Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | ||
Entity Central Index Key | 0000910606 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 10.8 | ||
Entity Common Stock, Shares Outstanding | 171,372,548 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | REG | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 1-12298 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 59-3191743 | ||
Entity Address, Address Line One | One Independent Drive | ||
Entity Address, Address Line Two | Suite 114 | ||
Entity Address, City or Town | Jacksonville | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32202 | ||
City Area Code | 904 | ||
Local Phone Number | 598-7000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of Regency Centers Corporation's proxy statement, prepared in connection with its upcoming 2022 Annual Meeting of Stockholders, are incorporated by reference in Part III. | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Jacksonville, Florida | ||
Partnership Interest [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | REGENCY CENTERS, L.P. | ||
Entity Central Index Key | 0001066247 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 0-24763 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 59-3429602 | ||
Entity Address, Address Line One | One Independent Drive | ||
Entity Address, Address Line Two | Suite 114 | ||
Entity Address, City or Town | Jacksonville | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32202 | ||
City Area Code | 904 | ||
Local Phone Number | 598-7000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Jacksonville, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost (note 1): | $ 11,495,581 | $ 11,101,858 |
Less: accumulated depreciation | 2,174,963 | 1,994,108 |
Real estate assets, net | 9,320,618 | 9,107,750 |
Investments in real estate partnerships (note 4) | 372,591 | 467,155 |
Properties held for sale | 25,574 | 33,934 |
Cash, cash equivalents, and restricted cash, including $1,930 and $2,377 of restricted cash at December 31, 2021 and 2020, respectively (note 1) | 95,027 | 378,450 |
Tenant and other receivables (note 1) | 153,091 | 143,633 |
Deferred leasing costs, less accumulated amortization of $117,878 and $113,959 at December 31, 2021 and 2020, respectively | 65,741 | 67,910 |
Acquired lease intangible assets, less accumulated amortization of $312,186 and $284,880 at December 31, 2021 and 2020, respectively (note 6) | 212,707 | 188,799 |
Right of use assets, net | 280,783 | 287,827 |
Other assets (note 5) | 266,431 | 261,446 |
Total assets | 10,792,563 | 10,936,904 |
Liabilities: | ||
Notes payable (note 9) | 3,718,944 | 3,658,405 |
Unsecured credit facilities (note 9) | 264,679 | |
Accounts payable and other liabilities | 322,271 | 302,361 |
Acquired lease intangible liabilities, less accumulated amortization of $172,293 and $145,966 at December 31, 2021 and 2020, respectively (note 6) | 363,276 | 377,712 |
Lease liabilities | 215,788 | 220,390 |
Tenants’ security, escrow deposits and prepaid rent | 62,352 | 55,210 |
Total liabilities | 4,682,631 | 4,878,757 |
Commitments and contingencies (note 16) | ||
Stockholders’ equity/Partners’ capital: | ||
Common stock $0.01 par value per share, 220,000,000 shares authorized; 171,213,008 and 169,680,138 shares issued at December 31, 2021 and 2020, respectively | 1,712 | 1,697 |
Treasury stock at cost, 427,901 and 459,828 shares held at December 31, 2021 and 2020, respectively | (22,758) | (24,436) |
Additional paid-in capital | 7,883,458 | 7,792,082 |
Accumulated other comprehensive loss | (10,227) | (18,625) |
Distributions in excess of net income | (1,814,814) | (1,765,806) |
Total stockholders’ equity | 6,037,371 | 5,984,912 |
Noncontrolling interests (note 12): | ||
Exchangeable operating partnership units, aggregate redemption value of $56,844 and $34,878 at December 31, 2021 and 2020, respectively | 35,447 | 35,727 |
Limited partners' interests in consolidated partnerships (note 1) | 37,114 | 37,508 |
Total noncontrolling interests | 72,561 | 73,235 |
Total equity | 6,109,932 | 6,058,147 |
Stockholders' equity/Partners' capital: | ||
Total liabilities and equity | 10,792,563 | 10,936,904 |
Partnership Interest [Member] | ||
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost (note 1): | 11,495,581 | 11,101,858 |
Less: accumulated depreciation | 2,174,963 | 1,994,108 |
Real estate assets, net | 9,320,618 | 9,107,750 |
Investments in real estate partnerships (note 4) | 372,591 | 467,155 |
Properties held for sale | 25,574 | 33,934 |
Cash, cash equivalents, and restricted cash, including $1,930 and $2,377 of restricted cash at December 31, 2021 and 2020, respectively (note 1) | 95,027 | 378,450 |
Tenant and other receivables (note 1) | 153,091 | 143,633 |
Deferred leasing costs, less accumulated amortization of $117,878 and $113,959 at December 31, 2021 and 2020, respectively | 65,741 | 67,910 |
Acquired lease intangible assets, less accumulated amortization of $312,186 and $284,880 at December 31, 2021 and 2020, respectively (note 6) | 212,707 | 188,799 |
Right of use assets, net | 280,783 | 287,827 |
Other assets (note 5) | 266,431 | 261,446 |
Total assets | 10,792,563 | 10,936,904 |
Liabilities: | ||
Notes payable (note 9) | 3,718,944 | 3,658,405 |
Unsecured credit facilities (note 9) | 264,679 | |
Accounts payable and other liabilities | 322,271 | 302,361 |
Acquired lease intangible liabilities, less accumulated amortization of $172,293 and $145,966 at December 31, 2021 and 2020, respectively (note 6) | 363,276 | 377,712 |
Lease liabilities | 215,788 | 220,390 |
Tenants’ security, escrow deposits and prepaid rent | 62,352 | 55,210 |
Total liabilities | 4,682,631 | 4,878,757 |
Commitments and contingencies (note 16) | ||
Stockholders’ equity/Partners’ capital: | ||
General partner; 171,213,008 and 169,680,138 units outstanding at December 31, 2021 and 2020, respectively | 6,047,598 | 6,003,537 |
Limited partners; 760,046 and 765,046 units outstanding at December 31, 2021 and 2020 | 35,447 | 35,727 |
Accumulated other comprehensive loss | (10,227) | (18,625) |
Total partners’ capital | 6,072,818 | 6,020,639 |
Noncontrolling interests (note 12): | ||
Limited partners' interests in consolidated partnerships (note 1) | 37,114 | 37,508 |
Total capital | 6,109,932 | 6,058,147 |
Stockholders' equity/Partners' capital: | ||
Total liabilities and equity | $ 10,792,563 | $ 10,936,904 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted cash and cash equivalent | $ 1,930 | $ 2,377 |
Deferred costs accumulated amortization | 117,878 | 113,959 |
Accumulated amortization of acquired lease intangible assets | 312,186 | 284,880 |
Accumulated accretion of acquired lease intangible liabilities | $ 172,293 | $ 145,966 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 171,213,008 | 169,680,138 |
Treasury stock, shares held at cost | 427,901 | 459,828 |
Exchangeable operating partnership units aggregate redemption value | $ 56,844 | $ 34,878 |
General partner units, outstanding | 171,213,000 | 169,680,000 |
Limited partner units, outstanding | 760,000 | 765,000 |
Partnership Interest [Member] | ||
Restricted cash and cash equivalent | $ 1,930 | $ 2,377 |
Deferred costs accumulated amortization | 117,878 | 113,959 |
Accumulated amortization of acquired lease intangible assets | 312,186 | 284,880 |
Accumulated accretion of acquired lease intangible liabilities | $ 172,293 | $ 145,966 |
General partner units, outstanding | 171,213,008 | 169,680,138 |
Limited partner units, outstanding | 760,046 | 765,046 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Lease income | $ 1,113,368 | $ 980,166 | $ 1,094,301 |
Other property income | 12,456 | 9,508 | 9,201 |
Management, transaction, and other fees | 40,337 | 26,501 | 29,636 |
Total revenues | 1,166,161 | 1,016,175 | 1,133,138 |
Operating expenses: | |||
Depreciation and amortization | 303,331 | 345,900 | 374,283 |
Operating and maintenance | 184,553 | 170,073 | 169,909 |
General and administrative | 78,218 | 75,001 | 74,984 |
Real estate taxes | 142,129 | 143,004 | 136,236 |
Other operating expenses | 5,751 | 12,642 | 7,814 |
Total operating expenses | 713,982 | 746,620 | 763,226 |
Other expense (income): | |||
Interest expense, net | 145,170 | 156,678 | 151,264 |
Goodwill impairment | 132,128 | ||
Provision for impairment of real estate | 84,389 | 18,536 | 54,174 |
Gain on sale of real estate, net of tax | (91,119) | (67,465) | (24,242) |
Early extinguishment of debt | 21,837 | 11,982 | |
Net investment income | (5,463) | (5,307) | 5,568 |
Total other expense (income) | 132,977 | 256,407 | 187,610 |
Income from operations before equity in income of investments in real estate partnerships | 319,202 | 13,148 | 182,302 |
Equity in income of investments in real estate partnerships (note 4) | 47,086 | 34,169 | 60,956 |
Net income | 366,288 | 47,317 | 243,258 |
Noncontrolling interests: | |||
Exchangeable operating partnership units | (1,615) | (203) | (634) |
Limited partners’ interests in consolidated partnerships | (3,262) | (2,225) | (3,194) |
Income attributable to noncontrolling interests | (4,877) | (2,428) | (3,828) |
Net income attributable to common stockholders | $ 361,411 | $ 44,889 | $ 239,430 |
Income per common share - basic (note 15) | $ 2.12 | $ 0.27 | $ 1.43 |
Income per common share - diluted (note 15) | $ 2.12 | $ 0.26 | $ 1.43 |
Partnership Interest [Member] | |||
Revenues: | |||
Lease income | $ 1,113,368 | $ 980,166 | $ 1,094,301 |
Other property income | 12,456 | 9,508 | 9,201 |
Management, transaction, and other fees | 40,337 | 26,501 | 29,636 |
Total revenues | 1,166,161 | 1,016,175 | 1,133,138 |
Operating expenses: | |||
Depreciation and amortization | 303,331 | 345,900 | 374,283 |
Operating and maintenance | 184,553 | 170,073 | 169,909 |
General and administrative | 78,218 | 75,001 | 74,984 |
Real estate taxes | 142,129 | 143,004 | 136,236 |
Other operating expenses | 5,751 | 12,642 | 7,814 |
Total operating expenses | 713,982 | 746,620 | 763,226 |
Other expense (income): | |||
Interest expense, net | 145,170 | 156,678 | 151,264 |
Goodwill impairment | 132,128 | ||
Provision for impairment of real estate | 84,389 | 18,536 | 54,174 |
Gain on sale of real estate, net of tax | (91,119) | (67,465) | (24,242) |
Early extinguishment of debt | 21,837 | 11,982 | |
Net investment income | (5,463) | (5,307) | (5,568) |
Total other expense (income) | 132,977 | 256,407 | 187,610 |
Income from operations before equity in income of investments in real estate partnerships | 319,202 | 13,148 | 182,302 |
Equity in income of investments in real estate partnerships (note 4) | 47,086 | 34,169 | 60,956 |
Net income | 366,288 | 47,317 | 243,258 |
Noncontrolling interests: | |||
Limited partners’ interests in consolidated partnerships | (3,262) | (2,225) | (3,194) |
Income attributable to noncontrolling interests | (3,262) | (2,225) | (3,194) |
Net income attributable to common unit holders | $ 363,026 | $ 45,092 | $ 240,064 |
Income per common unit - basic (note 15): | $ 2.12 | $ 0.27 | $ 1.43 |
Income per common unit - diluted (note 15): | $ 2.12 | $ 0.26 | $ 1.43 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 366,288 | $ 47,317 | $ 243,258 |
Other comprehensive income (loss): | |||
Effective portion of change in fair value of derivative instruments | 5,391 | (19,187) | (15,585) |
Reclassification adjustment of derivative instruments included in net income | 4,141 | 11,262 | 3,269 |
Unrealized (loss) gain on available-for-sale securities | (405) | 320 | 315 |
Other comprehensive income (loss) | 9,127 | (7,605) | (12,001) |
Comprehensive income | 375,415 | 39,712 | 231,257 |
Less: comprehensive income attributable to noncontrolling interests: | |||
Net income attributable to noncontrolling interests | 4,877 | 2,428 | 3,828 |
Other comprehensive income (loss) attributable to noncontrolling interests | 729 | (977) | (931) |
Comprehensive income attributable to noncontrolling interests | 5,606 | 1,451 | 2,897 |
Comprehensive income attributable to the Company | 369,809 | 38,261 | 228,360 |
Partnership Interest [Member] | |||
Net income | 366,288 | 47,317 | 243,258 |
Other comprehensive income (loss): | |||
Effective portion of change in fair value of derivative instruments | 5,391 | (19,187) | (15,585) |
Reclassification adjustment of derivative instruments included in net income | 4,141 | 11,262 | 3,269 |
Unrealized (loss) gain on available-for-sale securities | (405) | 320 | 315 |
Other comprehensive income (loss) | 9,127 | (7,605) | (12,001) |
Comprehensive income | 375,415 | 39,712 | 231,257 |
Less: comprehensive income attributable to noncontrolling interests: | |||
Net income attributable to noncontrolling interests | 3,262 | 2,225 | 3,194 |
Other comprehensive income (loss) attributable to noncontrolling interests | 689 | (948) | (912) |
Comprehensive income attributable to noncontrolling interests | 3,951 | 1,277 | 2,282 |
Comprehensive income attributable to the Company | $ 371,464 | $ 38,435 | $ 228,975 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2018 | $ 6,450,168 | $ 1,679 | $ (19,834) | $ 7,672,517 | $ (927) | $ (1,255,465) | $ 6,397,970 | $ 10,666 | $ 41,532 | $ 52,198 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 243,258 | 239,430 | 239,430 | 634 | 3,194 | 3,828 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive Income (loss) before reclassifications | (15,270) | (14,388) | (14,388) | (31) | (851) | (882) | ||||
Amounts reclassified from accumulated other comprehensive income | 3,269 | 3,318 | 3,318 | 12 | (61) | (49) | ||||
Deferred compensation plan, net | (3,365) | 3,365 | ||||||||
Restricted stock issued, net of amortization | 16,254 | 2 | 16,252 | 16,254 | ||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (5,794) | (5,794) | (5,794) | |||||||
Common stock issued under dividend reinvestment plan | 1,429 | 1 | 1,428 | 1,429 | ||||||
Common stock repurchased and retired | 32,778 | 6 | 32,772 | 32,778 | ||||||
Reallocation of limited partners' interest | (66) | (66) | 66 | 66 | ||||||
Contributions from partners | 2,151 | 2,151 | 2,151 | |||||||
Issuance of exchangeable operating partnership units | 25,870 | 25,870 | 25,870 | |||||||
Distributions to partners | (5,518) | 5,518 | 5,518 | |||||||
Cash dividends declared: | ||||||||||
Common stock/unit | (393,078) | 392,027 | 392,027 | 1,051 | 1,051 | |||||
Ending Balance at Dec. 31, 2019 | 6,289,961 | 1,676 | (23,199) | 7,654,930 | (11,997) | (1,408,062) | 6,213,348 | 36,100 | 40,513 | 76,613 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 47,317 | 44,889 | 44,889 | 203 | 2,225 | 2,428 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive Income (loss) before reclassifications | (18,867) | (17,589) | (17,589) | (79) | (1,199) | (1,278) | ||||
Amounts reclassified from accumulated other comprehensive income | 11,262 | 10,961 | 10,961 | 50 | 251 | 301 | ||||
Deferred compensation plan, net | (1,237) | 1,237 | ||||||||
Restricted stock issued, net of amortization | 14,248 | 2 | 14,246 | 14,248 | ||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (5,059) | (5,059) | (5,059) | |||||||
Common stock issued under dividend reinvestment plan | 1,139 | 1,139 | 1,139 | |||||||
Common stock issued, net of issuance costs | 125,608 | 19 | 125,589 | 125,608 | ||||||
Contributions from partners | 606 | 606 | 606 | |||||||
Issuance of exchangeable operating partnership units | 1,275 | 1,275 | 1,275 | |||||||
Distributions to partners | (4,888) | 4,888 | 4,888 | |||||||
Cash dividends declared: | ||||||||||
Common stock/unit | (404,455) | 402,633 | 402,633 | 1,822 | 1,822 | |||||
Ending Balance at Dec. 31, 2020 | 6,058,147 | 1,697 | (24,436) | 7,792,082 | (18,625) | (1,765,806) | 5,984,912 | 35,727 | 37,508 | 73,235 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 366,288 | 361,411 | 361,411 | 1,615 | 3,262 | 4,877 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive Income (loss) before reclassifications | 4,986 | 4,603 | 4,603 | 23 | 360 | 383 | ||||
Amounts reclassified from accumulated other comprehensive income | 4,141 | 3,795 | 3,795 | 17 | 329 | 346 | ||||
Deferred compensation plan, net | 75 | 1,678 | (1,603) | 75 | ||||||
Restricted stock issued, net of amortization | 12,652 | 2 | 12,650 | 12,652 | ||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (3,553) | (3,553) | (3,553) | |||||||
Common stock issued under dividend reinvestment plan | 1,286 | 1,286 | 1,286 | |||||||
Common stock issued for partnership units exchanged | 99 | 99 | (99) | (99) | ||||||
Common stock issued, net of issuance costs | 82,510 | 13 | 82,497 | 82,510 | ||||||
Distributions to partners | (4,345) | 4,345 | 4,345 | |||||||
Cash dividends declared: | ||||||||||
Common stock/unit | (412,255) | 410,419 | 410,419 | 1,836 | 1,836 | |||||
Ending Balance at Dec. 31, 2021 | $ 6,109,932 | $ 1,712 | $ (22,758) | $ 7,883,458 | $ (10,227) | $ (1,814,814) | $ 6,037,371 | $ 35,447 | $ 37,114 | $ 72,561 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock/unit per share | $ 2.41 | $ 2.38 | $ 2.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 366,288 | $ 47,317 | $ 243,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 303,331 | 345,900 | 374,283 |
Amortization of deferred loan costs and debt premiums | 6,003 | 9,023 | 11,170 |
(Accretion) and amortization of above and below market lease intangibles, net | (22,936) | (40,540) | (43,867) |
Stock-based compensation, net of capitalization | 12,515 | 13,581 | 14,339 |
Equity in income of investments in real estate partnerships | (47,086) | (34,169) | (60,956) |
Gain on sale of real estate, net of tax | (91,119) | (67,465) | (24,242) |
Provision for impairment of real estate | 84,389 | 18,536 | 54,174 |
Goodwill impairment | 132,128 | ||
Early extinguishment of debt | 21,837 | 11,982 | |
Distribution of earnings from investments in real estate partnerships | 71,934 | 47,703 | 56,297 |
Settlement of derivative instrument | (2,472) | (6,870) | |
Deferred compensation expense | 4,572 | 4,668 | 5,169 |
Realized and unrealized (gain) loss on investments | (5,348) | (5,519) | (5,433) |
Changes in assets and liabilities: | |||
Tenant and other receivables | (24,869) | 16,944 | (4,690) |
Deferred leasing costs | (6,966) | (6,973) | (6,777) |
Other assets | (1,226) | (1,200) | (1,570) |
Accounts payable and other liabilities | 6,677 | 997 | 4,175 |
Tenants’ security, escrow deposits and prepaid rent | 5,701 | (3,650) | 829 |
Net cash provided by operating activities | 659,388 | 499,118 | 621,271 |
Cash flows from investing activities: | |||
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021 | (392,051) | (16,767) | (222,569) |
Real estate development and capital improvements | (177,631) | (180,804) | (200,012) |
Proceeds from sale of real estate | 206,193 | 189,444 | 137,572 |
Proceeds from property insurance casualty claims | 7,957 | 9,350 | |
Issuance of notes receivable, net | (20) | (1,340) | (547) |
Investments in real estate partnerships | (23,476) | (51,440) | (66,921) |
Return of capital from investments in real estate partnerships | 99,945 | 32,125 | 63,693 |
Dividends on investment securities | 813 | 353 | 660 |
Acquisition of investment securities | (23,971) | (25,155) | (23,458) |
Proceeds from sale of investment securities | 23,846 | 19,986 | 19,539 |
Net cash used in investing activities | (286,352) | (25,641) | (282,693) |
Cash flows from financing activities: | |||
Net proceeds from common stock issuance | 82,510 | 125,608 | |
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans | (4,083) | (5,512) | (6,204) |
Proceeds from sale of treasury stock/units | 96 | 269 | 9 |
Common shares repurchased through share repurchase program | (32,778) | ||
Distributions to limited partners in consolidated partnerships, net | (4,345) | (2,770) | (3,367) |
Distributions to exchangeable operating partnership unit holders | (1,815) | (1,366) | (1,051) |
Dividends paid to common stockholders/ Distributions to partners | (403,085) | (300,537) | (390,598) |
Repayment of fixed rate unsecured notes | (300,000) | (250,000) | |
Proceeds from issuance of fixed rate unsecured notes, net | 598,830 | 723,571 | |
Proceeds from unsecured credit facilities | 610,000 | 560,000 | |
Repayments of proceeds from unsecured credit facilities, net | (265,000) | (830,000) | (785,000) |
Repayment of notes payable | (42,014) | (67,189) | (55,680) |
Scheduled principal payments | (11,255) | (11,104) | (9,442) |
Payment of loan costs | (7,468) | (5,063) | (7,019) |
Early redemption costs | (21,755) | (10,647) | |
Net cash used in financing activities | (656,459) | (210,589) | (268,206) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (283,423) | 262,888 | 70,372 |
Cash, cash equivalents, and restricted cash at beginning of the year | 378,450 | 115,562 | 45,190 |
Cash, cash equivalents, and restricted cash at end of the year | 95,027 | 378,450 | 115,562 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $4,202, $4,355, and $4,192 in 2021, 2020, and 2019, respectively) | 140,084 | 151,338 | 136,139 |
Cash paid for income taxes, net of refunds | 378 | 1,870 | 1,225 |
Supplemental disclosure of non-cash transactions: | |||
Exchangeable operating partnership units issued for acquisition of real estate | 1,275 | 25,870 | |
Previously held equity investments in real estate assets acquired | (4,609) | 5,986 | |
Mortgage loans assumed by Company with the acquisition of real estate | 111,104 | 16,359 | 26,152 |
Mortgage loan assumed by purchaser with the sale of real estate | 8,250 | ||
Common stock issued by Parent Company for partnership units exchanged | 99 | ||
Real estate received in lieu of promote interest | 13,589 | ||
Change in fair value of securities | 513 | 315 | 660 |
Change in accrued capital expenditures | 10,188 | 12,166 | 10,704 |
Common stock issued for dividend reinvestment plan | 1,286 | 1,139 | 1,429 |
Stock-based compensation capitalized | 666 | 1,119 | 2,325 |
Common stock and exchangeable operating partnership dividends declared but not paid | 107,480 | 101,412 | |
(Distributions to) Contributions from limited partners in consolidated partnerships, net | (1,512) | 66 | |
Common stock issued for dividend reinvestment in trust | 1,084 | 819 | 987 |
Contribution of stock awards into trust | 1,416 | 1,524 | 2,582 |
Distribution of stock held in trust | 3,647 | 1,052 | 197 |
Partnership Interest [Member] | |||
Cash flows from operating activities: | |||
Net income | 366,288 | 47,317 | 243,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 303,331 | 345,900 | 374,283 |
Amortization of deferred loan costs and debt premiums | 6,003 | 9,023 | 11,170 |
(Accretion) and amortization of above and below market lease intangibles, net | (22,936) | (40,540) | (43,867) |
Stock-based compensation, net of capitalization | 12,515 | 13,581 | 14,339 |
Equity in income of investments in real estate partnerships | (47,086) | (34,169) | (60,956) |
Gain on sale of real estate, net of tax | (91,119) | (67,465) | (24,242) |
Provision for impairment of real estate | 84,389 | 18,536 | 54,174 |
Goodwill impairment | 132,128 | ||
Early extinguishment of debt | 21,837 | 11,982 | |
Distribution of earnings from investments in real estate partnerships | 71,934 | 47,703 | 56,297 |
Settlement of derivative instrument | (2,472) | (6,870) | |
Deferred compensation expense | 4,572 | 4,668 | 5,169 |
Realized and unrealized (gain) loss on investments | (5,348) | (5,519) | (5,433) |
Changes in assets and liabilities: | |||
Tenant and other receivables | (24,869) | 16,944 | (4,690) |
Deferred leasing costs | (6,966) | (6,973) | (6,777) |
Other assets | (1,226) | (1,200) | (1,570) |
Accounts payable and other liabilities | 6,677 | 997 | 4,175 |
Tenants’ security, escrow deposits and prepaid rent | 5,701 | (3,650) | 829 |
Net cash provided by operating activities | 659,388 | 499,118 | 621,271 |
Cash flows from investing activities: | |||
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021 | (392,051) | (16,767) | (222,569) |
Real estate development and capital improvements | (177,631) | (180,804) | (200,012) |
Proceeds from sale of real estate | 206,193 | 189,444 | 137,572 |
Proceeds from property insurance casualty claims | 7,957 | 9,350 | |
Issuance of notes receivable, net | (20) | (1,340) | (547) |
Investments in real estate partnerships | (23,476) | (51,440) | (66,921) |
Return of capital from investments in real estate partnerships | 99,945 | 32,125 | 63,693 |
Dividends on investment securities | 813 | 353 | 660 |
Acquisition of investment securities | (23,971) | (25,155) | (23,458) |
Proceeds from sale of investment securities | 23,846 | 19,986 | 19,539 |
Net cash used in investing activities | (286,352) | (25,641) | (282,693) |
Cash flows from financing activities: | |||
Net proceeds from common stock issuance | 82,510 | 125,608 | |
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans | (4,083) | (5,512) | (6,204) |
Proceeds from sale of treasury stock/units | 96 | 269 | 9 |
Common shares repurchased through share repurchase program | (32,778) | ||
Distributions to limited partners in consolidated partnerships, net | (4,345) | (2,770) | (3,367) |
Dividends paid to common stockholders/ Distributions to partners | (404,900) | (301,903) | (391,649) |
Repayment of fixed rate unsecured notes | (300,000) | (250,000) | |
Proceeds from issuance of fixed rate unsecured notes, net | 598,830 | 723,571 | |
Proceeds from unsecured credit facilities | 610,000 | 560,000 | |
Repayments of proceeds from unsecured credit facilities, net | (265,000) | (830,000) | (785,000) |
Repayment of notes payable | (42,014) | (67,189) | (55,680) |
Scheduled principal payments | (11,255) | (11,104) | (9,442) |
Payment of loan costs | (7,468) | (5,063) | (7,019) |
Early redemption costs | (21,755) | (10,647) | |
Net cash used in financing activities | (656,459) | (210,589) | (268,206) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (283,423) | 262,888 | 70,372 |
Cash, cash equivalents, and restricted cash at beginning of the year | 378,450 | 115,562 | 45,190 |
Cash, cash equivalents, and restricted cash at end of the year | 95,027 | 378,450 | 115,562 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $4,202, $4,355, and $4,192 in 2021, 2020, and 2019, respectively) | 140,084 | 151,338 | 136,139 |
Cash paid for income taxes, net of refunds | 378 | 1,870 | 1,225 |
Supplemental disclosure of non-cash transactions: | |||
Exchangeable operating partnership units issued for acquisition of real estate | 1,275 | 25,870 | |
Previously held equity investments in real estate assets acquired | (4,609) | 5,986 | |
Mortgage loans assumed by Company with the acquisition of real estate | 111,104 | 16,359 | 26,152 |
Mortgage loan assumed by purchaser with the sale of real estate | 8,250 | ||
Common stock issued by Parent Company for partnership units exchanged | 99 | 1,275 | 25,870 |
Real estate received in lieu of promote interest | 13,589 | ||
Change in fair value of securities | 513 | 315 | 660 |
Change in accrued capital expenditures | 10,188 | 12,166 | 10,704 |
Common stock issued for dividend reinvestment plan | 1,286 | 1,139 | 1,429 |
Stock-based compensation capitalized | 666 | 1,119 | 2,325 |
Common stock and exchangeable operating partnership dividends declared but not paid | 107,480 | 101,412 | |
(Distributions to) Contributions from limited partners in consolidated partnerships, net | (1,512) | 66 | |
Common stock issued for dividend reinvestment in trust | 1,084 | 819 | 987 |
Contribution of stock awards into trust | 1,416 | 1,524 | 2,582 |
Distribution of stock held in trust | $ 3,647 | $ 1,052 | $ 197 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net of cash acquired | $ 2,991 | ||
Capitalized interest | 4,202 | $ 4,355 | $ 4,192 |
Partnership Interest [Member] | |||
Net of cash acquired | 2,991 | ||
Capitalized interest | $ 4,202 | $ 4,355 | $ 4,192 |
Consolidated Statement of Capit
Consolidated Statement of Capital - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 366,288 | $ 47,317 | $ 243,258 |
Other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive income | 4,141 | 11,262 | 3,269 |
Deferred compensation plan, net | 75 | ||
Contributions from partners | 606 | 2,151 | |
Issuance of exchangeable operating partnership units | 1,275 | 25,870 | |
Distributions to partners | (4,345) | (4,888) | (5,518) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 12,652 | 14,248 | 16,254 |
Total Partners' Capital [Member] | |||
Net income | 361,411 | 44,889 | 239,430 |
Other comprehensive income | |||
Amounts reclassified from accumulated other comprehensive income | 3,795 | 10,961 | 3,318 |
Deferred compensation plan, net | 75 | ||
Reallocation of limited partners' interest | (66) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 12,652 | 14,248 | 16,254 |
Partnership Interest [Member] | |||
Beginning Balance | 6,058,147 | 6,289,961 | 6,450,168 |
Net income | 366,288 | 47,317 | 243,258 |
Other comprehensive income | |||
Other comprehensive income before reclassifications | 4,986 | (18,867) | (15,270) |
Amounts reclassified from accumulated other comprehensive income | 4,141 | 11,262 | 3,269 |
Deferred compensation plan, net | 75 | ||
Contributions from partners | 606 | 2,151 | |
Issuance of exchangeable operating partnership units | 1,275 | 25,870 | |
Distributions to partners | (416,600) | (409,343) | (398,596) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 12,652 | 14,248 | 16,254 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 82,510 | 125,608 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (2,267) | (3,920) | |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,365) | ||
Ending Balance | 6,109,932 | 6,058,147 | 6,289,961 |
Partnership Interest [Member] | Total Partners' Capital [Member] | |||
Beginning Balance | 6,020,639 | 6,249,448 | 6,408,636 |
Net income | 363,026 | 45,092 | 240,064 |
Other comprehensive income | |||
Other comprehensive income before reclassifications | 4,626 | (17,668) | (14,419) |
Amounts reclassified from accumulated other comprehensive income | 3,812 | 11,011 | 3,330 |
Deferred compensation plan, net | 75 | ||
Issuance of exchangeable operating partnership units | 1,275 | 25,870 | |
Distributions to partners | (412,255) | (404,455) | (393,078) |
Reallocation of limited partners' interest | (66) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 12,652 | 14,248 | 16,254 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 82,510 | 125,608 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (2,267) | (3,920) | |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,365) | ||
Ending Balance | 6,072,818 | 6,020,639 | 6,249,448 |
Partnership Interest [Member] | Accumulated Other Comprehensive Loss [Member] | |||
Beginning Balance | (18,625) | (11,997) | (927) |
Other comprehensive income | |||
Other comprehensive income before reclassifications | 4,603 | (17,589) | (14,388) |
Amounts reclassified from accumulated other comprehensive income | 3,795 | 10,961 | 3,318 |
Ending Balance | (10,227) | (18,625) | (11,997) |
Partnership Interest [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | |||
Beginning Balance | 37,508 | 40,513 | 41,532 |
Net income | 3,262 | 2,225 | 3,194 |
Other comprehensive income | |||
Other comprehensive income before reclassifications | 360 | (1,199) | (851) |
Amounts reclassified from accumulated other comprehensive income | 329 | 251 | (61) |
Contributions from partners | 606 | 2,151 | |
Distributions to partners | (4,345) | (4,888) | (5,518) |
Reallocation of limited partners' interest | 66 | ||
Ending Balance | 37,114 | 37,508 | 40,513 |
Partnership Interest [Member] | General Partner [Member] | |||
Beginning Balance | 6,003,537 | 6,225,345 | 6,398,897 |
Net income | 361,411 | 44,889 | 239,430 |
Other comprehensive income | |||
Deferred compensation plan, net | 75 | ||
Distributions to partners | (410,419) | (402,633) | (392,027) |
Reallocation of limited partners' interest | (66) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 12,652 | 14,248 | 16,254 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 82,510 | 125,608 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (2,267) | (3,920) | |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,365) | ||
Common unit exchanged for common stock of Parent Company | 99 | ||
Ending Balance | 6,047,598 | 6,003,537 | 6,225,345 |
Partnership Interest [Member] | Limited Partner [Member] | |||
Beginning Balance | 35,727 | 36,100 | 10,666 |
Net income | 1,615 | 203 | 634 |
Other comprehensive income | |||
Other comprehensive income before reclassifications | 23 | (79) | (31) |
Amounts reclassified from accumulated other comprehensive income | 17 | 50 | 12 |
Issuance of exchangeable operating partnership units | 1,275 | 25,870 | |
Distributions to partners | (1,836) | (1,822) | (1,051) |
Common unit exchanged for common stock of Parent Company | (99) | ||
Ending Balance | $ 35,447 | $ 35,727 | $ 36,100 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Su mmary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the “Parent Company”) began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development and redevelopment of shopping centers through the Operating Partnership, has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of December 31, 2021, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the “Company” or “Regency”) owned 302 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as “joint ventures” or “co-investment partnerships”). Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company’s financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. COVID-19 Update The COVID-19 pandemic continues to impact the Company’s business performance as it relates to occupancy and leasing volumes and how revenue recognition is impacted by rent collections and tenant credit risk. Rent collection rates since the pandemic began have been lower than historical pre-pandemic averages, but have steadily increased during 2021 since a low point in the second quarter of 2020. Collection rates may remain lower than historical pre-pandemic averages for the next twelve months. The ability of tenants to successfully operate their businesses and pay rent continue to be significantly influenced by pandemic-related challenges such as rising costs, labor shortages, supply chain constraints, reduced in-store sales, the emergence of new variants of the COVID-19 virus, effectiveness of vaccines against variants, and the impact of mask and vaccine mandates. The extent to which the COVID-19 pandemic continues to impact the Company’s financial condition, results of operations, and cash flows continues to depend on future developments that may emerge. Consolidation The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities (“VIEs”) and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Ownership of the Parent Company The Parent Company has a single class of common stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2021, the Parent Company owned approximately 99.6 % , or 171,213,008 , of the 171,973,054 outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets (i.e. registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships Regency has a partial ownership interest in 113 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “Limited Partners”). The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. Regency has a variable interest in these partnerships through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property and asset management services to the partnerships. The Partners’ level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets. • Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. o Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years . o Those partnerships in which Regency has a controlling financial interest are consolidated. Additionally, those partnerships for which the Partners only have protective rights are considered VIEs under ASC Topic 810, Consolidation . Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships, and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities. The limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) December 31, 2021 December 31, 2020 Assets Net real estate investments $ 379,075 127,240 Cash, cash equivalents, and restricted cash 5,202 4,496 Liabilities Notes payable 5,000 6,340 Equity Limited partners’ interests in consolidated partnerships 27,950 28,685 Noncontrolling Interests Noncontrolling Interests of the Parent Company The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Noncontrolling Interests of the Operating Partnership The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership. (b) Revenues and Tenant Receivable Leasing Income and Tenant Receivables The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume (“percentage rent”), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance (“CAM”) costs (collectively “Recoverable Costs”) incurred. Lease terms generally range from three to seven years for tenant space under 10,000 square feet (“Shop Space”) and in excess of five years for spaces greater than 10,000 square feet (“Anchor Space”). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement. The Company accounts for its leases under ASC Topic 842, Leases , as follows: Classification Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company’s leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2021, all of the Company’s leases were classified as operating leases. See the pandemic discussion that follows for unique considerations amidst the pandemic. Recognition and Presentation Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations. Collectibility At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. COVID-19 Pandemic and Rent Concessions During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between tenants and landlords, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concession was part of the existing contract and therefore not treated like a lease modification. Deferral agreement receivables are subject to the same collectibility assessment as other tenant receivables. The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: December 31, (in thousands) 2021 2020 Tenant receivables $ 27,354 39,658 Straight-line rent receivables 103,942 86,615 Other receivables (1) 21,795 17,360 Total tenant and other receivables, net $ 153,091 143,633 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. Real Estate Sales The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time. Management Services and Other Property Income The Company recognizes revenue under Topic 606, Revenue from Contracts with Customers, when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606. Property and Asset Management Services The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods. Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. Leasing Services Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing. Transaction Services The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets. Other Property Income Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company’s real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Year ended December 31, (in thousands) Timing of 2021 2020 2019 Management, transaction, and other fees: Property management services Over time $ 14,415 14,444 14,744 Asset management services Over time 6,921 6,963 7,135 Promote income Over time 13,589 (1) — — Leasing services Point in time 4,096 3,150 3,692 Other transaction fees Point in time 1,316 1,944 4,065 Total management, transaction, and other fees $ 40,337 26,501 29,636 (1) The Company recognized $ 13.6 million in promote revenue during the year ended December 31, 2021 , for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset. The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 13.2 million and $ 9.9 million , as of December 31, 2021 and 2020 , respectively. (c) Real Estate Investments The following table details the components of Real estate assets in the Consolidated Balance Sheets: (in thousands) December 31, 2021 December 31, 2020 Land $ 4,340,084 $ 4,230,989 Land improvements 684,613 630,264 Buildings 5,270,540 5,083,660 Building and tenant improvements 1,061,044 997,704 Construction in progress 139,300 159,241 Total real estate assets $ 11,495,581 11,101,858 Capitalization and Depreciation Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense. As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment. Development and Redevelopment Costs Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development or redevelopment. Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2021 and 2020, the Company had nonrefundable deposits and other pre development costs of approximately $ 10.8 million and $ 25.3 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2021, 2020, and 2019, the Company expensed pre-development costs of approximately $ 1.5 million , $ 10.5 million , and $ 2.5 million , respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations. Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs expended. The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. During the years ended December 31, 2021, 2020, and 2019, the Company capitalized interest of $ 4.2 million , $ 4.4 million , and $ 4.2 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2021, 2020, and 2019, we capitalized $ 11.3 million , $ 10.2 million , and $ 20.4 million , respectively, of direct internal costs incurred to support our development and redevelopment program. Acquisitions The Company generally accounts for operating property acquisitions as asset acquisitions. The Company capitalizes transaction costs associated with asset acquisitions and expenses transaction costs associated with business combinations. Both asset acquisitions and business combinations require that the Company recognize and measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the operating property acquired (“acquiree”). The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships. Held for Sale The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell. Impairment We evaluate whether there are any events or changes in circumstances, including property operating performance and general market conditions or changes in hold period expectations, that indicate the carrying value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. For those properties with such events or changes, management evaluates recoverability of the property's carrying amount. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Investments | 2. Real Estate Investments Acquisitions The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below: (in thousands) December 31, 2021 Date Property Name City/State Property Purchase Debt Intangible Intangible 7/30/21 Willa Springs (1) Winter Springs, FL Operating $ 34,500 17,682 1,562 643 8/1/21 Dunwoody Hall (1) Dunwoody, GA Operating 32,000 14,612 2,255 973 8/1/21 Alden Bridge (1) Woodlands, TX Operating 43,000 27,529 3,198 2,308 8/1/21 Hasley Canyon Village (1) Castaic, CA Operating 31,000 16,941 2,037 — 8/1/21 Shiloh Springs (1) Garland, TX Operating 19,500 — 1,825 1,079 8/1/21 Bethany Park Place (1) Allen, TX Operating 18,000 10,800 996 1,732 8/1/21 Blossom Valley (1) Mountain View, CA Operating 44,000 23,611 2,895 732 11/18/21 Blakeney Shopping Center Charlotte, NC Operating 181,000 — 14,096 4,431 12/30/21 Valley Stream Long Island, NY Operating 48,000 — 21,505 1,675 12/30/21 East Meadow Long Island, NY Operating 38,000 — 6,521 1,197 12/30/21 Wading River Long Island, NY Operating 35,000 — 4,998 1,469 12/30/21 Eastport Long Island, NY Operating 9,000 — 1,366 498 Total property acquisitions $ 533,000 111,175 63,254 16,737 (1) The purchase prices, presented above, reflect the price for 100 % of each property which were part of the seven property USAA portfolio purchase. The basis allocated to Real estate assets was $ 192.9 million which is net of the Company's carryover basis related to its 20 % previously owned equity interest in the partnership. (in thousands) December 31, 2020 Date Property Name City/State Property Purchase Debt Intangible Intangible 1/1/20 Country Walk Plaza (1) Miami, FL Operating $ 39,625 16,359 3,294 2,452 (1) The purchase price presented above reflects the purchase price for 100 % of the property, of which the Company previously owned a 30 % equity interest prior to acquiring the other partner’s interest and gaining control. |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | 3. Property Dispositions Dispositions The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Year ended December 31, (in thousands, except number sold data) 2021 2020 2019 Net proceeds from sale of real estate investments $ 206,193 189,444 137,572 Gain on sale of real estate, net of tax $ 91,119 67,465 24,242 Provision for impairment of real estate sold $ 112 958 1,836 Number of operating properties sold 7 6 7 Number of land parcels sold 5 11 6 Percent interest sold 100 % 50 % - 100 % 100 % At December 31, 2021 , the Company also had one operating property, which has since sold, and one land parcel classified within Properties held for sale on the Consolidated Balance Sheets. |
Investments in Real Estate Part
Investments in Real Estate Partnerships | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Partnerships | 4. Investments in Real Estate Partnerships The Company invests in real estate partnerships, which consist of the following: December 31, 2021 (in thousands) Regency's Number of Total Total Assets The Net Income GRI - Regency, LLC (GRIR) 40.00 % 67 $ 153,125 1,537,411 34,655 78,112 New York Common Retirement Fund (NYC) 30.00 % 2 11,688 82,446 315 6,939 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 7,360 135,537 1,976 10,256 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 12 35,251 352,469 10,987 55,059 Columbia Village District, LLC 30.00 % 1 5,554 94,536 1,522 5,131 RegCal, LLC (RegCal) 25.00 % 6 24,995 103,587 2,058 8,448 US Regency Retail I, LLC (USAA) (1) 20.01 % — — — 631 3,155 Other investments in real estate partnerships 35.00 % - 50.00 % 8 134,618 449,458 ( 5,058 ) 32,176 Total investments in real estate partnerships 103 $ 372,591 2,755,444 47,086 199,276 (1) On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2. December 31, 2020 (in thousands) Regency's Number of Total Total Assets The Net Income GRI - Regency, LLC (GRIR) 40.00 % 67 $ 179,728 1,583,097 25,425 56,244 New York Common Retirement Fund (NYC) (1) 30.00 % 4 27,627 205,332 488 4,241 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 8,699 136,120 1,030 5,383 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 13 37,882 377,246 1,045 5,103 Columbia Village District, LLC 30.00 % 1 10,108 94,551 757 2,531 RegCal, LLC (RegCal) 25.00 % 6 25,908 107,283 1,296 5,397 US Regency Retail I, LLC (USAA) (2) 20.01 % 7 — 85,006 790 3,948 Other investments in real estate partnerships (3) 35.00 % - 50.00 % 9 177,203 478,592 3,338 8,574 Total investments in real estate partnerships 114 $ 467,155 3,067,227 34,169 91,421 (1) On January 1, 2020, the Company purchased the partner's 70 % interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. (2) The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $ 4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets. (3) In January 2020, the Company purchased an additional 16.62 % interest in Town and Country Shopping Center, bringing its total ownership interest to 35 %. The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows: December 31, (in thousands) 2021 2020 Investments in real estate, net $ 2,530,964 2,817,713 Acquired lease intangible assets, net 18,735 32,607 Other assets 205,745 216,907 Total assets $ 2,755,444 3,067,227 Notes payable $ 1,444,867 1,557,043 Acquired lease intangible liabilities, net 20,978 33,223 Other liabilities 90,097 97,321 Capital - Regency 438,510 509,873 Capital - Third parties 760,992 869,767 Total liabilities and capital $ 2,755,444 3,067,227 The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet: December 31, (in thousands) 2021 2020 Capital - Regency $ 438,510 509,873 Basis difference ( 65,919 ) ( 47,119 ) Negative investment in USAA (1) — 4,401 Investments in real estate partnerships $ 372,591 467,155 (1) On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership. See note 2 The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows: Year ended December 31, (in thousands) 2021 2020 2019 Total revenues $ 416,222 381,094 417,053 Operating expenses: Depreciation and amortization 94,026 101,590 97,844 Operating and maintenance 66,061 65,146 65,811 General and administrative 5,837 5,870 6,201 Real estate taxes 54,618 53,747 53,410 Other operating expenses 3,624 3,126 2,709 Total operating expenses $ 224,166 229,479 225,975 Other expense (income): Interest expense, net 58,109 66,786 75,449 Gain on sale of real estate ( 75,162 ) ( 7,146 ) ( 64,798 ) Early extinguishment of debt — 554 — Provision for impairment 9,833 — 9,223 Total other expense (income) ( 7,220 ) 60,194 19,874 Net income of the Partnerships $ 199,276 91,421 171,204 The Company's share of net income of the Partnerships $ 47,086 34,169 60,956 Acquisitions The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2021: (in thousands) Year ended December 31, 2020 Date Property City/State Property Co-investment Ownership Purchase Debt Intangible Intangible 11/13/20 Eastfield at Baybrook Houston, TX Development Other 50.00 % $ 4,491 — — — Dispositions The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships: Year ended December 31, (in thousands) 2021 2020 2019 Proceeds from sale of real estate investments $ 224,708 27,974 142,754 Gain on sale of real estate $ 75,162 7,147 64,798 The Company's share of gain on sale of real estate $ 9,380 2,413 29,422 Number of operating properties sold 4 2 4 Number of land out-parcels sold 1 — — Notes Payable Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2021, were as follows: (in thousands) Scheduled Mortgage Unsecured Total Regency’s 2022 $ 7,736 254,893 7,300 269,929 98,932 2023 3,256 171,608 — 174,864 65,149 2024 1,877 33,690 — 35,567 14,233 2025 2,249 137,000 — 139,249 42,169 2026 2,471 125,286 — 127,757 41,768 Beyond 5 Years 8,723 697,479 — 706,202 257,620 Net unamortized loan costs, debt premium / (discount) — ( 8,701 ) — ( 8,701 ) ( 3,080 ) Total notes payable $ 26,312 1,411,255 7,300 1,444,867 516,791 These fixed and variable rate loans are all non-recourse to the partnerships, and mature through 2034 , with 93.2 % having a weighted average fixed interest rate of 3.7 % . The remaining notes payable float over LIBOR and had a weighted average variable interest rate of 2.5 % at December 31, 2021. Maturing loans will be repaid from proceeds from refinancing, partner capital contributions, or a combination thereof. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest. Management fee income In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees as discussed in Note 1, as follows: Year ended December 31, (in thousands) 2021 2020 2019 Asset management, property management, leasing, and investment and financing services $ 40,301 26,618 28,878 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | 5. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below: (in thousands) December 31, 2021 December 31, 2020 Goodwill $ 167,095 173,868 Investments 65,112 60,692 Prepaid and other 21,332 17,802 Furniture, fixtures, and equipment, net 5,444 6,560 Deferred financing costs, net 7,448 2,524 Total other assets $ 266,431 261,446 The following table presents the goodwill balances and activity during the year to date periods ended: December 31, 2021 December 31, 2020 (in thousands) Goodwill Accumulated Total Goodwill Accumulated Total Beginning of year balance $ 307,413 ( 133,545 ) 173,868 310,388 ( 2,954 ) 307,434 Goodwill allocated to Provision for impairment — — — — ( 132,179 ) ( 132,179 ) Goodwill allocated to Properties held for sale ( 2,465 ) — ( 2,465 ) ( 1,191 ) 1,191 — Goodwill associated with disposed reporting units: Goodwill allocated to Provision for impairment ( 111 ) 111 — — — — Goodwill allocated to Gain on sale of real estate ( 4,308 ) — ( 4,308 ) ( 1,784 ) 397 ( 1,387 ) End of year balance $ 300,529 ( 133,434 ) 167,095 307,413 ( 133,545 ) 173,868 As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant. During 2020, the Company recognized $ 132.2 million of Goodwill impairment following the market disruptions of the COVID-19 pandemic, which was considered a triggering event requiring evaluation of reporting unit fair values for Goodwill impairment. Of the 269 reporting units with Goodwill, 87 were determined to have fair values lower than carrying value, resulting in $ 132.2 million of Goodwill impairment. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangible | 6. Acquired Lease Intangibles The Company had the following acquired lease intangibles: December 31, (in thousands) 2021 2020 In-place leases $ 443,460 $ 414,298 Above-market leases 81,433 59,381 Total intangible assets 524,893 473,679 Accumulated amortization ( 312,186 ) ( 284,880 ) Acquired lease intangible assets, net $ 212,707 188,799 Below-market leases 535,569 523,678 Accumulated amortization ( 172,293 ) ( 145,966 ) Acquired lease intangible liabilities, net $ 363,276 377,712 The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles: Year ended December 31, (in thousands) 2021 2020 2019 Line item in Consolidated Statements of Operations In-place lease amortization $ 33,621 48,297 60,250 Depreciation and amortization Above-market lease amortization 5,487 7,658 9,112 Lease income Acquired lease intangible asset amortization $ 39,108 55,955 69,362 Below-market lease amortization $ 30,378 50,103 54,730 Lease income The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows: (in thousands) In Process Year Ending Amortization of Net accretion of Above 2022 $ 31,473 $ 22,238 2023 25,422 21,126 2024 19,359 19,061 2025 15,736 18,536 2026 12,779 17,939 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Leases | 7. Leases Lessor Accounting All of the Company’s leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance (“Recoverable Costs”). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally the Company’s leases provide for the tenants to reimburse the Company based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property. (ii) Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease income Fixed and in-substance fixed lease income $ 797,502 807,603 813,444 Variable lease income 262,619 247,384 247,861 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 24,539 42,219 45,392 Uncollectible straight line rent (1) 5,227 ( 34,673 ) ( 7,002 ) Uncollectible amounts billable in lease income (1) 23,481 ( 82,367 ) ( 5,394 ) Total lease income $ 1,113,368 980,166 1,094,301 (1) During the year ended December 31, 2021 , the Company had improved rent collections following decreases in governmental operating restrictions on certain businesses which resulted in more favorable income than we experienced in 2020 during the height of the pandemic. Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows: (in thousands) For the year ended December 31, December 31, 2021 2022 $ 793,177 2023 710,472 2024 609,200 2025 501,333 2026 398,196 Thereafter 1,409,012 Total $ 4,421,390 Lessee Accounting The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center. The Company has 20 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2101 , and in most cases, provide for renewal options. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2029 , and in many cases, provide for renewal options. The ground and office lease expense is recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs: (in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Fixed operating lease expense Ground leases $ 13,862 13,716 13,982 Office leases 4,309 4,334 4,229 Total fixed operating lease expense 18,171 18,050 18,211 Variable lease expense Ground leases 1,032 1,044 1,693 Office leases 615 585 552 Total variable lease expense 1,647 1,629 2,245 Total lease expense $ 19,818 19,679 20,456 Cash paid for amounts included in the measurement of operating lease liabilities Operating cash flows for operating leases $ 15,165 15,003 14,815 The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2021, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets: (in thousands) Lease Liabilities For the year ended December 31, Ground Leases Office Leases Total 2022 $ 10,562 4,002 14,564 2023 10,775 3,323 14,098 2024 10,824 2,732 13,556 2025 10,827 2,561 13,388 2026 10,748 2,388 13,136 Thereafter 527,860 1,576 529,436 Total undiscounted lease liabilities $ 581,596 16,582 598,178 Present value discount ( 381,062 ) ( 1,328 ) ( 382,390 ) Lease liabilities $ 200,534 15,254 215,788 Weighted average discount rate 5.2 % 3.4 % Weighted average remaining term (in years) 47.7 4.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary (“TRS”) entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common shares: Year ended December 31, (in thousands) 2021 2020 2019 Dividend per share $ 2.53 (1) 2.19 2.34 Ordinary income 92 % 100 % 97 % Capital gain (2) 8 % — % 3 % Additional tax status information: Qualified dividend income 1 % — % — % Section 199A dividend 91 % 100 % 97 % Section 897 ordinary dividends 2 % — % — % Section 897 capital gains 4 % — % — % (1) During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022. (2) Of the total capital gain distribution during 2021, 42 % is excluded under Reg. 1.1061-4(b)(7). The remaining 58 % is a Three Year Amount under Reg. 1.1061-6(c). Our consolidated expense (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 was as follows: Year ended December 31, (in thousands) 2021 2020 2019 Income tax expense (benefit): Current $ 620 2,157 1,576 Deferred 421 ( 891 ) ( 331 ) Total income tax expense (benefit) (1) $ 1,041 1,266 1,245 (1) Includes $ 943,000 , $( 355,000 ) and $ 757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $ 1.6 million , and $ 488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, and 2019 , respectively. The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows: Year ended December 31, (in thousands) 2021 2020 2019 Computed expected tax expense (benefit) $ 544 ( 3,665 ) 1,587 State income tax, net of federal benefit 477 ( 593 ) 650 Valuation allowance 15 1,043 ( 91 ) Permanent items 1 5,079 ( 819 ) All other items 4 ( 598 ) ( 82 ) Total income tax expense (1) 1,041 1,266 1,245 Income tax expense attributable to operations (1) $ 1,041 1,266 1,245 (1) Includes $ 943,000 , $( 355,000 ) , and $ 757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $ 1.6 million , and $ 488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020 and 2019 , respectively. The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows: December 31, (in thousands) 2021 2020 Deferred tax assets Provision for impairment $ — 508 Fixed assets 1,039 1,077 Net operating loss carryforward — 109 Other 1,379 771 Deferred tax assets 2,418 2,465 Valuation allowance ( 2,418 ) ( 2,465 ) Deferred tax assets, net $ — — Deferred tax liabilities Straight line rent $ — ( 88 ) Fixed assets ( 13,004 ) ( 12,943 ) Other ( 340 ) — Deferred tax liabilities ( 13,344 ) ( 13,031 ) Net deferred tax liabilities $ ( 13,344 ) ( 13,031 ) The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | 9. Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following: Maturing Weighted Weighted December 31, (in thousands) 2021 2020 Notes payable: Fixed rate mortgage loans 3/1/2032 4.0 % 3.8 % $ 359,414 $ 272,750 Variable rate mortgage loans (1) 6/2/2027 3.2 % 3.3 % 115,539 146,046 Fixed rate unsecured debt 3/15/2049 3.8 % 4.0 % 3,243,991 3,239,609 Total notes payable $ 3,718,944 3,658,405 Unsecured credit facilities: Line of Credit (2) 3/23/2025 1.0 % 1.3 % $ — $ — Term Loan (3) 2.0 % 2.1 % — 264,679 Total debt outstanding $ 3,718,944 3,923,084 (1) Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5 % to 4.1 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. (3) Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020 , as the entire balance was repaid during January 2021. Notes Payable Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually. The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2021, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. Unsecured Credit Facilities During January 2021, the Company repaid in full the $ 265 million Term Loan, and settled its related interest rate swap, as discussed in note 10. The Company has an unsecured line of credit commitment (the “Line”) with a syndicate of banks. At December 31, 2021 , the Line had a borrowing capacity of $ 1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875% and is subject to a commitment fee of 0.15 %, both of which are based on the Company's corporate credit rating. The Company is required to comply with certain financial covenants as defined in the Line credit agreement, such as Ratio of Indebtedness to Total Asset Value (“TAV”), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2021, the Company is in compliance with all financial covenants for the Line. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) December 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2022 $ 11,389 $ 5,848 $ — 17,237 2023 9,695 64,376 — 74,071 2024 4,849 90,742 250,000 345,591 2025 3,732 40,000 250,000 293,732 2026 3,922 88,000 200,000 291,922 Beyond 5 Years 6,661 138,234 2,575,000 2,719,895 Unamortized debt premium/(discount) and issuance costs — 7,505 ( 31,009 ) ( 23,504 ) Total notes payable $ 40,248 434,705 3,243,991 3,718,944 (1) Includes unsecured public and private debt and unsecured credit facilities . The Company has $ 5.8 million of debt maturing over the next twelve months, which is in the form of a non-recourse mortgage loan. The Company currently intends to repay the maturing balance and leave the property unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. Derivative Financial Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value at December 31, (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Bank Pays Variable Regency Pays 2021 2020 8/1/16 1/5/22 (2) $ 265,000 1 Month LIBOR with Floor 1.053 % $ — ( 2,472 ) 4/7/16 4/1/23 19,029 1 Month LIBOR 1.303 % ( 175 ) ( 494 ) 12/1/16 11/1/23 31,763 1 Month LIBOR 1.490 % ( 412 ) ( 1,181 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542 % ( 364 ) ( 1,288 ) 6/2/17 6/2/27 36,019 1 Month LIBOR with Floor 2.366 % ( 1,907 ) ( 3,856 ) Total derivative financial instruments $ ( 2,858 ) ( 9,291 ) (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities. (2) In January 2021, the Company cash settled before maturity $ 265 million of notional interest rate swaps in connection with its repayment of the Term Loan. These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2021, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Location and Amount of Gain (Loss) Total amounts presented in the Consolidated Year ended December 31, Year ended December 31, Year ended December 31, (in thousands) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest $ 5,391 ( 19,187 ) ( 15,585 ) Interest $ 4,141 8,790 3,269 Interest $ 145,170 156,678 151,264 Early extinguishment of debt (1) $ — 2,472 — Early extinguishment of debt $ — 21,837 11,982 (1) At December 31, 2020 , based on intent to repay the Term Loan in January 2021, the Company recognized the Accumulated other comprehensive loss for the Term Loan swap in earnings within Early extinguishment of debt. As of December 31, 2021, the Company expects approximately $ 3.0 million of accumulated comprehensive losses on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following: December 31, 2021 2020 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,718,944 4,103,533 $ 3,658,405 4,102,382 Unsecured credit facilities $ — — $ 264,679 265,226 The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2021 and 2020, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and includes unrealized gains of $ 1.7 million , $ 3.0 million , and $ 3.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of December 31, 2021 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Securities $ 49,513 49,513 — — Available-for-sale debt securities 15,599 — 15,599 — Total $ 65,112 49,513 15,599 — Liabilities: Interest rate derivatives $ ( 2,858 ) — ( 2,858 ) — Fair Value Measurements as of December 31, 2020 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Securities $ 44,986 44,986 — — Available-for-sale debt securities 15,706 — 15,706 — Total $ 60,692 44,986 15,706 — Liabilities: Interest rate derivatives $ ( 9,291 ) — ( 9,291 ) — The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis: Fair Value Measurements as of December 31, 2021 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Operating properties $ 140,500 — — 140,500 ( 84,277 ) Fair Value Measurements as of December 31, 2020 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Operating properties $ 25,000 — 25,000 — ( 17,532 ) During the year ended December 31, 2021, the Company recorded a provision for impairment of $ 84.3 million on the Potrero shopping centers (200 Potrero and Potrero Center) which are classified as held and used and were impaired to estimated fair value due to a change in expected hold period. The estimated fair value was derived using a discounted cash flow model. The discount rate of 7.2 % and terminal capitalization rate of 5.25 % used in the discounted cash flow model are considered significant unobservable inputs and assumptions used in estimating the fair value, which is considered a Level 3 input per the fair value hierarchy. During the year ended December 31, 2020, the Company recorded a provision for impairment of $ 17.5 million on one operating property which is classified as held and used. The property was impaired as a result of limited visibility for replacement prospects for this property. The 2020 fair value was based on third-party offers for the property and is reflected in the above Level 2 fair value hierarchy. |
Equity and Capital
Equity and Capital | 12 Months Ended |
Dec. 31, 2021 | |
Equity And Capital [Abstract] | |
Equity and Capital | 12. Equity and Capital Common Stock of the Parent Company Dividends Declared On February 9, 2022 , our Board of Directors declared a common stock dividend of $ 0.625 per share, payable on April 5, 2022 , to shareholders of record as of March 15, 2022 . At the Market (“ATM”) Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $ 500.0 million of common stock at prices determined by the market at the time of sale. During May and June 2021, the Company entered into forward sale agreements under its ATM program through which the Company intends to issue 2,316,760 shares of its common stock at a weighted average offering price of $ 64.59 before any underwriting discount and offering expenses. During September 2021, the Company settled two of its forward sale agreements and issued 1,332,142 shares at a weighted average offering price of $ 63.71 before underwriting discount and offering expenses. Net proceeds received at settlement were approximately $ 82.5 million, after approximately $ 1.1 million in underwriting discount and offering expenses, and were used to fund acquisitions of operating properties. The remaining unsettled shares under the forward sale agreements must be settled within one year of their trade dates, which vary by agreement, and range from June 6, 2022, to June 11, 2022. Proceeds from the issuance of the remaining shares under outstanding forward sale agreements are expected to be approximately $ 65 million, before any underwriting discount and offering expenses, and are expected to be used to fund new investments which may include acquisitions of operating properties, fund developments and redevelopments, or for general corporate purposes. As of December 31, 2021 , $ 350.4 million of common stock remained available for issuance under this ATM equity program. Share Repurchase Program On February 3, 2021, the Company’s Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases or in privately negotiated transactions. Any shares purchased, if not retired, will be treated as treasury shares. Under the current authorization, the program is set to expire on February 3, 2023 , but may be modified or terminated at any time at the discretion of the Board. The timing and actual numbers of shares purchased under the program depend upon marketplace conditions, liquidity needs, and other factors. Through December 31, 2021 , no shares have been repurchased under this program. Common Units of the Operating Partnership Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above. During the year ended December 31, 2021 , 5,000 Partnership Units were converted to Parent Company common stock. General Partners The Parent Company, as general partner, owned the following Partnership Units outstanding: December 31, (in thousands) 2021 2020 Partnership units owned by the general partner 171,213 169,680 Partnership units owned by the limited partners 760 765 Total partnership units outstanding 171,973 170,445 Percentage of partnership units owned by the general partner 99.6 % 99.6 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 13. Stock-Based Compensation The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below: Year ended December 31, (in thousands) 2021 2020 2019 Restricted stock (1) $ 12,651 14,248 16,254 Directors' fees paid in common stock and other employee stock grants 530 452 410 Capitalized stock-based compensation ( 666 ) ( 1,119 ) ( 2,325 ) Stock-based compensation, net of capitalization $ 12,515 13,581 14,339 (1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods . The Company established its Omnibus Incentive Plan (the “Plan”) under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2021 , there were 4.3 million share s available for grant under the Plan either through stock options or restricted stock awards. Restricted Stock Awards The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance-based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award. The following table summarizes non-vested restricted stock activity: Year ended December 31, 2021 Number of Shares Intrinsic Value (in thousands) Weighted Average Grant Price Non-vested as of December 31, 2020 618,935 Time-based awards granted (1) (4) 196,453 $ 49.33 Performance-based awards granted (2) (4) 25,627 $ 47.68 Market-based awards granted (3) (4) 146,136 $ 42.63 Change in market-based awards earned for performance (3) ( 15,513 ) $ 47.18 Vested (5) ( 223,158 ) $ 49.02 Forfeited ( 56,618 ) $ 61.16 Non-vested as of December 31, 2021 (6) 691,862 $ 51,744 (1) Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period . These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. (2) Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis. (3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows: Year ended December 31, 2021 2020 2019 Volatility 42.60 % 18.50 % 19.30 % Risk free interest rate 0.18 % 1.30 % 2.43 % (4) The weighted-average grant price for restricted stock granted during the years is summarized below: Year ended December 31, 2021 2020 2019 Weighted-average grant price for restricted stock $ 46.55 $ 64.14 $ 65.11 (5) The total intrinsic value of restricted stock vested during the years is summarized below (in thousands): Year ended December 31, 2021 2020 2019 Intrinsic value of restricted stock vested $ 10,939 $ 14,423 $ 17,684 (6) As of December 31, 2021, there was $ 13.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan . When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years . The Company issues new restricted stock from its authorized shares available at the date of grant. |
Saving and Retirement Plans
Saving and Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Saving and Retirement Plans | 14. Saving and Retirement Plans 401(k) Retirement Plan The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2021 . Additionally, an annual profit sharing contribution may be made, which vests over a three year period. Costs for Company contributions to the plan totaled $ 4.1 million , $ 3.5 million , and $ 3.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Non-Qualified Deferred Compensation Plan (“NQDCP”) The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2021 2020 Location in Consolidated Balance Sheets Assets: Securities $ 44,464 40,964 Other assets Liabilities: Deferred compensation obligation $ 44,388 40,962 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations. Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within |
Earnings per Share and Unit
Earnings per Share and Unit | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 15. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: Year ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income attributable to common stockholders - basic $ 361,411 $ 44,889 239,430 Income attributable to common stockholders - diluted $ 361,411 $ 44,889 239,430 Denominator: Weighted average common shares outstanding for basic EPS 170,236 169,231 167,526 Weighted average common shares outstanding for diluted EPS (1) (2) 170,694 169,460 167,771 Income per common share – basic $ 2.12 $ 0.27 1.43 Income per common share – diluted $ 2.12 $ 0.26 1.43 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive. Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2021, 2020, and 2019, were 761,955 , 765,046 , and 464,286 , respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Year ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income attributable to common unit holders - basic $ 363,026 $ 45,092 240,064 Income attributable to common unit holders - diluted $ 363,026 $ 45,092 240,064 Denominator: Weighted average common units outstanding for basic EPU 170,998 169,997 167,990 Weighted average common units outstanding for diluted EPU (1) (2) 171,456 170,225 168,235 Income per common unit – basic $ 2.12 $ 0.27 1.43 Income per common unit – diluted $ 2.12 $ 0.26 1.43 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters, and is subject to other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. Environmental The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land use. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of December 31, 2021 and 2020, the Company had $ 9.4 million and $ 9.7 million , respectively, in letters of credit outstanding. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Consolidated Real Estate and Accumulated Depreciation | Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages 101 7th Avenue $ 48,340 34,895 ( 57,260 ) 15,378 10,597 25,975 ( 1,282 ) 24,693 — 1175 Third Avenue 40,560 25,617 1 40,560 25,618 66,178 ( 3,614 ) 62,564 — 1225-1239 Second Ave 23,033 17,173 ( 33 ) 23,033 17,140 40,173 ( 2,578 ) 37,595 — 200 Potrero 4,860 2,251 135 4,860 2,386 7,246 ( 365 ) 6,881 — 22 Crescent Road 2,198 272 ( 318 ) 2,152 — 2,152 — 2,152 — 4S Commons Town Center 30,760 35,830 1,384 30,812 37,162 67,974 ( 28,917 ) 39,057 ( 82,531 ) 6401 Roosevelt 2,685 934 14 2,685 948 3,633 ( 60 ) 3,573 — 90 - 30 Metropolitan Avenue 16,614 24,171 141 16,614 24,312 40,926 ( 3,549 ) 37,377 — 91 Danbury Road 732 851 — 732 851 1,583 ( 173 ) 1,410 — Alafaya Village 3,004 5,852 280 3,004 6,132 9,136 ( 1,029 ) 8,107 — Alden Bridge 17,014 21,958 161 17,014 22,119 39,133 ( 431 ) 38,702 ( 26,000 ) Amerige Heights Town Center 10,109 11,288 890 10,109 12,178 22,287 ( 5,971 ) 16,316 — Anastasia Plaza 9,065 — 813 3,338 6,540 9,878 ( 3,344 ) 6,534 — Ashford Place 2,584 9,865 1,304 2,584 11,169 13,753 ( 8,837 ) 4,916 — Atlantic Village 4,282 18,827 1,908 4,830 20,187 25,017 ( 4,238 ) 20,779 — Aventura Shopping Center 2,751 10,459 10,955 9,486 14,679 24,165 ( 3,599 ) 20,566 — Aventura Square 88,098 20,771 1,785 89,657 20,997 110,654 ( 3,788 ) 106,866 ( 3,639 ) Balboa Mesa Shopping Center 23,074 33,838 14,049 27,758 43,203 70,961 ( 17,856 ) 53,105 — Banco Popular Building 2,160 1,137 ( 1,294 ) 2,003 — 2,003 — 2,003 — Belleview Square 8,132 9,756 3,799 8,323 13,364 21,687 ( 9,627 ) 12,060 — Belmont Chase 13,881 17,193 ( 491 ) 14,372 16,211 30,583 ( 6,974 ) 23,609 — Berkshire Commons 2,295 9,551 2,952 2,965 11,833 14,798 ( 9,060 ) 5,738 — Bethany Park Place 4,832 12,405 21 4,832 12,426 17,258 ( 250 ) 17,008 ( 10,200 ) Bird 107 Plaza 10,371 5,136 ( 25 ) 10,371 5,111 15,482 ( 1,046 ) 14,436 — Bird Ludlam 42,663 38,481 821 42,663 39,302 81,965 ( 6,808 ) 75,157 — Black Rock 22,251 20,815 435 22,251 21,250 43,501 ( 6,116 ) 37,385 ( 19,029 ) Blakeney Shopping Center 82,411 89,165 — 82,411 89,165 171,576 ( 374 ) 171,202 — Bloomingdale Square 3,940 14,912 20,772 8,639 30,985 39,624 ( 10,976 ) 28,648 — Blossom Valley 31,988 5,850 156 31,988 6,006 37,994 ( 143 ) 37,851 ( 22,300 ) Boca Village Square 43,888 9,726 88 43,888 9,814 53,702 ( 2,421 ) 51,281 — Boulevard Center 3,659 10,787 2,974 3,659 13,761 17,420 ( 8,681 ) 8,739 — Boynton Lakes Plaza 2,628 11,236 5,028 3,606 15,286 18,892 ( 9,033 ) 9,859 — Boynton Plaza 12,879 20,713 200 12,879 20,913 33,792 ( 3,850 ) 29,942 — Brentwood Plaza 2,788 3,473 356 2,788 3,829 6,617 ( 1,786 ) 4,831 — Briarcliff La Vista 694 3,292 595 694 3,887 4,581 ( 3,284 ) 1,297 — Briarcliff Village 4,597 24,836 5,471 4,597 30,307 34,904 ( 21,404 ) 13,500 — Brick Walk 25,299 41,995 1,796 25,299 43,791 69,090 ( 10,824 ) 58,266 ( 31,763 ) BridgeMill Market 7,521 13,306 890 7,522 14,195 21,717 ( 3,138 ) 18,579 — Bridgeton 3,033 8,137 623 3,067 8,726 11,793 ( 3,491 ) 8,302 — Brighten Park 3,983 18,687 11,439 4,234 29,875 34,109 ( 20,513 ) 13,596 — Broadway Plaza 40,723 42,170 2,089 40,723 44,259 84,982 ( 7,387 ) 77,595 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Brooklyn Station on Riverside 7,019 8,688 267 6,998 8,976 15,974 ( 2,652 ) 13,322 — Brookside Plaza 35,161 17,494 5,401 36,163 21,893 58,056 ( 4,750 ) 53,306 — Buckhead Court 1,417 7,432 4,496 1,417 11,928 13,345 ( 9,204 ) 4,141 — Buckhead Landing (fka Piedmont Peachtree Crossing) 45,502 16,642 57 45,502 16,699 62,201 ( 3,126 ) 59,075 — Buckhead Station 70,411 36,518 3,025 70,448 39,506 109,954 ( 8,436 ) 101,518 — Buckley Square 2,970 5,978 1,515 2,970 7,493 10,463 ( 4,916 ) 5,547 — Caligo Crossing 2,459 4,897 157 2,546 4,967 7,513 ( 3,700 ) 3,813 — Cambridge Square 774 4,347 507 774 4,854 5,628 ( 3,314 ) 2,314 — Carmel Commons 2,466 12,548 5,145 3,422 16,737 20,159 ( 11,596 ) 8,563 — Carriage Gate 833 4,974 3,407 1,302 7,912 9,214 ( 7,161 ) 2,053 — Carytown Exchange 23,587 12,523 ( 55 ) 23,587 12,468 36,055 ( 1,191 ) 34,864 — Cashmere Corners 3,187 9,397 390 3,187 9,787 12,974 ( 2,186 ) 10,788 — Centerplace of Greeley III 6,661 11,502 1,448 5,694 13,917 19,611 ( 6,728 ) 12,883 — Charlotte Square 1,141 6,845 1,271 1,141 8,116 9,257 ( 1,919 ) 7,338 — Chasewood Plaza 4,612 20,829 5,750 6,886 24,305 31,191 ( 20,052 ) 11,139 — Chastain Square 30,074 12,644 2,120 30,074 14,764 44,838 ( 3,712 ) 41,126 — Cherry Grove 3,533 15,862 4,904 3,533 20,766 24,299 ( 12,892 ) 11,407 — Chimney Rock 23,623 48,200 433 23,623 48,633 72,256 ( 12,339 ) 59,917 — Circle Center West 22,930 9,028 ( 46 ) 22,930 8,982 31,912 ( 1,784 ) 30,128 — Circle Marina Center 29,303 18,437 99 29,303 18,536 47,839 ( 1,562 ) 46,277 ( 24,000 ) CityLine Market 12,208 15,839 273 12,306 16,014 28,320 ( 4,818 ) 23,502 — CityLine Market Phase II 2,744 3,081 5 2,744 3,086 5,830 ( 868 ) 4,962 — Clayton Valley Shopping Center 24,189 35,422 3,113 24,538 38,186 62,724 ( 29,202 ) 33,522 — Clocktower Plaza Shopping Ctr 49,630 19,624 672 49,630 20,296 69,926 ( 3,530 ) 66,396 — Clybourn Commons 15,056 5,594 275 15,056 5,869 20,925 ( 1,799 ) 19,126 — Cochran's Crossing 13,154 12,315 2,306 13,154 14,621 27,775 ( 11,082 ) 16,693 — Compo Acres Shopping Center 28,627 10,395 898 28,627 11,293 39,920 ( 1,900 ) 38,020 — Concord Shopping Plaza 30,819 36,506 1,562 31,272 37,615 68,887 ( 6,113 ) 62,774 — Copps Hill Plaza 29,515 40,673 659 29,514 41,333 70,847 ( 7,514 ) 63,333 ( 10,145 ) Coral Reef Shopping Center 14,922 15,200 2,435 15,332 17,225 32,557 ( 3,231 ) 29,326 — Corkscrew Village 8,407 8,004 662 8,407 8,666 17,073 ( 4,181 ) 12,892 — Cornerstone Square 1,772 6,944 1,685 1,772 8,629 10,401 ( 6,578 ) 3,823 — Corvallis Market Center 6,674 12,244 472 6,696 12,694 19,390 ( 7,353 ) 12,037 — Country Walk Plaza 18,713 20,373 108 18,713 20,481 39,194 ( 1,459 ) 37,735 ( 16,000 ) Countryside Shops 17,982 35,574 13,613 23,175 43,994 67,169 ( 9,781 ) 57,388 — Courtyard Shopping Center 5,867 4 3 5,867 7 5,874 ( 3 ) 5,871 — Culver Center 108,841 32,308 1,229 108,841 33,537 142,378 ( 6,594 ) 135,784 — Danbury Green 30,303 19,255 661 30,303 19,916 50,219 ( 3,410 ) 46,809 — Dardenne Crossing 4,194 4,005 704 4,343 4,560 8,903 ( 2,397 ) 6,506 — Darinor Plaza 693 32,140 942 711 33,064 33,775 ( 5,901 ) 27,874 — Diablo Plaza 5,300 8,181 2,154 5,300 10,335 15,635 ( 6,391 ) 9,244 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Dunwoody Hall 15,145 12,110 10 15,145 12,120 27,265 ( 214 ) 27,051 ( 13,800 ) Dunwoody Village 3,342 15,934 5,859 3,342 21,793 25,135 ( 16,777 ) 8,358 — East Meadow 12,325 21,378 — 12,325 21,378 33,703 — 33,703 — East Pointe 1,730 7,189 2,257 1,941 9,235 11,176 ( 6,708 ) 4,468 — Eastport 2,985 5,649 — 2,985 5,649 8,634 — 8,634 — El Camino Shopping Center 7,600 11,538 13,427 10,328 22,237 32,565 ( 10,986 ) 21,579 — El Cerrito Plaza 11,025 27,371 2,910 11,025 30,281 41,306 ( 13,523 ) 27,783 — El Norte Pkwy Plaza 2,834 7,370 3,326 3,263 10,267 13,530 ( 6,577 ) 6,953 — Encina Grande 5,040 11,572 20,072 10,518 26,166 36,684 ( 15,129 ) 21,555 — Fairfield Center 6,731 29,420 1,301 6,731 30,721 37,452 ( 7,380 ) 30,072 — Falcon Marketplace 1,340 4,168 467 1,246 4,729 5,975 ( 2,943 ) 3,032 — Fellsway Plaza 30,712 7,327 9,825 34,923 12,941 47,864 ( 7,404 ) 40,460 ( 36,019 ) Fenton Marketplace 2,298 8,510 ( 7,936 ) 512 2,360 2,872 ( 1,238 ) 1,634 — Fleming Island 3,077 11,587 3,165 3,111 14,718 17,829 ( 9,274 ) 8,555 — Fountain Square 29,722 29,041 ( 211 ) 29,784 28,768 58,552 ( 11,224 ) 47,328 — French Valley Village Center 11,924 16,856 376 11,822 17,334 29,156 ( 14,998 ) 14,158 — Friars Mission Center 6,660 28,021 2,263 6,660 30,284 36,944 ( 17,698 ) 19,246 — Gardens Square 2,136 8,273 768 2,136 9,041 11,177 ( 5,750 ) 5,427 — Gateway Shopping Center 52,665 7,134 11,424 55,087 16,136 71,223 ( 18,453 ) 52,770 — Gelson's Westlake Market Plaza 3,157 11,153 5,986 4,654 15,642 20,296 ( 9,024 ) 11,272 — Glen Oak Plaza 4,103 12,951 1,051 4,103 14,002 18,105 ( 5,146 ) 12,959 — Glengary Shoppes 9,120 11,541 1,001 9,120 12,542 21,662 ( 2,643 ) 19,019 — Glenwood Village 1,194 5,381 406 1,194 5,787 6,981 ( 4,796 ) 2,185 — Golden Hills Plaza 12,699 18,482 3,692 11,521 23,352 34,873 ( 11,768 ) 23,105 — Grand Ridge Plaza 24,208 61,033 5,907 24,918 66,230 91,148 ( 26,597 ) 64,551 — Greenwood Shopping Centre 7,777 24,829 573 7,777 25,402 33,179 ( 4,915 ) 28,264 — Hammocks Town Center 28,764 25,113 858 28,764 25,971 54,735 ( 5,131 ) 49,604 — Hancock 8,232 28,260 ( 13,312 ) 4,692 18,488 23,180 ( 11,618 ) 11,562 — Harpeth Village Fieldstone 2,284 9,443 812 2,284 10,255 12,539 ( 6,184 ) 6,355 — Hasley Canyon Village 17,630 8,231 16 17,630 8,247 25,877 ( 167 ) 25,710 ( 16,000 ) Heritage Plaza 12,390 26,097 14,318 12,215 40,590 52,805 ( 20,644 ) 32,161 — Hershey 7 808 11 7 819 826 ( 533 ) 293 — Hewlett Crossing I & II 11,850 18,205 781 11,850 18,986 30,836 ( 2,531 ) 28,305 ( 9,061 ) Hibernia Pavilion 4,929 5,065 236 4,929 5,301 10,230 ( 3,928 ) 6,302 — Hillcrest Village 1,600 1,909 51 1,600 1,960 3,560 ( 1,146 ) 2,414 — Hilltop Village 2,995 4,581 4,160 3,104 8,632 11,736 ( 4,151 ) 7,585 — Hinsdale 5,734 16,709 11,868 8,343 25,968 34,311 ( 16,004 ) 18,307 — Holly Park 8,975 23,799 2,425 8,828 26,371 35,199 ( 7,447 ) 27,752 — Howell Mill Village 5,157 14,279 7,361 9,610 17,187 26,797 ( 7,993 ) 18,804 — Hyde Park 9,809 39,905 7,245 9,809 47,150 56,959 ( 29,449 ) 27,510 — Indian Springs Center 24,974 25,903 985 25,034 26,828 51,862 ( 6,963 ) 44,899 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Indigo Square 8,087 9,885 ( 5 ) 8,087 9,880 17,967 ( 1,742 ) 16,225 — Inglewood Plaza 1,300 2,159 921 1,300 3,080 4,380 ( 1,847 ) 2,533 — Keller Town Center 2,294 12,841 973 2,404 13,704 16,108 ( 7,838 ) 8,270 — Kirkman Shoppes 9,364 26,243 674 9,367 26,914 36,281 ( 4,714 ) 31,567 — Kirkwood Commons 6,772 16,224 1,194 6,802 17,388 24,190 ( 6,130 ) 18,060 ( 6,495 ) Klahanie Shopping Center 14,451 20,089 459 14,451 20,548 34,999 ( 4,069 ) 30,930 — Kroger New Albany Center 3,844 6,599 1,410 3,844 8,009 11,853 ( 6,287 ) 5,566 — Lake Mary Centre 24,036 57,476 2,009 24,036 59,485 83,521 ( 11,835 ) 71,686 — Lake Pine Plaza 2,008 7,632 861 2,029 8,472 10,501 ( 5,255 ) 5,246 — Lebanon/Legacy Center 3,913 7,874 1,211 3,913 9,085 12,998 ( 6,773 ) 6,225 — Littleton Square 2,030 8,859 ( 3,562 ) 2,433 4,894 7,327 ( 2,950 ) 4,377 — Lloyd King Center 1,779 10,060 1,295 1,779 11,355 13,134 ( 7,154 ) 5,980 — Lower Nazareth Commons 15,992 12,964 4,085 16,343 16,698 33,041 ( 11,987 ) 21,054 — Mandarin Landing 7,913 27,230 58 7,913 27,288 35,201 ( 5,035 ) 30,166 — Market at Colonnade Center 6,455 9,839 130 6,160 10,264 16,424 ( 5,300 ) 11,124 — Market at Preston Forest 4,400 11,445 1,848 4,400 13,293 17,693 ( 8,073 ) 9,620 — Market at Round Rock 2,000 9,676 6,220 1,996 15,900 17,896 ( 11,063 ) 6,833 — Market at Springwoods Village 12,592 12,781 8 12,592 12,789 25,381 ( 3,556 ) 21,825 ( 5,000 ) Marketplace at Briargate 1,706 4,885 234 1,727 5,098 6,825 ( 3,304 ) 3,521 — Mellody Farm 35,628 66,863 ( 121 ) 35,628 66,742 102,370 ( 10,679 ) 91,691 — Melrose Market 4,451 10,807 ( 74 ) 4,451 10,733 15,184 ( 1,560 ) 13,624 — Millhopper Shopping Center 1,073 5,358 5,949 1,901 10,479 12,380 ( 7,789 ) 4,591 — Mockingbird Commons 3,000 10,728 2,480 3,000 13,208 16,208 ( 7,947 ) 8,261 — Monument Jackson Creek 2,999 6,765 1,277 2,999 8,042 11,041 ( 6,178 ) 4,863 — Morningside Plaza 4,300 13,951 971 4,300 14,922 19,222 ( 9,028 ) 10,194 — Murrayhill Marketplace 2,670 18,401 14,410 2,903 32,578 35,481 ( 17,422 ) 18,059 — Naples Walk 18,173 13,554 1,933 18,173 15,487 33,660 ( 7,661 ) 25,999 — Newberry Square 2,412 10,150 1,301 2,412 11,451 13,863 ( 9,434 ) 4,429 — Newland Center 12,500 10,697 8,700 16,276 15,621 31,897 ( 10,449 ) 21,448 — Nocatee Town Center 10,124 8,691 8,627 11,045 16,397 27,442 ( 8,685 ) 18,757 — North Hills 4,900 19,774 1,511 4,900 21,285 26,185 ( 13,729 ) 12,456 — Northgate Marketplace 5,668 13,727 31 4,995 14,431 19,426 ( 7,010 ) 12,416 — Northgate Marketplace Ph II 12,189 30,171 133 12,189 30,304 42,493 ( 7,648 ) 34,845 — Northgate Plaza (Maxtown Road) 1,769 6,652 4,967 2,840 10,548 13,388 ( 6,248 ) 7,140 — Northgate Square 5,011 8,692 1,060 5,011 9,752 14,763 ( 4,996 ) 9,767 — Northlake Village 2,662 11,284 ( 307 ) 2,662 10,977 13,639 ( 6,506 ) 7,133 — Oak Shade Town Center 6,591 28,966 702 6,591 29,668 36,259 ( 11,297 ) 24,962 ( 5,606 ) Oakbrook Plaza 4,000 6,668 5,836 4,766 11,738 16,504 ( 5,845 ) 10,659 — Oakleaf Commons 3,503 11,671 1,417 3,190 13,401 16,591 ( 7,787 ) 8,804 — Ocala Corners 1,816 10,515 588 1,816 11,103 12,919 ( 5,226 ) 7,693 — Old St Augustine Plaza 2,368 11,405 13,510 3,455 23,828 27,283 ( 10,555 ) 16,728 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Pablo Plaza 11,894 21,407 9,731 13,340 29,692 43,032 ( 5,895 ) 37,137 — Paces Ferry Plaza 2,812 12,639 21,007 13,803 22,655 36,458 ( 12,460 ) 23,998 — Panther Creek 14,414 14,748 5,922 15,212 19,872 35,084 ( 14,998 ) 20,086 — Pavillion 15,626 22,124 1,068 15,626 23,192 38,818 ( 4,931 ) 33,887 — Peartree Village 5,197 19,746 890 5,197 20,636 25,833 ( 14,041 ) 11,792 — Persimmon Place 25,975 38,114 ( 59 ) 26,692 37,338 64,030 ( 13,703 ) 50,327 — Pike Creek 5,153 20,652 2,887 5,251 23,441 28,692 ( 14,576 ) 14,116 — Pine Island 21,086 28,123 3,513 21,086 31,636 52,722 ( 7,463 ) 45,259 — Pine Lake Village 6,300 10,991 1,683 6,300 12,674 18,974 ( 7,580 ) 11,394 — Pine Ridge Square 13,951 23,147 490 13,951 23,637 37,588 ( 4,605 ) 32,983 — Pine Tree Plaza 668 6,220 896 668 7,116 7,784 ( 4,226 ) 3,558 — Pinecrest Place 4,193 13,275 ( 225 ) 3,992 13,251 17,243 ( 2,307 ) 14,936 — Plaza Escuela 24,829 104,395 1,401 24,829 105,796 130,625 ( 14,023 ) 116,602 — Plaza Hermosa 4,200 10,109 3,633 4,202 13,740 17,942 ( 8,176 ) 9,766 — Point 50 15,239 11,367 ( 725 ) 14,602 11,279 25,881 ( 700 ) 25,181 — Point Royale Shopping Center 18,201 14,889 6,607 19,386 20,311 39,697 ( 5,327 ) 34,370 — Post Road Plaza 15,240 5,196 153 15,240 5,349 20,589 ( 993 ) 19,596 — Potrero Center 133,422 116,758 ( 87,981 ) 85,205 76,994 162,199 ( 11,126 ) 151,073 — Powell Street Plaza 8,248 30,716 3,628 8,248 34,344 42,592 ( 17,863 ) 24,729 — Powers Ferry Square 3,687 17,965 10,048 5,758 25,942 31,700 ( 19,814 ) 11,886 — Powers Ferry Village 1,191 4,672 981 1,191 5,653 6,844 ( 4,380 ) 2,464 — Prairie City Crossing 4,164 13,032 821 4,164 13,853 18,017 ( 7,381 ) 10,636 — Preston Oaks 763 30,438 ( 3,199 ) 1,423 26,579 28,002 ( 3,347 ) 24,655 — Prestonbrook 7,069 8,622 1,190 7,069 9,812 16,881 ( 7,601 ) 9,280 — Prosperity Centre 11,682 26,215 250 11,681 26,466 38,147 ( 4,665 ) 33,482 — Ralphs Circle Center 20,939 6,317 98 20,939 6,415 27,354 ( 1,477 ) 25,877 — Red Bank Village 10,336 9,500 1,185 9,755 11,266 21,021 ( 4,134 ) 16,887 — Regency Commons 3,917 3,616 314 3,917 3,930 7,847 ( 2,848 ) 4,999 — Regency Square 4,770 25,191 6,797 5,060 31,698 36,758 ( 25,706 ) 11,052 — Rivertowns Square 15,505 52,505 2,994 16,853 54,151 71,004 ( 6,386 ) 64,618 — Rona Plaza 1,500 4,917 337 1,500 5,254 6,754 ( 3,375 ) 3,379 — Roosevelt Square 40,371 32,108 5,040 40,382 37,137 77,519 ( 4,308 ) 73,211 — Russell Ridge 2,234 6,903 1,593 2,234 8,496 10,730 ( 5,866 ) 4,864 — Ryanwood Square 10,581 10,044 157 10,573 10,209 20,782 ( 2,493 ) 18,289 — Salerno Village 1,355 — — 1,355 — 1,355 ( 24 ) 1,331 — Sammamish-Highlands 9,300 8,075 8,730 9,592 16,513 26,105 ( 10,929 ) 15,176 — San Carlos Marketplace 36,006 57,886 415 36,006 58,301 94,307 ( 8,282 ) 86,025 — San Leandro Plaza 1,300 8,226 998 1,300 9,224 10,524 ( 5,401 ) 5,123 — Sandy Springs 6,889 28,056 3,777 6,889 31,833 38,722 ( 10,027 ) 28,695 — Sawgrass Promenade 10,846 12,525 462 10,846 12,987 23,833 ( 2,733 ) 21,100 — Scripps Ranch Marketplace 59,949 26,334 742 59,949 27,076 87,025 ( 4,080 ) 82,945 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Serramonte Center 390,106 172,652 61,634 414,599 209,793 624,392 ( 53,682 ) 570,710 — Shaw's at Plymouth 3,968 8,367 — 3,968 8,367 12,335 ( 1,755 ) 10,580 — Sheridan Plaza 82,260 97,273 10,933 83,231 107,235 190,466 ( 17,647 ) 172,819 — Sherwood Crossroads 2,731 6,360 1,254 2,731 7,614 10,345 ( 3,999 ) 6,346 — Shiloh Springs 5,236 11,802 152 5,236 11,954 17,190 ( 255 ) 16,935 — Shoppes 104 11,193 — 2,774 7,078 6,889 13,967 ( 3,414 ) 10,553 — Shoppes at Homestead 5,420 9,450 2,248 5,420 11,698 17,118 ( 7,072 ) 10,046 — Shoppes at Lago Mar 8,323 11,347 190 8,323 11,537 19,860 ( 2,452 ) 17,408 — Shoppes at Sunlake Centre 16,643 15,091 3,047 17,247 17,534 34,781 ( 3,924 ) 30,857 — Shoppes of Grande Oak 5,091 5,985 616 5,091 6,601 11,692 ( 5,683 ) 6,009 — Shoppes of Jonathan's Landing 4,474 5,628 444 4,474 6,072 10,546 ( 1,215 ) 9,331 — Shoppes of Oakbrook 20,538 42,992 172 20,538 43,164 63,702 ( 7,207 ) 56,495 ( 1,564 ) Shoppes of Silver Lakes 17,529 21,829 702 17,529 22,531 40,060 ( 4,670 ) 35,390 — Shoppes of Sunset 2,860 1,316 53 2,860 1,369 4,229 ( 351 ) 3,878 — Shoppes of Sunset II 2,834 715 3 2,834 718 3,552 ( 233 ) 3,319 — Shops at County Center 9,957 11,296 1,110 9,973 12,390 22,363 ( 11,028 ) 11,335 — Shops at Erwin Mill 9,082 6,124 392 9,087 6,511 15,598 ( 3,543 ) 12,055 ( 10,000 ) Shops at John's Creek 1,863 2,014 ( 50 ) 1,501 2,326 3,827 ( 1,571 ) 2,256 — Shops at Mira Vista 11,691 9,026 180 11,691 9,206 20,897 ( 2,810 ) 18,087 ( 192 ) Shops at Quail Creek 1,487 7,717 882 1,448 8,638 10,086 ( 4,428 ) 5,658 — Shops at Saugus 19,201 17,984 105 18,811 18,479 37,290 ( 12,100 ) 25,190 — Shops at Skylake 84,586 39,342 1,880 85,117 40,691 125,808 ( 8,989 ) 116,819 — Shops on Main 17,020 27,055 16,102 18,534 41,643 60,177 ( 14,424 ) 45,753 — Sope Creek Crossing 2,985 12,001 3,445 3,332 15,099 18,431 ( 9,725 ) 8,706 — South Beach Regional 28,188 53,405 975 28,188 54,380 82,568 ( 10,337 ) 72,231 — South Point 6,563 7,939 309 6,563 8,248 14,811 ( 1,706 ) 13,105 — Southbury Green 26,661 34,325 5,725 29,743 36,968 66,711 ( 6,627 ) 60,084 — Southcenter 1,300 12,750 2,024 1,300 14,774 16,074 ( 8,981 ) 7,093 — Southpark at Cinco Ranch 18,395 11,306 7,408 21,438 15,671 37,109 ( 8,254 ) 28,855 — SouthPoint Crossing 4,412 12,235 1,408 4,382 13,673 18,055 ( 8,015 ) 10,040 — Starke 71 1,683 11 71 1,694 1,765 ( 900 ) 865 — Star's at Cambridge 31,082 13,520 ( 1 ) 31,082 13,519 44,601 ( 2,424 ) 42,177 — Star's at Quincy 27,003 9,425 1 27,003 9,426 36,429 ( 2,388 ) 34,041 — Star's at West Roxbury 21,973 13,386 36 21,973 13,422 35,395 ( 2,413 ) 32,982 — Sterling Ridge 12,846 12,162 1,037 12,846 13,199 26,045 ( 10,606 ) 15,439 — Stroh Ranch 4,280 8,189 710 4,280 8,899 13,179 ( 7,024 ) 6,155 — Suncoast Crossing 9,030 10,764 4,522 13,374 10,942 24,316 ( 8,390 ) 15,926 — Talega Village Center 22,415 12,054 49 22,415 12,103 34,518 ( 2,144 ) 32,374 — Tamarac Town Square 12,584 9,221 1,369 12,584 10,590 23,174 ( 2,323 ) 20,851 — Tanasbourne Market 3,269 10,861 ( 290 ) 3,149 10,691 13,840 ( 6,320 ) 7,520 — Tassajara Crossing 8,560 15,464 2,057 8,560 17,521 26,081 ( 10,152 ) 15,929 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Tech Ridge Center 12,945 37,169 3,839 13,589 40,364 53,953 ( 16,109 ) 37,844 ( 2,066 ) The Abbot 72,910 6,086 ( 5,444 ) 72,910 642 73,552 ( 107 ) 73,445 — The Crossing Clarendon (fka Market Common Clarendon) 154,932 126,328 33,694 157,964 156,990 314,954 ( 21,897 ) 293,057 — The Field at Commonwealth 30,914 18,053 — 30,915 18,052 48,967 ( 5,612 ) 43,355 — The Gallery at Westbury Plaza 108,653 216,771 3,082 108,653 219,853 328,506 ( 34,260 ) 294,246 — The Hub Hillcrest Market 18,773 61,906 5,813 19,611 66,881 86,492 ( 18,830 ) 67,662 — The Marketplace 10,927 36,052 701 10,927 36,753 47,680 ( 5,931 ) 41,749 — The Plaza at St. Lucie West 1,718 6,204 ( 15 ) 1,718 6,189 7,907 ( 1,097 ) 6,810 — The Point at Garden City Park 741 9,764 5,836 2,559 13,782 16,341 ( 3,686 ) 12,655 — The Pruneyard 112,136 86,918 1,863 112,136 88,781 200,917 ( 8,060 ) 192,857 ( 2,200 ) The Shops at Hampton Oaks 843 372 85 737 563 1,300 ( 101 ) 1,199 — The Village at Hunter's Lake 9,666 12,900 6 9,666 12,906 22,572 ( 1,231 ) 21,341 — The Village at Riverstone 17,179 13,013 ( 104 ) 17,179 12,909 30,088 ( 2,347 ) 27,741 — Town and Country 4,664 5,207 22 4,664 5,229 9,893 ( 1,558 ) 8,335 — Town Square 883 8,132 193 883 8,325 9,208 ( 5,462 ) 3,746 — Treasure Coast Plaza 7,553 21,554 1,024 7,553 22,578 30,131 ( 4,296 ) 25,835 ( 1,598 ) Tustin Legacy 13,829 23,922 8 13,828 23,931 37,759 ( 4,988 ) 32,771 — Twin City Plaza 17,245 44,225 2,606 17,263 46,813 64,076 ( 20,005 ) 44,071 — Twin Peaks 5,200 25,827 9,444 6,067 34,404 40,471 ( 16,598 ) 23,873 — Unigold Shopping Center 5,490 5,144 6,625 5,561 11,698 17,259 ( 3,818 ) 13,441 — University Commons 4,070 30,785 529 4,070 31,314 35,384 ( 7,967 ) 27,417 — Valencia Crossroads 17,921 17,659 1,349 17,921 19,008 36,929 ( 17,083 ) 19,846 — Valley Stream 13,297 16,241 — 13,297 16,241 29,538 — 29,538 — Village at La Floresta 13,140 20,559 ( 341 ) 13,156 20,202 33,358 ( 6,566 ) 26,792 — Village at Lee Airpark 11,099 12,975 3,380 11,803 15,651 27,454 ( 12,485 ) 14,969 — Village Center 3,885 14,131 9,786 5,480 22,322 27,802 ( 11,968 ) 15,834 — Von's Circle Center 49,037 22,618 590 49,037 23,208 72,245 ( 4,333 ) 67,912 ( 5,751 ) Wading River 14,969 18,641 — 14,969 18,641 33,610 — 33,610 — Walker Center 3,840 7,232 4,240 3,878 11,434 15,312 ( 8,131 ) 7,181 — Walmart Norwalk 20,394 21,261 9 20,394 21,270 41,664 ( 4,510 ) 37,154 — Waterstone Plaza 5,498 13,500 62 5,498 13,562 19,060 ( 2,531 ) 16,529 — Welleby Plaza 1,496 7,787 1,733 1,496 9,520 11,016 ( 8,532 ) 2,484 — Wellington Town Square 2,041 12,131 2,192 2,597 13,767 16,364 ( 7,128 ) 9,236 — West Bird Plaza 12,934 18,594 2,430 15,209 18,749 33,958 ( 1,914 ) 32,044 — West Chester Plaza 1,857 7,572 668 1,857 8,240 10,097 ( 6,430 ) 3,667 — West Lake Shopping Center 10,561 9,792 162 10,561 9,954 20,515 ( 2,449 ) 18,066 — West Park Plaza 5,840 5,759 2,478 5,840 8,237 14,077 ( 4,870 ) 9,207 — Westbard Square 127,859 21,514 ( 2,052 ) 127,569 19,752 147,321 ( 19,052 ) 128,269 — Westbury Plaza 116,129 51,460 5,073 117,396 55,266 172,662 ( 10,521 ) 162,141 ( 88,000 ) Westchase 5,302 8,273 1,129 5,302 9,402 14,704 ( 4,430 ) 10,274 — Westchester Commons 3,366 11,751 10,944 4,894 21,167 26,061 ( 9,671 ) 16,390 — Initial Cost Total Cost Net Cost Shopping Centers (1) Land & Land Building & Cost (2) Land & Land Building & Total Accumulated Net of Mortgages Westlake Village Plaza and Center 7,043 27,195 30,201 17,620 46,819 64,439 ( 30,965 ) 33,474 — Westport Plaza 9,035 7,455 ( 42 ) 9,035 7,413 16,448 ( 1,623 ) 14,825 ( 1,789 ) Westport Row 43,597 16,428 5,937 45,260 20,702 65,962 ( 4,278 ) 61,684 — Westwood Village 19,933 25,301 ( 1,596 ) 18,979 24,659 43,638 ( 16,464 ) 27,174 — Willa Springs 13,322 15,314 7 13,322 15,321 28,643 ( 240 ) 28,403 ( 16,700 ) Williamsburg at Dunwoody 7,435 3,721 940 7,444 4,652 12,096 ( 1,248 ) 10,848 — Willow Festival 1,954 56,501 3,384 1,976 59,863 61,839 ( 20,061 ) 41,778 — Willow Oaks 6,664 7,908 ( 359 ) 6,294 7,919 14,213 ( 3,049 ) 11,164 — Willows Shopping Center 51,964 78,029 1,261 51,992 79,262 131,254 ( 12,489 ) 118,765 — Woodcroft Shopping Center 1,419 6,284 1,480 1,421 7,762 9,183 ( 5,289 ) 3,894 — Woodman Van Nuys 5,500 7,195 440 5,500 7,635 13,135 ( 4,526 ) 8,609 — Woodmen Plaza 7,621 11,018 1,330 7,621 12,348 19,969 ( 11,665 ) 8,304 — Woodside Central 3,500 9,288 639 3,489 9,938 13,427 ( 5,954 ) 7,473 — Corporate Assets — — 1,333 — 1,333 1,333 ( 1,330 ) 3 — Land held for future development 13,248 — ( 4,111 ) 9,137 — 9,137 — 9,137 — Construction in progress — — 139,300 — 139,300 139,300 — 139,300 — $ 4,979,957 5,737,690 777,934 5,024,697 6,470,884 11,495,581 ( 2,174,963 ) 9,320,618 ( 467,448 ) (1) See Item 2, Properties , for geographic location and year each operating property was acquired. (2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded, and demolition of part of the property for redevelopment. See accompanying report of independent registered public accounting firm. Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $ 9.2 billion at December 31, 2021. The changes in total real estate assets for the years ended December 31, 2021, 2020, and 2019 are as follows: (in thousands) 2021 2020 2019 Beginning balance $ 11,101,858 11,095,294 10,863,162 Acquired properties and land 479,708 39,087 268,366 Developments and improvements 172,012 154,657 193,973 Disposal of building and tenant improvements ( 10,898 ) ( 35,034 ) ( 34,824 ) Sale of properties ( 107,090 ) ( 95,780 ) ( 60,195 ) Properties held for sale ( 50,873 ) ( 38,122 ) ( 58,527 ) Provision for impairment ( 89,136 ) ( 18,244 ) ( 76,661 ) Ending balance $ 11,495,581 11,101,858 11,095,294 The changes in accumulated depreciation for the years ended December 31, 2021, 2020, and 2019 are as follows: (in thousands) 2021 2020 2019 Beginning balance $ 1,994,108 1,766,162 1,535,444 Depreciation expense 253,437 278,861 295,638 Disposal of building and tenant improvements ( 10,898 ) ( 35,034 ) ( 34,824 ) Sale of properties ( 28,715 ) ( 10,812 ) ( 4,643 ) Accumulated depreciation related to properties held for sale ( 28,110 ) ( 4,357 ) ( 19,031 ) Provision for impairment ( 4,859 ) ( 712 ) ( 6,422 ) Ending balance $ 2,174,963 1,994,108 1,766,162 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Principles of Consolidation | (a) Organization and Principles of Consolidation General Regency Centers Corporation (the “Parent Company”) began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development and redevelopment of shopping centers through the Operating Partnership, has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of December 31, 2021, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the “Company” or “Regency”) owned 302 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as “joint ventures” or “co-investment partnerships”). Consolidation The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities (“VIEs”) and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Ownership of the Parent Company The Parent Company has a single class of common stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2021, the Parent Company owned approximately 99.6 % , or 171,213,008 , of the 171,973,054 outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets (i.e. registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. |
Estimates, Risks, and Uncertainties | Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company’s financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. |
Real Estate Partnerships | Real Estate Partnerships Regency has a partial ownership interest in 113 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “Limited Partners”). The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. Regency has a variable interest in these partnerships through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property and asset management services to the partnerships. The Partners’ level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets. • Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. o Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years . o Those partnerships in which Regency has a controlling financial interest are consolidated. Additionally, those partnerships for which the Partners only have protective rights are considered VIEs under ASC Topic 810, Consolidation . Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships, and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities. The limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) December 31, 2021 December 31, 2020 Assets Net real estate investments $ 379,075 127,240 Cash, cash equivalents, and restricted cash 5,202 4,496 Liabilities Notes payable 5,000 6,340 Equity Limited partners’ interests in consolidated partnerships 27,950 28,685 |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interests of the Parent Company The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Noncontrolling Interests of the Operating Partnership The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership. |
Revenues and Tenant Receivable | (b) Revenues and Tenant Receivable Leasing Income and Tenant Receivables The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume (“percentage rent”), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance (“CAM”) costs (collectively “Recoverable Costs”) incurred. Lease terms generally range from three to seven years for tenant space under 10,000 square feet (“Shop Space”) and in excess of five years for spaces greater than 10,000 square feet (“Anchor Space”). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement. The Company accounts for its leases under ASC Topic 842, Leases , as follows: Classification Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company’s leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2021, all of the Company’s leases were classified as operating leases. See the pandemic discussion that follows for unique considerations amidst the pandemic. Recognition and Presentation Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations. Collectibility At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. COVID-19 Pandemic and Rent Concessions During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between tenants and landlords, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concession was part of the existing contract and therefore not treated like a lease modification. Deferral agreement receivables are subject to the same collectibility assessment as other tenant receivables. The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: December 31, (in thousands) 2021 2020 Tenant receivables $ 27,354 39,658 Straight-line rent receivables 103,942 86,615 Other receivables (1) 21,795 17,360 Total tenant and other receivables, net $ 153,091 143,633 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. Real Estate Sales The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time. Management Services and Other Property Income The Company recognizes revenue under Topic 606, Revenue from Contracts with Customers, when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606. Property and Asset Management Services The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods. Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. Leasing Services Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing. Transaction Services The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets. Other Property Income Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company’s real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Year ended December 31, (in thousands) Timing of 2021 2020 2019 Management, transaction, and other fees: Property management services Over time $ 14,415 14,444 14,744 Asset management services Over time 6,921 6,963 7,135 Promote income Over time 13,589 (1) — — Leasing services Point in time 4,096 3,150 3,692 Other transaction fees Point in time 1,316 1,944 4,065 Total management, transaction, and other fees $ 40,337 26,501 29,636 (1) The Company recognized $ 13.6 million in promote revenue during the year ended December 31, 2021 , for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset. The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 13.2 million and $ 9.9 million , as of December 31, 2021 and 2020 , respectively. |
Real Estate Investments | (c) Real Estate Investments The following table details the components of Real estate assets in the Consolidated Balance Sheets: (in thousands) December 31, 2021 December 31, 2020 Land $ 4,340,084 $ 4,230,989 Land improvements 684,613 630,264 Buildings 5,270,540 5,083,660 Building and tenant improvements 1,061,044 997,704 Construction in progress 139,300 159,241 Total real estate assets $ 11,495,581 11,101,858 Capitalization and Depreciation Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense. As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment. Development and Redevelopment Costs Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development or redevelopment. Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2021 and 2020, the Company had nonrefundable deposits and other pre development costs of approximately $ 10.8 million and $ 25.3 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2021, 2020, and 2019, the Company expensed pre-development costs of approximately $ 1.5 million , $ 10.5 million , and $ 2.5 million , respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations. Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs expended. The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. During the years ended December 31, 2021, 2020, and 2019, the Company capitalized interest of $ 4.2 million , $ 4.4 million , and $ 4.2 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2021, 2020, and 2019, we capitalized $ 11.3 million , $ 10.2 million , and $ 20.4 million , respectively, of direct internal costs incurred to support our development and redevelopment program. Acquisitions The Company generally accounts for operating property acquisitions as asset acquisitions. The Company capitalizes transaction costs associated with asset acquisitions and expenses transaction costs associated with business combinations. Both asset acquisitions and business combinations require that the Company recognize and measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the operating property acquired (“acquiree”). The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships. Held for Sale The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell. Impairment We evaluate whether there are any events or changes in circumstances, including property operating performance and general market conditions or changes in hold period expectations, that indicate the carrying value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. For those properties with such events or changes, management evaluates recoverability of the property's carrying amount. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over the estimated fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired. The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimated of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information. A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies events or circumstances that indicate that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the estimated fair value of the investment by discounting estimated future cash flows over the expected term of the investment. Tax Basis The net book basis of the Company's real estate assets exceeds the net tax basis by approximately $ 2.6 billion and $ 2.7 billion at December 31, 2021 and 2020 , respectively, primarily due to the tax free merger with Equity One and inheriting lower carryover tax basis. |
Cash, Cash Equivalents, and Restricted Cash | (d) Cash, Cash Equivalents, and Restricted Cash Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2021 and 2020, $ 1.9 million and $ 2.4 million , respectively, of cash was restricted through escrow agreements and certain mortgage loans. |
Other Assets | (e) Other Assets Goodwill Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See note 5. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below. The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Investments The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See note 5. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below. The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. |
Investments | Investments The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations. |
Deferred Leasing Costs | (f) Deferred Leasing Costs Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off. Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant’s operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses. |
Derivative Financial Instruments | (g) Derivative Financial Instruments The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) (“AOCI”). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items. In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. |
Income Taxes | (h) Income Taxes The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT. The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.6 % owner, is allocated its Pro-rata share of tax attributes. The Company accounts for income taxes related to its TRS’s under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination. In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2017 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. |
Lease Obligations | (i) Lease Obligations The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term. Under ASC Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities. The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease. |
Earnings per Share and Unit | (j) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable. |
Stock-Based Compensation | (k) Stock-Based Compensation The Company grants stock-based compensation to its employees and directors. The Company recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period. When the Parent Company issues common stock as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. |
Segment Reporting | (l) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures. The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. |
Business Concentration | (m) Business Concentration Grocer anchor tenants represent approximately 20 % of Pro-rata annual base rent. No single tenant accounts for 5 % or more of revenue and none of the shopping centers are located outside the United States. |
Fair Value of Assets and Liabilities | (n) Fair Value of Assets and Liabilities Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity. The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a remeasurement event occurs. |
Recent Accounting Pronouncements | (o) Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. January 2021 The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures Not yet adopted: ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update should result in similar treatment under the current Topic 842 as under the previous Topic 840. January 2022 The adoption of this standard will not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) December 31, 2021 December 31, 2020 Assets Net real estate investments $ 379,075 127,240 Cash, cash equivalents, and restricted cash 5,202 4,496 Liabilities Notes payable 5,000 6,340 Equity Limited partners’ interests in consolidated partnerships 27,950 28,685 |
Components of Tenant and Other Receivables, Net | The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: December 31, (in thousands) 2021 2020 Tenant receivables $ 27,354 39,658 Straight-line rent receivables 103,942 86,615 Other receivables (1) 21,795 17,360 Total tenant and other receivables, net $ 153,091 143,633 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts | The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Year ended December 31, (in thousands) Timing of 2021 2020 2019 Management, transaction, and other fees: Property management services Over time $ 14,415 14,444 14,744 Asset management services Over time 6,921 6,963 7,135 Promote income Over time 13,589 (1) — — Leasing services Point in time 4,096 3,150 3,692 Other transaction fees Point in time 1,316 1,944 4,065 Total management, transaction, and other fees $ 40,337 26,501 29,636 (1) The Company recognized $ 13.6 million in promote revenue during the year ended December 31, 2021 , for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset. |
Components of Real Estate Assets | The following table details the components of Real estate assets in the Consolidated Balance Sheets: (in thousands) December 31, 2021 December 31, 2020 Land $ 4,340,084 $ 4,230,989 Land improvements 684,613 630,264 Buildings 5,270,540 5,083,660 Building and tenant improvements 1,061,044 997,704 Construction in progress 139,300 159,241 Total real estate assets $ 11,495,581 11,101,858 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. January 2021 The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures Not yet adopted: ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update should result in similar treatment under the current Topic 842 as under the previous Topic 840. January 2022 The adoption of this standard will not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions | The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below: (in thousands) December 31, 2021 Date Property Name City/State Property Purchase Debt Intangible Intangible 7/30/21 Willa Springs (1) Winter Springs, FL Operating $ 34,500 17,682 1,562 643 8/1/21 Dunwoody Hall (1) Dunwoody, GA Operating 32,000 14,612 2,255 973 8/1/21 Alden Bridge (1) Woodlands, TX Operating 43,000 27,529 3,198 2,308 8/1/21 Hasley Canyon Village (1) Castaic, CA Operating 31,000 16,941 2,037 — 8/1/21 Shiloh Springs (1) Garland, TX Operating 19,500 — 1,825 1,079 8/1/21 Bethany Park Place (1) Allen, TX Operating 18,000 10,800 996 1,732 8/1/21 Blossom Valley (1) Mountain View, CA Operating 44,000 23,611 2,895 732 11/18/21 Blakeney Shopping Center Charlotte, NC Operating 181,000 — 14,096 4,431 12/30/21 Valley Stream Long Island, NY Operating 48,000 — 21,505 1,675 12/30/21 East Meadow Long Island, NY Operating 38,000 — 6,521 1,197 12/30/21 Wading River Long Island, NY Operating 35,000 — 4,998 1,469 12/30/21 Eastport Long Island, NY Operating 9,000 — 1,366 498 Total property acquisitions $ 533,000 111,175 63,254 16,737 (1) The purchase prices, presented above, reflect the price for 100 % of each property which were part of the seven property USAA portfolio purchase. The basis allocated to Real estate assets was $ 192.9 million which is net of the Company's carryover basis related to its 20 % previously owned equity interest in the partnership. (in thousands) December 31, 2020 Date Property Name City/State Property Purchase Debt Intangible Intangible 1/1/20 Country Walk Plaza (1) Miami, FL Operating $ 39,625 16,359 3,294 2,452 (1) The purchase price presented above reflects the purchase price for 100 % of the property, of which the Company previously owned a 30 % equity interest prior to acquiring the other partner’s interest and gaining control. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Year ended December 31, (in thousands, except number sold data) 2021 2020 2019 Net proceeds from sale of real estate investments $ 206,193 189,444 137,572 Gain on sale of real estate, net of tax $ 91,119 67,465 24,242 Provision for impairment of real estate sold $ 112 958 1,836 Number of operating properties sold 7 6 7 Number of land parcels sold 5 11 6 Percent interest sold 100 % 50 % - 100 % 100 % |
Investments in Real Estate Pa_2
Investments in Real Estate Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Investments in Real Estate Partnerships | The Company invests in real estate partnerships, which consist of the following: December 31, 2021 (in thousands) Regency's Number of Total Total Assets The Net Income GRI - Regency, LLC (GRIR) 40.00 % 67 $ 153,125 1,537,411 34,655 78,112 New York Common Retirement Fund (NYC) 30.00 % 2 11,688 82,446 315 6,939 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 7,360 135,537 1,976 10,256 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 12 35,251 352,469 10,987 55,059 Columbia Village District, LLC 30.00 % 1 5,554 94,536 1,522 5,131 RegCal, LLC (RegCal) 25.00 % 6 24,995 103,587 2,058 8,448 US Regency Retail I, LLC (USAA) (1) 20.01 % — — — 631 3,155 Other investments in real estate partnerships 35.00 % - 50.00 % 8 134,618 449,458 ( 5,058 ) 32,176 Total investments in real estate partnerships 103 $ 372,591 2,755,444 47,086 199,276 (1) On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2. December 31, 2020 (in thousands) Regency's Number of Total Total Assets The Net Income GRI - Regency, LLC (GRIR) 40.00 % 67 $ 179,728 1,583,097 25,425 56,244 New York Common Retirement Fund (NYC) (1) 30.00 % 4 27,627 205,332 488 4,241 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 8,699 136,120 1,030 5,383 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 13 37,882 377,246 1,045 5,103 Columbia Village District, LLC 30.00 % 1 10,108 94,551 757 2,531 RegCal, LLC (RegCal) 25.00 % 6 25,908 107,283 1,296 5,397 US Regency Retail I, LLC (USAA) (2) 20.01 % 7 — 85,006 790 3,948 Other investments in real estate partnerships (3) 35.00 % - 50.00 % 9 177,203 478,592 3,338 8,574 Total investments in real estate partnerships 114 $ 467,155 3,067,227 34,169 91,421 (1) On January 1, 2020, the Company purchased the partner's 70 % interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. (2) The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $ 4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets. (3) In January 2020, the Company purchased an additional 16.62 % interest in Town and Country Shopping Center, bringing its total ownership interest to 35 %. |
Balance Sheet Summarized Financial Information | The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows: December 31, (in thousands) 2021 2020 Investments in real estate, net $ 2,530,964 2,817,713 Acquired lease intangible assets, net 18,735 32,607 Other assets 205,745 216,907 Total assets $ 2,755,444 3,067,227 Notes payable $ 1,444,867 1,557,043 Acquired lease intangible liabilities, net 20,978 33,223 Other liabilities 90,097 97,321 Capital - Regency 438,510 509,873 Capital - Third parties 760,992 869,767 Total liabilities and capital $ 2,755,444 3,067,227 The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet: December 31, (in thousands) 2021 2020 Capital - Regency $ 438,510 509,873 Basis difference ( 65,919 ) ( 47,119 ) Negative investment in USAA (1) — 4,401 Investments in real estate partnerships $ 372,591 467,155 (1) On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership. See note 2 |
Schedule of Revenues and Expenses for Investments in Real Estate Partnerships | The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows: Year ended December 31, (in thousands) 2021 2020 2019 Total revenues $ 416,222 381,094 417,053 Operating expenses: Depreciation and amortization 94,026 101,590 97,844 Operating and maintenance 66,061 65,146 65,811 General and administrative 5,837 5,870 6,201 Real estate taxes 54,618 53,747 53,410 Other operating expenses 3,624 3,126 2,709 Total operating expenses $ 224,166 229,479 225,975 Other expense (income): Interest expense, net 58,109 66,786 75,449 Gain on sale of real estate ( 75,162 ) ( 7,146 ) ( 64,798 ) Early extinguishment of debt — 554 — Provision for impairment 9,833 — 9,223 Total other expense (income) ( 7,220 ) 60,194 19,874 Net income of the Partnerships $ 199,276 91,421 171,204 The Company's share of net income of the Partnerships $ 47,086 34,169 60,956 |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Year ended December 31, (in thousands, except number sold data) 2021 2020 2019 Net proceeds from sale of real estate investments $ 206,193 189,444 137,572 Gain on sale of real estate, net of tax $ 91,119 67,465 24,242 Provision for impairment of real estate sold $ 112 958 1,836 Number of operating properties sold 7 6 7 Number of land parcels sold 5 11 6 Percent interest sold 100 % 50 % - 100 % 100 % |
Scheduled Principal Repayments on Notes Payable | Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2021, were as follows: (in thousands) Scheduled Mortgage Unsecured Total Regency’s 2022 $ 7,736 254,893 7,300 269,929 98,932 2023 3,256 171,608 — 174,864 65,149 2024 1,877 33,690 — 35,567 14,233 2025 2,249 137,000 — 139,249 42,169 2026 2,471 125,286 — 127,757 41,768 Beyond 5 Years 8,723 697,479 — 706,202 257,620 Net unamortized loan costs, debt premium / (discount) — ( 8,701 ) — ( 8,701 ) ( 3,080 ) Total notes payable $ 26,312 1,411,255 7,300 1,444,867 516,791 |
Schedule of Related Party Transactions | In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees as discussed in Note 1, as follows: Year ended December 31, (in thousands) 2021 2020 2019 Asset management, property management, leasing, and investment and financing services $ 40,301 26,618 28,878 |
Unconsolidated Properties [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2021: (in thousands) Year ended December 31, 2020 Date Property City/State Property Co-investment Ownership Purchase Debt Intangible Intangible 11/13/20 Eastfield at Baybrook Houston, TX Development Other 50.00 % $ 4,491 — — — |
Schedule of Properties Disposed of | The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships: Year ended December 31, (in thousands) 2021 2020 2019 Proceeds from sale of real estate investments $ 224,708 27,974 142,754 Gain on sale of real estate $ 75,162 7,147 64,798 The Company's share of gain on sale of real estate $ 9,380 2,413 29,422 Number of operating properties sold 4 2 4 Number of land out-parcels sold 1 — — |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below: (in thousands) December 31, 2021 December 31, 2020 Goodwill $ 167,095 173,868 Investments 65,112 60,692 Prepaid and other 21,332 17,802 Furniture, fixtures, and equipment, net 5,444 6,560 Deferred financing costs, net 7,448 2,524 Total other assets $ 266,431 261,446 |
Schedule of Goodwill | The following table presents the goodwill balances and activity during the year to date periods ended: December 31, 2021 December 31, 2020 (in thousands) Goodwill Accumulated Total Goodwill Accumulated Total Beginning of year balance $ 307,413 ( 133,545 ) 173,868 310,388 ( 2,954 ) 307,434 Goodwill allocated to Provision for impairment — — — — ( 132,179 ) ( 132,179 ) Goodwill allocated to Properties held for sale ( 2,465 ) — ( 2,465 ) ( 1,191 ) 1,191 — Goodwill associated with disposed reporting units: Goodwill allocated to Provision for impairment ( 111 ) 111 — — — — Goodwill allocated to Gain on sale of real estate ( 4,308 ) — ( 4,308 ) ( 1,784 ) 397 ( 1,387 ) End of year balance $ 300,529 ( 133,434 ) 167,095 307,413 ( 133,545 ) 173,868 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Net Accumulated Amortization and Accretion | The Company had the following acquired lease intangibles: December 31, (in thousands) 2021 2020 In-place leases $ 443,460 $ 414,298 Above-market leases 81,433 59,381 Total intangible assets 524,893 473,679 Accumulated amortization ( 312,186 ) ( 284,880 ) Acquired lease intangible assets, net $ 212,707 188,799 Below-market leases 535,569 523,678 Accumulated amortization ( 172,293 ) ( 145,966 ) Acquired lease intangible liabilities, net $ 363,276 377,712 The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles: Year ended December 31, (in thousands) 2021 2020 2019 Line item in Consolidated Statements of Operations In-place lease amortization $ 33,621 48,297 60,250 Depreciation and amortization Above-market lease amortization 5,487 7,658 9,112 Lease income Acquired lease intangible asset amortization $ 39,108 55,955 69,362 Below-market lease amortization $ 30,378 50,103 54,730 Lease income |
Schedule of Future Amortization Expense and Minimum Rent | The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows: (in thousands) In Process Year Ending Amortization of Net accretion of Above 2022 $ 31,473 $ 22,238 2023 25,422 21,126 2024 19,359 19,061 2025 15,736 18,536 2026 12,779 17,939 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease income Fixed and in-substance fixed lease income $ 797,502 807,603 813,444 Variable lease income 262,619 247,384 247,861 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 24,539 42,219 45,392 Uncollectible straight line rent (1) 5,227 ( 34,673 ) ( 7,002 ) Uncollectible amounts billable in lease income (1) 23,481 ( 82,367 ) ( 5,394 ) Total lease income $ 1,113,368 980,166 1,094,301 (1) During the year ended December 31, 2021 , the Company had improved rent collections following decreases in governmental operating restrictions on certain businesses which resulted in more favorable income than we experienced in 2020 during the height of the pandemic. |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows: (in thousands) For the year ended December 31, December 31, 2021 2022 $ 793,177 2023 710,472 2024 609,200 2025 501,333 2026 398,196 Thereafter 1,409,012 Total $ 4,421,390 |
Lessee, Operating Lease Costs, Description | Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs: (in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Fixed operating lease expense Ground leases $ 13,862 13,716 13,982 Office leases 4,309 4,334 4,229 Total fixed operating lease expense 18,171 18,050 18,211 Variable lease expense Ground leases 1,032 1,044 1,693 Office leases 615 585 552 Total variable lease expense 1,647 1,629 2,245 Total lease expense $ 19,818 19,679 20,456 Cash paid for amounts included in the measurement of operating lease liabilities Operating cash flows for operating leases $ 15,165 15,003 14,815 |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2021, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets: (in thousands) Lease Liabilities For the year ended December 31, Ground Leases Office Leases Total 2022 $ 10,562 4,002 14,564 2023 10,775 3,323 14,098 2024 10,824 2,732 13,556 2025 10,827 2,561 13,388 2026 10,748 2,388 13,136 Thereafter 527,860 1,576 529,436 Total undiscounted lease liabilities $ 581,596 16,582 598,178 Present value discount ( 381,062 ) ( 1,328 ) ( 382,390 ) Lease liabilities $ 200,534 15,254 215,788 Weighted average discount rate 5.2 % 3.4 % Weighted average remaining term (in years) 47.7 4.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Status of Dividends | The following table summarizes the tax status of dividends paid on our common shares: Year ended December 31, (in thousands) 2021 2020 2019 Dividend per share $ 2.53 (1) 2.19 2.34 Ordinary income 92 % 100 % 97 % Capital gain (2) 8 % — % 3 % Additional tax status information: Qualified dividend income 1 % — % — % Section 199A dividend 91 % 100 % 97 % Section 897 ordinary dividends 2 % — % — % Section 897 capital gains 4 % — % — % (1) During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022. (2) Of the total capital gain distribution during 2021, 42 % is excluded under Reg. 1.1061-4(b)(7). The remaining 58 % is a Three Year Amount under Reg. 1.1061-6(c). |
Schedule of Components of Income Tax Expense (Benefit) | Our consolidated expense (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 was as follows: Year ended December 31, (in thousands) 2021 2020 2019 Income tax expense (benefit): Current $ 620 2,157 1,576 Deferred 421 ( 891 ) ( 331 ) Total income tax expense (benefit) (1) $ 1,041 1,266 1,245 (1) Includes $ 943,000 , $( 355,000 ) and $ 757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $ 1.6 million , and $ 488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, and 2019 , respectively. |
Schedule of Effective Income Tax Rate Reconciliation | The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows: Year ended December 31, (in thousands) 2021 2020 2019 Computed expected tax expense (benefit) $ 544 ( 3,665 ) 1,587 State income tax, net of federal benefit 477 ( 593 ) 650 Valuation allowance 15 1,043 ( 91 ) Permanent items 1 5,079 ( 819 ) All other items 4 ( 598 ) ( 82 ) Total income tax expense (1) 1,041 1,266 1,245 Income tax expense attributable to operations (1) $ 1,041 1,266 1,245 (1) Includes $ 943,000 , $( 355,000 ) , and $ 757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $ 1.6 million , and $ 488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020 and 2019 , respectively. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows: December 31, (in thousands) 2021 2020 Deferred tax assets Provision for impairment $ — 508 Fixed assets 1,039 1,077 Net operating loss carryforward — 109 Other 1,379 771 Deferred tax assets 2,418 2,465 Valuation allowance ( 2,418 ) ( 2,465 ) Deferred tax assets, net $ — — Deferred tax liabilities Straight line rent $ — ( 88 ) Fixed assets ( 13,004 ) ( 12,943 ) Other ( 340 ) — Deferred tax liabilities ( 13,344 ) ( 13,031 ) Net deferred tax liabilities $ ( 13,344 ) ( 13,031 ) |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following: Maturing Weighted Weighted December 31, (in thousands) 2021 2020 Notes payable: Fixed rate mortgage loans 3/1/2032 4.0 % 3.8 % $ 359,414 $ 272,750 Variable rate mortgage loans (1) 6/2/2027 3.2 % 3.3 % 115,539 146,046 Fixed rate unsecured debt 3/15/2049 3.8 % 4.0 % 3,243,991 3,239,609 Total notes payable $ 3,718,944 3,658,405 Unsecured credit facilities: Line of Credit (2) 3/23/2025 1.0 % 1.3 % $ — $ — Term Loan (3) 2.0 % 2.1 % — 264,679 Total debt outstanding $ 3,718,944 3,923,084 (1) Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5 % to 4.1 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. (3) Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020 , as the entire balance was repaid during January 2021. |
Schedule of Maturities of Long-term Debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) December 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2022 $ 11,389 $ 5,848 $ — 17,237 2023 9,695 64,376 — 74,071 2024 4,849 90,742 250,000 345,591 2025 3,732 40,000 250,000 293,732 2026 3,922 88,000 200,000 291,922 Beyond 5 Years 6,661 138,234 2,575,000 2,719,895 Unamortized debt premium/(discount) and issuance costs — 7,505 ( 31,009 ) ( 23,504 ) Total notes payable $ 40,248 434,705 3,243,991 3,718,944 (1) Includes unsecured public and private debt and unsecured credit facilities . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value at December 31, (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Bank Pays Variable Regency Pays 2021 2020 8/1/16 1/5/22 (2) $ 265,000 1 Month LIBOR with Floor 1.053 % $ — ( 2,472 ) 4/7/16 4/1/23 19,029 1 Month LIBOR 1.303 % ( 175 ) ( 494 ) 12/1/16 11/1/23 31,763 1 Month LIBOR 1.490 % ( 412 ) ( 1,181 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542 % ( 364 ) ( 1,288 ) 6/2/17 6/2/27 36,019 1 Month LIBOR with Floor 2.366 % ( 1,907 ) ( 3,856 ) Total derivative financial instruments $ ( 2,858 ) ( 9,291 ) (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities. (2) In January 2021, the Company cash settled before maturity $ 265 million of notional interest rate swaps in connection with its repayment of the Term Loan. |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Location and Amount of Gain (Loss) Total amounts presented in the Consolidated Year ended December 31, Year ended December 31, Year ended December 31, (in thousands) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest $ 5,391 ( 19,187 ) ( 15,585 ) Interest $ 4,141 8,790 3,269 Interest $ 145,170 156,678 151,264 Early extinguishment of debt (1) $ — 2,472 — Early extinguishment of debt $ — 21,837 11,982 (1) At December 31, 2020 , based on intent to repay the Term Loan in January 2021, the Company recognized the Accumulated other comprehensive loss for the Term Loan swap in earnings within Early extinguishment of debt. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Balance Sheet Fair Values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following: December 31, 2021 2020 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,718,944 4,103,533 $ 3,658,405 4,102,382 Unsecured credit facilities $ — — $ 264,679 265,226 |
Summary of Assets Measured on Recurring Basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of December 31, 2021 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Securities $ 49,513 49,513 — — Available-for-sale debt securities 15,599 — 15,599 — Total $ 65,112 49,513 15,599 — Liabilities: Interest rate derivatives $ ( 2,858 ) — ( 2,858 ) — Fair Value Measurements as of December 31, 2020 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Securities $ 44,986 44,986 — — Available-for-sale debt securities 15,706 — 15,706 — Total $ 60,692 44,986 15,706 — Liabilities: Interest rate derivatives $ ( 9,291 ) — ( 9,291 ) — |
Summary of Assets Measured on Non-recurring Basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis: Fair Value Measurements as of December 31, 2021 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Operating properties $ 140,500 — — 140,500 ( 84,277 ) Fair Value Measurements as of December 31, 2020 (in thousands) Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Operating properties $ 25,000 — 25,000 — ( 17,532 ) |
Equity and Capital (Tables)
Equity and Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity And Capital [Abstract] | |
Schedule of Partnership Units Outstanding | The Parent Company, as general partner, owned the following Partnership Units outstanding: December 31, (in thousands) 2021 2020 Partnership units owned by the general partner 171,213 169,680 Partnership units owned by the limited partners 760 765 Total partnership units outstanding 171,973 170,445 Percentage of partnership units owned by the general partner 99.6 % 99.6 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below: Year ended December 31, (in thousands) 2021 2020 2019 Restricted stock (1) $ 12,651 14,248 16,254 Directors' fees paid in common stock and other employee stock grants 530 452 410 Capitalized stock-based compensation ( 666 ) ( 1,119 ) ( 2,325 ) Stock-based compensation, net of capitalization $ 12,515 13,581 14,339 (1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods . |
Schedule of Nonvested Share Activity | The following table summarizes non-vested restricted stock activity: Year ended December 31, 2021 Number of Shares Intrinsic Value (in thousands) Weighted Average Grant Price Non-vested as of December 31, 2020 618,935 Time-based awards granted (1) (4) 196,453 $ 49.33 Performance-based awards granted (2) (4) 25,627 $ 47.68 Market-based awards granted (3) (4) 146,136 $ 42.63 Change in market-based awards earned for performance (3) ( 15,513 ) $ 47.18 Vested (5) ( 223,158 ) $ 49.02 Forfeited ( 56,618 ) $ 61.16 Non-vested as of December 31, 2021 (6) 691,862 $ 51,744 (1) Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period . These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. (2) Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis. (3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows: Year ended December 31, 2021 2020 2019 Volatility 42.60 % 18.50 % 19.30 % Risk free interest rate 0.18 % 1.30 % 2.43 % (4) The weighted-average grant price for restricted stock granted during the years is summarized below: Year ended December 31, 2021 2020 2019 Weighted-average grant price for restricted stock $ 46.55 $ 64.14 $ 65.11 (5) The total intrinsic value of restricted stock vested during the years is summarized below (in thousands): Year ended December 31, 2021 2020 2019 Intrinsic value of restricted stock vested $ 10,939 $ 14,423 $ 17,684 (6) As of December 31, 2021, there was $ 13.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan . When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years . The Company issues new restricted stock from its authorized shares available at the date of grant. |
Saving and Retirement Plans (Ta
Saving and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Summary of balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations | The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2021 2020 Location in Consolidated Balance Sheets Assets: Securities $ 44,464 40,964 Other assets Liabilities: Deferred compensation obligation $ 44,388 40,962 Accounts payable and other liabilities |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Year ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income attributable to common stockholders - basic $ 361,411 $ 44,889 239,430 Income attributable to common stockholders - diluted $ 361,411 $ 44,889 239,430 Denominator: Weighted average common shares outstanding for basic EPS 170,236 169,231 167,526 Weighted average common shares outstanding for diluted EPS (1) (2) 170,694 169,460 167,771 Income per common share – basic $ 2.12 $ 0.27 1.43 Income per common share – diluted $ 2.12 $ 0.26 1.43 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Year ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income attributable to common unit holders - basic $ 363,026 $ 45,092 240,064 Income attributable to common unit holders - diluted $ 363,026 $ 45,092 240,064 Denominator: Weighted average common units outstanding for basic EPU 170,998 169,997 167,990 Weighted average common units outstanding for diluted EPU (1) (2) 171,456 170,225 168,235 Income per common unit – basic $ 2.12 $ 0.27 1.43 Income per common unit – diluted $ 2.12 $ 0.26 1.43 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²RetailShoppingCenterTenantAccountShoppingCentershares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Unsecured public and private notes | $ 200,000 | ||
General partners' capital account, units outstanding | shares | 171,213,000 | 169,680,000 | |
Partners' capital account, units | shares | 171,973,054 | 170,445,000 | |
Tenant and other receivables | $ 153,091 | $ 143,633 | |
Pre-development costs | 1,500 | 10,500 | $ 2,500 |
Tax basis of investments, unrealized appreciation (depreciation), net | 2,600,000 | 2,700,000 | |
Restricted cash and cash equivalent | $ 1,930 | 2,377 | |
Cash and cash equivalents and restricted original maturity | 90 days or less | ||
Percentage of pro-rata annual base rent | 20.00% | ||
Number of tenant | TenantAccount | 0 | ||
Number of shopping center | ShoppingCenter | 0 | ||
Management, transaction, and other fee [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Tenant and other receivables | $ 13,200 | 9,900 | |
Parent Company [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Restricted cash and cash equivalent | $ 1,900 | 2,400 | |
Leases less than 10,000 sqft [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Operating leases, tenant space terms | ft² | 10,000 | ||
Leases greater then 10,000 sqft [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Operating leases, tenant space terms | ft² | 10,000 | ||
Minimum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Expected useful lives of the properties and other intangible assets | 10 years | ||
Operating leases, lease year range | 3 years | ||
Operating leases, lease year range for tenant space greater than 10,000 sq ft | 5 years | ||
Maximum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Expected useful lives of the properties and other intangible assets | 40 years | ||
Operating leases, lease year range | 7 years | ||
Maximum [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Land Improvements [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Building and Improvements [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Tenant Improvements [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Refundable deposits - development | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Nonrefundable deposits and other predevelopment costs | $ 10,800 | 25,300 | |
Operating Partnership [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Ownership percentage of outstanding common partnership units | 99.60% | ||
General partners' capital account, units outstanding | shares | 171,213,008 | ||
Parent company, ownership percentage of outstanding common partnership units of operating partnership | 99.60% | ||
Wholly Owned Properties [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of real estate properties | RetailShoppingCenter | 302 | ||
Unconsolidated Properties [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of real estate properties | RetailShoppingCenter | 103 | ||
Partially Owned Properties [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of real estate properties | RetailShoppingCenter | 113 | ||
Consolidated Properties [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of real estate properties | RetailShoppingCenter | 10 | ||
Development and Redevelopment [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Interest costs capitalized | $ 4,200 | 4,400 | 4,200 |
Maximum period of time in company capitalizes interest costs | 12 months | ||
Development [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Internal costs for employees directly related to development and redevelopment program | $ 11,300 | $ 10,200 | $ 20,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 10,792,563 | $ 10,936,904 |
Variable interest entity, consolidated, carrying amount, liabilities | 4,682,631 | 4,878,757 |
Noncontrolling interest in variable interest entity | 27,950 | 28,685 |
Variable Interest Entity, Primary Beneficiary [Member] | Notes Payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 5,000 | 6,340 |
Variable Interest Entity, Primary Beneficiary [Member] | Net Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 379,075 | 127,240 |
Variable Interest Entity, Primary Beneficiary [Member] | Cash, Cash Equivalents, and Restricted Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 5,202 | $ 4,496 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Components of Tenant and Other Receivables, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Tenant and other receivables, net | $ 153,091 | $ 143,633 | |
Tenant Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Tenant and other receivables, net | 27,354 | 39,658 | |
Straight-line Rent Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Tenant and other receivables, net | 103,942 | 86,615 | |
Other Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Tenant and other receivables, net | [1] | $ 21,795 | $ 17,360 |
[1] | Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 40,337 | $ 26,501 | $ 29,636 | |
Property management services [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 14,415 | 14,444 | 14,744 | |
Timing of satisfaction of performance obligations | Over time | |||
Asset management services [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 6,921 | 6,963 | 7,135 | |
Timing of satisfaction of performance obligations | Over time | |||
Promote income [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | [1] | $ 13,589 | ||
Timing of satisfaction of performance obligations | Over time | |||
Leasing services [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 4,096 | 3,150 | 3,692 | |
Timing of satisfaction of performance obligations | Point in time | |||
Other transaction fees [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 1,316 | $ 1,944 | $ 4,065 | |
Timing of satisfaction of performance obligations | Point in time | |||
[1] | The Company recognized $ 13.6 million in promote revenue during the year ended December 31, 2021 , for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Product Information [Line Items] | ||||
Management, transaction, and other fees | $ 40,337 | $ 26,501 | $ 29,636 | |
Promote income [Member] | ||||
Product Information [Line Items] | ||||
Management, transaction, and other fees | [1] | $ 13,589 | ||
[1] | The Company recognized $ 13.6 million in promote revenue during the year ended December 31, 2021 , for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Components of Real Estate Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total real estate assets | $ 11,495,581 | $ 11,101,858 |
Parent Company [Member] | ||
Property Plant And Equipment [Line Items] | ||
Land | 4,340,084 | 4,230,989 |
Land improvements | 684,613 | 630,264 |
Buildings | 5,270,540 | 5,083,660 |
Building and tenant improvements | 1,061,044 | 997,704 |
Construction in progress | 139,300 | 159,241 |
Total real estate assets | $ 11,495,581 | $ 11,101,858 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2019-12 [Member] |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 533,000 | |
Debt Assumed, Net of Premiums | 111,175 | |
Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 63,254 | |
Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 16,737 | |
Willa Springs [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jul. 30, 2021 | |
Property Name | Willa Springs | |
City/State | Winter Springs, FL | |
Property Type | Operating | |
Purchase Price | $ 34,500 | |
Debt Assumed, Net of Premiums | 17,682 | |
Willa Springs [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 1,562 | |
Willa Springs [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 643 | |
Dunwoody Hall [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Dunwoody Hall | |
City/State | Dunwoody, GA | |
Property Type | Operating | |
Purchase Price | $ 32,000 | |
Debt Assumed, Net of Premiums | 14,612 | |
Dunwoody Hall [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 2,255 | |
Dunwoody Hall [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 973 | |
Alden Bridge [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Alden Bridge | |
City/State | Woodlands, TX | |
Property Type | Operating | |
Purchase Price | $ 43,000 | |
Debt Assumed, Net of Premiums | 27,529 | |
Alden Bridge [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,198 | |
Alden Bridge [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 2,308 | |
Hasley Canyon Village [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Hasley Canyon Village | |
City/State | Castaic, CA | |
Property Type | Operating | |
Purchase Price | $ 31,000 | |
Debt Assumed, Net of Premiums | 16,941 | |
Hasley Canyon Village [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 2,037 | |
Shiloh Springs [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Shiloh Springs | |
City/State | Garland, TX | |
Property Type | Operating | |
Purchase Price | $ 19,500 | |
Shiloh Springs [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 1,825 | |
Shiloh Springs [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,079 | |
Bethany Park Place [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Bethany Park Place | |
City/State | Allen, TX | |
Property Type | Operating | |
Purchase Price | $ 18,000 | |
Debt Assumed, Net of Premiums | 10,800 | |
Bethany Park Place [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 996 | |
Bethany Park Place [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,732 | |
Blossom Valley [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Aug. 1, 2021 | |
Property Name | Blossom Valley | |
City/State | Mountain View, CA | |
Property Type | Operating | |
Purchase Price | $ 44,000 | |
Debt Assumed, Net of Premiums | 23,611 | |
Blossom Valley [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 2,895 | |
Blossom Valley [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 732 | |
Blakeney Shopping Center [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Nov. 18, 2021 | |
Property Name | Blakeney Shopping Center | |
City/State | Charlotte, NC | |
Property Type | Operating | |
Purchase Price | $ 181,000 | |
Blakeney Shopping Center [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 14,096 | |
Blakeney Shopping Center [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 4,431 | |
Valley Stream [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Dec. 30, 2021 | |
Property Name | Valley Stream | |
City/State | Long Island, NY | |
Property Type | Operating | |
Purchase Price | $ 48,000 | |
Valley Stream [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 21,505 | |
Valley Stream [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,675 | |
East Meadow [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Dec. 30, 2021 | |
Property Name | East Meadow | |
City/State | Long Island, NY | |
Property Type | Operating | |
Purchase Price | $ 38,000 | |
East Meadow [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 6,521 | |
East Meadow [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,197 | |
Wading River [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Dec. 30, 2021 | |
Property Name | Wading River | |
City/State | Long Island, NY | |
Property Type | Operating | |
Purchase Price | $ 35,000 | |
Wading River [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,998 | |
Wading River [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,469 | |
Eastport [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Dec. 30, 2021 | |
Property Name | Eastport | |
City/State | Long Island, NY | |
Property Type | Operating | |
Purchase Price | $ 9,000 | |
Eastport [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 1,366 | |
Eastport [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 498 | |
Country Walk Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jan. 1, 2020 | |
Property Name | Country Walk Plaza | |
City/State | Miami, FL | |
Property Type | Operating | |
Purchase Price | $ 39,625 | |
Debt Assumed, Net of Premiums | 16,359 | |
Country Walk Plaza [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,294 | |
Country Walk Plaza [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 2,452 |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Business Acquisitions (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Percentage of purchase price of property | 100.00% | |
Business acquisition gross purchase price | $ 192.9 | |
Percentage of equity interest acquired | 20.00% | |
Country Walk Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of purchase price of property | 100.00% | |
Percentage of equity interest acquired | 30.00% |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from sale of real estate investments | $ | $ 206,193 | $ 189,444 | $ 137,572 |
Gain on sale of real estate, net of tax | $ | 91,119 | 67,465 | 24,242 |
Provision for impairment of real estate | $ | $ 84,389 | $ 18,536 | $ 54,174 |
Operating Property [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold classified as held for sale | Property | 1 | ||
Land Parcel [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold classified as held for sale | Property | 1 | ||
Wholly Owned Properties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percent interest sold | 100.00% | 100.00% | |
Wholly Owned Properties [Member] | Minimum [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percent interest sold | 50.00% | ||
Wholly Owned Properties [Member] | Maximum [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percent interest sold | 100.00% | ||
Real Estate Sold [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for impairment of real estate | $ | $ 112 | $ 958 | $ 1,836 |
Operating Properties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | Property | 7 | 6 | 7 |
Land [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | Property | 5 | 11 | 6 |
Investments in Real Estate Pa_3
Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | ||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Properties | Property | 103 | 114 | ||||
Total Investments | $ 372,591 | $ 467,155 | ||||
Total assets of the Partnership | 10,792,563 | 10,936,904 | ||||
The Company's Share of Net Income of the Partnership | 47,086 | 34,169 | $ 60,956 | |||
Net Income of the Partnership | 366,288 | 47,317 | $ 243,258 | |||
Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 2,755,444 | 3,067,227 | ||||
Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 199,276 | $ 91,421 | ||||
GRI - Regency, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 40.00% | 40.00% | ||||
Number of Properties | Property | 67 | 67 | ||||
Total Investments | $ 153,125 | $ 179,728 | ||||
The Company's Share of Net Income of the Partnership | 34,655 | 25,425 | ||||
GRI - Regency, LLC [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 1,537,411 | 1,583,097 | ||||
GRI - Regency, LLC [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 78,112 | $ 56,244 | ||||
New York Common Retirement Fund (NYC) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 30.00% | 30.00% | [1] | |||
Number of Properties | Property | 2 | 4 | [1] | |||
Total Investments | $ 11,688 | $ 27,627 | [1] | |||
The Company's Share of Net Income of the Partnership | 315 | 488 | [1] | |||
New York Common Retirement Fund (NYC) [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 82,446 | 205,332 | [1] | |||
New York Common Retirement Fund (NYC) [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 6,939 | $ 4,241 | [1] | |||
Columbia Regency Retail Partners, LLC (Columbia I) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 20.00% | 20.00% | ||||
Number of Properties | Property | 7 | 7 | ||||
Total Investments | $ 7,360 | $ 8,699 | ||||
The Company's Share of Net Income of the Partnership | 1,976 | 1,030 | ||||
Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 135,537 | 136,120 | ||||
Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 10,256 | $ 5,383 | ||||
Columbia Regency Partners II, LLC (Columbia II) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 20.00% | 20.00% | ||||
Number of Properties | Property | 12 | 13 | ||||
Total Investments | $ 35,251 | $ 37,882 | ||||
The Company's Share of Net Income of the Partnership | 10,987 | 1,045 | ||||
Columbia Regency Partners II, LLC (Columbia II) [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 352,469 | 377,246 | ||||
Columbia Regency Partners II, LLC (Columbia II) [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 55,059 | $ 5,103 | ||||
Columbia Village District, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 30.00% | 30.00% | ||||
Number of Properties | Property | 1 | 1 | ||||
Total Investments | $ 5,554 | $ 10,108 | ||||
The Company's Share of Net Income of the Partnership | 1,522 | 757 | ||||
Columbia Village District, LLC [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 94,536 | 94,551 | ||||
Columbia Village District, LLC [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 5,131 | $ 2,531 | ||||
RegCal, LLC (RegCal) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 25.00% | 25.00% | ||||
Number of Properties | Property | 6 | 6 | ||||
Total Investments | $ 24,995 | $ 25,908 | ||||
The Company's Share of Net Income of the Partnership | 2,058 | 1,296 | ||||
RegCal, LLC (RegCal) [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 103,587 | 107,283 | ||||
RegCal, LLC (RegCal) [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 8,448 | $ 5,397 | ||||
US Regency Retail I, LLC (USAA) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 20.01% | [2] | 20.01% | [3] | ||
Number of Properties | Property | [3] | 7 | ||||
The Company's Share of Net Income of the Partnership | $ 631 | [2] | $ 790 | [3] | ||
US Regency Retail I, LLC (USAA) [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | [3] | 85,006 | ||||
US Regency Retail I, LLC (USAA) [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 3,155 | [2] | $ 3,948 | [3] | ||
Other Investments in Real Estate Partnerships [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Properties | Property | 8 | 9 | [4] | |||
Total Investments | $ 134,618 | $ 177,203 | [4] | |||
The Company's Share of Net Income of the Partnership | (5,058) | 3,338 | [4] | |||
Other Investments in Real Estate Partnerships [Member] | Total Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of the Partnership | 449,458 | 478,592 | [4] | |||
Other Investments in Real Estate Partnerships [Member] | Net Income [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income of the Partnership | $ 32,176 | $ 8,574 | [4] | |||
Other Investments in Real Estate Partnerships [Member] | Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 35.00% | 35.00% | [4] | |||
Other Investments in Real Estate Partnerships [Member] | Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50.00% | 50.00% | [4] | |||
[1] | On January 1, 2020, the Company purchased the partner's 70 % interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. | |||||
[2] | On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2. | |||||
[3] | The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $ 4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets. | |||||
[4] | In January 2020, the Company purchased an additional 16.62 % interest in Town and Country Shopping Center, bringing its total ownership interest to 35 %. |
Investments in Real Estate Pa_4
Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Parenthetical) (Details) $ in Thousands | Aug. 01, 2021Property | Jan. 31, 2020USD ($) | Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Jan. 01, 2020 |
Schedule of Equity Method Investments [Line Items] | ||||||
Real Estate Partnerships, Number of Properties | Property | 103 | 114 | ||||
Provision for impairment of real estate | $ | $ 84,389 | $ 18,536 | $ 54,174 | |||
US Regency Retail I, LLC (USAA) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership | 80.00% | |||||
Real Estate Partnerships, Number of Properties | Property | 7 | |||||
US Regency Retail I, LLC (USAA) [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Negative Investment Balance | $ | $ 4,400 | |||||
Country Walk Plaza [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership | 70.00% | |||||
Other Investments in Real Estate Partnerships [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Additional Ownership Percentage Acquired | 16.62% | |||||
Ownership Percentage | 35.00% |
Investments in Real Estate Pa_5
Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Acquired lease intangible assets, net | $ 212,707 | $ 188,799 | |
Other assets | 266,431 | 261,446 | |
Total assets | 10,792,563 | 10,936,904 | |
Notes payable | 3,718,944 | 3,658,405 | |
Acquired lease intangible liabilities, net | 363,276 | 377,712 | |
Capital - Regency | 72,561 | 73,235 | |
Capital - Third parties | 6,037,371 | 5,984,912 | |
Total liabilities and equity | 10,792,563 | 10,936,904 | |
Investments in real estate partnerships (note 4) | 372,591 | 467,155 | |
Other Liabilities [Member] | US Regency Retail I, LLC (USAA) [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate partnerships (note 4) | [1] | 4,401 | |
Basis Difference [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 65,919 | (47,119) | |
Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 2,755,444 | 3,067,227 | |
Total Assets [Member] | US Regency Retail I, LLC (USAA) [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | [2] | 85,006 | |
Real Estate Partnership | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 2,530,964 | 2,817,713 | |
Acquired lease intangible assets, net | 18,735 | 32,607 | |
Other assets | 205,745 | 216,907 | |
Total assets | 2,755,444 | 3,067,227 | |
Notes payable | 1,444,867 | 1,557,043 | |
Acquired lease intangible liabilities, net | 20,978 | 33,223 | |
Other liabilities | 90,097 | 97,321 | |
Total liabilities and equity | 2,755,444 | 3,067,227 | |
Regency [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Regency | 438,510 | 509,873 | |
Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third parties | $ 760,992 | $ 869,767 | |
[1] | On August 1, 2021, the Company acquired the partner's 80 % interest in the seven properties held in the USAA partnership. See note 2 | ||
[2] | The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $ 4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets. |
Investments in Real Estate Pa_6
Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Parenthetical) (Details) | Aug. 01, 2021 |
USAA Partnership [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership | 80.00% |
Investments in Real Estate Pa_7
Investments in Real Estate Partnerships - Schedule of Revenues and Expenses for Investments in Real Estate Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 1,166,161 | $ 1,016,175 | $ 1,133,138 |
Operating expenses: | |||
Depreciation and amortization | 303,331 | 345,900 | 374,283 |
Operating and maintenance | 184,553 | 170,073 | 169,909 |
General and administrative | 78,218 | 75,001 | 74,984 |
Real estate taxes | 142,129 | 143,004 | 136,236 |
Other operating expenses | 5,751 | 12,642 | 7,814 |
Total operating expenses | 713,982 | 746,620 | 763,226 |
Other expense (income): | |||
Interest expense, net | 145,170 | 156,678 | 151,264 |
Gain on sale of real estate | (91,119) | (67,465) | (24,242) |
Early extinguishment of debt | 21,837 | 11,982 | |
Provision for impairment | 84,389 | 18,536 | 54,174 |
Total other expense (income) | 132,977 | 256,407 | 187,610 |
Net income | 366,288 | 47,317 | 243,258 |
Real Estate Partnership | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 416,222 | 381,094 | 417,053 |
Operating expenses: | |||
Depreciation and amortization | 94,026 | 101,590 | 97,844 |
Operating and maintenance | 66,061 | 65,146 | 65,811 |
General and administrative | 5,837 | 5,870 | 6,201 |
Real estate taxes | 54,618 | 53,747 | 53,410 |
Other operating expenses | 3,624 | 3,126 | 2,709 |
Total operating expenses | 224,166 | 229,479 | 225,975 |
Other expense (income): | |||
Interest expense, net | 58,109 | 66,786 | 75,449 |
Gain on sale of real estate | (75,162) | (7,146) | (64,798) |
Early extinguishment of debt | 0 | 554 | 0 |
Provision for impairment | 9,833 | 0 | 9,223 |
Total other expense (income) | (7,220) | 60,194 | 19,874 |
Net Income [Member] | |||
Other expense (income): | |||
Net income | 199,276 | 91,421 | 171,204 |
Unconsolidated Properties [Member] | |||
Other expense (income): | |||
Income (Loss) from Equity Method Investments | $ 47,086 | $ 34,169 | $ 60,956 |
Investments in Real Estate Pa_8
Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 533,000 | |
Debt Assumed, Net of Premiums | 111,175 | |
Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 16,737 | |
Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 63,254 | |
Unconsolidated Properties [Member] | Eastfield at Baybrook [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Nov. 13, 2020 | |
Property Name | Eastfield at Baybrook | |
City/State | Houston, TX | |
Business Acquisition, Description of Acquired Entity | Development | |
Business Acquisition, Co-investment Partner | Other | |
Ownership Percentage | 50.00% | |
Purchase Price | $ 4,491 |
Investments in Real Estate Pa_9
Investments in Real Estate Partnerships - Summary of Shopping Centers and Land Parcels Disposed of Unconsolidated Real Estate Partnerships (Details) - Unconsolidated Properties [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Sale of Equity Method Investments | $ 224,708 | $ 27,974 | $ 142,754 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 75,162 | 7,147 | 64,798 |
Equity Method Investment, Realized Gain (Loss) on Disposal, Parent Company's Share | $ 9,380 | $ 2,413 | $ 29,422 |
Operating Segments [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | Property | 4 | 2 | 4 |
Land [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | Property | 1 | 0 | 0 |
Investments in Real Estate P_10
Investments in Real Estate Partnerships - Scheduled Principal Repayments on Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
2022 | $ 17,237 | |
2023 | 74,071 | |
2024 | 345,591 | |
2025 | 293,732 | |
2026 | 291,922 | |
Beyond 5 Years | 2,719,895 | |
Unamortized debt premium/(discount) and issuance costs | (23,504) | |
Total | 3,718,944 | $ 3,923,084 |
Unsecured Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total | 3,243,991 | $ 3,239,609 |
Unconsolidated Investments in Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2022 | 269,929 | |
2023 | 174,864 | |
2024 | 35,567 | |
2025 | 139,249 | |
2026 | 127,757 | |
Beyond 5 Years | 706,202 | |
Unamortized debt premium/(discount) and issuance costs | (8,701) | |
Total | 1,444,867 | |
Unconsolidated Investments in Partnership [Member] | Mortgages [Member] | Scheduled Principal Payments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2022 | 7,736 | |
2023 | 3,256 | |
2024 | 1,877 | |
2025 | 2,249 | |
2026 | 2,471 | |
Beyond 5 Years | 8,723 | |
Unamortized debt premium/(discount) and issuance costs | 0 | |
Total | 26,312 | |
Unconsolidated Investments in Partnership [Member] | Mortgages [Member] | Mortgage Loan Maturities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2022 | 254,893 | |
2023 | 171,608 | |
2024 | 33,690 | |
2025 | 137,000 | |
2026 | 125,286 | |
Beyond 5 Years | 697,479 | |
Unamortized debt premium/(discount) and issuance costs | (8,701) | |
Total | 1,411,255 | |
Unconsolidated Investments in Partnership [Member] | Unsecured Debt [Member] | Unsecured Maturities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2022 | 7,300 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Beyond 5 Years | 0 | |
Unamortized debt premium/(discount) and issuance costs | 0 | |
Total | 7,300 | |
Unconsolidated Investments in Partnership, Pro-rata Share [Member] [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2022 | 98,932 | |
2023 | 65,149 | |
2024 | 14,233 | |
2025 | 42,169 | |
2026 | 41,768 | |
Beyond 5 Years | 257,620 | |
Unamortized debt premium/(discount) and issuance costs | (3,080) | |
Total | $ 516,791 |
Investments in Real Estate P_11
Investments in Real Estate Partnerships - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Percent of long term debt with fixed interest rate | 93.20% |
Weighted average fixed interest rate | 3.70% |
Maturity period | 2034 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Weighted average variable interest rate | 2.50% |
Investments in Real Estate P_12
Investments in Real Estate Partnerships - Related Party Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Asset management, property management, leasing, and investment and financing services | $ 40,301 | $ 26,618 | $ 28,878 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | |||
Goodwill | $ 167,095 | $ 173,868 | $ 307,434 |
Investments | 65,112 | 60,692 | |
Prepaid and other | 21,332 | 17,802 | |
Furniture, fixtures, and equipment, net | 5,444 | 6,560 | |
Deferred financing costs, net | 7,448 | 2,524 | |
Total other assets | $ 266,431 | $ 261,446 |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill Gross, Beginning balance | $ 307,413 | $ 310,388 |
Goodwill Gross, allocated to Properties held for sale | (1,191) | |
Goodwill, ending balance | 300,529 | 307,413 |
Goodwill, Accumulated Impairment Losses, Beginning balance | (133,545) | (2,954) |
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment | (132,179) | |
Goodwill Accumulated Impairment Losses, allocated to Properties held for sale | 1,191 | |
Goodwill, Accumulated Impairment Losses, Ending balance | (133,434) | (133,545) |
Goodwill, Beginning balance | 173,868 | 307,434 |
Goodwill allocated to Provision for impairment | (132,179) | |
Goodwill allocated to Properties held for sale | (2,465) | |
Goodwill, Ending balance | 167,095 | 173,868 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Goodwill [Line Items] | ||
Goodwill Gross, allocated to Gain on sale of real estate | (4,308) | (1,784) |
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment | (111) | |
Goodwill Accumulated Impairment Losses, allocated to Gain on sale of real estate | 397 | |
Goodwill allocated to Provision for impairment | 111 | |
Goodwill allocated to Gain on sale of real estate | $ (4,308) | $ (1,387) |
Other Assets (Details)
Other Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)Reportingunit | |
Goodwill [Line Items] | |
Goodwill, impairment loss | $ | $ 132,128 |
Accumulated Impairment Losses [Member] | Natural Disasters and Other Casualty Events [Member] | |
Goodwill [Line Items] | |
Goodwill, impairment loss | $ | $ 132,200 |
Accumulated Impairment Losses [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Natural Disasters and Other Casualty Events [Member] | |
Goodwill [Line Items] | |
Number of reporting units | Reportingunit | 269 |
Fair Value lower than carrying value | Reportingunit | 87 |
Acquired Leases Intangibles (De
Acquired Leases Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 524,893 | $ 473,679 | |
Accumulated amortization | (312,186) | (284,880) | |
Acquired lease intangible assets, net of amortization | 212,707 | 188,799 | |
Finite-Lived Intangible Liabilities, Accumulated Accretion | (172,293) | (145,966) | |
Off-market Lease, Unfavorable | 363,276 | 377,712 | |
Finite-Lived Intangible Assets, Amortization Expense | 39,108 | 55,955 | $ 69,362 |
Partnership Interest [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | (312,186) | (284,880) | |
Acquired lease intangible assets, net of amortization | 212,707 | 188,799 | |
Off-market Lease, Unfavorable | 363,276 | 377,712 | |
In-place leases, net [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 443,460 | 414,298 | |
Finite-Lived Intangible Assets, Amortization Expense | 33,621 | 48,297 | 60,250 |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 81,433 | 59,381 | |
Finite-Lived Intangible Assets, Amortization Expense | 5,487 | 7,658 | 9,112 |
Off-Market Lease, Unfavorable [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Liabilities, Gross | 535,569 | 523,678 | |
Acquired lease intangible liability accretion | $ 30,378 | $ 50,103 | $ 54,730 |
Acquired Lease Intangibles Sche
Acquired Lease Intangibles Schedule of Future Amortization Expense and Minimum Rent (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Amortization Expense [Abstract] | |
2022 | $ 31,473 |
2023 | 25,422 |
2024 | 19,359 |
2025 | 15,736 |
2026 | 12,779 |
Net Accretion [Abstract] | |
Future Accretion, Year One | 22,238 |
Future Accretion, Year Two | 21,126 |
Future Accretion, Year Three | 19,061 |
Future Accretion, Year Four | 18,536 |
Future Accretion, Year Five | $ 17,939 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Operating Leased Assets [Line Items] | ||||
Fixed and in-substance fixed lease income | $ 797,502 | $ 807,603 | $ 813,444 | |
Variable lease income | 262,619 | 247,384 | 247,861 | |
Uncollectible straight line rent | [1] | 5,227 | (34,673) | (7,002) |
Uncollectible amounts billable in lease income | [1] | 23,481 | (82,367) | (5,394) |
Total lease income | 1,113,368 | 980,166 | 1,094,301 | |
2022 | 793,177 | |||
2023 | 710,472 | |||
2024 | 609,200 | |||
2025 | 501,333 | |||
2026 | 398,196 | |||
Thereafter | 1,409,012 | |||
Total | $ 4,421,390 | |||
Number of Properties Subject to Ground Leases | Property | 20 | |||
Last Ground Lease Expiration Date | 2101 | |||
Last Office Lease Expiration Date | 2029 | |||
Operating Lease, Expense | $ 19,818 | 19,679 | 20,456 | |
Variable Lease, Cost | 1,647 | 1,629 | 2,245 | |
Operating cash flows for operating leases | 15,165 | 15,003 | 14,815 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 14,564 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 14,098 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 13,556 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 13,388 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 13,136 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 529,436 | |||
Lessee, Operating Lease, Total Undiscounted Lease Liabilities | 598,178 | |||
Lessee, Operating Lease, Present Value Discount | (382,390) | |||
Lease liabilities | 215,788 | 220,390 | ||
Lessor [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Above/below market rent and tenant rent inducement amortization, net | 24,539 | 42,219 | 45,392 | |
Ground Lease [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating Lease, Expense | 13,862 | 13,716 | 13,982 | |
Variable Lease, Cost | 1,032 | 1,044 | 1,693 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 10,562 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10,775 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10,824 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 10,827 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 10,748 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 527,860 | |||
Lessee, Operating Lease, Total Undiscounted Lease Liabilities | 581,596 | |||
Lessee, Operating Lease, Present Value Discount | (381,062) | |||
Lease liabilities | $ 200,534 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.20% | |||
Operating Lease, Weighted Average Remaining Lease Term | 47 years 8 months 12 days | |||
Office Lease [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating Lease, Expense | $ 4,309 | 4,334 | 4,229 | |
Variable Lease, Cost | 615 | 585 | 552 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 4,002 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,323 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,732 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,561 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,388 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,576 | |||
Lessee, Operating Lease, Total Undiscounted Lease Liabilities | 16,582 | |||
Lessee, Operating Lease, Present Value Discount | (1,328) | |||
Lease liabilities | $ 15,254 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | |||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | |||
Fixed Lease Expense [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating Lease, Expense | $ 18,171 | $ 18,050 | $ 18,211 | |
[1] | During the year ended December 31, 2021 , the Company had improved rent collections following decreases in governmental operating restrictions on certain businesses which resulted in more favorable income than we experienced in 2020 during the height of the pandemic. |
Income Taxes - Tax Status of Di
Income Taxes - Tax Status of Dividends (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Tax Status of Dividends [Line Items] | |||
Dividend per share | $ 2.41 | $ 2.38 | $ 2.34 |
Ordinary income | 92.00% | 100.00% | 97.00% |
Capital gain | 8.00% | 0.00% | 3.00% |
Additional tax status information: | |||
Allocation of Dividends, Qualified Dividend Income | 1.00% | 0.00% | 0.00% |
Allocation of Dividends, Section 199A Dividend | 91.00% | 100.00% | 97.00% |
Allocation of Dividend, Section 897 ordinary dividends | 2.00% | 0.00% | 0.00% |
Allocation of Dividends, Section 897 capital gains | 4.00% | 0.00% | 0.00% |
Parent Company [Member] | |||
Schedule of Tax Status of Dividends [Line Items] | |||
Dividend per share | $ 2.53 | $ 2.19 | $ 2.34 |
Income Taxes - Tax Status of _2
Income Taxes - Tax Status of Dividends (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Capital gain distribution | 42.00% |
Remaining capital gain distribution | 58.00% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense (benefit) | $ 620 | $ 2,157 | $ 1,576 |
Deferred income tax expense (benefit) | 421 | (891) | (331) |
Total income tax expense (benefit) | $ 1,041 | $ 1,266 | $ 1,245 |
Income Taxes - Income Tax Exp_2
Income Taxes - Income Tax Expense (Benefit) (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 1,041,000 | $ 1,266,000 | $ 1,245,000 |
Other Operating Expenses [Member] | |||
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 943,000 | (355,000) | 757,000 |
Gain on Sale of Real Estate [Member] | |||
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 1,600,000 | $ 488,000 |
Income Taxes - Tax Reconciliati
Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax expense (benefit) | $ 544 | $ (3,665) | $ 1,587 |
State income tax, net of federal benefit | 477 | (593) | 650 |
Valuation allowance | 15 | 1,043 | (91) |
Permanent items | 1 | 5,079 | (819) |
All other items | 4 | (598) | (82) |
Total income tax expense (benefit) | 1,041 | 1,266 | 1,245 |
Income tax expense attributable to operations | $ 1,041 | $ 1,266 | $ 1,245 |
Income Taxes - Tax Reconcilia_2
Income Taxes - Tax Reconciliation (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 1,041,000 | $ 1,266,000 | $ 1,245,000 |
Other Operating Expenses [Member] | |||
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 943,000 | (355,000) | 757,000 |
Gain on Sale of Real Estate [Member] | |||
Scheduleof Componentsof Income Tax Expense Benefit [Line Items] | |||
Income tax expense (benefit) | $ 1,600,000 | $ 488,000 |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net [Abstract] | ||
Provision for impairment | $ 0 | $ 508 |
Fixed assets | 1,039 | 1,077 |
Net operating loss carryforward | 0 | 109 |
Other | 1,379 | 771 |
Deferred tax assets | 2,418 | 2,465 |
Valuation allowance | (2,418) | (2,465) |
Deferred tax assets, net | 0 | 0 |
Deferred Tax Liabilities, Net [Abstract] | ||
Straight line rent | 0 | (88) |
Fixed assets | (13,004) | (12,943) |
Other | (340) | 0 |
Deferred tax liabilities | (13,344) | (13,031) |
Net deferred tax liabilities | $ (13,344) | $ (13,031) |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,718,944 | $ 3,923,084 | |
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | Mar. 1, 2032 | ||
Debt, Weighted Average Contractual Interest Rate | 4.00% | ||
Debt, Weighted Average Effective Interest Rate | 3.80% | ||
Long-term Debt | $ 359,414 | 272,750 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | Mar. 15, 2049 | ||
Debt, Weighted Average Contractual Interest Rate | 3.80% | ||
Debt, Weighted Average Effective Interest Rate | 4.00% | ||
Long-term Debt | $ 3,243,991 | 3,239,609 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,718,944 | 3,658,405 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | [1] | Mar. 23, 2025 | |
Debt, Weighted Average Contractual Interest Rate | [1] | 1.00% | |
Debt, Weighted Average Effective Interest Rate | [1] | 1.30% | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [2] | 2.00% | |
Debt, Weighted Average Effective Interest Rate | [2] | 2.10% | |
Term Loan [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | [2] | 264,679 | |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | [3] | Jun. 2, 2027 | |
Debt, Weighted Average Contractual Interest Rate | [3] | 3.20% | |
Debt, Weighted Average Effective Interest Rate | [3] | 3.30% | |
Long-term Debt | [3] | $ 115,539 | $ 146,046 |
[1] | Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. | ||
[2] | Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020 , as the entire balance was repaid during January 2021. | ||
[3] | Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5 % to 4.1 |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - Variable Rate Mortgage Loans [Member] - London Interbank Offered Rate (LIBOR) [Member] | Dec. 31, 2021 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 2.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 4.10% |
Notes Payable and Unsecured C_5
Notes Payable and Unsecured Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Repayments of loan | $ 265 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.875% | |
Debt maturing over the next twelve months | $ 17,237 | |
Line of Credit Facility, Commitment Fee Amount | 0.15% | |
Non-Recourse Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturing over the next twelve months | $ 5,800 | |
Accordion Feature [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,250,000 |
Notes Payable and Unsecured C_6
Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
2022 | $ 17,237 | ||
2023 | 74,071 | ||
2024 | 345,591 | ||
2025 | 293,732 | ||
2026 | 291,922 | ||
Beyond 5 Years | 2,719,895 | ||
Unamortized debt premium/(discount) and issuance costs | (23,504) | ||
Total | 3,718,944 | $ 3,923,084 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total | 3,243,991 | $ 3,239,609 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2022 | 11,389 | ||
2023 | 9,695 | ||
2024 | 4,849 | ||
2025 | 3,732 | ||
2026 | 3,922 | ||
Beyond 5 Years | 6,661 | ||
Total | 40,248 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2022 | 5,848 | ||
2023 | 64,376 | ||
2024 | 90,742 | ||
2025 | 40,000 | ||
2026 | 88,000 | ||
Beyond 5 Years | 138,234 | ||
Unamortized debt premium/(discount) and issuance costs | 7,505 | ||
Total | 434,705 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1] | 250,000 | |
2025 | [1] | 250,000 | |
2026 | [1] | 200,000 | |
Beyond 5 Years | [1] | 2,575,000 | |
Unamortized debt premium/(discount) and issuance costs | [1] | (31,009) | |
Total | [1] | $ 3,243,991 | |
[1] | Includes unsecured public and private debt and unsecured credit facilities |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5,391 | $ (19,187) | $ (15,585) |
Amount reclassified from accumulated other comprehensive loss | 4,141 | 8,790 | 3,269 |
Interest Expense | 145,170 | 156,678 | 151,264 |
Amount reclassified from accumulated other comprehensive loss, Early extinguishment of debt | 2,472 | ||
Early extinguishment of debt | 21,837 | $ 11,982 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 3,000 | ||
Fair Value, Measurements, Recurring [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,858) | (9,291) | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,858) | (9,291) | |
Interest Rate Cash Flow Hedge Derivative At Fair Value Net | $ (2,858) | 9,291 | |
Derivative @ 1.053% 265,000T [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Aug. 1, 2016 | ||
Derivative, Maturity Date | Jan. 5, 2022 | ||
Derivative, Notional Amount | $ 265,000 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||
Derivative, Fixed Interest Rate | 1.053% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,472) | ||
Derivative @ 1.303% 19,029T [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Apr. 7, 2016 | ||
Derivative, Maturity Date | Apr. 1, 2023 | ||
Derivative, Notional Amount | $ 19,029 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.303% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (175) | (494) | |
Derivative @ 1.490% 31,763T [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Dec. 1, 2016 | ||
Derivative, Maturity Date | Nov. 1, 2023 | ||
Derivative, Notional Amount | $ 31,763 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.49% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (412) | (1,181) | |
Derivative @ 1.542% 24,000T [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Sep. 17, 2019 | ||
Derivative, Maturity Date | Mar. 17, 2025 | ||
Derivative, Notional Amount | $ 24,000 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.542% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (364) | (1,288) | |
Derivative @ 2.366% 36,019T [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jun. 2, 2017 | ||
Derivative, Maturity Date | Jun. 2, 2027 | ||
Derivative, Notional Amount | $ 36,019 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||
Derivative, Fixed Interest Rate | 2.366% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (1,907) | $ (3,856) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Parentheticals) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Repayments of unsecured debt | $ 300,000 | $ 250,000 | |
Term Loan [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Repayments of unsecured debt | $ 265,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 3,718,944 | $ 3,658,405 | |
Unsecured credit facilities | 264,679 | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (1,700) | 3,000 | $ 3,800 |
Impairment of Real Estate | (84,389) | (18,536) | $ (54,174) |
Impairment of Real Estate | 17,500 | ||
Potrero Shopping Centers [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Real Estate | 84,300 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 49,513 | 44,986 | |
Available-for-sale Securities | 15,599 | 15,706 | |
Total | 65,112 | 60,692 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,858) | (9,291) | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating properties | 140,500 | 25,000 | |
Impairment of Real Estate | (84,277) | (17,532) | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes Payable, Fair Value | 4,103,533 | 4,102,382 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 15,599 | 15,706 | |
Total | 15,599 | 15,706 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,858) | (9,291) | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating properties | 25,000 | ||
Fair Value, Inputs, Level 2 [Member] | Unsecured Credit Facilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unsecured credit facilities, Fair Value | 265,226 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 49,513 | 44,986 | |
Total | $ 49,513 | $ 44,986 | |
Fair Value, Inputs, Level 3 [Member] | Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment Rate | 0.072 | ||
Fair Value, Inputs, Level 3 [Member] | Terminal Capitalization Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment Rate | 0.0525 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating properties | $ 140,500 |
Equity and Capital - Additional
Equity and Capital - Additional Information (Details) | Feb. 09, 2022$ / shares | Feb. 03, 2021USD ($) | Sep. 30, 2021USD ($)Agreement$ / sharesshares | Jun. 30, 2021$ / sharesshares | May 31, 2021$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019$ / shares |
Class of Stock [Line Items] | ||||||||
Common stock dividend declared, per share | $ / shares | $ 2.41 | $ 2.38 | $ 2.34 | |||||
Common stock remaining available for Issuance | shares | 350,400,000 | |||||||
Net proceeds from common stock issuance | $ | $ 82,510,000 | $ 125,608,000 | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 250,000,000 | |||||||
Stock Repurchase Program Expiration Date | Feb. 3, 2023 | |||||||
Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock dividend declared, per share | $ / shares | $ 0.625 | |||||||
Common stock, dividends declared date | Feb. 9, 2022 | |||||||
Common stock, dividends payable date | Apr. 5, 2022 | |||||||
Common stock, dividends record date | Mar. 15, 2022 | |||||||
ATM Equity Offering Program [Member] | Forward Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issuable | shares | 1,332,142 | 2,316,760 | 2,316,760 | |||||
Sale of stock, average offering price | $ / shares | $ 63.71 | $ 64.59 | $ 64.59 | |||||
Number of forward sale agreement settled | Agreement | 2 | |||||||
Underwriting discount and offering expense | $ | $ 1,100,000 | |||||||
Settlement period | 1 year | |||||||
Proceeds from issuance of remaining shares of common stock | $ | $ 65,000,000 | |||||||
Net proceeds from common stock issuance | $ | $ 82,500,000 | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Equity Issuances, Common Shares Authorized for Issuance | shares | 500,000,000 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of exchangeable operating partnership, units | shares | 5,000 | |||||||
Common Stock [Member] | AOCI Attributable to Parent [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | shares | 0 |
Equity and Capital - Schedule o
Equity and Capital - Schedule of Partnership Units Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
General partner units, outstanding | 171,213,000 | 169,680,000 |
Limited partner units, outstanding | 760,000 | 765,000 |
Total partnership units outstanding | 171,973,054 | 170,445,000 |
Operating Partnership [Member] | ||
Class of Stock [Line Items] | ||
General partner units, outstanding | 171,213,008 | |
Parent company, ownership percentage of outstanding common partnership units of operating partnership | 99.60% | |
Operating Partnership [Member] | General Partner [Member] | ||
Class of Stock [Line Items] | ||
Parent company, ownership percentage of outstanding common partnership units of operating partnership | 99.60% | 99.60% |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ (666) | $ (1,119) | $ (2,325) | |
Stock-based compensation, net of capitalization | $ 12,515 | 13,581 | 14,339 | |
Share-based compensation arrangement by share-based payment award, number of shares Authorized | 5 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 4.3 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | [1] | $ 12,651 | 14,248 | 16,254 |
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Noninterest Expense Directors Fees | 530 | 452 | 410 | |
Parent Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation, net of capitalization | $ 12,515 | $ 13,581 | $ 14,339 | |
[1] | Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 42.60% | 18.50% | 19.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.18% | 1.30% | 2.43% |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 618,935 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (223,158) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (56,618) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 691,862 | 618,935 | |
Non-Vested Restricted Stock Intrinsic Value | $ 51,744 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 49.02 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 61.16 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 46.55 | $ 64.14 | $ 65.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 10,939 | $ 14,423 | $ 17,684 |
Share-based Payment Arrangement, Non-vested Award, Excluding Option, Unrecognized, Amount | $ 13,900 | ||
Share-based Payment Arrangement, Non-vested Award, Unrecognized, Period for Recognition | 3 years | ||
Time Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | (196,453) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 49.33 | ||
Performance Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | (25,627) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.68 | ||
Market Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | (146,136) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.63 | ||
Change in Market Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | (15,513) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.18 | ||
Nonvested Awards Time Based Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based awards vesting description | Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period |
Saving and Retirement Plans 401
Saving and Retirement Plans 401K Retirement Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, percentage of employee deferrals to company matching contributions | 100.00% | ||
Profit Sharing Contribution, Vesting Period | 3 years | ||
Defined Contribution Plan, Cost | $ 4,100,000 | $ 3,500,000 | $ 3,500,000 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 5,000 |
Saving and Retirement Plans Non
Saving and Retirement Plans Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Securities | $ 44,464 | $ 40,964 |
Accounts Payable and Other Liabilities [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred compensation obligation | $ 44,388 | $ 40,962 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Per Share Basic [Line Items] | ||||
Income per common share - basic | $ 2.12 | $ 0.27 | $ 1.43 | |
Income per common share - diluted | $ 2.12 | $ 0.26 | $ 1.43 | |
Weighted Average Limited Partnership Units Outstanding, Basic | 761,955 | 765,046 | 464,286 | |
Continuing Operations [Member] | Parent Company [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders/unit holders - basic | $ 361,411 | $ 44,889 | $ 239,430 | |
Income attributable to common stockholders/unit holders - diluted | $ 361,411 | $ 44,889 | $ 239,430 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 170,236,000 | 169,231,000 | 167,526,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1],[2] | 170,694,000 | 169,460,000 | 167,771,000 |
Income per common share - basic | $ 2.12 | $ 0.27 | $ 1.43 | |
Income per common share - diluted | $ 2.12 | $ 0.26 | $ 1.43 | |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders/unit holders - basic | $ 363,026 | $ 45,092 | $ 240,064 | |
Income attributable to common stockholders/unit holders - diluted | $ 363,026 | $ 45,092 | $ 240,064 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 170,998,000 | 169,997,000 | 167,990,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1],[2] | 171,456,000 | 170,225,000 | 168,235,000 |
Income per common share - basic | $ 2.12 | $ 0.27 | $ 1.43 | |
Income per common share - diluted | $ 2.12 | $ 0.26 | $ 1.43 | |
[1] | Includes the dilutive impact of unvested restricted stock. | |||
[2] | Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive. |
Earnings per Share and Unit (Pa
Earnings per Share and Unit (Parenthetical) (Details) - ATM Equity Offering Program [Member] - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Earnings Per Share Basic [Line Items] | ||
Anti-dilutive securities excludes from earnings per share amount | 1 | 1.9 |
Partnership Interest [Member] | ||
Earnings Per Share Basic [Line Items] | ||
Anti-dilutive securities excludes from earnings per share amount | 1 | 1.9 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 9.4 | $ 9.7 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Initial Cost | |||
Land | $ 4,979,957 | ||
Building & Improvements | 5,737,690 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 777,934 | ||
Total Cost | |||
Land | 5,024,697 | ||
Building & Improvements | 6,470,884 | ||
Total | 11,495,581 | $ 11,101,858 | $ 11,095,294 |
Accumulated Depreciation | (2,174,963) | (1,994,108) | (1,766,162) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,320,618 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (467,448) | ||
Aggregate cost for Federal income tax purposes | 9,200,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,101,858 | 11,095,294 | 10,863,162 |
Acquired properties and land | 479,708 | 39,087 | 268,366 |
Developments and improvements | 172,012 | 154,657 | 193,973 |
Disposal of building and tenant improvements | (10,898) | (35,034) | (34,824) |
Sale of properties | (107,090) | (95,780) | (60,195) |
Properties held for sale | (50,873) | (38,122) | (58,527) |
Provision for impairment | (89,136) | (18,244) | (76,661) |
Ending balance | 11,495,581 | 11,101,858 | 11,095,294 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | 1,994,108 | 1,766,162 | 1,535,444 |
Depreciation expense | 253,437 | 278,861 | 295,638 |
Disposal of building and tenant improvements | (10,898) | (35,034) | (34,824) |
Sale of properties | (28,715) | (10,812) | (4,643) |
Accumulated depreciation related to properties held for sale | (28,110) | (4,357) | (19,031) |
Provision for impairment | (4,859) | (712) | (6,422) |
Ending balance | $ 2,174,963 | $ 1,994,108 | $ 1,766,162 |
Building and Improvements [Member] | |||
Total Cost | |||
Property, plant and equipment, useful life | 40 years | ||
101 7th Avenue [Member] | |||
Initial Cost | |||
Land | $ 48,340 | ||
Building & Improvements | 34,895 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (57,260) | ||
Total Cost | |||
Land | 15,378 | ||
Building & Improvements | 10,597 | ||
Total | 25,975 | ||
Accumulated Depreciation | (1,282) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 24,693 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,975 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,282 | ||
1175 Third Avenue [Member] | |||
Initial Cost | |||
Land | 40,560 | ||
Building & Improvements | 25,617 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1 | ||
Total Cost | |||
Land | 40,560 | ||
Building & Improvements | 25,618 | ||
Total | 66,178 | ||
Accumulated Depreciation | (3,614) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 62,564 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 66,178 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,614 | ||
1225-1239 Second Ave [Member] | |||
Initial Cost | |||
Land | 23,033 | ||
Building & Improvements | 17,173 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (33) | ||
Total Cost | |||
Land | 23,033 | ||
Building & Improvements | 17,140 | ||
Total | 40,173 | ||
Accumulated Depreciation | (2,578) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,595 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 40,173 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,578 | ||
200 Potrero [Member] | |||
Initial Cost | |||
Land | 4,860 | ||
Building & Improvements | 2,251 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 135 | ||
Total Cost | |||
Land | 4,860 | ||
Building & Improvements | 2,386 | ||
Total | 7,246 | ||
Accumulated Depreciation | (365) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,881 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,246 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 365 | ||
22 Crescent Road [Member] | |||
Initial Cost | |||
Land | 2,198 | ||
Building & Improvements | 272 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (318) | ||
Total Cost | |||
Land | 2,152 | ||
Total | 2,152 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,152 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 2,152 | ||
4S Commons Town Center [Member] | |||
Initial Cost | |||
Land | 30,760 | ||
Building & Improvements | 35,830 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,384 | ||
Total Cost | |||
Land | 30,812 | ||
Building & Improvements | 37,162 | ||
Total | 67,974 | ||
Accumulated Depreciation | (28,917) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 39,057 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (82,531) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 67,974 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 28,917 | ||
6401 Roosevelt [Member] | |||
Initial Cost | |||
Land | 2,685 | ||
Building & Improvements | 934 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 14 | ||
Total Cost | |||
Land | 2,685 | ||
Building & Improvements | 948 | ||
Total | 3,633 | ||
Accumulated Depreciation | (60) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,573 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 3,633 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 60 | ||
90-30 Metropolitan Avenue [Member] | |||
Initial Cost | |||
Land | 16,614 | ||
Building & Improvements | 24,171 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 141 | ||
Total Cost | |||
Land | 16,614 | ||
Building & Improvements | 24,312 | ||
Total | 40,926 | ||
Accumulated Depreciation | (3,549) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,377 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 40,926 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,549 | ||
91 Danbury Road [Member] | |||
Initial Cost | |||
Land | 732 | ||
Building & Improvements | 851 | ||
Total Cost | |||
Land | 732 | ||
Building & Improvements | 851 | ||
Total | 1,583 | ||
Accumulated Depreciation | (173) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 1,410 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 1,583 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 173 | ||
Alafaya Village [Member] | |||
Initial Cost | |||
Land | 3,004 | ||
Building & Improvements | 5,852 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 280 | ||
Total Cost | |||
Land | 3,004 | ||
Building & Improvements | 6,132 | ||
Total | 9,136 | ||
Accumulated Depreciation | (1,029) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,107 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,136 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,029 | ||
Alden Bridge [Member] | |||
Initial Cost | |||
Land | 17,014 | ||
Building & Improvements | 21,958 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 161 | ||
Total Cost | |||
Land | 17,014 | ||
Building & Improvements | 22,119 | ||
Total | 39,133 | ||
Accumulated Depreciation | (431) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 38,702 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (26,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 39,133 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 431 | ||
Amerige Heights Town Center [Member] | |||
Initial Cost | |||
Land | 10,109 | ||
Building & Improvements | 11,288 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 890 | ||
Total Cost | |||
Land | 10,109 | ||
Building & Improvements | 12,178 | ||
Total | 22,287 | ||
Accumulated Depreciation | (5,971) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,316 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 22,287 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,971 | ||
Anastasia Plaza [Member] | |||
Initial Cost | |||
Land | 9,065 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 813 | ||
Total Cost | |||
Land | 3,338 | ||
Building & Improvements | 6,540 | ||
Total | 9,878 | ||
Accumulated Depreciation | (3,344) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,534 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,878 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,344 | ||
Ashford Place [Member] | |||
Initial Cost | |||
Land | 2,584 | ||
Building & Improvements | 9,865 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,304 | ||
Total Cost | |||
Land | 2,584 | ||
Building & Improvements | 11,169 | ||
Total | 13,753 | ||
Accumulated Depreciation | (8,837) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,916 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,753 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,837 | ||
Atlantic Village [Member] | |||
Initial Cost | |||
Land | 4,282 | ||
Building & Improvements | 18,827 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,908 | ||
Total Cost | |||
Land | 4,830 | ||
Building & Improvements | 20,187 | ||
Total | 25,017 | ||
Accumulated Depreciation | (4,238) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 20,779 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,017 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,238 | ||
Aventura Shopping Center [Member] | |||
Initial Cost | |||
Land | 2,751 | ||
Building & Improvements | 10,459 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 10,955 | ||
Total Cost | |||
Land | 9,486 | ||
Building & Improvements | 14,679 | ||
Total | 24,165 | ||
Accumulated Depreciation | (3,599) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 20,566 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 24,165 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,599 | ||
Aventura Square [Member] | |||
Initial Cost | |||
Land | 88,098 | ||
Building & Improvements | 20,771 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,785 | ||
Total Cost | |||
Land | 89,657 | ||
Building & Improvements | 20,997 | ||
Total | 110,654 | ||
Accumulated Depreciation | (3,788) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 106,866 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (3,639) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 110,654 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,788 | ||
Balboa Mesa Shopping Center [Member] | |||
Initial Cost | |||
Land | 23,074 | ||
Building & Improvements | 33,838 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 14,049 | ||
Total Cost | |||
Land | 27,758 | ||
Building & Improvements | 43,203 | ||
Total | 70,961 | ||
Accumulated Depreciation | (17,856) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 53,105 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 70,961 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,856 | ||
Banco Popular Building [Member] | |||
Initial Cost | |||
Land | 2,160 | ||
Building & Improvements | 1,137 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (1,294) | ||
Total Cost | |||
Land | 2,003 | ||
Total | 2,003 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,003 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 2,003 | ||
Belleview Square [Member] | |||
Initial Cost | |||
Land | 8,132 | ||
Building & Improvements | 9,756 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,799 | ||
Total Cost | |||
Land | 8,323 | ||
Building & Improvements | 13,364 | ||
Total | 21,687 | ||
Accumulated Depreciation | (9,627) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,060 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 21,687 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,627 | ||
Belmont Chase [Member] | |||
Initial Cost | |||
Land | 13,881 | ||
Building & Improvements | 17,193 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (491) | ||
Total Cost | |||
Land | 14,372 | ||
Building & Improvements | 16,211 | ||
Total | 30,583 | ||
Accumulated Depreciation | (6,974) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 23,609 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 30,583 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,974 | ||
Berkshire Commons [Member] | |||
Initial Cost | |||
Land | 2,295 | ||
Building & Improvements | 9,551 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,952 | ||
Total Cost | |||
Land | 2,965 | ||
Building & Improvements | 11,833 | ||
Total | 14,798 | ||
Accumulated Depreciation | (9,060) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,738 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,798 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,060 | ||
Bethany Park Place [Member] | |||
Initial Cost | |||
Land | 4,832 | ||
Building & Improvements | 12,405 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 21 | ||
Total Cost | |||
Land | 4,832 | ||
Building & Improvements | 12,426 | ||
Total | 17,258 | ||
Accumulated Depreciation | (250) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 17,008 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (10,200) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,258 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 250 | ||
Bird 107 Plaza [Member] | |||
Initial Cost | |||
Land | 10,371 | ||
Building & Improvements | 5,136 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (25) | ||
Total Cost | |||
Land | 10,371 | ||
Building & Improvements | 5,111 | ||
Total | 15,482 | ||
Accumulated Depreciation | (1,046) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,436 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,482 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,046 | ||
Bird Ludlam [Member] | |||
Initial Cost | |||
Land | 42,663 | ||
Building & Improvements | 38,481 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 821 | ||
Total Cost | |||
Land | 42,663 | ||
Building & Improvements | 39,302 | ||
Total | 81,965 | ||
Accumulated Depreciation | (6,808) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 75,157 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 81,965 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,808 | ||
Black Rock [Member] | |||
Initial Cost | |||
Land | 22,251 | ||
Building & Improvements | 20,815 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 435 | ||
Total Cost | |||
Land | 22,251 | ||
Building & Improvements | 21,250 | ||
Total | 43,501 | ||
Accumulated Depreciation | (6,116) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,385 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (19,029) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 43,501 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,116 | ||
Blakeney Shopping Center [Member] | |||
Initial Cost | |||
Land | 82,411 | ||
Building & Improvements | 89,165 | ||
Total Cost | |||
Land | 82,411 | ||
Building & Improvements | 89,165 | ||
Total | 171,576 | ||
Accumulated Depreciation | (374) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 171,202 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 171,576 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 374 | ||
Bloomingdale Square [Member] | |||
Initial Cost | |||
Land | 3,940 | ||
Building & Improvements | 14,912 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 20,772 | ||
Total Cost | |||
Land | 8,639 | ||
Building & Improvements | 30,985 | ||
Total | 39,624 | ||
Accumulated Depreciation | (10,976) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,648 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 39,624 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,976 | ||
Blossom Valley [Member] | |||
Initial Cost | |||
Land | 31,988 | ||
Building & Improvements | 5,850 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 156 | ||
Total Cost | |||
Land | 31,988 | ||
Building & Improvements | 6,006 | ||
Total | 37,994 | ||
Accumulated Depreciation | (143) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,851 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (22,300) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,994 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 143 | ||
Boca Village Square [Member] | |||
Initial Cost | |||
Land | 43,888 | ||
Building & Improvements | 9,726 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 88 | ||
Total Cost | |||
Land | 43,888 | ||
Building & Improvements | 9,814 | ||
Total | 53,702 | ||
Accumulated Depreciation | (2,421) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 51,281 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 53,702 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,421 | ||
Boulevard Center [Member] | |||
Initial Cost | |||
Land | 3,659 | ||
Building & Improvements | 10,787 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,974 | ||
Total Cost | |||
Land | 3,659 | ||
Building & Improvements | 13,761 | ||
Total | 17,420 | ||
Accumulated Depreciation | (8,681) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,739 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,420 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,681 | ||
Boynton Lakes Plaza [Member] | |||
Initial Cost | |||
Land | 2,628 | ||
Building & Improvements | 11,236 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,028 | ||
Total Cost | |||
Land | 3,606 | ||
Building & Improvements | 15,286 | ||
Total | 18,892 | ||
Accumulated Depreciation | (9,033) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,859 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,892 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,033 | ||
Boynton Plaza [Member] | |||
Initial Cost | |||
Land | 12,879 | ||
Building & Improvements | 20,713 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 200 | ||
Total Cost | |||
Land | 12,879 | ||
Building & Improvements | 20,913 | ||
Total | 33,792 | ||
Accumulated Depreciation | (3,850) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 29,942 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,792 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,850 | ||
Brentwood Plaza [Member] | |||
Initial Cost | |||
Land | 2,788 | ||
Building & Improvements | 3,473 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 356 | ||
Total Cost | |||
Land | 2,788 | ||
Building & Improvements | 3,829 | ||
Total | 6,617 | ||
Accumulated Depreciation | (1,786) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,831 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 6,617 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,786 | ||
Briarcliff La Vista [Member] | |||
Initial Cost | |||
Land | 694 | ||
Building & Improvements | 3,292 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 595 | ||
Total Cost | |||
Land | 694 | ||
Building & Improvements | 3,887 | ||
Total | 4,581 | ||
Accumulated Depreciation | (3,284) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 1,297 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 4,581 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,284 | ||
Briarcliff Village [Member] | |||
Initial Cost | |||
Land | 4,597 | ||
Building & Improvements | 24,836 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,471 | ||
Total Cost | |||
Land | 4,597 | ||
Building & Improvements | 30,307 | ||
Total | 34,904 | ||
Accumulated Depreciation | (21,404) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,500 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,904 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 21,404 | ||
Brick Walk [Member] | |||
Initial Cost | |||
Land | 25,299 | ||
Building & Improvements | 41,995 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,796 | ||
Total Cost | |||
Land | 25,299 | ||
Building & Improvements | 43,791 | ||
Total | 69,090 | ||
Accumulated Depreciation | (10,824) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 58,266 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (31,763) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 69,090 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,824 | ||
BridgeMill Market [Member] | |||
Initial Cost | |||
Land | 7,521 | ||
Building & Improvements | 13,306 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 890 | ||
Total Cost | |||
Land | 7,522 | ||
Building & Improvements | 14,195 | ||
Total | 21,717 | ||
Accumulated Depreciation | (3,138) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,579 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 21,717 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,138 | ||
Bridgeton [Member] | |||
Initial Cost | |||
Land | 3,033 | ||
Building & Improvements | 8,137 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 623 | ||
Total Cost | |||
Land | 3,067 | ||
Building & Improvements | 8,726 | ||
Total | 11,793 | ||
Accumulated Depreciation | (3,491) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,302 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,793 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,491 | ||
Brighten Park [Member] | |||
Initial Cost | |||
Land | 3,983 | ||
Building & Improvements | 18,687 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,439 | ||
Total Cost | |||
Land | 4,234 | ||
Building & Improvements | 29,875 | ||
Total | 34,109 | ||
Accumulated Depreciation | (20,513) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,596 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,109 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 20,513 | ||
Broadway Plaza [Member] | |||
Initial Cost | |||
Land | 40,723 | ||
Building & Improvements | 42,170 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,089 | ||
Total Cost | |||
Land | 40,723 | ||
Building & Improvements | 44,259 | ||
Total | 84,982 | ||
Accumulated Depreciation | (7,387) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 77,595 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 84,982 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,387 | ||
Brooklyn Station on Riverside [Member] | |||
Initial Cost | |||
Land | 7,019 | ||
Building & Improvements | 8,688 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 267 | ||
Total Cost | |||
Land | 6,998 | ||
Building & Improvements | 8,976 | ||
Total | 15,974 | ||
Accumulated Depreciation | (2,652) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,322 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,974 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,652 | ||
Brookside Plaza [Member] | |||
Initial Cost | |||
Land | 35,161 | ||
Building & Improvements | 17,494 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,401 | ||
Total Cost | |||
Land | 36,163 | ||
Building & Improvements | 21,893 | ||
Total | 58,056 | ||
Accumulated Depreciation | (4,750) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 53,306 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 58,056 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,750 | ||
Buckhead Court [Member] | |||
Initial Cost | |||
Land | 1,417 | ||
Building & Improvements | 7,432 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,496 | ||
Total Cost | |||
Land | 1,417 | ||
Building & Improvements | 11,928 | ||
Total | 13,345 | ||
Accumulated Depreciation | (9,204) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,141 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,345 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,204 | ||
Piedmont Peachtree Crossing [Member] | |||
Initial Cost | |||
Land | 45,502 | ||
Building & Improvements | 16,642 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 57 | ||
Total Cost | |||
Land | 45,502 | ||
Building & Improvements | 16,699 | ||
Total | 62,201 | ||
Accumulated Depreciation | (3,126) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 59,075 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 62,201 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,126 | ||
Buckhead Station [Member] | |||
Initial Cost | |||
Land | 70,411 | ||
Building & Improvements | 36,518 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,025 | ||
Total Cost | |||
Land | 70,448 | ||
Building & Improvements | 39,506 | ||
Total | 109,954 | ||
Accumulated Depreciation | (8,436) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 101,518 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 109,954 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,436 | ||
Buckley Square [Member] | |||
Initial Cost | |||
Land | 2,970 | ||
Building & Improvements | 5,978 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,515 | ||
Total Cost | |||
Land | 2,970 | ||
Building & Improvements | 7,493 | ||
Total | 10,463 | ||
Accumulated Depreciation | (4,916) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,547 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,463 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,916 | ||
Caligo Crossing [Member] | |||
Initial Cost | |||
Land | 2,459 | ||
Building & Improvements | 4,897 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 157 | ||
Total Cost | |||
Land | 2,546 | ||
Building & Improvements | 4,967 | ||
Total | 7,513 | ||
Accumulated Depreciation | (3,700) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,813 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,513 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,700 | ||
Cambridge Square [Member] | |||
Initial Cost | |||
Land | 774 | ||
Building & Improvements | 4,347 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 507 | ||
Total Cost | |||
Land | 774 | ||
Building & Improvements | 4,854 | ||
Total | 5,628 | ||
Accumulated Depreciation | (3,314) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,314 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 5,628 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,314 | ||
Carmel Commons [Member] | |||
Initial Cost | |||
Land | 2,466 | ||
Building & Improvements | 12,548 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,145 | ||
Total Cost | |||
Land | 3,422 | ||
Building & Improvements | 16,737 | ||
Total | 20,159 | ||
Accumulated Depreciation | (11,596) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,563 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,159 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,596 | ||
Carriage Gate [Member[ | |||
Initial Cost | |||
Land | 833 | ||
Building & Improvements | 4,974 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,407 | ||
Total Cost | |||
Land | 1,302 | ||
Building & Improvements | 7,912 | ||
Total | 9,214 | ||
Accumulated Depreciation | (7,161) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,053 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,214 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,161 | ||
Carytown Exchange [Member] | |||
Initial Cost | |||
Land | 23,587 | ||
Building & Improvements | 12,523 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (55) | ||
Total Cost | |||
Land | 23,587 | ||
Building & Improvements | 12,468 | ||
Total | 36,055 | ||
Accumulated Depreciation | (1,191) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 34,864 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,055 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,191 | ||
Cashmere Corners [Member] | |||
Initial Cost | |||
Land | 3,187 | ||
Building & Improvements | 9,397 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 390 | ||
Total Cost | |||
Land | 3,187 | ||
Building & Improvements | 9,787 | ||
Total | 12,974 | ||
Accumulated Depreciation | (2,186) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,788 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,974 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,186 | ||
Centerplace of Greeley III [Member] | |||
Initial Cost | |||
Land | 6,661 | ||
Building & Improvements | 11,502 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,448 | ||
Total Cost | |||
Land | 5,694 | ||
Building & Improvements | 13,917 | ||
Total | 19,611 | ||
Accumulated Depreciation | (6,728) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,883 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,611 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,728 | ||
Charlotte Square [Member] | |||
Initial Cost | |||
Land | 1,141 | ||
Building & Improvements | 6,845 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,271 | ||
Total Cost | |||
Land | 1,141 | ||
Building & Improvements | 8,116 | ||
Total | 9,257 | ||
Accumulated Depreciation | (1,919) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,338 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,257 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,919 | ||
Chasewood Plaza [Member] | |||
Initial Cost | |||
Land | 4,612 | ||
Building & Improvements | 20,829 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,750 | ||
Total Cost | |||
Land | 6,886 | ||
Building & Improvements | 24,305 | ||
Total | 31,191 | ||
Accumulated Depreciation | (20,052) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,139 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 31,191 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 20,052 | ||
Chastain Square [Member] | |||
Initial Cost | |||
Land | 30,074 | ||
Building & Improvements | 12,644 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,120 | ||
Total Cost | |||
Land | 30,074 | ||
Building & Improvements | 14,764 | ||
Total | 44,838 | ||
Accumulated Depreciation | (3,712) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 41,126 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 44,838 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,712 | ||
Cherry Grove [Member] | |||
Initial Cost | |||
Land | 3,533 | ||
Building & Improvements | 15,862 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,904 | ||
Total Cost | |||
Land | 3,533 | ||
Building & Improvements | 20,766 | ||
Total | 24,299 | ||
Accumulated Depreciation | (12,892) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,407 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 24,299 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,892 | ||
Chimney Rock [Member] | |||
Initial Cost | |||
Land | 23,623 | ||
Building & Improvements | 48,200 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 433 | ||
Total Cost | |||
Land | 23,623 | ||
Building & Improvements | 48,633 | ||
Total | 72,256 | ||
Accumulated Depreciation | (12,339) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 59,917 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 72,256 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,339 | ||
Circle Center West [Member] | |||
Initial Cost | |||
Land | 22,930 | ||
Building & Improvements | 9,028 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (46) | ||
Total Cost | |||
Land | 22,930 | ||
Building & Improvements | 8,982 | ||
Total | 31,912 | ||
Accumulated Depreciation | (1,784) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 30,128 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 31,912 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,784 | ||
Circle Marina Center [Member] | |||
Initial Cost | |||
Land | 29,303 | ||
Building & Improvements | 18,437 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 99 | ||
Total Cost | |||
Land | 29,303 | ||
Building & Improvements | 18,536 | ||
Total | 47,839 | ||
Accumulated Depreciation | (1,562) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 46,277 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (24,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 47,839 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,562 | ||
CityLine Market [Member] | |||
Initial Cost | |||
Land | 12,208 | ||
Building & Improvements | 15,839 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 273 | ||
Total Cost | |||
Land | 12,306 | ||
Building & Improvements | 16,014 | ||
Total | 28,320 | ||
Accumulated Depreciation | (4,818) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 23,502 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 28,320 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,818 | ||
CityLine Market Ph II [Member] | |||
Initial Cost | |||
Land | 2,744 | ||
Building & Improvements | 3,081 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5 | ||
Total Cost | |||
Land | 2,744 | ||
Building & Improvements | 3,086 | ||
Total | 5,830 | ||
Accumulated Depreciation | (868) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,962 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 5,830 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 868 | ||
Clayton Valley Shopping Center [Member] | |||
Initial Cost | |||
Land | 24,189 | ||
Building & Improvements | 35,422 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,113 | ||
Total Cost | |||
Land | 24,538 | ||
Building & Improvements | 38,186 | ||
Total | 62,724 | ||
Accumulated Depreciation | (29,202) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,522 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 62,724 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 29,202 | ||
Clocktower Plaza Shopping Center [Member] | |||
Initial Cost | |||
Land | 49,630 | ||
Building & Improvements | 19,624 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 672 | ||
Total Cost | |||
Land | 49,630 | ||
Building & Improvements | 20,296 | ||
Total | 69,926 | ||
Accumulated Depreciation | (3,530) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 66,396 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 69,926 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,530 | ||
Clybourn Commons [Member] | |||
Initial Cost | |||
Land | 15,056 | ||
Building & Improvements | 5,594 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 275 | ||
Total Cost | |||
Land | 15,056 | ||
Building & Improvements | 5,869 | ||
Total | 20,925 | ||
Accumulated Depreciation | (1,799) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 19,126 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,925 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,799 | ||
Cochran's Crossing [Member] | |||
Initial Cost | |||
Land | 13,154 | ||
Building & Improvements | 12,315 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,306 | ||
Total Cost | |||
Land | 13,154 | ||
Building & Improvements | 14,621 | ||
Total | 27,775 | ||
Accumulated Depreciation | (11,082) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,693 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,775 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,082 | ||
Compo Acres Shopping Center [Member] | |||
Initial Cost | |||
Land | 28,627 | ||
Building & Improvements | 10,395 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 898 | ||
Total Cost | |||
Land | 28,627 | ||
Building & Improvements | 11,293 | ||
Total | 39,920 | ||
Accumulated Depreciation | (1,900) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 38,020 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 39,920 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,900 | ||
Concord Shopping Plaza [Member] | |||
Initial Cost | |||
Land | 30,819 | ||
Building & Improvements | 36,506 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,562 | ||
Total Cost | |||
Land | 31,272 | ||
Building & Improvements | 37,615 | ||
Total | 68,887 | ||
Accumulated Depreciation | (6,113) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 62,774 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 68,887 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,113 | ||
Copps Hill Plaza [Member] | |||
Initial Cost | |||
Land | 29,515 | ||
Building & Improvements | 40,673 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 659 | ||
Total Cost | |||
Land | 29,514 | ||
Building & Improvements | 41,333 | ||
Total | 70,847 | ||
Accumulated Depreciation | (7,514) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 63,333 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (10,145) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 70,847 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,514 | ||
Coral Reef Shopping Center [Member] | |||
Initial Cost | |||
Land | 14,922 | ||
Building & Improvements | 15,200 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,435 | ||
Total Cost | |||
Land | 15,332 | ||
Building & Improvements | 17,225 | ||
Total | 32,557 | ||
Accumulated Depreciation | (3,231) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 29,326 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 32,557 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,231 | ||
Corkscrew Village [Member] | |||
Initial Cost | |||
Land | 8,407 | ||
Building & Improvements | 8,004 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 662 | ||
Total Cost | |||
Land | 8,407 | ||
Building & Improvements | 8,666 | ||
Total | 17,073 | ||
Accumulated Depreciation | (4,181) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,892 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,073 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,181 | ||
Cornerstone Square [Member] | |||
Initial Cost | |||
Land | 1,772 | ||
Building & Improvements | 6,944 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,685 | ||
Total Cost | |||
Land | 1,772 | ||
Building & Improvements | 8,629 | ||
Total | 10,401 | ||
Accumulated Depreciation | (6,578) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,823 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,401 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,578 | ||
Corvallis Market Center [Member] | |||
Initial Cost | |||
Land | 6,674 | ||
Building & Improvements | 12,244 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 472 | ||
Total Cost | |||
Land | 6,696 | ||
Building & Improvements | 12,694 | ||
Total | 19,390 | ||
Accumulated Depreciation | (7,353) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,037 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,390 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,353 | ||
Country Walk Plaza [Member] | |||
Initial Cost | |||
Land | 18,713 | ||
Building & Improvements | 20,373 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 108 | ||
Total Cost | |||
Land | 18,713 | ||
Building & Improvements | 20,481 | ||
Total | 39,194 | ||
Accumulated Depreciation | (1,459) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,735 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (16,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 39,194 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,459 | ||
Countryside Shops [Member] | |||
Initial Cost | |||
Land | 17,982 | ||
Building & Improvements | 35,574 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 13,613 | ||
Total Cost | |||
Land | 23,175 | ||
Building & Improvements | 43,994 | ||
Total | 67,169 | ||
Accumulated Depreciation | (9,781) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 57,388 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 67,169 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,781 | ||
Courtyard Shopping Center [Member] | |||
Initial Cost | |||
Land | 5,867 | ||
Building & Improvements | 4 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3 | ||
Total Cost | |||
Land | 5,867 | ||
Building & Improvements | 7 | ||
Total | 5,874 | ||
Accumulated Depreciation | (3) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,871 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 5,874 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3 | ||
Culver Center [Member] | |||
Initial Cost | |||
Land | 108,841 | ||
Building & Improvements | 32,308 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,229 | ||
Total Cost | |||
Land | 108,841 | ||
Building & Improvements | 33,537 | ||
Total | 142,378 | ||
Accumulated Depreciation | (6,594) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 135,784 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 142,378 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,594 | ||
Danbury Green [Member] | |||
Initial Cost | |||
Land | 30,303 | ||
Building & Improvements | 19,255 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 661 | ||
Total Cost | |||
Land | 30,303 | ||
Building & Improvements | 19,916 | ||
Total | 50,219 | ||
Accumulated Depreciation | (3,410) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 46,809 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 50,219 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,410 | ||
Dardenne Crossing [Member] | |||
Initial Cost | |||
Land | 4,194 | ||
Building & Improvements | 4,005 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 704 | ||
Total Cost | |||
Land | 4,343 | ||
Building & Improvements | 4,560 | ||
Total | 8,903 | ||
Accumulated Depreciation | (2,397) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,506 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 8,903 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,397 | ||
Darinor Plaza [Member] | |||
Initial Cost | |||
Land | 693 | ||
Building & Improvements | 32,140 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 942 | ||
Total Cost | |||
Land | 711 | ||
Building & Improvements | 33,064 | ||
Total | 33,775 | ||
Accumulated Depreciation | (5,901) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,874 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,775 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,901 | ||
Diablo Plaza [Member] | |||
Initial Cost | |||
Land | 5,300 | ||
Building & Improvements | 8,181 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,154 | ||
Total Cost | |||
Land | 5,300 | ||
Building & Improvements | 10,335 | ||
Total | 15,635 | ||
Accumulated Depreciation | (6,391) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,244 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,635 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,391 | ||
Dunwoody Hall [Member] | |||
Initial Cost | |||
Land | 15,145 | ||
Building & Improvements | 12,110 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 10 | ||
Total Cost | |||
Land | 15,145 | ||
Building & Improvements | 12,120 | ||
Total | 27,265 | ||
Accumulated Depreciation | (214) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,051 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (13,800) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,265 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 214 | ||
Dunwoody Village [Member] | |||
Initial Cost | |||
Land | 3,342 | ||
Building & Improvements | 15,934 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,859 | ||
Total Cost | |||
Land | 3,342 | ||
Building & Improvements | 21,793 | ||
Total | 25,135 | ||
Accumulated Depreciation | (16,777) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,358 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,135 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,777 | ||
East Meadow [Member] | |||
Initial Cost | |||
Land | 12,325 | ||
Building & Improvements | 21,378 | ||
Total Cost | |||
Land | 12,325 | ||
Building & Improvements | 21,378 | ||
Total | 33,703 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,703 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,703 | ||
East Pointe [Member] | |||
Initial Cost | |||
Land | 1,730 | ||
Building & Improvements | 7,189 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,257 | ||
Total Cost | |||
Land | 1,941 | ||
Building & Improvements | 9,235 | ||
Total | 11,176 | ||
Accumulated Depreciation | (6,708) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,468 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,176 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,708 | ||
Eastport [Member] | |||
Initial Cost | |||
Land | 2,985 | ||
Building & Improvements | 5,649 | ||
Total Cost | |||
Land | 2,985 | ||
Building & Improvements | 5,649 | ||
Total | 8,634 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,634 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 8,634 | ||
El Camino Shopping Center [Member] | |||
Initial Cost | |||
Land | 7,600 | ||
Building & Improvements | 11,538 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 13,427 | ||
Total Cost | |||
Land | 10,328 | ||
Building & Improvements | 22,237 | ||
Total | 32,565 | ||
Accumulated Depreciation | (10,986) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,579 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 32,565 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,986 | ||
El Cerrito Plaza [Member] | |||
Initial Cost | |||
Land | 11,025 | ||
Building & Improvements | 27,371 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,910 | ||
Total Cost | |||
Land | 11,025 | ||
Building & Improvements | 30,281 | ||
Total | 41,306 | ||
Accumulated Depreciation | (13,523) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,783 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 41,306 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,523 | ||
El Norte Pkwy Plaza [Member] | |||
Initial Cost | |||
Land | 2,834 | ||
Building & Improvements | 7,370 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,326 | ||
Total Cost | |||
Land | 3,263 | ||
Building & Improvements | 10,267 | ||
Total | 13,530 | ||
Accumulated Depreciation | (6,577) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,953 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,530 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,577 | ||
Encina Grande [Member] | |||
Initial Cost | |||
Land | 5,040 | ||
Building & Improvements | 11,572 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 20,072 | ||
Total Cost | |||
Land | 10,518 | ||
Building & Improvements | 26,166 | ||
Total | 36,684 | ||
Accumulated Depreciation | (15,129) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,555 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,684 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 15,129 | ||
Fairfield Center [Member] | |||
Initial Cost | |||
Land | 6,731 | ||
Building & Improvements | 29,420 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,301 | ||
Total Cost | |||
Land | 6,731 | ||
Building & Improvements | 30,721 | ||
Total | 37,452 | ||
Accumulated Depreciation | (7,380) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 30,072 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,452 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,380 | ||
Falcon Marketplace [Member] | |||
Initial Cost | |||
Land | 1,340 | ||
Building & Improvements | 4,168 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 467 | ||
Total Cost | |||
Land | 1,246 | ||
Building & Improvements | 4,729 | ||
Total | 5,975 | ||
Accumulated Depreciation | (2,943) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,032 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 5,975 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,943 | ||
Fellsway Plaza [Member] | |||
Initial Cost | |||
Land | 30,712 | ||
Building & Improvements | 7,327 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9,825 | ||
Total Cost | |||
Land | 34,923 | ||
Building & Improvements | 12,941 | ||
Total | 47,864 | ||
Accumulated Depreciation | (7,404) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 40,460 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (36,019) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 47,864 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,404 | ||
Fenton Marketplace [Member] | |||
Initial Cost | |||
Land | 2,298 | ||
Building & Improvements | 8,510 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (7,936) | ||
Total Cost | |||
Land | 512 | ||
Building & Improvements | 2,360 | ||
Total | 2,872 | ||
Accumulated Depreciation | (1,238) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 1,634 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 2,872 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,238 | ||
Fleming Island [Member] | |||
Initial Cost | |||
Land | 3,077 | ||
Building & Improvements | 11,587 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,165 | ||
Total Cost | |||
Land | 3,111 | ||
Building & Improvements | 14,718 | ||
Total | 17,829 | ||
Accumulated Depreciation | (9,274) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,555 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,829 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,274 | ||
Fountain Square [Member] | |||
Initial Cost | |||
Land | 29,722 | ||
Building & Improvements | 29,041 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (211) | ||
Total Cost | |||
Land | 29,784 | ||
Building & Improvements | 28,768 | ||
Total | 58,552 | ||
Accumulated Depreciation | (11,224) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 47,328 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 58,552 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,224 | ||
French Valley Village Center [Member] | |||
Initial Cost | |||
Land | 11,924 | ||
Building & Improvements | 16,856 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 376 | ||
Total Cost | |||
Land | 11,822 | ||
Building & Improvements | 17,334 | ||
Total | 29,156 | ||
Accumulated Depreciation | (14,998) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,158 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 29,156 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,998 | ||
Friars Mission Center [Member] | |||
Initial Cost | |||
Land | 6,660 | ||
Building & Improvements | 28,021 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,263 | ||
Total Cost | |||
Land | 6,660 | ||
Building & Improvements | 30,284 | ||
Total | 36,944 | ||
Accumulated Depreciation | (17,698) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 19,246 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,944 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,698 | ||
Gardens Square [Member] | |||
Initial Cost | |||
Land | 2,136 | ||
Building & Improvements | 8,273 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 768 | ||
Total Cost | |||
Land | 2,136 | ||
Building & Improvements | 9,041 | ||
Total | 11,177 | ||
Accumulated Depreciation | (5,750) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,427 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,177 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,750 | ||
Gateway Shopping Center [Member] | |||
Initial Cost | |||
Land | 52,665 | ||
Building & Improvements | 7,134 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,424 | ||
Total Cost | |||
Land | 55,087 | ||
Building & Improvements | 16,136 | ||
Total | 71,223 | ||
Accumulated Depreciation | (18,453) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 52,770 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 71,223 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 18,453 | ||
Gelson's Westlake Market Plaza [Member] | |||
Initial Cost | |||
Land | 3,157 | ||
Building & Improvements | 11,153 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,986 | ||
Total Cost | |||
Land | 4,654 | ||
Building & Improvements | 15,642 | ||
Total | 20,296 | ||
Accumulated Depreciation | (9,024) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,272 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,296 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,024 | ||
Glen Oak Plaza [Member] | |||
Initial Cost | |||
Land | 4,103 | ||
Building & Improvements | 12,951 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,051 | ||
Total Cost | |||
Land | 4,103 | ||
Building & Improvements | 14,002 | ||
Total | 18,105 | ||
Accumulated Depreciation | (5,146) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,959 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,105 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,146 | ||
Glengary Shoppes [Member] | |||
Initial Cost | |||
Land | 9,120 | ||
Building & Improvements | 11,541 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,001 | ||
Total Cost | |||
Land | 9,120 | ||
Building & Improvements | 12,542 | ||
Total | 21,662 | ||
Accumulated Depreciation | (2,643) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 19,019 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 21,662 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,643 | ||
Glenwood Village [Member] | |||
Initial Cost | |||
Land | 1,194 | ||
Building & Improvements | 5,381 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 406 | ||
Total Cost | |||
Land | 1,194 | ||
Building & Improvements | 5,787 | ||
Total | 6,981 | ||
Accumulated Depreciation | (4,796) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,185 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 6,981 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,796 | ||
Golden Hills Plaza [Member] | |||
Initial Cost | |||
Land | 12,699 | ||
Building & Improvements | 18,482 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,692 | ||
Total Cost | |||
Land | 11,521 | ||
Building & Improvements | 23,352 | ||
Total | 34,873 | ||
Accumulated Depreciation | (11,768) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 23,105 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,873 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,768 | ||
Grand Ridge Plaza [Member] | |||
Initial Cost | |||
Land | 24,208 | ||
Building & Improvements | 61,033 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,907 | ||
Total Cost | |||
Land | 24,918 | ||
Building & Improvements | 66,230 | ||
Total | 91,148 | ||
Accumulated Depreciation | (26,597) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 64,551 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 91,148 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 26,597 | ||
Greenwood Shopping Centre [Member] | |||
Initial Cost | |||
Land | 7,777 | ||
Building & Improvements | 24,829 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 573 | ||
Total Cost | |||
Land | 7,777 | ||
Building & Improvements | 25,402 | ||
Total | 33,179 | ||
Accumulated Depreciation | (4,915) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,264 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,179 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,915 | ||
Hammocks Town Center [Member] | |||
Initial Cost | |||
Land | 28,764 | ||
Building & Improvements | 25,113 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 858 | ||
Total Cost | |||
Land | 28,764 | ||
Building & Improvements | 25,971 | ||
Total | 54,735 | ||
Accumulated Depreciation | (5,131) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 49,604 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 54,735 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,131 | ||
Hancock [Member] | |||
Initial Cost | |||
Land | 8,232 | ||
Building & Improvements | 28,260 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (13,312) | ||
Total Cost | |||
Land | 4,692 | ||
Building & Improvements | 18,488 | ||
Total | 23,180 | ||
Accumulated Depreciation | (11,618) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,562 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 23,180 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,618 | ||
Harpeth Village Fieldstone [Member] | |||
Initial Cost | |||
Land | 2,284 | ||
Building & Improvements | 9,443 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 812 | ||
Total Cost | |||
Land | 2,284 | ||
Building & Improvements | 10,255 | ||
Total | 12,539 | ||
Accumulated Depreciation | (6,184) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,355 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,539 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,184 | ||
Hasley Canyon Village [Member] | |||
Initial Cost | |||
Land | 17,630 | ||
Building & Improvements | 8,231 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 16 | ||
Total Cost | |||
Land | 17,630 | ||
Building & Improvements | 8,247 | ||
Total | 25,877 | ||
Accumulated Depreciation | (167) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,710 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (16,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,877 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 167 | ||
Heritage Plaza [Member] | |||
Initial Cost | |||
Land | 12,390 | ||
Building & Improvements | 26,097 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 14,318 | ||
Total Cost | |||
Land | 12,215 | ||
Building & Improvements | 40,590 | ||
Total | 52,805 | ||
Accumulated Depreciation | (20,644) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,161 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 52,805 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 20,644 | ||
Hershey [Member] | |||
Initial Cost | |||
Land | 7 | ||
Building & Improvements | 808 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11 | ||
Total Cost | |||
Land | 7 | ||
Building & Improvements | 819 | ||
Total | 826 | ||
Accumulated Depreciation | (533) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 293 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 826 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 533 | ||
Hewlett Crossing I & II [Member] | |||
Initial Cost | |||
Land | 11,850 | ||
Building & Improvements | 18,205 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 781 | ||
Total Cost | |||
Land | 11,850 | ||
Building & Improvements | 18,986 | ||
Total | 30,836 | ||
Accumulated Depreciation | (2,531) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,305 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (9,061) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 30,836 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,531 | ||
Hibernia Pavilion [Member] | |||
Initial Cost | |||
Land | 4,929 | ||
Building & Improvements | 5,065 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 236 | ||
Total Cost | |||
Land | 4,929 | ||
Building & Improvements | 5,301 | ||
Total | 10,230 | ||
Accumulated Depreciation | (3,928) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,302 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,230 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,928 | ||
Hillcrest Village [Member] | |||
Initial Cost | |||
Land | 1,600 | ||
Building & Improvements | 1,909 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 51 | ||
Total Cost | |||
Land | 1,600 | ||
Building & Improvements | 1,960 | ||
Total | 3,560 | ||
Accumulated Depreciation | (1,146) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,414 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 3,560 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,146 | ||
Hilltop Village [Member] | |||
Initial Cost | |||
Land | 2,995 | ||
Building & Improvements | 4,581 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,160 | ||
Total Cost | |||
Land | 3,104 | ||
Building & Improvements | 8,632 | ||
Total | 11,736 | ||
Accumulated Depreciation | (4,151) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,585 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,736 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,151 | ||
Hinsdale [Member] | |||
Initial Cost | |||
Land | 5,734 | ||
Building & Improvements | 16,709 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,868 | ||
Total Cost | |||
Land | 8,343 | ||
Building & Improvements | 25,968 | ||
Total | 34,311 | ||
Accumulated Depreciation | (16,004) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,307 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,311 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,004 | ||
Holly Park [Member] | |||
Initial Cost | |||
Land | 8,975 | ||
Building & Improvements | 23,799 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,425 | ||
Total Cost | |||
Land | 8,828 | ||
Building & Improvements | 26,371 | ||
Total | 35,199 | ||
Accumulated Depreciation | (7,447) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,752 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,199 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,447 | ||
Howell Mill Village [Member] | |||
Initial Cost | |||
Land | 5,157 | ||
Building & Improvements | 14,279 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 7,361 | ||
Total Cost | |||
Land | 9,610 | ||
Building & Improvements | 17,187 | ||
Total | 26,797 | ||
Accumulated Depreciation | (7,993) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,804 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,797 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,993 | ||
Hyde Park [Member] | |||
Initial Cost | |||
Land | 9,809 | ||
Building & Improvements | 39,905 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 7,245 | ||
Total Cost | |||
Land | 9,809 | ||
Building & Improvements | 47,150 | ||
Total | 56,959 | ||
Accumulated Depreciation | (29,449) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,510 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 56,959 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 29,449 | ||
Indian Springs Center [Member] | |||
Initial Cost | |||
Land | 24,974 | ||
Building & Improvements | 25,903 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 985 | ||
Total Cost | |||
Land | 25,034 | ||
Building & Improvements | 26,828 | ||
Total | 51,862 | ||
Accumulated Depreciation | (6,963) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 44,899 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 51,862 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,963 | ||
Indigo Square [Member] | |||
Initial Cost | |||
Land | 8,087 | ||
Building & Improvements | 9,885 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (5) | ||
Total Cost | |||
Land | 8,087 | ||
Building & Improvements | 9,880 | ||
Total | 17,967 | ||
Accumulated Depreciation | (1,742) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,225 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,967 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,742 | ||
Inglewood Plaza [Member] | |||
Initial Cost | |||
Land | 1,300 | ||
Building & Improvements | 2,159 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 921 | ||
Total Cost | |||
Land | 1,300 | ||
Building & Improvements | 3,080 | ||
Total | 4,380 | ||
Accumulated Depreciation | (1,847) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,533 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 4,380 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,847 | ||
Keller Town Center [Member] | |||
Initial Cost | |||
Land | 2,294 | ||
Building & Improvements | 12,841 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 973 | ||
Total Cost | |||
Land | 2,404 | ||
Building & Improvements | 13,704 | ||
Total | 16,108 | ||
Accumulated Depreciation | (7,838) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,270 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,108 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,838 | ||
Kirkman Shoppes [Member] | |||
Initial Cost | |||
Land | 9,364 | ||
Building & Improvements | 26,243 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 674 | ||
Total Cost | |||
Land | 9,367 | ||
Building & Improvements | 26,914 | ||
Total | 36,281 | ||
Accumulated Depreciation | (4,714) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 31,567 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,281 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,714 | ||
Kirkwood Commons [Member] | |||
Initial Cost | |||
Land | 6,772 | ||
Building & Improvements | 16,224 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,194 | ||
Total Cost | |||
Land | 6,802 | ||
Building & Improvements | 17,388 | ||
Total | 24,190 | ||
Accumulated Depreciation | (6,130) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,060 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (6,495) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 24,190 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,130 | ||
Klahanie Shopping Center [Member] | |||
Initial Cost | |||
Land | 14,451 | ||
Building & Improvements | 20,089 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 459 | ||
Total Cost | |||
Land | 14,451 | ||
Building & Improvements | 20,548 | ||
Total | 34,999 | ||
Accumulated Depreciation | (4,069) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 30,930 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,999 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,069 | ||
Kroger New Albany Center [Member] | |||
Initial Cost | |||
Land | 3,844 | ||
Building & Improvements | 6,599 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,410 | ||
Total Cost | |||
Land | 3,844 | ||
Building & Improvements | 8,009 | ||
Total | 11,853 | ||
Accumulated Depreciation | (6,287) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,566 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,853 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,287 | ||
Lake Mary Centre [Member] | |||
Initial Cost | |||
Land | 24,036 | ||
Building & Improvements | 57,476 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,009 | ||
Total Cost | |||
Land | 24,036 | ||
Building & Improvements | 59,485 | ||
Total | 83,521 | ||
Accumulated Depreciation | (11,835) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 71,686 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 83,521 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,835 | ||
Lake Pine Plaza [Member] | |||
Initial Cost | |||
Land | 2,008 | ||
Building & Improvements | 7,632 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 861 | ||
Total Cost | |||
Land | 2,029 | ||
Building & Improvements | 8,472 | ||
Total | 10,501 | ||
Accumulated Depreciation | (5,255) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,246 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,501 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,255 | ||
Lebanon Center [Member] | |||
Initial Cost | |||
Land | 3,913 | ||
Building & Improvements | 7,874 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,211 | ||
Total Cost | |||
Land | 3,913 | ||
Building & Improvements | 9,085 | ||
Total | 12,998 | ||
Accumulated Depreciation | (6,773) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,225 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,998 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,773 | ||
Littleton Square [Member] | |||
Initial Cost | |||
Land | 2,030 | ||
Building & Improvements | 8,859 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (3,562) | ||
Total Cost | |||
Land | 2,433 | ||
Building & Improvements | 4,894 | ||
Total | 7,327 | ||
Accumulated Depreciation | (2,950) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,377 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,327 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,950 | ||
Lloyd King Center [Member] | |||
Initial Cost | |||
Land | 1,779 | ||
Building & Improvements | 10,060 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,295 | ||
Total Cost | |||
Land | 1,779 | ||
Building & Improvements | 11,355 | ||
Total | 13,134 | ||
Accumulated Depreciation | (7,154) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,980 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,134 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,154 | ||
Lower Nazareth Commons [Member] | |||
Initial Cost | |||
Land | 15,992 | ||
Building & Improvements | 12,964 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,085 | ||
Total Cost | |||
Land | 16,343 | ||
Building & Improvements | 16,698 | ||
Total | 33,041 | ||
Accumulated Depreciation | (11,987) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,054 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,041 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,987 | ||
Mandarin Landing [Member] | |||
Initial Cost | |||
Land | 7,913 | ||
Building & Improvements | 27,230 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 58 | ||
Total Cost | |||
Land | 7,913 | ||
Building & Improvements | 27,288 | ||
Total | 35,201 | ||
Accumulated Depreciation | (5,035) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 30,166 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,201 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,035 | ||
Market at Colonnade Center [Member] | |||
Initial Cost | |||
Land | 6,455 | ||
Building & Improvements | 9,839 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 130 | ||
Total Cost | |||
Land | 6,160 | ||
Building & Improvements | 10,264 | ||
Total | 16,424 | ||
Accumulated Depreciation | (5,300) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,124 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,424 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,300 | ||
Market at Preston Forest [Member] | |||
Initial Cost | |||
Land | 4,400 | ||
Building & Improvements | 11,445 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,848 | ||
Total Cost | |||
Land | 4,400 | ||
Building & Improvements | 13,293 | ||
Total | 17,693 | ||
Accumulated Depreciation | (8,073) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,620 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,693 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,073 | ||
Market at Round Rock [Member] | |||
Initial Cost | |||
Land | 2,000 | ||
Building & Improvements | 9,676 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 6,220 | ||
Total Cost | |||
Land | 1,996 | ||
Building & Improvements | 15,900 | ||
Total | 17,896 | ||
Accumulated Depreciation | (11,063) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,833 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,896 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,063 | ||
Market at Springwoods Village [Member] | |||
Initial Cost | |||
Land | 12,592 | ||
Building & Improvements | 12,781 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 8 | ||
Total Cost | |||
Land | 12,592 | ||
Building & Improvements | 12,789 | ||
Total | 25,381 | ||
Accumulated Depreciation | (3,556) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,825 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (5,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,381 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,556 | ||
Marketplace at Briargate [Member] | |||
Initial Cost | |||
Land | 1,706 | ||
Building & Improvements | 4,885 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 234 | ||
Total Cost | |||
Land | 1,727 | ||
Building & Improvements | 5,098 | ||
Total | 6,825 | ||
Accumulated Depreciation | (3,304) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,521 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 6,825 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,304 | ||
Mellody Farm [Member] | |||
Initial Cost | |||
Land | 35,628 | ||
Building & Improvements | 66,863 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (121) | ||
Total Cost | |||
Land | 35,628 | ||
Building & Improvements | 66,742 | ||
Total | 102,370 | ||
Accumulated Depreciation | (10,679) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 91,691 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 102,370 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,679 | ||
Melrose Market [Member] | |||
Initial Cost | |||
Land | 4,451 | ||
Building & Improvements | 10,807 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (74) | ||
Total Cost | |||
Land | 4,451 | ||
Building & Improvements | 10,733 | ||
Total | 15,184 | ||
Accumulated Depreciation | (1,560) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,624 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,184 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,560 | ||
Millhopper Shopping Center [Member] | |||
Initial Cost | |||
Land | 1,073 | ||
Building & Improvements | 5,358 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,949 | ||
Total Cost | |||
Land | 1,901 | ||
Building & Improvements | 10,479 | ||
Total | 12,380 | ||
Accumulated Depreciation | (7,789) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,591 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,380 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,789 | ||
Mockingbird Commons [Member] | |||
Initial Cost | |||
Land | 3,000 | ||
Building & Improvements | 10,728 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,480 | ||
Total Cost | |||
Land | 3,000 | ||
Building & Improvements | 13,208 | ||
Total | 16,208 | ||
Accumulated Depreciation | (7,947) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,261 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,208 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,947 | ||
Monument Jackson Creek | |||
Initial Cost | |||
Land | 2,999 | ||
Building & Improvements | 6,765 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,277 | ||
Total Cost | |||
Land | 2,999 | ||
Building & Improvements | 8,042 | ||
Total | 11,041 | ||
Accumulated Depreciation | (6,178) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,863 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,041 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,178 | ||
Morningside Plaza [Member] | |||
Initial Cost | |||
Land | 4,300 | ||
Building & Improvements | 13,951 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 971 | ||
Total Cost | |||
Land | 4,300 | ||
Building & Improvements | 14,922 | ||
Total | 19,222 | ||
Accumulated Depreciation | (9,028) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,194 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,222 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,028 | ||
Murrayhill Marketplace [Member] | |||
Initial Cost | |||
Land | 2,670 | ||
Building & Improvements | 18,401 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 14,410 | ||
Total Cost | |||
Land | 2,903 | ||
Building & Improvements | 32,578 | ||
Total | 35,481 | ||
Accumulated Depreciation | (17,422) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,059 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,481 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,422 | ||
Naples Walk [Member] | |||
Initial Cost | |||
Land | 18,173 | ||
Building & Improvements | 13,554 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,933 | ||
Total Cost | |||
Land | 18,173 | ||
Building & Improvements | 15,487 | ||
Total | 33,660 | ||
Accumulated Depreciation | (7,661) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,999 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,660 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,661 | ||
Newberry Square [Member] | |||
Initial Cost | |||
Land | 2,412 | ||
Building & Improvements | 10,150 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,301 | ||
Total Cost | |||
Land | 2,412 | ||
Building & Improvements | 11,451 | ||
Total | 13,863 | ||
Accumulated Depreciation | (9,434) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,429 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,863 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,434 | ||
Newland Center [Member] | |||
Initial Cost | |||
Land | 12,500 | ||
Building & Improvements | 10,697 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 8,700 | ||
Total Cost | |||
Land | 16,276 | ||
Building & Improvements | 15,621 | ||
Total | 31,897 | ||
Accumulated Depreciation | (10,449) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,448 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 31,897 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,449 | ||
Nocatee Town Center [Member] | |||
Initial Cost | |||
Land | 10,124 | ||
Building & Improvements | 8,691 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 8,627 | ||
Total Cost | |||
Land | 11,045 | ||
Building & Improvements | 16,397 | ||
Total | 27,442 | ||
Accumulated Depreciation | (8,685) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,757 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,442 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,685 | ||
North Hills [Member] | |||
Initial Cost | |||
Land | 4,900 | ||
Building & Improvements | 19,774 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,511 | ||
Total Cost | |||
Land | 4,900 | ||
Building & Improvements | 21,285 | ||
Total | 26,185 | ||
Accumulated Depreciation | (13,729) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,456 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,185 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,729 | ||
Northgate Marketplace [Member] | |||
Initial Cost | |||
Land | 5,668 | ||
Building & Improvements | 13,727 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 31 | ||
Total Cost | |||
Land | 4,995 | ||
Building & Improvements | 14,431 | ||
Total | 19,426 | ||
Accumulated Depreciation | (7,010) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,416 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,426 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,010 | ||
Northgate Marketplace Ph II [Member] | |||
Initial Cost | |||
Land | 12,189 | ||
Building & Improvements | 30,171 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 133 | ||
Total Cost | |||
Land | 12,189 | ||
Building & Improvements | 30,304 | ||
Total | 42,493 | ||
Accumulated Depreciation | (7,648) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 34,845 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 42,493 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,648 | ||
Northgate Plaza Maxtown Road [Member] | |||
Initial Cost | |||
Land | 1,769 | ||
Building & Improvements | 6,652 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,967 | ||
Total Cost | |||
Land | 2,840 | ||
Building & Improvements | 10,548 | ||
Total | 13,388 | ||
Accumulated Depreciation | (6,248) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,140 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,388 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,248 | ||
Northgate Square [Member] | |||
Initial Cost | |||
Land | 5,011 | ||
Building & Improvements | 8,692 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,060 | ||
Total Cost | |||
Land | 5,011 | ||
Building & Improvements | 9,752 | ||
Total | 14,763 | ||
Accumulated Depreciation | (4,996) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,767 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,763 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,996 | ||
Northlake Village [Member] | |||
Initial Cost | |||
Land | 2,662 | ||
Building & Improvements | 11,284 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (307) | ||
Total Cost | |||
Land | 2,662 | ||
Building & Improvements | 10,977 | ||
Total | 13,639 | ||
Accumulated Depreciation | (6,506) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,133 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,639 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,506 | ||
Oak Shade Town Center [Member] | |||
Initial Cost | |||
Land | 6,591 | ||
Building & Improvements | 28,966 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 702 | ||
Total Cost | |||
Land | 6,591 | ||
Building & Improvements | 29,668 | ||
Total | 36,259 | ||
Accumulated Depreciation | (11,297) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 24,962 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (5,606) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,259 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,297 | ||
Oakbrook Plaza [Member] | |||
Initial Cost | |||
Land | 4,000 | ||
Building & Improvements | 6,668 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,836 | ||
Total Cost | |||
Land | 4,766 | ||
Building & Improvements | 11,738 | ||
Total | 16,504 | ||
Accumulated Depreciation | (5,845) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,659 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,504 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,845 | ||
Oakleaf Commons [Member] | |||
Initial Cost | |||
Land | 3,503 | ||
Building & Improvements | 11,671 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,417 | ||
Total Cost | |||
Land | 3,190 | ||
Building & Improvements | 13,401 | ||
Total | 16,591 | ||
Accumulated Depreciation | (7,787) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,804 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,591 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,787 | ||
Ocala Corners [Member] | |||
Initial Cost | |||
Land | 1,816 | ||
Building & Improvements | 10,515 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 588 | ||
Total Cost | |||
Land | 1,816 | ||
Building & Improvements | 11,103 | ||
Total | 12,919 | ||
Accumulated Depreciation | (5,226) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,693 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,919 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,226 | ||
Old St Augustine Plaza [Member] | |||
Initial Cost | |||
Land | 2,368 | ||
Building & Improvements | 11,405 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 13,510 | ||
Total Cost | |||
Land | 3,455 | ||
Building & Improvements | 23,828 | ||
Total | 27,283 | ||
Accumulated Depreciation | (10,555) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,728 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,283 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,555 | ||
Pablo Plaza [Member] | |||
Initial Cost | |||
Land | 11,894 | ||
Building & Improvements | 21,407 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9,731 | ||
Total Cost | |||
Land | 13,340 | ||
Building & Improvements | 29,692 | ||
Total | 43,032 | ||
Accumulated Depreciation | (5,895) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,137 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 43,032 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,895 | ||
Paces Ferry Plaza [Member] | |||
Initial Cost | |||
Land | 2,812 | ||
Building & Improvements | 12,639 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 21,007 | ||
Total Cost | |||
Land | 13,803 | ||
Building & Improvements | 22,655 | ||
Total | 36,458 | ||
Accumulated Depreciation | (12,460) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 23,998 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,458 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,460 | ||
Panther Creek [Member] | |||
Initial Cost | |||
Land | 14,414 | ||
Building & Improvements | 14,748 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,922 | ||
Total Cost | |||
Land | 15,212 | ||
Building & Improvements | 19,872 | ||
Total | 35,084 | ||
Accumulated Depreciation | (14,998) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 20,086 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,084 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,998 | ||
Pavillion [Member] | |||
Initial Cost | |||
Land | 15,626 | ||
Building & Improvements | 22,124 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,068 | ||
Total Cost | |||
Land | 15,626 | ||
Building & Improvements | 23,192 | ||
Total | 38,818 | ||
Accumulated Depreciation | (4,931) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,887 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 38,818 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,931 | ||
Peartree Village [Member] | |||
Initial Cost | |||
Land | 5,197 | ||
Building & Improvements | 19,746 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 890 | ||
Total Cost | |||
Land | 5,197 | ||
Building & Improvements | 20,636 | ||
Total | 25,833 | ||
Accumulated Depreciation | (14,041) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,792 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,833 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,041 | ||
Persimmon Place [Member] | |||
Initial Cost | |||
Land | 25,975 | ||
Building & Improvements | 38,114 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (59) | ||
Total Cost | |||
Land | 26,692 | ||
Building & Improvements | 37,338 | ||
Total | 64,030 | ||
Accumulated Depreciation | (13,703) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 50,327 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 64,030 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,703 | ||
Pike Creek [Member] | |||
Initial Cost | |||
Land | 5,153 | ||
Building & Improvements | 20,652 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,887 | ||
Total Cost | |||
Land | 5,251 | ||
Building & Improvements | 23,441 | ||
Total | 28,692 | ||
Accumulated Depreciation | (14,576) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,116 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 28,692 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,576 | ||
Pine Island [Member] | |||
Initial Cost | |||
Land | 21,086 | ||
Building & Improvements | 28,123 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,513 | ||
Total Cost | |||
Land | 21,086 | ||
Building & Improvements | 31,636 | ||
Total | 52,722 | ||
Accumulated Depreciation | (7,463) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 45,259 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 52,722 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,463 | ||
Pine Lake Village [Member] | |||
Initial Cost | |||
Land | 6,300 | ||
Building & Improvements | 10,991 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,683 | ||
Total Cost | |||
Land | 6,300 | ||
Building & Improvements | 12,674 | ||
Total | 18,974 | ||
Accumulated Depreciation | (7,580) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,394 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,974 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,580 | ||
Pine Ridge Square [Member] | |||
Initial Cost | |||
Land | 13,951 | ||
Building & Improvements | 23,147 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 490 | ||
Total Cost | |||
Land | 13,951 | ||
Building & Improvements | 23,637 | ||
Total | 37,588 | ||
Accumulated Depreciation | (4,605) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,983 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,588 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,605 | ||
Pine Tree Plaza [Member] | |||
Initial Cost | |||
Land | 668 | ||
Building & Improvements | 6,220 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 896 | ||
Total Cost | |||
Land | 668 | ||
Building & Improvements | 7,116 | ||
Total | 7,784 | ||
Accumulated Depreciation | (4,226) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,558 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,784 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,226 | ||
Pinecrest Place [Member] | |||
Initial Cost | |||
Land | 4,193 | ||
Building & Improvements | 13,275 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (225) | ||
Total Cost | |||
Land | 3,992 | ||
Building & Improvements | 13,251 | ||
Total | 17,243 | ||
Accumulated Depreciation | (2,307) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,936 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,243 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,307 | ||
Plaza Escuela [Member] | |||
Initial Cost | |||
Land | 24,829 | ||
Building & Improvements | 104,395 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,401 | ||
Total Cost | |||
Land | 24,829 | ||
Building & Improvements | 105,796 | ||
Total | 130,625 | ||
Accumulated Depreciation | (14,023) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 116,602 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 130,625 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,023 | ||
Plaza Hermosa [Member] | |||
Initial Cost | |||
Land | 4,200 | ||
Building & Improvements | 10,109 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,633 | ||
Total Cost | |||
Land | 4,202 | ||
Building & Improvements | 13,740 | ||
Total | 17,942 | ||
Accumulated Depreciation | (8,176) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,766 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,942 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,176 | ||
Point 50 [Member] | |||
Initial Cost | |||
Land | 15,239 | ||
Building & Improvements | 11,367 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (725) | ||
Total Cost | |||
Land | 14,602 | ||
Building & Improvements | 11,279 | ||
Total | 25,881 | ||
Accumulated Depreciation | (700) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,181 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 25,881 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 700 | ||
Point Royale Shopping Center [Member] | |||
Initial Cost | |||
Land | 18,201 | ||
Building & Improvements | 14,889 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 6,607 | ||
Total Cost | |||
Land | 19,386 | ||
Building & Improvements | 20,311 | ||
Total | 39,697 | ||
Accumulated Depreciation | (5,327) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 34,370 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 39,697 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,327 | ||
Post Road Plaza [Member] | |||
Initial Cost | |||
Land | 15,240 | ||
Building & Improvements | 5,196 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 153 | ||
Total Cost | |||
Land | 15,240 | ||
Building & Improvements | 5,349 | ||
Total | 20,589 | ||
Accumulated Depreciation | (993) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 19,596 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,589 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 993 | ||
Potrero Center [Member] | |||
Initial Cost | |||
Land | 133,422 | ||
Building & Improvements | 116,758 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (87,981) | ||
Total Cost | |||
Land | 85,205 | ||
Building & Improvements | 76,994 | ||
Total | 162,199 | ||
Accumulated Depreciation | (11,126) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 151,073 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 162,199 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,126 | ||
Powell Street Plaza [Member] | |||
Initial Cost | |||
Land | 8,248 | ||
Building & Improvements | 30,716 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,628 | ||
Total Cost | |||
Land | 8,248 | ||
Building & Improvements | 34,344 | ||
Total | 42,592 | ||
Accumulated Depreciation | (17,863) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 24,729 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 42,592 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,863 | ||
Powers Ferry Square [Member] | |||
Initial Cost | |||
Land | 3,687 | ||
Building & Improvements | 17,965 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 10,048 | ||
Total Cost | |||
Land | 5,758 | ||
Building & Improvements | 25,942 | ||
Total | 31,700 | ||
Accumulated Depreciation | (19,814) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,886 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 31,700 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 19,814 | ||
Powers Ferry Village [Member] | |||
Initial Cost | |||
Land | 1,191 | ||
Building & Improvements | 4,672 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 981 | ||
Total Cost | |||
Land | 1,191 | ||
Building & Improvements | 5,653 | ||
Total | 6,844 | ||
Accumulated Depreciation | (4,380) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,464 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 6,844 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,380 | ||
Prairie City Crossing [Member] | |||
Initial Cost | |||
Land | 4,164 | ||
Building & Improvements | 13,032 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 821 | ||
Total Cost | |||
Land | 4,164 | ||
Building & Improvements | 13,853 | ||
Total | 18,017 | ||
Accumulated Depreciation | (7,381) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,636 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,017 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,381 | ||
Preston Oaks [Member] | |||
Initial Cost | |||
Land | 763 | ||
Building & Improvements | 30,438 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (3,199) | ||
Total Cost | |||
Land | 1,423 | ||
Building & Improvements | 26,579 | ||
Total | 28,002 | ||
Accumulated Depreciation | (3,347) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 24,655 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 28,002 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,347 | ||
Prestonbrook [Member] | |||
Initial Cost | |||
Land | 7,069 | ||
Building & Improvements | 8,622 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,190 | ||
Total Cost | |||
Land | 7,069 | ||
Building & Improvements | 9,812 | ||
Total | 16,881 | ||
Accumulated Depreciation | (7,601) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,280 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,881 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,601 | ||
Prosperity Centre [Member] | |||
Initial Cost | |||
Land | 11,682 | ||
Building & Improvements | 26,215 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 250 | ||
Total Cost | |||
Land | 11,681 | ||
Building & Improvements | 26,466 | ||
Total | 38,147 | ||
Accumulated Depreciation | (4,665) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,482 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 38,147 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,665 | ||
Ralphs Circle Center [Member] | |||
Initial Cost | |||
Land | 20,939 | ||
Building & Improvements | 6,317 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 98 | ||
Total Cost | |||
Land | 20,939 | ||
Building & Improvements | 6,415 | ||
Total | 27,354 | ||
Accumulated Depreciation | (1,477) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,877 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,354 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,477 | ||
Red Bank Village [Member] | |||
Initial Cost | |||
Land | 10,336 | ||
Building & Improvements | 9,500 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,185 | ||
Total Cost | |||
Land | 9,755 | ||
Building & Improvements | 11,266 | ||
Total | 21,021 | ||
Accumulated Depreciation | (4,134) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,887 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 21,021 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,134 | ||
Regency Commons [Member] | |||
Initial Cost | |||
Land | 3,917 | ||
Building & Improvements | 3,616 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 314 | ||
Total Cost | |||
Land | 3,917 | ||
Building & Improvements | 3,930 | ||
Total | 7,847 | ||
Accumulated Depreciation | (2,848) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,999 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,847 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,848 | ||
Regency Square [Member] | |||
Initial Cost | |||
Land | 4,770 | ||
Building & Improvements | 25,191 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 6,797 | ||
Total Cost | |||
Land | 5,060 | ||
Building & Improvements | 31,698 | ||
Total | 36,758 | ||
Accumulated Depreciation | (25,706) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,052 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,758 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 25,706 | ||
Rivertowns Square [Member] | |||
Initial Cost | |||
Land | 15,505 | ||
Building & Improvements | 52,505 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,994 | ||
Total Cost | |||
Land | 16,853 | ||
Building & Improvements | 54,151 | ||
Total | 71,004 | ||
Accumulated Depreciation | (6,386) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 64,618 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 71,004 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,386 | ||
Rona Plaza [Member] | |||
Initial Cost | |||
Land | 1,500 | ||
Building & Improvements | 4,917 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 337 | ||
Total Cost | |||
Land | 1,500 | ||
Building & Improvements | 5,254 | ||
Total | 6,754 | ||
Accumulated Depreciation | (3,375) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,379 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 6,754 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,375 | ||
Roosevelt Square [Member] | |||
Initial Cost | |||
Land | 40,371 | ||
Building & Improvements | 32,108 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,040 | ||
Total Cost | |||
Land | 40,382 | ||
Building & Improvements | 37,137 | ||
Total | 77,519 | ||
Accumulated Depreciation | (4,308) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 73,211 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 77,519 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,308 | ||
Russell Ridge [Member] | |||
Initial Cost | |||
Land | 2,234 | ||
Building & Improvements | 6,903 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,593 | ||
Total Cost | |||
Land | 2,234 | ||
Building & Improvements | 8,496 | ||
Total | 10,730 | ||
Accumulated Depreciation | (5,866) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 4,864 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,730 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,866 | ||
Ryanwood Square [Member] | |||
Initial Cost | |||
Land | 10,581 | ||
Building & Improvements | 10,044 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 157 | ||
Total Cost | |||
Land | 10,573 | ||
Building & Improvements | 10,209 | ||
Total | 20,782 | ||
Accumulated Depreciation | (2,493) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,289 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,782 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,493 | ||
Salerno Village [Member] | |||
Initial Cost | |||
Land | 1,355 | ||
Total Cost | |||
Land | 1,355 | ||
Total | 1,355 | ||
Accumulated Depreciation | (24) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 1,331 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 1,355 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 24 | ||
Sammamish-Highlands [Member] | |||
Initial Cost | |||
Land | 9,300 | ||
Building & Improvements | 8,075 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 8,730 | ||
Total Cost | |||
Land | 9,592 | ||
Building & Improvements | 16,513 | ||
Total | 26,105 | ||
Accumulated Depreciation | (10,929) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 15,176 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,105 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,929 | ||
San Carlos Marketplace [Member] | |||
Initial Cost | |||
Land | 36,006 | ||
Building & Improvements | 57,886 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 415 | ||
Total Cost | |||
Land | 36,006 | ||
Building & Improvements | 58,301 | ||
Total | 94,307 | ||
Accumulated Depreciation | (8,282) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 86,025 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 94,307 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,282 | ||
San Leandro Plaza [Member] | |||
Initial Cost | |||
Land | 1,300 | ||
Building & Improvements | 8,226 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 998 | ||
Total Cost | |||
Land | 1,300 | ||
Building & Improvements | 9,224 | ||
Total | 10,524 | ||
Accumulated Depreciation | (5,401) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,123 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,524 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,401 | ||
Sandy Springs [Member] | |||
Initial Cost | |||
Land | 6,889 | ||
Building & Improvements | 28,056 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,777 | ||
Total Cost | |||
Land | 6,889 | ||
Building & Improvements | 31,833 | ||
Total | 38,722 | ||
Accumulated Depreciation | (10,027) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,695 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 38,722 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,027 | ||
Sawgrass Promenade [Member] | |||
Initial Cost | |||
Land | 10,846 | ||
Building & Improvements | 12,525 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 462 | ||
Total Cost | |||
Land | 10,846 | ||
Building & Improvements | 12,987 | ||
Total | 23,833 | ||
Accumulated Depreciation | (2,733) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,100 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 23,833 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,733 | ||
Scripps Ranch Marketplace [Member] | |||
Initial Cost | |||
Land | 59,949 | ||
Building & Improvements | 26,334 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 742 | ||
Total Cost | |||
Land | 59,949 | ||
Building & Improvements | 27,076 | ||
Total | 87,025 | ||
Accumulated Depreciation | (4,080) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 82,945 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 87,025 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,080 | ||
Serramonte Center [Member] | |||
Initial Cost | |||
Land | 390,106 | ||
Building & Improvements | 172,652 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 61,634 | ||
Total Cost | |||
Land | 414,599 | ||
Building & Improvements | 209,793 | ||
Total | 624,392 | ||
Accumulated Depreciation | (53,682) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 570,710 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 624,392 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 53,682 | ||
Shaw's at Plymouth [Member] | |||
Initial Cost | |||
Land | 3,968 | ||
Building & Improvements | 8,367 | ||
Total Cost | |||
Land | 3,968 | ||
Building & Improvements | 8,367 | ||
Total | 12,335 | ||
Accumulated Depreciation | (1,755) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,580 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,335 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,755 | ||
Sheridan Plaza [Member] | |||
Initial Cost | |||
Land | 82,260 | ||
Building & Improvements | 97,273 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 10,933 | ||
Total Cost | |||
Land | 83,231 | ||
Building & Improvements | 107,235 | ||
Total | 190,466 | ||
Accumulated Depreciation | (17,647) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 172,819 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 190,466 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,647 | ||
Sherwood Crossroads [Member] | |||
Initial Cost | |||
Land | 2,731 | ||
Building & Improvements | 6,360 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,254 | ||
Total Cost | |||
Land | 2,731 | ||
Building & Improvements | 7,614 | ||
Total | 10,345 | ||
Accumulated Depreciation | (3,999) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,346 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,345 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,999 | ||
Shiloh Springs [Member] | |||
Initial Cost | |||
Land | 5,236 | ||
Building & Improvements | 11,802 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 152 | ||
Total Cost | |||
Land | 5,236 | ||
Building & Improvements | 11,954 | ||
Total | 17,190 | ||
Accumulated Depreciation | (255) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,935 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,190 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 255 | ||
Shoppes @ 104 [Member] | |||
Initial Cost | |||
Land | 11,193 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,774 | ||
Total Cost | |||
Land | 7,078 | ||
Building & Improvements | 6,889 | ||
Total | 13,967 | ||
Accumulated Depreciation | (3,414) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,553 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,967 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,414 | ||
Shoppes at Homestead [Member] | |||
Initial Cost | |||
Land | 5,420 | ||
Building & Improvements | 9,450 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,248 | ||
Total Cost | |||
Land | 5,420 | ||
Building & Improvements | 11,698 | ||
Total | 17,118 | ||
Accumulated Depreciation | (7,072) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,046 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,118 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,072 | ||
Shoppes at Lago Mar [Member] | |||
Initial Cost | |||
Land | 8,323 | ||
Building & Improvements | 11,347 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 190 | ||
Total Cost | |||
Land | 8,323 | ||
Building & Improvements | 11,537 | ||
Total | 19,860 | ||
Accumulated Depreciation | (2,452) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 17,408 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,860 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,452 | ||
Shoppes at Sunlake Centre [Member] | |||
Initial Cost | |||
Land | 16,643 | ||
Building & Improvements | 15,091 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,047 | ||
Total Cost | |||
Land | 17,247 | ||
Building & Improvements | 17,534 | ||
Total | 34,781 | ||
Accumulated Depreciation | (3,924) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 30,857 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,781 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,924 | ||
Shoppes of Grande Oak [Member] | |||
Initial Cost | |||
Land | 5,091 | ||
Building & Improvements | 5,985 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 616 | ||
Total Cost | |||
Land | 5,091 | ||
Building & Improvements | 6,601 | ||
Total | 11,692 | ||
Accumulated Depreciation | (5,683) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,009 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,692 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,683 | ||
Shoppes of Jonathan's Landing [Member] | |||
Initial Cost | |||
Land | 4,474 | ||
Building & Improvements | 5,628 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 444 | ||
Total Cost | |||
Land | 4,474 | ||
Building & Improvements | 6,072 | ||
Total | 10,546 | ||
Accumulated Depreciation | (1,215) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,331 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,546 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,215 | ||
Shoppes of Oakbrook [Member] | |||
Initial Cost | |||
Land | 20,538 | ||
Building & Improvements | 42,992 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 172 | ||
Total Cost | |||
Land | 20,538 | ||
Building & Improvements | 43,164 | ||
Total | 63,702 | ||
Accumulated Depreciation | (7,207) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 56,495 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (1,564) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 63,702 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,207 | ||
Shoppes of Silver Lakes [Member] | |||
Initial Cost | |||
Land | 17,529 | ||
Building & Improvements | 21,829 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 702 | ||
Total Cost | |||
Land | 17,529 | ||
Building & Improvements | 22,531 | ||
Total | 40,060 | ||
Accumulated Depreciation | (4,670) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 35,390 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 40,060 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,670 | ||
Shoppes of Sunset [Member] | |||
Initial Cost | |||
Land | 2,860 | ||
Building & Improvements | 1,316 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 53 | ||
Total Cost | |||
Land | 2,860 | ||
Building & Improvements | 1,369 | ||
Total | 4,229 | ||
Accumulated Depreciation | (351) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,878 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 4,229 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 351 | ||
Shoppes of Sunset II [Member] | |||
Initial Cost | |||
Land | 2,834 | ||
Building & Improvements | 715 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3 | ||
Total Cost | |||
Land | 2,834 | ||
Building & Improvements | 718 | ||
Total | 3,552 | ||
Accumulated Depreciation | (233) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,319 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 3,552 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 233 | ||
Shops at County Center [Member] | |||
Initial Cost | |||
Land | 9,957 | ||
Building & Improvements | 11,296 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,110 | ||
Total Cost | |||
Land | 9,973 | ||
Building & Improvements | 12,390 | ||
Total | 22,363 | ||
Accumulated Depreciation | (11,028) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,335 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 22,363 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,028 | ||
Shops at Erwin Mill [Member] | |||
Initial Cost | |||
Land | 9,082 | ||
Building & Improvements | 6,124 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 392 | ||
Total Cost | |||
Land | 9,087 | ||
Building & Improvements | 6,511 | ||
Total | 15,598 | ||
Accumulated Depreciation | (3,543) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,055 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (10,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,598 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,543 | ||
Shops at John's Creek [Member] | |||
Initial Cost | |||
Land | 1,863 | ||
Building & Improvements | 2,014 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (50) | ||
Total Cost | |||
Land | 1,501 | ||
Building & Improvements | 2,326 | ||
Total | 3,827 | ||
Accumulated Depreciation | (1,571) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,256 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 3,827 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,571 | ||
Shops at Mira Vista [Member] | |||
Initial Cost | |||
Land | 11,691 | ||
Building & Improvements | 9,026 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 180 | ||
Total Cost | |||
Land | 11,691 | ||
Building & Improvements | 9,206 | ||
Total | 20,897 | ||
Accumulated Depreciation | (2,810) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,087 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (192) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,897 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,810 | ||
Shops at Quail Creek [Member] | |||
Initial Cost | |||
Land | 1,487 | ||
Building & Improvements | 7,717 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 882 | ||
Total Cost | |||
Land | 1,448 | ||
Building & Improvements | 8,638 | ||
Total | 10,086 | ||
Accumulated Depreciation | (4,428) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 5,658 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,086 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,428 | ||
Shops at Saugus [Member] | |||
Initial Cost | |||
Land | 19,201 | ||
Building & Improvements | 17,984 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 105 | ||
Total Cost | |||
Land | 18,811 | ||
Building & Improvements | 18,479 | ||
Total | 37,290 | ||
Accumulated Depreciation | (12,100) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,190 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,290 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,100 | ||
Shops at Skylake [Member] | |||
Initial Cost | |||
Land | 84,586 | ||
Building & Improvements | 39,342 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,880 | ||
Total Cost | |||
Land | 85,117 | ||
Building & Improvements | 40,691 | ||
Total | 125,808 | ||
Accumulated Depreciation | (8,989) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 116,819 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 125,808 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,989 | ||
Shops on Main [Member] | |||
Initial Cost | |||
Land | 17,020 | ||
Building & Improvements | 27,055 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 16,102 | ||
Total Cost | |||
Land | 18,534 | ||
Building & Improvements | 41,643 | ||
Total | 60,177 | ||
Accumulated Depreciation | (14,424) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 45,753 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 60,177 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,424 | ||
Sope Creek Crossing [Member] | |||
Initial Cost | |||
Land | 2,985 | ||
Building & Improvements | 12,001 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,445 | ||
Total Cost | |||
Land | 3,332 | ||
Building & Improvements | 15,099 | ||
Total | 18,431 | ||
Accumulated Depreciation | (9,725) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,706 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,431 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,725 | ||
South Beach Regional [Member] | |||
Initial Cost | |||
Land | 28,188 | ||
Building & Improvements | 53,405 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 975 | ||
Total Cost | |||
Land | 28,188 | ||
Building & Improvements | 54,380 | ||
Total | 82,568 | ||
Accumulated Depreciation | (10,337) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 72,231 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 82,568 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,337 | ||
South Point [Member] | |||
Initial Cost | |||
Land | 6,563 | ||
Building & Improvements | 7,939 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 309 | ||
Total Cost | |||
Land | 6,563 | ||
Building & Improvements | 8,248 | ||
Total | 14,811 | ||
Accumulated Depreciation | (1,706) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,105 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,811 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,706 | ||
Southbury Green [Member] | |||
Initial Cost | |||
Land | 26,661 | ||
Building & Improvements | 34,325 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,725 | ||
Total Cost | |||
Land | 29,743 | ||
Building & Improvements | 36,968 | ||
Total | 66,711 | ||
Accumulated Depreciation | (6,627) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 60,084 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 66,711 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,627 | ||
Southcenter [Member] | |||
Initial Cost | |||
Land | 1,300 | ||
Building & Improvements | 12,750 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,024 | ||
Total Cost | |||
Land | 1,300 | ||
Building & Improvements | 14,774 | ||
Total | 16,074 | ||
Accumulated Depreciation | (8,981) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,093 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,074 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,981 | ||
Southpark at Cinco Ranch [Member] | |||
Initial Cost | |||
Land | 18,395 | ||
Building & Improvements | 11,306 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 7,408 | ||
Total Cost | |||
Land | 21,438 | ||
Building & Improvements | 15,671 | ||
Total | 37,109 | ||
Accumulated Depreciation | (8,254) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,855 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,109 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,254 | ||
SouthPoint Crossing [Member] | |||
Initial Cost | |||
Land | 4,412 | ||
Building & Improvements | 12,235 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,408 | ||
Total Cost | |||
Land | 4,382 | ||
Building & Improvements | 13,673 | ||
Total | 18,055 | ||
Accumulated Depreciation | (8,015) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,040 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 18,055 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,015 | ||
Starke [Member] | |||
Initial Cost | |||
Land | 71 | ||
Building & Improvements | 1,683 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11 | ||
Total Cost | |||
Land | 71 | ||
Building & Improvements | 1,694 | ||
Total | 1,765 | ||
Accumulated Depreciation | (900) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 865 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 1,765 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 900 | ||
Star's at Cambridge [Member] | |||
Initial Cost | |||
Land | 31,082 | ||
Building & Improvements | 13,520 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (1) | ||
Total Cost | |||
Land | 31,082 | ||
Building & Improvements | 13,519 | ||
Total | 44,601 | ||
Accumulated Depreciation | (2,424) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 42,177 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 44,601 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,424 | ||
Star's at Quincy [Member] | |||
Initial Cost | |||
Land | 27,003 | ||
Building & Improvements | 9,425 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1 | ||
Total Cost | |||
Land | 27,003 | ||
Building & Improvements | 9,426 | ||
Total | 36,429 | ||
Accumulated Depreciation | (2,388) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 34,041 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,429 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,388 | ||
Star's at West Roxbury [Member] | |||
Initial Cost | |||
Land | 21,973 | ||
Building & Improvements | 13,386 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 36 | ||
Total Cost | |||
Land | 21,973 | ||
Building & Improvements | 13,422 | ||
Total | 35,395 | ||
Accumulated Depreciation | (2,413) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,982 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,395 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,413 | ||
Sterling Ridge [Member] | |||
Initial Cost | |||
Land | 12,846 | ||
Building & Improvements | 12,162 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,037 | ||
Total Cost | |||
Land | 12,846 | ||
Building & Improvements | 13,199 | ||
Total | 26,045 | ||
Accumulated Depreciation | (10,606) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 15,439 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,045 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,606 | ||
Stroh Ranch [Member] | |||
Initial Cost | |||
Land | 4,280 | ||
Building & Improvements | 8,189 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 710 | ||
Total Cost | |||
Land | 4,280 | ||
Building & Improvements | 8,899 | ||
Total | 13,179 | ||
Accumulated Depreciation | (7,024) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,155 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,179 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,024 | ||
Suncoast Crossing [Member] | |||
Initial Cost | |||
Land | 9,030 | ||
Building & Improvements | 10,764 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,522 | ||
Total Cost | |||
Land | 13,374 | ||
Building & Improvements | 10,942 | ||
Total | 24,316 | ||
Accumulated Depreciation | (8,390) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 15,926 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 24,316 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,390 | ||
Talega Village Center [Member] | |||
Initial Cost | |||
Land | 22,415 | ||
Building & Improvements | 12,054 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 49 | ||
Total Cost | |||
Land | 22,415 | ||
Building & Improvements | 12,103 | ||
Total | 34,518 | ||
Accumulated Depreciation | (2,144) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,374 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 34,518 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,144 | ||
Tamarac Town Square [Member] | |||
Initial Cost | |||
Land | 12,584 | ||
Building & Improvements | 9,221 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,369 | ||
Total Cost | |||
Land | 12,584 | ||
Building & Improvements | 10,590 | ||
Total | 23,174 | ||
Accumulated Depreciation | (2,323) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 20,851 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 23,174 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,323 | ||
Tanasbourne Market [Member] | |||
Initial Cost | |||
Land | 3,269 | ||
Building & Improvements | 10,861 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (290) | ||
Total Cost | |||
Land | 3,149 | ||
Building & Improvements | 10,691 | ||
Total | 13,840 | ||
Accumulated Depreciation | (6,320) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,520 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,840 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,320 | ||
Tassajara Crossing [Member] | |||
Initial Cost | |||
Land | 8,560 | ||
Building & Improvements | 15,464 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,057 | ||
Total Cost | |||
Land | 8,560 | ||
Building & Improvements | 17,521 | ||
Total | 26,081 | ||
Accumulated Depreciation | (10,152) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 15,929 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,081 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,152 | ||
Tech Ridge Center [Member] | |||
Initial Cost | |||
Land | 12,945 | ||
Building & Improvements | 37,169 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,839 | ||
Total Cost | |||
Land | 13,589 | ||
Building & Improvements | 40,364 | ||
Total | 53,953 | ||
Accumulated Depreciation | (16,109) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,844 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (2,066) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 53,953 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,109 | ||
The Abbot [Member] | |||
Initial Cost | |||
Land | 72,910 | ||
Building & Improvements | 6,086 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (5,444) | ||
Total Cost | |||
Land | 72,910 | ||
Building & Improvements | 642 | ||
Total | 73,552 | ||
Accumulated Depreciation | (107) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 73,445 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 73,552 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 107 | ||
The Crossing Clarendon [Member] | |||
Initial Cost | |||
Land | 154,932 | ||
Building & Improvements | 126,328 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 33,694 | ||
Total Cost | |||
Land | 157,964 | ||
Building & Improvements | 156,990 | ||
Total | 314,954 | ||
Accumulated Depreciation | (21,897) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 293,057 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 314,954 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 21,897 | ||
The Field at Commonwealth [Member] | |||
Initial Cost | |||
Land | 30,914 | ||
Building & Improvements | 18,053 | ||
Total Cost | |||
Land | 30,915 | ||
Building & Improvements | 18,052 | ||
Total | 48,967 | ||
Accumulated Depreciation | (5,612) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 43,355 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 48,967 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,612 | ||
The Gallery at Westbury Plaza [Member] | |||
Initial Cost | |||
Land | 108,653 | ||
Building & Improvements | 216,771 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,082 | ||
Total Cost | |||
Land | 108,653 | ||
Building & Improvements | 219,853 | ||
Total | 328,506 | ||
Accumulated Depreciation | (34,260) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 294,246 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 328,506 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 34,260 | ||
The Hub Hillcrest Market [Member] | |||
Initial Cost | |||
Land | 18,773 | ||
Building & Improvements | 61,906 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,813 | ||
Total Cost | |||
Land | 19,611 | ||
Building & Improvements | 66,881 | ||
Total | 86,492 | ||
Accumulated Depreciation | (18,830) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 67,662 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 86,492 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 18,830 | ||
The Marketplace [Member] | |||
Initial Cost | |||
Land | 10,927 | ||
Building & Improvements | 36,052 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 701 | ||
Total Cost | |||
Land | 10,927 | ||
Building & Improvements | 36,753 | ||
Total | 47,680 | ||
Accumulated Depreciation | (5,931) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 41,749 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 47,680 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,931 | ||
The Plaza at St. Lucie West [Member] | |||
Initial Cost | |||
Land | 1,718 | ||
Building & Improvements | 6,204 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (15) | ||
Total Cost | |||
Land | 1,718 | ||
Building & Improvements | 6,189 | ||
Total | 7,907 | ||
Accumulated Depreciation | (1,097) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 6,810 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 7,907 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,097 | ||
The Point at Garden City Park [Member] | |||
Initial Cost | |||
Land | 741 | ||
Building & Improvements | 9,764 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,836 | ||
Total Cost | |||
Land | 2,559 | ||
Building & Improvements | 13,782 | ||
Total | 16,341 | ||
Accumulated Depreciation | (3,686) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 12,655 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,341 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,686 | ||
The Pruneyard [Member] | |||
Initial Cost | |||
Land | 112,136 | ||
Building & Improvements | 86,918 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,863 | ||
Total Cost | |||
Land | 112,136 | ||
Building & Improvements | 88,781 | ||
Total | 200,917 | ||
Accumulated Depreciation | (8,060) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 192,857 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (2,200) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 200,917 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,060 | ||
The Shops at Hampton Oaks [Member] | |||
Initial Cost | |||
Land | 843 | ||
Building & Improvements | 372 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 85 | ||
Total Cost | |||
Land | 737 | ||
Building & Improvements | 563 | ||
Total | 1,300 | ||
Accumulated Depreciation | (101) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 1,199 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 1,300 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 101 | ||
The Village at Hunter's Lake [Member] | |||
Initial Cost | |||
Land | 9,666 | ||
Building & Improvements | 12,900 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 6 | ||
Total Cost | |||
Land | 9,666 | ||
Building & Improvements | 12,906 | ||
Total | 22,572 | ||
Accumulated Depreciation | (1,231) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 21,341 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 22,572 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,231 | ||
The Village at Riverstone [Member] | |||
Initial Cost | |||
Land | 17,179 | ||
Building & Improvements | 13,013 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (104) | ||
Total Cost | |||
Land | 17,179 | ||
Building & Improvements | 12,909 | ||
Total | 30,088 | ||
Accumulated Depreciation | (2,347) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,741 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 30,088 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,347 | ||
Town and Country [Member] | |||
Initial Cost | |||
Land | 4,664 | ||
Building & Improvements | 5,207 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 22 | ||
Total Cost | |||
Land | 4,664 | ||
Building & Improvements | 5,229 | ||
Total | 9,893 | ||
Accumulated Depreciation | (1,558) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,335 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,893 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,558 | ||
Town Square [Member] | |||
Initial Cost | |||
Land | 883 | ||
Building & Improvements | 8,132 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 193 | ||
Total Cost | |||
Land | 883 | ||
Building & Improvements | 8,325 | ||
Total | 9,208 | ||
Accumulated Depreciation | (5,462) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,746 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,208 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,462 | ||
Treasure Coast Plaza [Member] | |||
Initial Cost | |||
Land | 7,553 | ||
Building & Improvements | 21,554 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,024 | ||
Total Cost | |||
Land | 7,553 | ||
Building & Improvements | 22,578 | ||
Total | 30,131 | ||
Accumulated Depreciation | (4,296) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 25,835 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (1,598) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 30,131 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,296 | ||
Tustin Legacy [Member] | |||
Initial Cost | |||
Land | 13,829 | ||
Building & Improvements | 23,922 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 8 | ||
Total Cost | |||
Land | 13,828 | ||
Building & Improvements | 23,931 | ||
Total | 37,759 | ||
Accumulated Depreciation | (4,988) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,771 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 37,759 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,988 | ||
Twin City Plaza [Member] | |||
Initial Cost | |||
Land | 17,245 | ||
Building & Improvements | 44,225 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,606 | ||
Total Cost | |||
Land | 17,263 | ||
Building & Improvements | 46,813 | ||
Total | 64,076 | ||
Accumulated Depreciation | (20,005) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 44,071 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 64,076 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 20,005 | ||
Twin Peaks [Member] | |||
Initial Cost | |||
Land | 5,200 | ||
Building & Improvements | 25,827 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9,444 | ||
Total Cost | |||
Land | 6,067 | ||
Building & Improvements | 34,404 | ||
Total | 40,471 | ||
Accumulated Depreciation | (16,598) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 23,873 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 40,471 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,598 | ||
Unigold Shopping Center [Member] | |||
Initial Cost | |||
Land | 5,490 | ||
Building & Improvements | 5,144 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 6,625 | ||
Total Cost | |||
Land | 5,561 | ||
Building & Improvements | 11,698 | ||
Total | 17,259 | ||
Accumulated Depreciation | (3,818) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 13,441 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 17,259 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,818 | ||
University Commons [Member] | |||
Initial Cost | |||
Land | 4,070 | ||
Building & Improvements | 30,785 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 529 | ||
Total Cost | |||
Land | 4,070 | ||
Building & Improvements | 31,314 | ||
Total | 35,384 | ||
Accumulated Depreciation | (7,967) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,417 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 35,384 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,967 | ||
Valencia Crossroads [Member] | |||
Initial Cost | |||
Land | 17,921 | ||
Building & Improvements | 17,659 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,349 | ||
Total Cost | |||
Land | 17,921 | ||
Building & Improvements | 19,008 | ||
Total | 36,929 | ||
Accumulated Depreciation | (17,083) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 19,846 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 36,929 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 17,083 | ||
Valley Stream [Member] | |||
Initial Cost | |||
Land | 13,297 | ||
Building & Improvements | 16,241 | ||
Total Cost | |||
Land | 13,297 | ||
Building & Improvements | 16,241 | ||
Total | 29,538 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 29,538 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 29,538 | ||
Village at La Floresta [Member] | |||
Initial Cost | |||
Land | 13,140 | ||
Building & Improvements | 20,559 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (341) | ||
Total Cost | |||
Land | 13,156 | ||
Building & Improvements | 20,202 | ||
Total | 33,358 | ||
Accumulated Depreciation | (6,566) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 26,792 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,358 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,566 | ||
Village at Lee Airpark [Member] | |||
Initial Cost | |||
Land | 11,099 | ||
Building & Improvements | 12,975 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,380 | ||
Total Cost | |||
Land | 11,803 | ||
Building & Improvements | 15,651 | ||
Total | 27,454 | ||
Accumulated Depreciation | (12,485) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,969 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,454 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,485 | ||
Village Center [Member] | |||
Initial Cost | |||
Land | 3,885 | ||
Building & Improvements | 14,131 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9,786 | ||
Total Cost | |||
Land | 5,480 | ||
Building & Improvements | 22,322 | ||
Total | 27,802 | ||
Accumulated Depreciation | (11,968) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 15,834 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 27,802 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,968 | ||
Von's Circle Center [Member] | |||
Initial Cost | |||
Land | 49,037 | ||
Building & Improvements | 22,618 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 590 | ||
Total Cost | |||
Land | 49,037 | ||
Building & Improvements | 23,208 | ||
Total | 72,245 | ||
Accumulated Depreciation | (4,333) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 67,912 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (5,751) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 72,245 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,333 | ||
Wading River [Member] | |||
Initial Cost | |||
Land | 14,969 | ||
Building & Improvements | 18,641 | ||
Total Cost | |||
Land | 14,969 | ||
Building & Improvements | 18,641 | ||
Total | 33,610 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,610 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,610 | ||
Walker Center [Member] | |||
Initial Cost | |||
Land | 3,840 | ||
Building & Improvements | 7,232 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,240 | ||
Total Cost | |||
Land | 3,878 | ||
Building & Improvements | 11,434 | ||
Total | 15,312 | ||
Accumulated Depreciation | (8,131) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,181 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 15,312 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,131 | ||
Walmart Norwalk [Member] | |||
Initial Cost | |||
Land | 20,394 | ||
Building & Improvements | 21,261 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9 | ||
Total Cost | |||
Land | 20,394 | ||
Building & Improvements | 21,270 | ||
Total | 41,664 | ||
Accumulated Depreciation | (4,510) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 37,154 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 41,664 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,510 | ||
Waterstone Plaza [Member] | |||
Initial Cost | |||
Land | 5,498 | ||
Building & Improvements | 13,500 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 62 | ||
Total Cost | |||
Land | 5,498 | ||
Building & Improvements | 13,562 | ||
Total | 19,060 | ||
Accumulated Depreciation | (2,531) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,529 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,060 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,531 | ||
Welleby Plaza [Member] | |||
Initial Cost | |||
Land | 1,496 | ||
Building & Improvements | 7,787 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,733 | ||
Total Cost | |||
Land | 1,496 | ||
Building & Improvements | 9,520 | ||
Total | 11,016 | ||
Accumulated Depreciation | (8,532) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 2,484 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 11,016 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,532 | ||
Wellington Town Square [Member] | |||
Initial Cost | |||
Land | 2,041 | ||
Building & Improvements | 12,131 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,192 | ||
Total Cost | |||
Land | 2,597 | ||
Building & Improvements | 13,767 | ||
Total | 16,364 | ||
Accumulated Depreciation | (7,128) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,236 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,364 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,128 | ||
West Bird Plaza [Member] | |||
Initial Cost | |||
Land | 12,934 | ||
Building & Improvements | 18,594 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,430 | ||
Total Cost | |||
Land | 15,209 | ||
Building & Improvements | 18,749 | ||
Total | 33,958 | ||
Accumulated Depreciation | (1,914) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 32,044 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 33,958 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,914 | ||
West Chester Plaza [Member] | |||
Initial Cost | |||
Land | 1,857 | ||
Building & Improvements | 7,572 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 668 | ||
Total Cost | |||
Land | 1,857 | ||
Building & Improvements | 8,240 | ||
Total | 10,097 | ||
Accumulated Depreciation | (6,430) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,667 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 10,097 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,430 | ||
West Lake Shopping Center [Member] | |||
Initial Cost | |||
Land | 10,561 | ||
Building & Improvements | 9,792 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 162 | ||
Total Cost | |||
Land | 10,561 | ||
Building & Improvements | 9,954 | ||
Total | 20,515 | ||
Accumulated Depreciation | (2,449) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 18,066 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 20,515 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,449 | ||
West Park Plaza [Member] | |||
Initial Cost | |||
Land | 5,840 | ||
Building & Improvements | 5,759 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,478 | ||
Total Cost | |||
Land | 5,840 | ||
Building & Improvements | 8,237 | ||
Total | 14,077 | ||
Accumulated Depreciation | (4,870) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,207 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,077 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,870 | ||
Westbard Square [Member] | |||
Initial Cost | |||
Land | 127,859 | ||
Building & Improvements | 21,514 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (2,052) | ||
Total Cost | |||
Land | 127,569 | ||
Building & Improvements | 19,752 | ||
Total | 147,321 | ||
Accumulated Depreciation | (19,052) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 128,269 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 147,321 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 19,052 | ||
Westbury Plaza [Member] | |||
Initial Cost | |||
Land | 116,129 | ||
Building & Improvements | 51,460 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,073 | ||
Total Cost | |||
Land | 117,396 | ||
Building & Improvements | 55,266 | ||
Total | 172,662 | ||
Accumulated Depreciation | (10,521) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 162,141 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (88,000) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 172,662 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,521 | ||
Westchase [Member] | |||
Initial Cost | |||
Land | 5,302 | ||
Building & Improvements | 8,273 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,129 | ||
Total Cost | |||
Land | 5,302 | ||
Building & Improvements | 9,402 | ||
Total | 14,704 | ||
Accumulated Depreciation | (4,430) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,274 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,704 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,430 | ||
Westchester Commons [Member] | |||
Initial Cost | |||
Land | 3,366 | ||
Building & Improvements | 11,751 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 10,944 | ||
Total Cost | |||
Land | 4,894 | ||
Building & Improvements | 21,167 | ||
Total | 26,061 | ||
Accumulated Depreciation | (9,671) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 16,390 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 26,061 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,671 | ||
Westlake Village Plaza [Member] | |||
Initial Cost | |||
Land | 7,043 | ||
Building & Improvements | 27,195 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 30,201 | ||
Total Cost | |||
Land | 17,620 | ||
Building & Improvements | 46,819 | ||
Total | 64,439 | ||
Accumulated Depreciation | (30,965) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 33,474 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 64,439 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 30,965 | ||
Westport Plaza [Member] | |||
Initial Cost | |||
Land | 9,035 | ||
Building & Improvements | 7,455 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (42) | ||
Total Cost | |||
Land | 9,035 | ||
Building & Improvements | 7,413 | ||
Total | 16,448 | ||
Accumulated Depreciation | (1,623) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 14,825 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (1,789) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 16,448 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,623 | ||
Westport Row [Member] | |||
Initial Cost | |||
Land | 43,597 | ||
Building & Improvements | 16,428 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,937 | ||
Total Cost | |||
Land | 45,260 | ||
Building & Improvements | 20,702 | ||
Total | 65,962 | ||
Accumulated Depreciation | (4,278) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 61,684 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 65,962 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,278 | ||
Westwood Village [Member] | |||
Initial Cost | |||
Land | 19,933 | ||
Building & Improvements | 25,301 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (1,596) | ||
Total Cost | |||
Land | 18,979 | ||
Building & Improvements | 24,659 | ||
Total | 43,638 | ||
Accumulated Depreciation | (16,464) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 27,174 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 43,638 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,464 | ||
Willa Springs [Member] | |||
Initial Cost | |||
Land | 13,322 | ||
Building & Improvements | 15,314 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 7 | ||
Total Cost | |||
Land | 13,322 | ||
Building & Improvements | 15,321 | ||
Total | 28,643 | ||
Accumulated Depreciation | (240) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 28,403 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | (16,700) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 28,643 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 240 | ||
Williamsburg at Dunwoody [Member] | |||
Initial Cost | |||
Land | 7,435 | ||
Building & Improvements | 3,721 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 940 | ||
Total Cost | |||
Land | 7,444 | ||
Building & Improvements | 4,652 | ||
Total | 12,096 | ||
Accumulated Depreciation | (1,248) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 10,848 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 12,096 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,248 | ||
Willow Festival [Member] | |||
Initial Cost | |||
Land | 1,954 | ||
Building & Improvements | 56,501 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,384 | ||
Total Cost | |||
Land | 1,976 | ||
Building & Improvements | 59,863 | ||
Total | 61,839 | ||
Accumulated Depreciation | (20,061) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 41,778 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 61,839 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 20,061 | ||
Willow Oaks [Member] | |||
Initial Cost | |||
Land | 6,664 | ||
Building & Improvements | 7,908 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (359) | ||
Total Cost | |||
Land | 6,294 | ||
Building & Improvements | 7,919 | ||
Total | 14,213 | ||
Accumulated Depreciation | (3,049) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 11,164 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 14,213 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,049 | ||
Willows Shopping Center [Member] | |||
Initial Cost | |||
Land | 51,964 | ||
Building & Improvements | 78,029 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,261 | ||
Total Cost | |||
Land | 51,992 | ||
Building & Improvements | 79,262 | ||
Total | 131,254 | ||
Accumulated Depreciation | (12,489) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 118,765 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 131,254 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,489 | ||
Woodcroft Shopping Center [Member] | |||
Initial Cost | |||
Land | 1,419 | ||
Building & Improvements | 6,284 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,480 | ||
Total Cost | |||
Land | 1,421 | ||
Building & Improvements | 7,762 | ||
Total | 9,183 | ||
Accumulated Depreciation | (5,289) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3,894 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,183 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,289 | ||
Woodman Van Nuys [Member] | |||
Initial Cost | |||
Land | 5,500 | ||
Building & Improvements | 7,195 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 440 | ||
Total Cost | |||
Land | 5,500 | ||
Building & Improvements | 7,635 | ||
Total | 13,135 | ||
Accumulated Depreciation | (4,526) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,609 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,135 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,526 | ||
Woodmen Plaza [Member] | |||
Initial Cost | |||
Land | 7,621 | ||
Building & Improvements | 11,018 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,330 | ||
Total Cost | |||
Land | 7,621 | ||
Building & Improvements | 12,348 | ||
Total | 19,969 | ||
Accumulated Depreciation | (11,665) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 8,304 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 19,969 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,665 | ||
Woodside Central [Member] | |||
Initial Cost | |||
Land | 3,500 | ||
Building & Improvements | 9,288 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 639 | ||
Total Cost | |||
Land | 3,489 | ||
Building & Improvements | 9,938 | ||
Total | 13,427 | ||
Accumulated Depreciation | (5,954) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 7,473 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 13,427 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,954 | ||
Corporate Assets [Member] | |||
Initial Cost | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,333 | ||
Total Cost | |||
Building & Improvements | 1,333 | ||
Total | 1,333 | ||
Accumulated Depreciation | (1,330) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 3 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 1,333 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,330 | ||
Land held for future development [Member] | |||
Initial Cost | |||
Land | 13,248 | ||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | (4,111) | ||
Total Cost | |||
Land | 9,137 | ||
Total | 9,137 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 9,137 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | 9,137 | ||
Construction in progress [Member] | |||
Initial Cost | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 139,300 | ||
Total Cost | |||
Building & Improvements | 139,300 | ||
Total | 139,300 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net | 139,300 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Ending balance | $ 139,300 |