended September 30, 2021 2020 Dividends declared, but not paid $ 28.3 $ 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 10.2 5.1 Tax receivable 4.1 — Assumption of buildings due to ground lease terminations — 3.0

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 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 was significantly impacted by the COVID-19 pandemic. Though the impact of the COVID-19 pandemic on tenant operations varied by tenant category, local conditions and applicable government mandates, a significant number of the Company’s tenants 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, primarily in 2020. The COVID-19 pandemic also 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. As of September 30, 2021, $1.7 million remains outstanding under these deferral arrangements for tenants that are not accounted for on the cash basis. During the three and nine months ended September 30, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $1.1 million and $8.3 million, respectively (the Company’s share of unconsolidated joint ventures was $0.2 million and $1.6 million, respectively), primarily due to rental income paid in 2021 related to outstanding amounts owed for 2020 from tenants on the cash basis of accounting. 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. 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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 6,459 $ 7,326 $ 19,636 $ 24,201 Leasing commissions 624 648 2,679 4,327 Development fees 258 210 497 1,256 RVI Disposition fees 5,500 856 6,092 2,622 RVI Credit facility guaranty fees 60 60 60 60 Total revenue from contracts with customers 12,901 9,100 28,964 32,466 Other property income: Other 971 580 2,395 3,487 Total fee and other income $ 13,872 $ 9,680 $ 31,359 $ 35,953

Investments in and Advances to

Investments in and Advances to Joint Ventures	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 55 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): September 30, 2021 December 31, 2020 Condensed Combined Balance Sheets Land $ 428,167 $ 441,412 Buildings 1,212,771 1,258,879 Fixtures and tenant improvements 138,876 137,663 1,779,814 1,837,954 Less: Accumulated depreciation (501,506 ) (492,288 ) 1,278,308 1,345,666 Construction in progress and land 8,444 58,201 Real estate, net 1,286,752 1,403,867 Cash and restricted cash 61,797 35,212 Receivables, net 19,513 25,719 Other assets, net 53,415 61,381 $ 1,421,477 $ 1,526,179 Mortgage debt $ 996,968 $ 1,029,579 Notes and accrued interest payable to the Company 3,789 4,375 Other liabilities 59,890 57,349 1,060,647 1,091,303 Accumulated equity 360,830 434,876 $ 1,421,477 $ 1,526,179 Company's share of accumulated equity $ 64,778 $ 72,555 Basis differentials 5,273 1,644 Deferred development fees, net of portion related to the Company's interest (1,156 ) (1,277 ) Amounts payable to the Company 3,789 4,375 Investments in and Advances to Joint Ventures, net $ 72,684 $ 77,297 Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Condensed Combined Statements of Operations Revenues from operations $ 48,666 $ 60,019 $ 150,623 $ 198,906 Expenses from operations: Operating expenses 12,931 18,613 41,217 61,661 Impairment charges — — — 33,240 Depreciation and amortization 16,605 23,901 50,309 77,580 Interest expense 10,980 14,700 32,898 47,555 Preferred share expense — 4,626 — 13,710 Other expense, net 2,832 3,246 8,806 10,844 43,348 65,086 133,230 244,590 Income (loss) before gain on disposition of real estate 5,318 (5,067 ) 17,393 (45,684 ) (Loss) gain on disposition of real estate, net (455 ) 319 36,132 9,229 Net income (loss) attributable to unconsolidated joint ventures $ 4,863 $ (4,748 ) $ 53,525 $ (36,455 ) Company's share of equity in net income of joint ventures $ 1,760 $ 134 $ 9,897 $ 571 Basis differential adjustments (A) 64 116 1,162 337 Equity in net income of joint ventures $ 1,824 $ 250 $ 11,059 $ 908 (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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.8 $ 3.0 $ 8.0 $ 10.1 Development fees, leasing commissions and other 0.6 0.6 1.5 3.6 3.4 3.6 9.5 13.7 Other: Interest income (A) — 3.5 — 10.5 Other 0.4 0.5 1.2 1.7 0.4 4.0 1.2 12.2 $ 3.8 $ 7.6 $ 10.7 $ 25.9 (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 $16.8 million which included its $2.8 million share of the gain reported by the joint venture, as well as $14.0 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 September 30, 2021, four shopping centers were sold by unconsolidated joint ventures for $53.4 million. The Company’s share of the gain on sale was $2.4 million.

Investment in and Advances to A

Investment in and Advances to Affiliate	9 Months Ended
	Sep. 30, 2021
Investments In And Advances To Affiliates [Abstract]
Investment in and Advances to Affiliate	4 . Investment in and Advances to Affiliate The Company had a preferred investment in Retail Value Inc. (“RVI”) having an aggregate dividend preference of $190.0 million which amount could increase by up to an additional $10 million in the event the aggregate amount of gross proceeds from RVI asset sales exceeds a specified threshold (the “RVI Preferred Shares”). In October 2021, the Company received a distribution of $190.0 million on the RVI Preferred Shares (Note 13). The Company does not expect to receive any additional amount from RVI on account of its preferred investment based on the projected level of sale proceeds from RVI’s remaining assets. 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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts with RVI: Asset and property management fees $ 3.6 $ 4.4 $ 11.5 $ 14.1 Leasing commissions 0.3 0.3 1.7 2.0 Disposition fees 5.5 0.8 6.1 2.6 Credit facility guaranty 0.1 0.1 0.1 0.1 Total revenue from contracts with RVI $ 9.5 $ 5.6 $ 19.4 $ 18.8

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	5 . Acquisitions During the nine months ended September 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 — Hammond Springs Atlanta, Georgia September 2021 31.0 — The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) Land $ 27,203 N/A Buildings 48,470 (A) Tenant improvements 1,075 (A) In-place leases (including lease origination costs and fair market value of leases) 5,829 4.9 Other assets assumed 37 N/A 82,614 Less: Mortgage debt assumed at fair value (17,944 ) N/A Less: Below-market leases (2,060 ) 13.5 Net assets acquired $ 62,610 (A) Depreciated in accordance with the Company’s policy. The total consideration paid included $62.6 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 nine months ended September 30, 2021, was $1.1 million and $1.6 million, respectively, in total revenues from the date of acquisition through September 30, 2021, for the three properties acquired.

Other Assets and Intangibles, n

Other Assets and Intangibles, net	9 Months Ended
	Sep. 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): September 30, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 49,455 $ 56,756 Above-market leases, net 7,032 8,387 Lease origination costs, net 4,838 4,974 Tenant relationships, net 16,680 20,301 Total intangible assets, net (A) 78,005 90,418 Operating lease ROU assets 19,469 20,604 Other assets: Prepaid expenses 9,679 7,416 Other assets 1,785 2,348 Deposits 4,275 3,767 Deferred charges, net 4,644 6,137 Total other assets, net $ 117,857 $ 130,690 Below-market leases, net (other liabilities) $ 54,802 $ 57,348 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $5.3 million and $3.2 million for the three months ended September 30, 2021 and 2020

Revolving Credit Facilities

Revolving Credit Facilities	9 Months Ended
	Sep. 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 September 30, 2021 Weighted-Average Interest Rate at September 30, 2021 Maturity Date at September 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 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). 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, 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’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, 2021) or the Alternative Base Rate, as defined in the respective facility, plus a specified spread (0% at September 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 September 30, 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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): September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,451,229 $ 1,579,853 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and term loan 99,767 100,000 234,635 235,000 Mortgage Indebtedness 241,561 243,750 249,260 250,624 $ 1,792,557 $ 1,923,603 $ 1,933,508 $ 2,035,490

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	9 . Equity Common Share Dividend Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Common share dividends declared per share $ 0.12 $ — $ 0.35 $ 0.20 Common Shares Issuance In March 2021, the Company issued 17.25 million common shares resulting in net proceeds of $225.2 million. Common Shares – Continuous Equity Program In the second quarter of 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 before issuance costs generating expected gross proceeds before issuance costs of $14.8 million. In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis at a weighted-average forward price of $15.89 per share before issuance costs generating expected gross proceeds before issuance costs of $11.4 million. Year to date, the Company has offered and sold 1,700,472 shares on a forward basis at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds before issuance costs of $26.2 million with no shares settled to date. The actual proceeds to be received by the Company will vary depending upon the settlement date, the number of shares designated for settlement on that settlement date and the method of settlement. The forward equity sale agreements provide that the forward price will be subsequently adjusted for a floating interest rate factor equal to a specified daily rate plus a spread and scheduled dividends during the term of the applicable agreement. The second quarter transactions may be settled at any time before the July 1, 2022 settlement date and the third quarter transactions may be settled at any time before the September 9, 2022 settlement date. 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	9 Months Ended
	Sep. 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, September 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	9 Months Ended
	Sep. 30, 2021
Asset Impairment Charges [Abstract]
Impairment Charges	1 1 . Impairment Charges For the nine months ended September 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 nine months ended September 30, 2020, the Company recorded an adjustment to the reserve of $ 3.5 million and net charges of $ 19.4 million, respectively, as a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR j oint v entures that were t ransferred 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 fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge, for the nine months ended September 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 September 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 September 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	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	1 2 . Earnings Per Share The following table provides a reconciliation of net income 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, 2021 2020 2021 2020 Numerators – Basic and Diluted Net income $ 28,157 $ 7,403 $ 66,325 $ 37,628 Income attributable to non-controlling interests (93 ) (116 ) (384 ) (621 ) Write-off of preferred share original issuance costs — — (5,156 ) — Preferred dividends (2,789 ) (5,133 ) (10,867 ) (15,399 ) Earnings attributable to unvested shares and OP units (150 ) — (450 ) (149 ) Net income attributable to common shareholders after allocation to participating securities $ 25,125 $ 2,154 $ 49,468 $ 21,459 Denominators – Number of Shares Basic — 211,048 193,203 206,918 193,366 Assumed conversion of dilutive securities: PRSUs 1,114 162 1,146 — Forward equity 29 — 10 — Diluted — 212,191 193,365 208,074 193,366 Earnings Per Share: Basic $ 0.12 $ 0.01 $ 0.24 $ 0.11 Diluted $ 0.12 $ 0.01 $ 0.24 $ 0.11 For the three and nine months ended September 30, 2021, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three and nine months ended September 30, 2020, PRSUs issued to certain executives in March 2020, March 2019 and March 2017 (not outstanding for the three months ended September 30, 2020) were anti-dilutive and not considered in the computation of EPS, as no share units would have been issued under the plan if the performance period would have ended on September 30, 2020. The PRSUs issued in March 2018 were considered in the computation of EPS for the three months ended September 30, 2020, but were anti-dilutive and not included in the computation of EPS for the nine months ended September 30, 2020. 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 nine months ended September 30, 2021 and recorded $0.3 million as expense and $1.6 million as income for the three and nine months ended September 30, 2020, respectively. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. The agreements to offer and sell shares on a forward basis for approximately 1.7 million common shares considered in the computation of diluted EPS for the three and nine-month periods ended September 30, 2021 (Note 9). This agreement was not outstanding in 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On October 6, 2021, the Company received a distribution of $190.0 million on the RVI Preferred Shares, which represents the full amount expected to be paid by RVI on account of the Company’s preferred investment (Note 4).

Nature of Business and Financ_2

Nature of Business and Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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): Nine Months Ended September 30, 2021 2020 Dividends declared, but not paid $ 28.3 $ 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 10.2 5.1 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)	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2021 2020 Dividends declared, but not paid $ 28.3 $ 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 10.2 5.1 Tax receivable 4.1 — Assumption of buildings due to ground lease terminations — 3.0

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.8 $ 3.0 $ 8.0 $ 10.1 Development fees, leasing commissions and other 0.6 0.6 1.5 3.6 3.4 3.6 9.5 13.7 Other: Interest income (A) — 3.5 — 10.5 Other 0.4 0.5 1.2 1.7 0.4 4.0 1.2 12.2 $ 3.8 $ 7.6 $ 10.7 $ 25.9
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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 6,459 $ 7,326 $ 19,636 $ 24,201 Leasing commissions 624 648 2,679 4,327 Development fees 258 210 497 1,256 RVI Disposition fees 5,500 856 6,092 2,622 RVI Credit facility guaranty fees 60 60 60 60 Total revenue from contracts with customers 12,901 9,100 28,964 32,466 Other property income: Other 971 580 2,395 3,487 Total fee and other income $ 13,872 $ 9,680 $ 31,359 $ 35,953

Investments in and Advances t_2

Investments in and Advances to Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments	At September 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 55 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): September 30, 2021 December 31, 2020 Condensed Combined Balance Sheets Land $ 428,167 $ 441,412 Buildings 1,212,771 1,258,879 Fixtures and tenant improvements 138,876 137,663 1,779,814 1,837,954 Less: Accumulated depreciation (501,506 ) (492,288 ) 1,278,308 1,345,666 Construction in progress and land 8,444 58,201 Real estate, net 1,286,752 1,403,867 Cash and restricted cash 61,797 35,212 Receivables, net 19,513 25,719 Other assets, net 53,415 61,381 $ 1,421,477 $ 1,526,179 Mortgage debt $ 996,968 $ 1,029,579 Notes and accrued interest payable to the Company 3,789 4,375 Other liabilities 59,890 57,349 1,060,647 1,091,303 Accumulated equity 360,830 434,876 $ 1,421,477 $ 1,526,179 Company's share of accumulated equity $ 64,778 $ 72,555 Basis differentials 5,273 1,644 Deferred development fees, net of portion related to the Company's interest (1,156 ) (1,277 ) Amounts payable to the Company 3,789 4,375 Investments in and Advances to Joint Ventures, net $ 72,684 $ 77,297
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments	Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Condensed Combined Statements of Operations Revenues from operations $ 48,666 $ 60,019 $ 150,623 $ 198,906 Expenses from operations: Operating expenses 12,931 18,613 41,217 61,661 Impairment charges — — — 33,240 Depreciation and amortization 16,605 23,901 50,309 77,580 Interest expense 10,980 14,700 32,898 47,555 Preferred share expense — 4,626 — 13,710 Other expense, net 2,832 3,246 8,806 10,844 43,348 65,086 133,230 244,590 Income (loss) before gain on disposition of real estate 5,318 (5,067 ) 17,393 (45,684 ) (Loss) gain on disposition of real estate, net (455 ) 319 36,132 9,229 Net income (loss) attributable to unconsolidated joint ventures $ 4,863 $ (4,748 ) $ 53,525 $ (36,455 ) Company's share of equity in net income of joint ventures $ 1,760 $ 134 $ 9,897 $ 571 Basis differential adjustments (A) 64 116 1,162 337 Equity in net income of joint ventures $ 1,824 $ 250 $ 11,059 $ 908 (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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.8 $ 3.0 $ 8.0 $ 10.1 Development fees, leasing commissions and other 0.6 0.6 1.5 3.6 3.4 3.6 9.5 13.7 Other: Interest income (A) — 3.5 — 10.5 Other 0.4 0.5 1.2 1.7 0.4 4.0 1.2 12.2 $ 3.8 $ 7.6 $ 10.7 $ 25.9

Investment in and Advances to_2

Investment in and Advances to Affiliate (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts: Asset and property management fees $ 2.8 $ 3.0 $ 8.0 $ 10.1 Development fees, leasing commissions and other 0.6 0.6 1.5 3.6 3.4 3.6 9.5 13.7 Other: Interest income (A) — 3.5 — 10.5 Other 0.4 0.5 1.2 1.7 0.4 4.0 1.2 12.2 $ 3.8 $ 7.6 $ 10.7 $ 25.9
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 Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Revenue from contracts with RVI: Asset and property management fees $ 3.6 $ 4.4 $ 11.5 $ 14.1 Leasing commissions 0.3 0.3 1.7 2.0 Disposition fees 5.5 0.8 6.1 2.6 Credit facility guaranty 0.1 0.1 0.1 0.1 Total revenue from contracts with RVI $ 9.5 $ 5.6 $ 19.4 $ 18.8

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Company Acquired Shopping Centers	During the nine months ended September 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 — Hammond Springs Atlanta, Georgia September 2021 31.0 —
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 $ 27,203 N/A Buildings 48,470 (A) Tenant improvements 1,075 (A) In-place leases (including lease origination costs and fair market value of leases) 5,829 4.9 Other assets assumed 37 N/A 82,614 Less: Mortgage debt assumed at fair value (17,944 ) N/A Less: Below-market leases (2,060 ) 13.5 Net assets acquired $ 62,610 (A) Depreciated in accordance with the Company’s policy.

Other Assets and Intangibles,_2

Other Assets and Intangibles, net (Tables)	9 Months Ended
	Sep. 30, 2021
Other Assets [Abstract]
Components of Other Assets and Intangibles	Other assets and intangibles consist of the following (in thousands): September 30, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 49,455 $ 56,756 Above-market leases, net 7,032 8,387 Lease origination costs, net 4,838 4,974 Tenant relationships, net 16,680 20,301 Total intangible assets, net (A) 78,005 90,418 Operating lease ROU assets 19,469 20,604 Other assets: Prepaid expenses 9,679 7,416 Other assets 1,785 2,348 Deposits 4,275 3,767 Deferred charges, net 4,644 6,137 Total other assets, net $ 117,857 $ 130,690 Below-market leases, net (other liabilities) $ 54,802 $ 57,348 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $5.3 million and $3.2 million for the three months ended September 30, 2021 and 2020

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 Weighted-Average Interest Rate at September 30, 2021 Maturity Date at September 30, 2021 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, 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): September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,451,229 $ 1,579,853 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and term loan 99,767 100,000 234,635 235,000 Mortgage Indebtedness 241,561 243,750 249,260 250,624 $ 1,792,557 $ 1,923,603 $ 1,933,508 $ 2,035,490

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Common Shares [Member]
Common Share Dividends Declared	Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Common share dividends declared per share $ 0.12 $ — $ 0.35 $ 0.20

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 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, September 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)	9 Months Ended
	Sep. 30, 2021
Asset Impairment Charges [Abstract]
Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis	The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge, for the nine months ended September 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 September 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 September 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)	9 Months Ended
	Sep. 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 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, 2021 2020 2021 2020 Numerators – Basic and Diluted Net income $ 28,157 $ 7,403 $ 66,325 $ 37,628 Income attributable to non-controlling interests (93 ) (116 ) (384 ) (621 ) Write-off of preferred share original issuance costs — — (5,156 ) — Preferred dividends (2,789 ) (5,133 ) (10,867 ) (15,399 ) Earnings attributable to unvested shares and OP units (150 ) — (450 ) (149 ) Net income attributable to common shareholders after allocation to participating securities $ 25,125 $ 2,154 $ 49,468 $ 21,459 Denominators – Number of Shares Basic — 211,048 193,203 206,918 193,366 Assumed conversion of dilutive securities: PRSUs 1,114 162 1,146 — Forward equity 29 — 10 — Diluted — 212,191 193,365 208,074 193,366 Earnings Per Share: Basic $ 0.12 $ 0.01 $ 0.24 $ 0.11 Diluted $ 0.12 $ 0.01 $ 0.24 $ 0.11

Nature of Business and Financ_4

Nature of Business and Financial Statement Presentation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Other Expense [Member]
Nature Of Business And Financial Statement Presentation [Line Items]
Reclassification adjustments	$ 3.4	$ 10.5

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, 2021	Sep. 30, 2020	Dec. 31, 2020
Other Significant Noncash Transactions [Line Items]
Dividends declared, but not paid	$ 28,251	$ 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	10,200	5,100
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	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Rent receivable from tenants	$ 1.7	$ 1.7
Rental income	1.1	8.3
Share of unconsolidated joint ventures in rental income	$ 0.2	$ 1.6

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Fee and Other Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 12,901	$ 9,100	$ 28,964	$ 32,466
Other property income:
Other	971	580	2,395	3,487
Total fee and other income	13,872	9,680	31,359	35,953
Asset and Property Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	6,459	7,326	19,636	24,201
Leasing Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	624	648	2,679	4,327
Development Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	258	210	497	1,256
RVI Disposition Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	5,500	856	6,092	2,622
RVI Credit Facility Guaranty Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 60	$ 60	$ 60	$ 60

Investments in and Advances t_3

Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands	Feb. 27, 2021USD ($)a	Sep. 30, 2021USD ($)ShoppingCenter	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ShoppingCenter	Sep. 30, 2020USD ($)	Dec. 31, 2020ShoppingCenter
Schedule Of Equity Method Investments [Line Items]
Gain on sale of joint venture interest		$ 35	$ 82	$ 13,943	$ 45,635
Company's proportionate share of gain on sale of joint venture assets				$ 2,400
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	16,800
Gain reported by the joint venture	2,800
Gain on sale of joint venture interest	14,000
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		55		55		59
Number of properties sold | ShoppingCenter				4
Proceeds from sale of joint venture assets				$ 53,400

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, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Condensed Combined Balance Sheets
Land	$ 962,872		$ 953,556
Buildings	3,533,242		3,488,499
Fixtures and tenant improvements	544,374		509,866
Total real estate rental property	5,040,488		4,951,921
Less: Accumulated depreciation	(1,536,248)		(1,427,057)
Real estate rental property, net	3,504,240		3,524,864
Construction in progress and land	42,143		37,467
Total real estate assets, net	3,546,383		3,562,331
Other assets, net	117,857		130,690
Total assets	4,052,293		4,108,284
Mortgage debt	241,561		249,260
Total liabilities	2,033,826		2,163,461
Accumulated equity	2,018,467	$ 2,017,031	1,944,823	$ 1,959,712	$ 1,959,804	$ 1,981,478
Total liabilities and equity	4,052,293		4,108,284
Company's share of accumulated equity	64,778		72,555
Basis differentials	5,273		1,644
Deferred development fees, net of portion related to the Company's interest	(1,156)		(1,277)
Amounts payable to the Company	3,789		4,375
Investments in and Advances to Joint Ventures, net	72,684		77,297
Unconsolidated Joint Ventures [Member]
Condensed Combined Balance Sheets
Land	428,167		441,412
Buildings	1,212,771		1,258,879
Fixtures and tenant improvements	138,876		137,663
Total real estate rental property	1,779,814		1,837,954
Less: Accumulated depreciation	(501,506)		(492,288)
Real estate rental property, net	1,278,308		1,345,666
Construction in progress and land	8,444		58,201
Total real estate assets, net	1,286,752		1,403,867
Cash and restricted cash	61,797		35,212
Receivables, net	19,513		25,719
Other assets, net	53,415		61,381
Total assets	1,421,477		1,526,179
Mortgage debt	996,968		1,029,579
Notes and accrued interest payable to the Company	3,789		4,375
Other liabilities	59,890		57,349
Total liabilities	1,060,647		1,091,303
Accumulated equity	360,830		434,876
Total liabilities and equity	$ 1,421,477		$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Combined Statements of Operations
Revenues from operations	$ 134,441	$ 105,554	$ 398,048	$ 342,435
Expenses from operations:
Impairment charges			7,270	0
Depreciation and amortization	44,669	41,148	137,446	125,014
Interest expense	19,170	18,089	57,701	58,487
Other expense, net	524	(3,259)	1,214	7,727
Net income (loss)	28,157	7,403	66,325	37,628
Equity in net income of joint ventures	1,824	250	11,059	908
Unconsolidated Joint Ventures [Member]
Condensed Combined Statements of Operations
Revenues from operations	48,666	60,019	150,623	198,906
Expenses from operations:
Operating expenses	12,931	18,613	41,217	61,661
Impairment charges	0	0	0	33,240
Depreciation and amortization	16,605	23,901	50,309	77,580
Interest expense	10,980	14,700	32,898	47,555
Preferred share expense	0	4,626	0	13,710
Other expense, net	2,832	3,246	8,806	10,844
Total expenses	43,348	65,086	133,230	244,590
Income (loss) before gain on disposition of real estate	5,318	(5,067)	17,393	(45,684)
(Loss) gain on disposition of real estate, net	(455)	319	36,132	9,229
Net income (loss)	4,863	(4,748)	53,525	(36,455)
Company's share of equity in net income of joint ventures	1,760	134	9,897	571
Basis differential adjustments	64	116	1,162	337
Equity in net income of joint ventures	$ 1,824	$ 250	$ 11,059	$ 908

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from contracts:
Total revenue from contracts with customers	$ 12,901	$ 9,100	$ 28,964	$ 32,466
Other:
Interest income	0	3,500	0	10,500
Other	400	500	1,200	1,700
Other, Total	400	4,000	1,200	12,200
Revenue and other income	3,800	7,600	10,700	25,900
Asset and Property Management Fees [Member]
Revenue from contracts:
Total revenue from contracts with customers	6,459	7,326	19,636	24,201
Unconsolidated Joint Ventures [Member]
Revenue from contracts:
Total revenue from contracts with customers	3,400	3,600	9,500	13,700
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member]
Revenue from contracts:
Total revenue from contracts with customers	2,800	3,000	8,000	10,100
Unconsolidated Joint Ventures [Member] | Development Fees, Leasing Commissions and Other [Member]
Revenue from contracts:
Total revenue from contracts with customers	$ 600	$ 600	$ 1,500	$ 3,600

Investments in and Advances t_7

Investments in and Advances to Joint Ventures - Revenues Earned By the Company from Unconsolidated Joint Ventures and Interest Income (Parenthetical) (Detail)	3 Months Ended
	Dec. 31, 2020JointVenture
Equity Method Investments And Joint Ventures [Abstract]
Joint ventures transferred or redeemed	2

Investment in and Advances to_3

Investment in and Advances to Affiliate - Additional Information (Detail) - Retail Value Inc. [Member] - USD ($) $ in Millions	Oct. 06, 2021	Oct. 31, 2021	Sep. 30, 2021
Investments In And Advances To Affiliates [Line Items]
Preferred investment			$ 190
Preferred stock aggregate maximum additional amounts			$ 10
Subsequent Event [Member]
Investments In And Advances To Affiliates [Line Items]
Distribution received	$ 190	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	$ 12,901	$ 9,100	$ 28,964	$ 32,466
Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	9,500	5,600	19,400	18,800
Asset and Property Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	6,459	7,326	19,636	24,201
Asset and Property Management Fees [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	3,600	4,400	11,500	14,100
Leasing Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	624	648	2,679	4,327
Leasing Commissions [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	300	300	1,700	2,000
Disposition Fees [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	5,500	800	6,100	2,600
Credit Facility Guaranty [Member] | Retail Value Inc. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with RVI	$ 100	$ 100	$ 100	$ 100

Acquisitions - Schedule of Comp

Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) $ in Millions	9 Months Ended
	Sep. 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
Hammond Springs | Atlanta Georgia
Business Acquisition [Line Items]
Date Acquired	2021-09
Purchase Price	$ 31
Face Value of Mortgage Debt Assumed	$ 0

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Less: Below-market leases	$ (54,802)	$ (57,348)
Shopping Center Acquired [Member]
Business Acquisition [Line Items]
Land	27,203
Buildings	48,470
Tenant improvements	1,075
Other assets assumed	37
Assets acquired	82,614
Less: Mortgage debt assumed at fair value	(17,944)
Less: Below-market leases	(2,060)
Net assets acquired	62,610
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	$ 5,829
Weighted Average Amortization Period	4 years 10 months 24 days
Shopping Center Acquired [Member] | Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	13 years 6 months

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Mortgages assumed, shopping center acquisition		$ 17.9	$ 0
Revenues from the date of acquisition	$ 1.1	1.6
Cash [Member]
Business Acquisition [Line Items]
Consideration paid		62.6
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	Sep. 30, 2021	Dec. 31, 2020
Intangible assets:
Total intangible assets, net	$ 78,005	$ 90,418
Operating lease ROU assets	19,469	20,604
Other assets:
Prepaid expenses	9,679	7,416
Other assets	1,785	2,348
Deposits	4,275	3,767
Deferred charges, net	4,644	6,137
Total other assets, net	117,857	130,690
Below-market leases, net (other liabilities)	54,802	57,348
In-Place Leases, Net [Member]
Intangible assets:
Total intangible assets, net	49,455	56,756
Above-Market Leases, Net [Member]
Intangible assets:
Total intangible assets, net	7,032	8,387
Lease Origination Costs [Member]
Intangible assets:
Total intangible assets, net	4,838	4,974
Tenant Relationships, Net [Member]
Intangible assets:
Total intangible assets, net	$ 16,680	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
Amortization expense	$ 5.3	$ 3.2	$ 16.3	$ 10.3

Revolving Credit Facilities - I

Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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]	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Covenant compliance		The Company was in compliance with these financial covenants at September 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	$ 950,000,000
Accordion feature	1,450,000,000	$ 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	$ 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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,451,229	$ 1,449,613
Revolving Credit Facilities and term loan	99,767	234,635
Mortgage Indebtedness	241,561	249,260
Total indebtedness	1,792,557	1,933,508
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,579,853	1,549,866
Revolving Credit Facilities and term loan	100,000	235,000
Mortgage Indebtedness	243,750	250,624
Total indebtedness	$ 1,923,603	$ 2,035,490

Equity - Common Share Dividend

Equity - Common Share Dividend Declared (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Common share dividends declared per share	$ 0.12	$ 0	$ 0.35	$ 0.20

Equity Additional Information (

Equity Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Class Of Stock [Line Items]
Common shares, issued				17,250,000
Proceeds from issuance of common shares, net of offering expenses				$ 225,200	$ 225,166	$ 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		720,076	980,396		1,700,472
Weighted-average price		$ 15.89	$ 15.09		$ 15.43
Sale of common shares, value		$ 11,400	$ 14,800		$ 26,200
Forward contract, equity, settlement date		Sep. 9, 2022	Jul. 1, 2022

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 2,017,031	$ 1,959,804	$ 1,944,823	$ 1,981,478
Reclassification adjustment for foreign currency translation included in net income	0	0	2,683	0
Ending Balance	2,018,467	$ 1,959,712	2,018,467	$ 1,959,712
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Investments [Line Items]
Impairment charges			$ 7,270	$ 0
Reserve of preferred equity interests, net	$ 0	$ 3,542	$ 0	(19,393)
BRE DDR Joint Ventures [Member]
Schedule Of Investments [Line Items]
Reserve of preferred equity interests, net		$ 3,500		$ 19,400

Impairment Charges - Impairment

Impairment Charges - Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis (Detail) - Fair Value Measurements [Member] $ in Millions	9 Months Ended
	Sep. 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	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 28,157	$ 7,403	$ 66,325	$ 37,628
Income attributable to non-controlling interests	(93)	(116)	(384)	(621)
Write-off of preferred share original issuance costs	0	0	(5,156)	0
Preferred dividends	(2,789)	(5,133)	(10,867)	(15,399)
Earnings attributable to unvested shares and OP units	(150)	0	(450)	(149)
Net income attributable to common shareholders after allocation to participating securities	$ 25,125	$ 2,154	$ 49,468	$ 21,459
Denominators – Number of Shares
Basic—Average shares outstanding	211,048	193,203	206,918	193,366
Diluted—Average shares outstanding	212,191	193,365	208,074	193,366
PRSUs	1,114	162	1,146	0
Forward equity	29	0	10	0
Earnings Per Share:
Basic	$ 0.12	$ 0.01	$ 0.24	$ 0.11
Diluted	$ 0.12	$ 0.01	$ 0.24	$ 0.11

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Earnings Per Share [Line Items]
Forward equity agreement	1,700,000			1,700,000
Performance Restricted Stock Units [Member]
Schedule Of Earnings Per Share [Line Items]
Mark-to-market adjustment			$ (0.3)	$ (5.6)	$ 1.6
Common shares, shares issued		570,295

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Oct. 06, 2021	Oct. 31, 2021
Subsequent Event [Member] | Retail Value Inc. [Member]
Subsequent Event [Line Items]
Distribution received	$ 190	$ 190