Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GLIMCHER REALTY TRUST | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 145,710,403 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000912898 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate: | ' | ' |
Land | $409,191 | $401,325 |
Buildings, improvements and equipment | 2,747,349 | 2,729,775 |
Developments in progress | 73,415 | 53,992 |
3,229,955 | 3,185,092 | |
Less accumulated depreciation | 843,274 | 801,654 |
Property and equipment, net | 2,386,681 | 2,383,438 |
Deferred costs, net | 35,480 | 35,388 |
Real estate assets held-for-sale | 3,658 | 5,667 |
Investment in and advances to unconsolidated real estate entities | 33,500 | 30,428 |
Investment in real estate, net | 2,459,319 | 2,454,921 |
Cash and cash equivalents | 18,455 | 59,614 |
Non-real estate assets associated with property held-for-sale | 0 | 51 |
Restricted cash | 21,545 | 33,674 |
Tenant accounts receivable, net | 33,922 | 37,062 |
Deferred expenses, net | 15,719 | 17,457 |
Prepaid and other assets | 54,486 | 55,230 |
Total assets | 2,603,446 | 2,658,009 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Mortgage notes payable | 1,702,425 | 1,846,573 |
Notes payable | 133,000 | 0 |
Accounts payable and accrued expenses | 134,689 | 136,670 |
Distributions payable | 20,188 | 20,081 |
Total liabilities | 1,990,310 | 2,004,743 |
Redeemable noncontrolling interests | 5,678 | 1,886 |
Glimcher Realty Trust shareholders’ equity: | ' | ' |
Common Shares of Beneficial Interest, $0.01 par value, 145,709,167 and 145,075,115 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 1,457 | 1,451 |
Additional paid-in capital | 1,294,359 | 1,289,097 |
Distributions in excess of accumulated earnings | -997,997 | -949,442 |
Accumulated other comprehensive loss | -802 | -1,022 |
Total Glimcher Realty Trust shareholders’ equity | 594,942 | 638,009 |
Noncontrolling interests | 12,516 | 13,371 |
Total equity | 607,458 | 651,380 |
Total liabilities, redeemable noncontrolling interests, and equity | 2,603,446 | 2,658,009 |
Series G Preferred Stock [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Distributions payable | 2,387 | 2,387 |
Glimcher Realty Trust shareholders’ equity: | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, value | 109,868 | 109,868 |
Series H Preferred Stock [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Distributions payable | 1,875 | 1,875 |
Glimcher Realty Trust shareholders’ equity: | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, value | 96,466 | 96,466 |
Series I Preferred Stock [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Distributions payable | 1,633 | 1,633 |
Glimcher Realty Trust shareholders’ equity: | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, value | 91,591 | 91,591 |
Mortgage Notes Payable Associated With Properties Held-for-sale [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Mortgage note payable associated with property held-for-sale | 0 | 1,330 |
Other Liabilities [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY | ' | ' |
Other liabilities associated with assets held-for-sale | $8 | $89 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common Shares of Beneficial Interest, par value (in Dollars per share) | $0.01 | $0.01 |
Common Shares of Beneficial Interest, shares issued | 145,709,167 | 145,075,115 |
Common Shares of Beneficial Interest, shares outstanding | 145,709,167 | 145,075,115 |
Series G Preferred Stock [Member] | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, par value (in Dollars per share) | $0.01 | $0.01 |
Cumulative Preferred Shares of Beneficial Interest, shares issued | 4,700,000 | 4,700,000 |
Cumulative Preferred Shares of Beneficial Interest, shares outstanding | 4,700,000 | 4,700,000 |
Series H Preferred Stock [Member] | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, par value (in Dollars per share) | $0.01 | $0.01 |
Cumulative Preferred Shares of Beneficial Interest, shares issued | 4,000,000 | 4,000,000 |
Cumulative Preferred Shares of Beneficial Interest, shares outstanding | 4,000,000 | 4,000,000 |
Series I Preferred Stock [Member] | ' | ' |
Cumulative Preferred Shares of Beneficial Interest, par value (in Dollars per share) | $0.01 | $0.01 |
Cumulative Preferred Shares of Beneficial Interest, shares issued | 3,800,000 | 3,800,000 |
Cumulative Preferred Shares of Beneficial Interest, shares outstanding | 3,800,000 | 3,800,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Minimum rents | $60,653 | $57,666 | $180,752 | $168,641 |
Percentage rents | 3,298 | 3,225 | 7,624 | 7,141 |
Tenant reimbursements | 29,846 | 28,494 | 87,526 | 80,250 |
Other revenues | 4,537 | 3,720 | 13,535 | 18,209 |
Total revenues | 98,334 | 93,105 | 289,437 | 274,241 |
Expenses: | ' | ' | ' | ' |
Property operating expenses | 21,898 | 21,107 | 64,105 | 58,103 |
Real estate taxes | 11,936 | 10,957 | 35,042 | 32,322 |
Provision for doubtful accounts | 181 | 394 | 860 | 2,139 |
Other operating expenses | 3,603 | 4,147 | 11,667 | 17,422 |
Depreciation and amortization | 31,933 | 29,383 | 94,336 | 81,989 |
General and administrative | 6,926 | 6,889 | 22,037 | 20,659 |
Merger related costs | 5,588 | 0 | 5,588 | 0 |
Total expenses | 82,065 | 72,877 | 233,635 | 212,634 |
Operating income | 16,269 | 20,228 | 55,802 | 61,607 |
Interest income | 65 | 7 | 204 | 16 |
Interest expense | 20,475 | 19,160 | 61,591 | 55,198 |
Gain on remeasurement of equity method investment | 0 | 0 | 0 | 19,227 |
Equity in income (loss) of unconsolidated real estate entities, net | 878 | -130 | 1,883 | 13,181 |
(Loss) income from continuing operations | -3,263 | 945 | -3,702 | 38,833 |
Discontinued Operations: | ' | ' | ' | ' |
Loss from operations | -41 | -115 | 681 | 399 |
Gain on disposition of property | 1,284 | 0 | 2,613 | 0 |
Gain on extinguishment of debt | 16,292 | 0 | 16,292 | 0 |
Impairment loss | 0 | 0 | -2,513 | 0 |
Net income | 14,272 | 830 | 13,371 | 39,232 |
Other comprehensive income (loss) on derivative instruments, net | 120 | -34 | 224 | 203 |
Comprehensive income | 14,392 | 796 | 13,595 | 39,435 |
Comprehensive income attributable to noncontrolling interests | -2 | 0 | -4 | -4 |
Comprehensive income attributable to Glimcher Realty Trust | 14,390 | 796 | 13,591 | 39,431 |
Add: allocation to noncontrolling interests | -168 | 87 | -625 | -258 |
Net income attributable to Glimcher Realty Trust | 14,104 | 917 | 12,746 | 38,974 |
Less: Preferred share dividends | 5,895 | 5,895 | 17,685 | 18,521 |
Less: Write-off related to preferred share redemptions | 0 | 0 | 0 | 9,426 |
Net income (loss) to common shareholders | $8,209 | ($4,978) | ($4,939) | $11,027 |
EPS (basic): | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 |
Discontinued operations (in Dollars per share) | $0.12 | $0 | $0.11 | $0 |
Net income (loss) to common shareholders (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 |
EPS (diluted): | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 |
Discontinued operations (in Dollars per share) | $0.12 | $0 | $0.11 | $0 |
Net income (loss) to common shareholders (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 |
Weighted average common shares outstanding (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 |
Weighted average common shares and common share equivalents outstanding (in Shares) | 147,944 | 147,250 | 147,719 | 147,211 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Series G Preferred Stock [Member] | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest [Member] | Performance Shares [Member] | Distribution to Consolidated Joint Venture Partner [Member] | Transfer to Noncontrolling Interest in Partnership [Member] | Total |
In Thousands, except Share data | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Performance Shares [Member] | Transfer to Noncontrolling Interest in Partnership [Member] | Distribution to Consolidated Joint Venture Partner [Member] | Transfer to Noncontrolling Interest in Partnership [Member] | ||||||||||
Balance at Dec. 31, 2013 | $109,868 | $96,466 | $91,591 | $1,451 | ' | ' | $1,289,097 | ($949,442) | ($1,022) | ' | ' | $13,371 | $1,886 | ' | ' | ' | $651,380 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | 145,075,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,075,115 |
Distributions declared, $0.30 per share | ' | ' | ' | ' | ' | ' | ' | -43,616 | ' | ' | ' | -733 | ' | ' | ' | ' | -44,349 |
Distribution Reinvestment and Share Purchase Plan | ' | ' | ' | 0 | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 |
Distribution Reinvestment and Share Purchase Plan (in Shares) | ' | ' | ' | 6,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | 1 | ' | ' | 634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 635 |
Exercise of stock options (in Shares) | ' | ' | ' | 89,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grant | ' | ' | ' | 5 | ' | ' | -5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Restricted stock grant (in Shares) | ' | ' | ' | 540,166 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,166 |
Cancellation of restricted stock grant (in Shares) | ' | ' | ' | -13,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted stock grant | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
OP unit conversion | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
OP unit conversion (in Shares) | ' | ' | ' | 11,262 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of performance stock | ' | ' | ' | ' | 1,225 | ' | ' | ' | ' | ' | ' | ' | ' | 1,225 | ' | ' | ' |
Amortization of restricted stock | ' | ' | ' | ' | ' | ' | 2,684 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,684 |
Stock option expense | ' | ' | ' | ' | ' | ' | 829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 829 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | -17,685 | ' | ' | ' | ' | ' | ' | ' | ' | -17,685 |
Net income, excluding $(44) of distributions to preferred OP unit holders | ' | ' | ' | ' | ' | ' | ' | 12,746 | ' | ' | ' | 643 | -62 | ' | ' | ' | 13,389 |
Other comprehensive income on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 220 | ' | ' | 4 | ' | ' | ' | ' | 224 |
Minority Interest Decrease from Distributions to Noncontrolling Interest Holders | ' | ' | ' | ' | ' | 33 | ' | ' | ' | -736 | -33 | ' | ' | ' | -736 | 0 | ' |
Adjustment of redemption value for redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | -177 | ' | ' | ' | ' | ' | 177 | ' | ' | ' | -177 |
Issuance of redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,601 | ' | ' | ' | ' |
Contribution from redeemable noncontrolling interest holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | ' | ' | ' | ' |
Balance at Sep. 30, 2014 | $109,868 | $96,466 | $91,591 | $1,457 | ' | ' | $1,294,359 | ($997,997) | ($802) | ' | ' | $12,516 | $5,678 | ' | ' | ' | $607,458 |
Balance (in Shares) at Sep. 30, 2014 | ' | ' | ' | 145,709,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,709,167 |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Parentheticals) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Distributions declared, per share | $0.30 |
Common Stock [Member] | ' |
Distributions declared, per share | $0.30 |
Redeemable Noncontrolling Interest [Member] | ' |
Noncontrolling interests (in Dollars) | ($44) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $13,371 | $39,232 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for doubtful accounts | 916 | 1,957 |
Depreciation and amortization | 94,405 | 83,134 |
Amortization of financing costs | 2,602 | 2,655 |
Equity in income of unconsolidated real estate entities, net | -1,883 | -13,181 |
Distributions from unconsolidated real estate entities | 2,211 | 108 |
Discontinued development costs charged to expense | 4 | 122 |
Impairment loss | 2,513 | 0 |
Gain on sale of real estate assets | -4,405 | -851 |
Gain on remeasurement of equity method investment | 0 | -19,227 |
Gain on extinguishment of debt | -16,292 | 0 |
Stock compensation expense | 4,738 | 4,135 |
Net changes in operating assets and liabilities: | ' | ' |
Tenant accounts receivable, net | 1,802 | -2,143 |
Prepaid and other assets | 967 | 406 |
Accounts payable and accrued expenses | -2,895 | -5,914 |
Net cash provided by operating activities | 98,054 | 90,433 |
Cash flows from investing activities: | ' | ' |
Additions to redevelopment and renovation projects | -28,710 | -41,621 |
Other capital expenditures | -43,448 | -24,531 |
Acquisition of properties, net of cash assumed | -51,127 | -139,462 |
Net proceeds from sale of real estate assets | 13,439 | 7,455 |
Withdrawals from (additions to) restricted cash | 11,019 | -7,393 |
Additions to deferred costs and other | -5,635 | -4,847 |
Distributions from unconsolidated real estate entities | 0 | 25,496 |
Net cash used in investing activities | -104,462 | -184,903 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolving line of credit, net | 133,000 | 38,000 |
Payments of deferred financing costs | -1,113 | -8,192 |
Proceeds from issuance of mortgages and other notes payable | 0 | 340,000 |
Principal payments on mortgages and other notes payable | -104,682 | -231,834 |
Net proceeds from issuance of common shares, including common stock plans | 674 | 17,896 |
Distribution to consolidated joint venture partner | -736 | 0 |
Contribution to consolidated joint venture by redeemable noncontrolling interests | 76 | 0 |
Net proceeds from issuance of preferred shares | 0 | 91,600 |
Redemption of preferred shares | 0 | -90,000 |
Cash distributions | -61,970 | -62,866 |
Net cash (used in) provided by financing activities | -34,751 | 94,604 |
Net change in cash and cash equivalents | -41,159 | 134 |
Cash and cash equivalents, at beginning of period | 59,614 | 17,489 |
Cash and cash equivalents, at end of period | $18,455 | $17,623 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | Organization and Basis of Presentation | |
Organization | ||
Glimcher Realty Trust (“GRT”) is a fully-integrated, self-administered and self-managed Maryland real estate investment trust (“REIT”), which owns, leases, manages and develops a portfolio of retail properties (the “Property” or “Properties”). The Properties consist of enclosed regional malls, open-air centers, outlet centers, and community shopping centers. At September 30, 2014, GRT both owned material interests in and managed 26 Properties (23 wholly-owned and three partially owned through joint ventures). The "Company" refers to GRT and Glimcher Properties Limited Partnership (the "Operating Partnership," "OP" or "GPLP"), a Delaware limited partnership, as well as entities in which the Company has a material ownership or financial interest, collectively. | ||
Basis of Presentation | ||
The consolidated financial statements include the accounts of GRT, GPLP, and Glimcher Development Corporation (“GDC”) and their subsidiaries. As of September 30, 2014, GRT was a limited partner in GPLP with a 98.2% ownership interest and GRT’s wholly-owned subsidiary, Glimcher Properties Corporation, was GPLP’s sole general partner, with a 0.1% ownership interest in GPLP. GDC, a wholly-owned subsidiary of GPLP, provides development, construction, leasing, and legal services to the Company’s affiliates and is a taxable REIT subsidiary. The Company consolidates entities in which it owns more than 50% of the voting equity and control does not rest with other parties, as well as variable interest entities (“VIE”) in which it is deemed to be the primary beneficiary in accordance with Accounting Standards Codification (“ASC”) Topic 810 – “Consolidation.” Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investment in and advances to unconsolidated real estate entities.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished in the accompanying Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income, Consolidated Statement of Equity, and Consolidated Statements of Cash Flows reflect all adjustments which are, in the opinion of management, recurring and necessary for a fair statement of the aforementioned financial statements for the interim period. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||
The December 31, 2013 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP in the United States of America (“U.S.”). The consolidated financial statements should be read in conjunction with the Notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Form 10-K for the year ended December 31, 2013. | ||
Subsequent events that have occurred since September 30, 2014 that require recognition or disclosure in these consolidated financial statements are disclosed in Note 6 - "Investment in and Advances to Unconsolidated Real Estate Entities." | ||
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Summary of Significant Accounting Policies | |
The notes to the consolidated financial statements included in the Company's 2013 Annual Report on Form 10-K provide a detailed discussion of its critical accounting policies. There have been no material changes to these policies as of September 30, 2014. | |
Supplemental Disclosure of Non-Cash Operating, Investing, and Financing Activities | |
The Company's other non-cash activities for the nine months ended September 30, 2014 accounted for changes in the following areas: a) investment in real estate - $(39,684), b) cash in escrow $(1,109), c) investment in and advances to unconsolidated real estate entities - $3,401, d) accounts receivable - $(472), e) deferred costs - $1,345, f) prepaid and other assets - $378, g) mortgage notes payable - $40,796, h) accounts payable and accrued expenses - $(834), i) additional paid in capital - $177, j) accumulated other comprehensive loss - $(220), and k) redeemable noncontrolling interests - $(3,778). | |
During the third quarter of 2014, the Company conveyed, without penalty, its interest in Eastland Mall located in Columbus, Ohio (“Eastland”) to the securitization trustee (the “Eastland Lender”) for the securitized mortgage loan that encumbered Eastland. In connection with this transfer, the Company disposed of assets totaling $24,014. The Company also was relieved of $40,259 of liabilities which included the Company’s $39,752 mortgage loan on the Property. | |
Distributions for GRT's common shares of beneficial interest ("Common Shares" or "Common Stock") of $14,571 and $14,508 were declared, but not paid, as of September 30, 2014 and December 31, 2013, respectively. Operating Partnership distributions of $244 were declared, but not paid as of September 30, 2014 and December 31, 2013. Distributions for GRT's 8.125% Series G Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series G Preferred Shares”) of $2,387 were declared, but not paid, as of September 30, 2014 and December 31, 2013. Distributions for GRT's 7.5% Series H Cumulative Redeemable Preferred Shares of Beneficial Interest ("Series H Preferred Shares") of $1,875 were declared, but not paid, as of September 30, 2014 and December 31, 2013, $1,563 of which relates to the three months ended September 30, 2014 and December 31, 2013. Distributions for GRT's 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series I Preferred Shares”) of $1,633 were declared, but not paid, as of September 30, 2014 and December 31, 2013, $1,379 of which relates to the three months ended September 30, 2014 and December 31, 2013. Distributions for GPLP's 7.3% Series I-1 Preferred Interests (“Series I-1 Preferred Interests”) of $53 were declared, but not paid, as of September 30, 2014, $44 of which relates to the three months ended September 30, 2014. The Series I-1 Preferred Interests were not outstanding at December 31, 2013. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity. | |
In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the new standard. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. ASU 2014-15 requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. | |
Reclassifications | |
Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statements of Comprehensive Income required by ASC Topic 205 - “Presentation of Financial Statements,” have been made in the consolidated financial statements in order to conform to the 2014 presentation. | |
Note_3_Washington_Prime_Group_
Note 3 - Washington Prime Group Merger | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
3. Washington Prime Group Merger | |
On September 16, 2014, GRT and GPLP entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Washington Prime Group Inc. (“WPG”), Washington Prime Group, L.P. (“WPGLP”), WPG Subsidiary Holdings I, LLC (“Merger Sub I”) and WPG Subsidiary Holdings II Inc. (“Merger Sub II”), pursuant to which GRT will merge with and into Merger Sub I, which is a direct wholly-owned subsidiary of WPGLP (such transaction, the “Merger”). Upon completion of the Merger, WPG will conduct business under the name “WP GLIMCHER” and will use such name for all purposes, except as otherwise required by law or contract. At WPG's 2015 annual meeting of shareholders, the holders of WPG common shares will be asked to vote on a proposal to amend the WPG articles of incorporation to change the name of WPG to “WP GLIMCHER Inc.” | |
Under the terms of the Merger Agreement, at the effective time of the Merger, each outstanding Common Share (other than certain Common Shares as set forth in the Merger Agreement) will be converted into the right to receive the Merger consideration, which consists of: (x) $10.40 in cash, without interest and (y) 0.1989 of a WPG common share. The total transaction value, including the assumption of debt, was approximately $4,300,000 as of September 15, 2014, assuming 0.1989 of a WPG common share is valued at $3.80 for purposes of determining the total transaction value, which value was determined by multiplying 0.1989 by the volume-weighted average closing price of WPG common shares on the ten trading days preceding the date the parties entered into the Merger Agreement. As a result of changes in the market price for WPG common shares, the final purchase price could differ significantly from such estimate. | |
Additionally, (i) each outstanding Glimcher Series G Preferred Share will be converted into one share of 8.125% series G cumulative redeemable preferred stock, par value $0.0001 per share, of WPG (the “WPG Series G Preferred Shares”), (ii) each outstanding Series H Preferred Share will be converted into one share of 7.5% series H cumulative redeemable preferred stock, par value $0.0001 per share, of WPG (the “WPG Series H Preferred Shares”) and (iii) each outstanding Glimcher Series I Preferred Share will be converted into one share of 6.875% series I cumulative redeemable preferred stock, par value $0.0001 per share, of WPG (the “WPG Series I Preferred Shares”). In connection with the closing of the Merger, WPG plans to redeem all 4,700,000 WPG Series G Preferred Shares and anticipates sending a redemption notice to holders of the WPG Series G Preferred Shares on or shortly after the date of the closing of the Merger. | |
GRT and GPLP have agreed to certain obligations and restrictions with respect to the conduct of the business of themselves and their subsidiaries until the earlier of the effective time of the Merger or the valid termination of the Merger Agreement. The Merger Agreement contains certain restrictions on the Company’s ability to enter into contracts relating to capital expenditures, issue equity or incur, refinance, prepay, assume or guarantee indebtedness, which may include restrictions on transactions typically used to fund short and long-term liquidity requirements, unless prior written consent has been granted by WPG. | |
The Merger Agreement also provides for the Merger of Merger Sub II with and into GPLP. At the effective time of such Merger (i) each outstanding limited partnership unit of GPLP (the “OP Units”) issued and outstanding immediately prior to such effective time (other than certain GPLP units as set forth in the Merger Agreement and the GPLP Series I-1 preferred limited partnership units as described below) will be converted into the right to receive 0.7431 of a newly issued, fully paid and non-assessable WPGLP unit and (ii) each GPLP Series I-1 Preferred Interests issued and outstanding immediately prior to such effective time will be converted into one preferred unit of WPGLP having the preferences, rights and privileges substantially identical to the preference, rights and privileges of the Series I-1 Preferred Interests prior to such Merger. | |
Concurrent with the execution of the Merger Agreement, WPGLP and Simon Property Group, L.P. (“Simon LP”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”), pursuant to which WPGLP will sell, or cause to be sold (i) the equity interests in the owner of Jersey Gardens, a regional mall in Elizabeth, New Jersey (“Jersey Gardens”) and (ii) the equity interests in the owner of University Park Village, an open air center in Fort Worth, Texas (“University Park”) to Simon LP for $1,090,000 (subject to certain adjustments and apportionments as described in the Purchase Agreement). The closing of such sale will occur substantially simultaneously with the completion of the Merger. | |
Completion of the Merger is subject to, among other things, approval by the holders of the GRT Common Shares. WPG will cause the WPG Board of Directors ("WPG Board") immediately after the Merger to consist of nine members: (i) Mark Ordan (the current chief executive officer of WPG), (ii) Michael Glimcher (the current chairman of the board and chief executive officer of GRT), the other six members of the WPG Board as of September 16, 2014: Louis G. Conforti, Robert J. Laikin, David Simon, Jacquelyn R. Soffer, Richard S. Sokolov and Marvin L. White, and one additional trustee of GRT to be mutually agreed by Glimcher and WPG. Glimcher and WPG have agreed on Niles C. Overly as the additional trustee of GRT to serve on the WPG Board. Mark Ordan will be the executive chairman of WP GLIMCHER and Michael Glimcher will be the vice chairman, chief executive officer and president of WP GLIMCHER. Following the closing, the corporate headquarters and operations for WPG and its subsidiaries will be in Columbus, Ohio. The Merger is expected to be completed during the first quarter of 2015. | |
Note_4_Real_Estate_Assets_Held
Note 4 - Real Estate Assets Held-for-Sale | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Real Estate Assets Held For Sale [Abstract] | ' | ||||||
Real Estate Assets Held For Sale [Text Block] | ' | ||||||
4. Real Estate Assets Held-for-Sale | |||||||
As required by ASC Topic 360 - “Property, Plant, and Equipment,” long-lived assets to be disposed of by sale are measured at the lower of the carrying amount for such assets or their fair value less costs to sell. | |||||||
The table presented below depicts the Properties or assets the Company has classified as held-for-sale as of September 30, 2014 and December 31, 2013: | |||||||
Held-for-Sale as of | |||||||
Name of Asset or Property Description | Location | 30-Sep-14 | 31-Dec-13 | ||||
Development land (1) | Vero Beach, Florida | Yes | Yes | ||||
Town Square at Surprise (2) | Surprise, Arizona | No | Yes | ||||
-1 | The land is owned by the consolidated joint venture, Vero Beach Fountains, LLC (the "VBF Venture"), as discussed in Note 5 - "Investment in Joint Ventures - Consolidated." | ||||||
-2 | During the nine months ended September 30, 2014, the joint venture that owned Town Square at Surprise ("Surprise Venture"), as discussed in Note 5 - "Investment in Joint Ventures - Consolidated," sold the multi-tenant building located at the Property as well as approximately 1.3 acres of development land. | ||||||
Note_5_Investment_in_Joint_Ven
Note 5 - Investment in Joint Ventures - Consolidated | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | ' | ||||||||
5 | Investment in Joint Ventures – Consolidated | ||||||||
As of September 30, 2014, the Company has an interest in three consolidated joint ventures. The VBF Venture qualifies as a VIE under ASC Topic 810 and the Company is the primary beneficiary of this joint venture. The Company has determined that neither the Arbor Hills Venture nor the OKC Venture, as defined below, are VIE's. The Arbor Hills Venture and the OKC Venture are consolidated because the Company holds a controlling financial interest and the noncontrolling interests do not have substantive participating rights. | |||||||||
Sold Assets | |||||||||
• | Surprise Venture | ||||||||
This investment consisted of a 50% interest held by a GPLP subsidiary in the Surprise Venture with the former landowner of the real property. The Surprise Venture previously owned and operated Town Square at Surprise (“Surprise”), a community shopping center located in Surprise, Arizona. | |||||||||
During the nine months ended September 30, 2014, the Surprise Venture sold the remaining 1.3 acre parcel of undeveloped land located at Surprise to an unaffiliated third party. The land was sold for $900 and the Company recorded a gain on the sale of $372. Also, during the nine months ended September 30, 2014, the Surprise Venture sold the multi-tenant building at Surprise to an unaffiliated third party, for a sales price of $2,754 and recorded a gain on the sale in the amount of $1,004. The proceeds from this sale were used to repay both the mortgage loan on Surprise as well as the loan made by GPLP to the Surprise Venture. | |||||||||
As of September 30, 2014, the Surprise Venture no longer owns any real estate assets. | |||||||||
Variable Interest Entities | |||||||||
• | VBF Venture | ||||||||
On October 5, 2007, an affiliate of the Company entered into an agreement with an unaffiliated third party to form the VBF Venture. The Company contributed $5,000 in cash for a 50% interest in the VBF Venture. The economics of the VBF Venture require that the Company receive a preferred return and 75% of the distributions from the VBF Venture until such time as the capital contributed by the Company is returned. As discussed in Note 4 - "Real Estate Assets Held-for-Sale," the Company has listed the undeveloped land held by the VBF Venture as held-for-sale. | |||||||||
The Company did not provide any additional financial support to the VBF Venture during the nine months ended September 30, 2014. Furthermore, the Company does not have any contractual commitments or obligations to provide additional financial support to the VBF Venture. | |||||||||
The carrying amounts and classification on the Company's Consolidated Balance Sheets of the total assets and liabilities, which consist of only the VBF Venture at September 30, 2014 and consisted of both the Surprise Venture and the VBF Venture at December 31, 2013, are as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate assets held-for-sale | $ | 3,658 | $ | 5,667 | |||||
Total assets | $ | 3,658 | $ | 5,718 | |||||
Mortgage note payable associated with property held-for-sale | $ | — | $ | 1,330 | |||||
Total liabilities | $ | 8 | $ | 1,419 | |||||
The VBF Venture is a separate legal entity, and is not liable for the debts of the Company. Accordingly, creditors of the Company may not satisfy their debts from the assets of the VBF Venture, except as permitted by applicable law or regulation, or by agreement. Also, creditors of the VBF Venture may not satisfy their debts from the assets of the Company, except as permitted by applicable law or regulation, or by agreement. | |||||||||
Other Joint Ventures - Consolidated | |||||||||
• | Arbor Hills Venture | ||||||||
On December 18, 2013, an affiliate of the Company acquired an approximate 93% interest in Arbor Hills, an approximate 87,000 square foot open-air center located in Ann Arbor, Michigan, for $52,550. This investment is held by a GPLP subsidiary in a joint venture (the "Arbor Hills Venture") with two unaffiliated entities. | |||||||||
• | OKC Venture | ||||||||
On February 28, 2014, an affiliate of the Company acquired a 99% interest in approximately 290,000 square feet of open-air mixed-use properties in the Oklahoma City, Oklahoma area for $51,820 (the "OKC Venture"). The purchase includes contiguous retail properties and approximately 12 acres of land. The retail Properties primarily include Nichols Hills Plaza, Classen Curve, and The Triangle @ Classen Curve, (collectively the "OKC Properties"). This investment is held by a GPLP subsidiary in the OKC Venture with an unaffiliated entity. | |||||||||
The noncontrolling interests in both the Arbor Hills Venture and the OKC Venture are redeemable at the option of the holders under certain circumstances according to the terms of the respective joint venture agreements. These noncontrolling interests are presented as redeemable noncontrolling interests outside of permanent equity on the Company's Consolidated Balance Sheets. The Company adjusts the carrying amount of the redeemable noncontrolling interests to their maximum redemption value at the end of each reporting period, after allocating their pro-rata amount of net income (loss) and any contributions received, or distributions to, the redeemable noncontrolling interests. Changes in the redemption value of the redeemable noncontrolling interests are recorded within shareholder’s equity. Future reductions in the carrying amounts are limited to the original recorded fair value of the redeemable noncontrolling interests. The Company estimates the maximum redemption amounts based upon the terms of the applicable joint venture agreement, using variables such as: expected market capitalization rates, discount rates, and estimated future cash flows. | |||||||||
Note_6_Investment_in_and_Advan
Note 6 - Investment in and Advances to Unconsolidated Real Estate Entities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||
6 | Investment in and Advances to Unconsolidated Real Estate Entities | |||||||
The Company's investment activity in unconsolidated real estate entities for the nine months ended September 30, 2014 consisted of investments in three separate joint venture arrangements (the “Ventures”). A description of each of the Ventures is provided below: | ||||||||
• | Blackstone Joint Venture | |||||||
This investment consists of a 40% interest held by a GPLP subsidiary in a joint venture (the “Blackstone Joint Venture”) with an affiliate of The Blackstone Group("Blackstone") that owned and operated Lloyd Center ("Lloyd"), located in Portland, Oregon. The Blackstone Joint Venture is holding certain assets relating to the sale of Lloyd, which was completed on June 11, 2013. | ||||||||
• | ORC Venture | |||||||
This investment consists of a 52% economic interest held by GPLP in a joint venture (the “ORC Venture”) with an affiliate of Oxford Properties Group, which is the global real estate platform for the Ontario (Canada) Municipal Employees Retirement System, a Canadian pension plan. The ORC Venture, formed in December 2005, currently owns and operates one mall Property - Puente Hills Mall ("Puente") located in City of Industry, California. | ||||||||
During October 2014, the contract executed by the indirect wholly-owned subsidiary of the ORC Venture became definitive when the deposits from the buyer became non-refundable. The Company expects to complete the sale of Puente during the fourth quarter of 2014. | ||||||||
• | Crescent Joint Venture | |||||||
This investment consists of a 25% interest held by a GPLP subsidiary in a joint venture with Crescent Communities ("Crescent Joint Venture"), that will develop luxury apartment units located on the northeast corner of Scottsdale Quarter®, an open-air center located in Scottsdale, Arizona. | ||||||||
The Company also holds an indirect 12.5% ownership interest in certain retail real estate through a joint venture with an unaffiliated third party. | ||||||||
Individual agreements specify which services the Company is to provide to each Venture. The Company, through its affiliates GDC and GPLP, may provide management, development, construction, leasing and legal services for a fee to each of the Ventures described above. The Company recognized fee and service income of $261 and $258 for the three months ended September 30, 2014 and 2013, respectively, and fee and service income of $735 and $3,978 for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
The Combined Statements of Operations listed below include the results from the following Properties: | ||||||||
The results include the operations from the Blackstone Joint Venture which previously owned Lloyd and are included from January 1, 2013 through June 10, 2013. | ||||||||
The Blackstone Joint Venture also owned WestShore Plaza ("WestShore"), located in Tampa, Florida. The results from WestShore are included from January 1, 2013 through June 24, 2013. On June 25, 2013, a GRT affiliate purchased the remaining 60% ownership interest in WestShore from affiliates of Blackstone (the "WestShore Acquisition"). As a result of the WestShore Acquisition, the Company now owns all of the equity interest in this Property and recorded a gain of $19,227 as a result of the remeasurement of our equity investment. | ||||||||
The ORC Venture previously owned Tulsa Promenade ("Tulsa"), located in Tulsa, Oklahoma. The results from Tulsa are included for the period from January 1, 2013 through June 27, 2013. The ORC Venture sold Tulsa on June 28, 2013. | ||||||||
The results for Puente and the indirect 12.5% ownership interest in certain real estate are included for both periods presented below. | ||||||||
The Crescent Joint Venture is in the development stage. Accordingly, it is not presented in the Combined Statements of Operations. | ||||||||
The net income or loss generated by the Company's joint ventures is allocated in accordance with the provisions of the applicable operating agreements. The summary financial information for all of the Company's unconsolidated joint ventures accounted for using the equity method is presented below: | ||||||||
For the Three Months Ended | ||||||||
September 30, | ||||||||
Combined Statements of Operations | 2014 | 2013 | ||||||
Total revenues | $ | 6,135 | $ | 5,731 | ||||
Operating expenses | 3,620 | 3,600 | ||||||
Depreciation and amortization | 85 | 1,615 | ||||||
Operating income | 2,430 | 516 | ||||||
Gain on sale of properties, net | - | - | ||||||
Gain on debt extinguishment | - | - | ||||||
Other expenses, net | 13 | 19 | ||||||
Interest expense, net | 773 | 763 | ||||||
Net income (loss) | 1,644 | (266 | ) | |||||
Preferred dividend | 4 | 4 | ||||||
Net income (loss) from the Company’s unconsolidated real estate entities | $ | 1,640 | $ | (270 | ) | |||
GPLP’s share of income (loss) from all of the Company's unconsolidated real estate entities | $ | 878 | $ | (130 | ) | |||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
Combined Statements of Operations | 2014 | 2013 | ||||||
Total revenues | $ | 17,410 | $ | 42,510 | ||||
Operating expenses | 10,385 | 21,217 | ||||||
Depreciation and amortization | 1,013 | 11,637 | ||||||
Operating income | 6,012 | 9,656 | ||||||
Gain on sale of properties, net (1) | - | 12,365 | ||||||
Gain on debt extinguishment | - | 13,250 | ||||||
Other expenses, net | 127 | 152 | ||||||
Interest expense, net | 2,302 | 8,342 | ||||||
Net income | 3,583 | 26,777 | ||||||
Preferred dividend | 12 | 16 | ||||||
Net income from the Company’s unconsolidated real estate entities | $ | 3,571 | $ | 26,761 | ||||
GPLP’s share of income from all of the Company's unconsolidated real estate entities | $ | 1,883 | $ | 13,181 | ||||
-1 | This amount includes a $15,254 gain recorded by the Blackstone Venture associated with the sale of Lloyd and a $2,889 loss recorded by the ORC Venture associated with the sale of Tulsa. | |||||||
Note_7_Tenant_Accounts_Receiva
Note 7 - Tenant Accounts Receivable, Net | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||
7 | Tenant Accounts Receivable, Net | |||||||
The Company’s accounts receivable is comprised of the following components: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Billed receivables | $ | 3,913 | $ | 9,257 | ||||
Straight-line receivables | 25,142 | 23,583 | ||||||
Unbilled receivables | 8,730 | 8,856 | ||||||
Less: Allowance for doubtful accounts | (3,863 | ) | (4,634 | ) | ||||
Tenant accounts receivable, net | $ | 33,922 | $ | 37,062 | ||||
The Company's Tenant accounts receivable, net associated with assets held-for-sale were $0 and $49 at September 30, 2014 and December 31, 2013, respectively. These items were classified in "Non-real estate assets associated with properties held-for-sale" within the Company's Consolidated Balance Sheets. | ||||||||
Note_8_Mortgage_Notes_Payable
Note 8 - Mortgage Notes Payable | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | ||||||||||||||||||||||||
8 | Mortgage Notes Payable | ||||||||||||||||||||||||
Mortgage notes payable as of September 30, 2014 and December 31, 2013 consist of the following: | |||||||||||||||||||||||||
Description/Borrower | Carrying Amount of | Interest Rates | Interest | Payment | Payment at | Maturity Date | |||||||||||||||||||
Mortgage Notes Payable | Terms | Terms | Maturity | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fixed Rate: | |||||||||||||||||||||||||
Glimcher Supermall Venture, LLC | $ | 50,487 | $ | 51,611 | 7.54 | % | 7.54 | % | (i) | (a) | $ | 49,969 | (e) | ||||||||||||
Glimcher Merritt Square, LLC | 53,766 | 54,359 | 5.35 | % | 5.35 | % | (a) | $ | 52,914 | 1-Sep-15 | |||||||||||||||
SDQ Fee, LLC | 65,792 | 66,663 | 4.91 | % | 4.91 | % | (a) | $ | 64,577 | 1-Oct-15 | |||||||||||||||
BRE/Pearlridge, LLC | 172,788 | 174,774 | 4.6 | % | 4.6 | % | (a) | $ | 169,551 | 1-Nov-15 | |||||||||||||||
RVM Glimcher, LLC | 46,003 | 46,608 | 5.65 | % | 5.65 | % | (a) | $ | 44,931 | 11-Jan-16 | |||||||||||||||
WTM Glimcher, LLC | 60,000 | 60,000 | 5.9 | % | 5.9 | % | (b) | $ | 60,000 | 8-Jun-16 | |||||||||||||||
Glimcher MJC, LLC | 52,439 | 52,940 | 6.76 | % | 6.76 | % | (a) | $ | 47,768 | 6-May-20 | |||||||||||||||
Grand Central Parkersburg, LLC | 42,677 | 43,141 | 6.05 | % | 6.05 | % | (a) | $ | 38,307 | 6-Jul-20 | |||||||||||||||
JG Elizabeth II, LLC | 350,000 | 350,000 | 3.83 | % | 3.83 | % | (b) | $ | 350,000 | 1-Nov-20 | |||||||||||||||
ATC Glimcher, LLC | 40,072 | 40,577 | 4.9 | % | 4.9 | % | (a) | $ | 34,569 | 6-Jul-21 | |||||||||||||||
Dayton Mall II, LLC | 82,000 | 82,000 | 4.57 | % | 4.57 | % | (d) | $ | 75,241 | 1-Sep-22 | |||||||||||||||
PFP Columbus II, LLC | 225,000 | 225,000 | 3.9 | % | 3.9 | % | (f) | $ | 203,576 | 1-Mar-25 | |||||||||||||||
AHC Washtenaw, LLC | 25,500 | 25,500 | 4.27 | % | 4.27 | % | (q) | $ | 20,949 | (l) | |||||||||||||||
Leawood TCP, LLC | 73,945 | 74,873 | 5 | % | 5 | % | (a) | $ | 52,465 | (j) | |||||||||||||||
119 Leawood, LLC | 36,804 | 37,305 | 4.25 | % | 4.25 | % | (a) | $ | 25,820 | (j) | |||||||||||||||
UPV Glimcher, LP | 55,000 | 55,000 | 3.85 | % | 3.85 | % | (g) | $ | 45,977 | 1-May-28 | |||||||||||||||
Tax Exempt Bonds (k) | 19,000 | 19,000 | 6 | % | 6 | % | (c) | $ | 19,000 | 1-Nov-28 | |||||||||||||||
1,451,273 | 1,459,351 | ||||||||||||||||||||||||
Variable Rate: | |||||||||||||||||||||||||
Kierland Crossing, LLC | 130,000 | 130,000 | 3.27 | % | 3.27 | % | (h) | (b) | $ | 130,000 | (m) | ||||||||||||||
Glimcher WestShore, LLC | 99,600 | 99,600 | 2.8 | % | 2.8 | % | (n) | (b) | $ | 99,600 | (p) | ||||||||||||||
Glimcher WestShore Mezz, LLC | 20,000 | 20,000 | 8 | % | 8 | % | (o) | (b) | $ | 20,000 | (p) | ||||||||||||||
249,600 | 249,600 | ||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Fair value adjustments | 1,552 | 2,596 | |||||||||||||||||||||||
Extinguished debt | — | 135,026 | (r) | ||||||||||||||||||||||
Mortgage Notes Payable | $ | 1,702,425 | $ | 1,846,573 | |||||||||||||||||||||
Mortgage Note Payable | |||||||||||||||||||||||||
Associated with Property Held-for-Sale | |||||||||||||||||||||||||
Extinguished debt | $ | — | $ | 1,330 | 5.5 | % | |||||||||||||||||||
(a) | The loan requires monthly payments of principal and interest. | ||||||||||||||||||||||||
(b) | The loan requires monthly payments of interest only. | ||||||||||||||||||||||||
(c) | The loan requires semi-annual payments of interest only. | ||||||||||||||||||||||||
(d) | The loan requires monthly payments of interest only until October 2017. Thereafter, monthly payments of principal and interest are required. | ||||||||||||||||||||||||
(e) | The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015. | ||||||||||||||||||||||||
(f) | The loan requires monthly payments of interest only until April 2020. Thereafter, monthly payments of principal and interest are required. | ||||||||||||||||||||||||
(g) | The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are required. | ||||||||||||||||||||||||
(h) | $105,000 was fixed through a swap agreement at a rate of 3.14% at September 30, 2014 and December 31, 2013, and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. | ||||||||||||||||||||||||
(i) | Interest rate escalates after optional prepayment date. | ||||||||||||||||||||||||
(j) | The loans for Leawood TCP, LLC and 119 Leawood, LLC are cross-collateralized and have a call date of February 1, 2027. | ||||||||||||||||||||||||
(k) | The bonds were issued by the New Jersey Economic Development Authority as part of the financing for the initial development of the Jersey Gardens site. Although not secured by the Property, the loan is fully guaranteed by GRT. | ||||||||||||||||||||||||
(l) | The loan has a call date of January 1, 2026. | ||||||||||||||||||||||||
(m) | The loan matures May 22, 2015; however, a portion of the loan ($107,000) may be extended for one year subject to payment of certain loan extension fees and satisfaction of other conditions. | ||||||||||||||||||||||||
(n) | Interest rate is the greater of 2.80% or LIBOR plus 2.30%. The rate has been capped at 6.30%. | ||||||||||||||||||||||||
(o) | Interest rate is the greater of 8.00% or LIBOR plus 7.50%. The rate has been capped at 11.50% | ||||||||||||||||||||||||
(p) | The loans mature October 1, 2015; however, the loans may be extended for two years subject to payment of certain loan extension fees and satisfaction of other conditions. | ||||||||||||||||||||||||
(q) | The loan requires primarily monthly payments of interest only until February 2017. Thereafter, monthly payments of principal and interest are required. | ||||||||||||||||||||||||
(r) | Interest rates ranging from 5.45% to 5.87% at December 31, 2013. | ||||||||||||||||||||||||
All mortgage notes payable are collateralized either directly or indirectly by certain Properties (owned by the respective entities) with net book values of $2,024,249 and $2,147,522 at September 30, 2014 and December 31, 2013, respectively. Certain loans contain financial covenants regarding minimum net operating income and coverage ratios. Management believes GRT’s affiliate borrowers are in compliance with all covenants at September 30, 2014. Additionally, $149,000 of mortgage notes payable relating to certain Properties, including $19,000 of tax exempt bonds issued as part of the financing for the initial development of Jersey Gardens, have been guaranteed by GRT as of September 30, 2014. | |||||||||||||||||||||||||
Note_9_Notes_Payable
Note 9 - Notes Payable | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
9. Notes Payable | |
On February 13, 2014, GPLP closed on a modification and extension of its unsecured corporate credit facility (as amended, the “Credit Facility”). The Credit Facility amended the unsecured credit facility that was due to expire in February 2017 (the “Prior Facility”). The modification increased the maximum availability under the Credit Facility from $250,000 to $300,000 and extended the facility's maturity date to February 2018 with an additional one-year extension option. The Credit Facility provides for improved pricing through a lower interest rate structure. The interest rate ranges from LIBOR plus 1.40% to LIBOR plus 2.00% per annum based upon the quarterly measurement of our consolidated debt outstanding as a percentage of total asset value. The applicable interest rate as of September 30, 2014 is LIBOR plus 1.75% per annum, or 1.91% per annum. GPLP may increase the total borrowing availability to $500,000 under an accordion feature. The Company's availability under the Credit Facility is determined based upon the value of its unencumbered assets and is measured on a quarterly basis. The Credit Facility contains customary covenants, representations, warranties and events of default, including maintenance of a specified net worth requirement; a consolidated debt outstanding as a percentage of total asset value ratio; an interest coverage ratio; a fixed charge ratio; and a total recourse debt outstanding as a percentage of total asset value ratio. Management believes GPLP is in compliance with all covenants of the Credit Facility as of September 30, 2014. | |
At September 30, 2014, the availability level on the Credit Facility was $300,000 and the outstanding balance was $133,000. Additionally, $627 represents a holdback on the available balance for letters of credit issued under the Credit Facility. As of September 30, 2014, the unused balance of the Credit Facility available to the Company was $166,373 and the average interest rate on the outstanding balance was 1.91% per annum. | |
At December 31, 2013, the availability level on the Prior Facility was $198,528 and the outstanding balance was $0. Additionally, $817 represented a holdback on the available balance for letters of credit issued under the Prior Facility. As of December 31, 2013, the unused balance of the Prior Facility available to the Company was $197,711. | |
Note_10_Equity_Activity
Note 10 - Equity Activity | 9 Months Ended |
Sep. 30, 2014 | |
Preferred And Common Share Activity [Abstract] | ' |
Preferred And Common Share Activity [Text Block] | ' |
10. Equity Activity | |
On April 29, 2013, the Company redeemed 3,600,000 of its Series G Preferred Shares outstanding at $25.00 per share, plus accumulated and unpaid distributions for a total of $90,569 using net proceeds from the Series I Preferred Share offering that was completed in March 2013. In connection with this redemption, the Company used the catch-up method to accrete the excess of the scheduled call price over the carrying value, which includes previously incurred issuance costs, resulting in a charge of $9,426 for the nine months ended September 30, 2013. | |
On May 10, 2013, the Company filed an automatically effective universal shelf registration statement on Form S-3 (the "New Shelf") with the Securities and Exchange Commission ("SEC") registering debt securities, preferred shares, depository shares, Common Shares, equity warrants, units, rights (to purchase our common shares, preferred shares and other securities), purchase contracts, and any combination of the foregoing. The New Shelf replaced the previous shelf registration statement utilized by GRT which was filed with the SEC on February 25, 2011. The New Shelf has a three year term that expires on May 10, 2016 and is not limited in the amount of securities that can be issued for subsequent registered debt or equity offerings. | |
On May 10, 2013, the Company established a new continuous at-the-market equity offering program (the “2013 Program”), pursuant to which it may offer and sell, from time to time, Common Shares with an aggregate sale price of up to $215,000. During the nine months ended September 30, 2014, GRT did not issue any Common Shares in connection with the 2013 Program. As of September 30, 2014, GRT had $209,201 available for issuance under the 2013 Program. | |
On July 25, 2014, GPLP issued 130,592 additional units (the “Additional Units”) of limited partnership interests, which are designated as Series I-1 Preferred Interests. The Additional Units were issued in connection with the purchase of partnership interest in a mall. The Additional Units are classified as "Redeemable noncontrolling interests" within the Company's Consolidated Balance Sheets. The Additional Units are redeemable at the option of the holder of the Additional Units. The Additional Units bear substantially identical economic terms as the Series I Preferred Shares, except that the distributions on the Additional Units will be paid quarterly at a rate of 7.3%. In the event of liquidation and dissolution of the Partnership, the holders of Additional Units are entitled to receive an amount equal to the liquidation preference of the Additional Units plus accrued and unpaid dividends. With regard to rights to receive distributions and amounts payable upon liquidation and dissolution of the Partnership, the Series I-1 Preferred Interests rank on a parity with the GRT's Series G Preferred Shares, Series H Preferred Shares, and Series I Preferred Shares. | |
Note_11_Derivative_Financial_I
Note 11 - Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
11 | Derivative Financial Instruments | ||||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value 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 related to the Company's borrowings. | |||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||||||
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 these objectives the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps 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 has elected to designate all interest rate swaps as cash flow hedging relationships. | |||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in “Accumulated other comprehensive loss” (“OCL”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the nine months ended September 30, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with our existing variable-rate debt. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company had no hedge ineffectiveness in earnings during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Amounts reported in OCL relate to derivatives that will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next twelve months, the Company estimates that an additional $327 will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||
As of September 30, 2014, the Company had two outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk with a notional value of $125,000. | |||||||||||||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest Rate Products | Accounts payable and accrued expenses | $ | 294 | Accounts payable and accrued expenses | $ | 514 | |||||||||||||||||||||||
The derivative instruments were reported at their fair value of $294 and $514 in accounts payable and accrued expenses at September 30, 2014 and December 31, 2013, respectively, with a corresponding adjustment to OCL for the unrealized gains and losses (net of noncontrolling interest allocation). Over time, the unrealized gains and losses held in OCL will be reclassified to earnings. This reclassification will correlate with the recognition of the hedged interest payments in earnings. | |||||||||||||||||||||||||||||
The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCL on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest Rate Products | $ | (12 | ) | $ | (156 | ) | Interest expense | $ | (132 | ) | $ | (122 | ) | Interest expense | $ | — | $ | (4 | ) | ||||||||||
During the three months ended September 30, 2014, the Company recognized other comprehensive income of $120, to adjust the carrying amount of the interest rate swaps to their fair values at September 30, 2014, net of $132 in reclassifications to earnings for interest rate swap settlements during the period. The Company allocated $2 of OCL to noncontrolling interest during the three months ended September 30, 2014. | |||||||||||||||||||||||||||||
During the three months ended September 30, 2013, the Company recognized other comprehensive loss on derivative instruments of $34, to adjust the carrying amount of the interest rate swaps to their fair values at September 30, 2013, net of $122 in reclassifications to earnings for interest rate swap settlements during the period. | |||||||||||||||||||||||||||||
The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCL on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest Rate Products | $ | (165 | ) | $ | (151 | ) | Interest expense | $ | (389 | ) | $ | (354 | ) | Interest expense | $ | — | $ | 6 | |||||||||||
During the nine months ended September 30, 2014, the Company recognized other comprehensive income of $224, to adjust the carrying amount of the interest rate swaps to their fair values at September 30, 2014, net of $389 in reclassifications to earnings for interest rate swap settlements during the period. The Company allocated $4 of other comprehensive income to noncontrolling interests during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company recognized other comprehensive income on derivative instruments of $203, to adjust the carrying amount of the interest rate swaps to their fair values at September 30, 2014, net of $354 in reclassifications to earnings for interest rate swap settlements during the period. The Company allocated $4 of other comprehensive income to noncontrolling interests during the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
Non-designated Hedges | |||||||||||||||||||||||||||||
The Company does not use derivatives for trading or speculative purposes and currently has one interest rate cap with a notional amount of $102,500 that is not designated as a cash flow hedge. Changes in the fair value for derivatives not designated in hedging relationships are recorded in interest expense and were equal to $0 and $4 for the three months ended September 30, 2014 and September 30, 2013, respectively, and $4 and $(6) for the nine months ended September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||||||
Credit Risk-related Contingent Features | |||||||||||||||||||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision that if the Company either defaults or is capable of being declared in default on any of its consolidated indebtedness, then the Company could also be declared in default on its derivative obligations. | |||||||||||||||||||||||||||||
The Company has agreements with its derivative counterparties that incorporate the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. | |||||||||||||||||||||||||||||
As of September 30, 2014, the fair value of derivatives in a net liability position, plus accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $342. As of September 30, 2014, the Company has not posted any collateral related to these agreements. The Company is not in default with any of these provisions. If the Company had breached any of these provisions at September 30, 2014, it would have been required to settle its obligations under the agreements at their termination value of $341. | |||||||||||||||||||||||||||||
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||||
Derivatives and Fair Value [Text Block] | ' | |||||||||||||||
12 | Fair Value Measurements | |||||||||||||||
The Company measures and discloses its fair value measurements in accordance with ASC Topic 820 - “Fair Value Measurements and Disclosure” (“Topic 820”). Topic 820 guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be 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, Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy, as defined by Topic 820, contains three levels of inputs that may be used to measure fair value as follows: | ||||||||||||||||
• | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly such as interest rates, foreign exchange rates, and yield curves, that are observable at commonly quoted intervals. | |||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity's own assumptions, as there is little, if any, related market activity. | |||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||||||||||
The Company has derivatives that must be measured under the fair value standard. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
Currently, the Company uses interest rate swaps and caps to manage its interest rate risk. The valuation of these instruments 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, foreign exchange rates, and implied volatilities. Based on these inputs the Company has determined that its interest rate swap and cap valuations are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||
To comply with the provisions of Topic 820, 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. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||||||||||||||
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 itself and its counterparties. However, as of September 30, 2014, 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 derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
Recurring Valuations | ||||||||||||||||
The Company values its derivative instruments, net using significant other observable inputs (Level 2). | ||||||||||||||||
Nonrecurring Valuations | ||||||||||||||||
During the nine months ended September 30, 2014, the Company reduced the carrying value of Eastland to its estimated net realizable value and recorded a $2,513 impairment loss. The Company used multiple market indicators in determining the Property’s estimated fair value. Eastland was disposed of during the three months ended September 30, 2014. | ||||||||||||||||
The table below presents the Company’s liabilities measured at fair value as of September 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Quoted Prices in Active Markets for Identical Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at September 30, | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | |||||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments, net | $ | — | $ | 294 | $ | — | $ | 294 | ||||||||
Quoted Prices in Active Markets for Identical Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2013 | |||||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments, net | $ | — | $ | 514 | $ | — | $ | 514 | ||||||||
Note_13_StockBased_Compensatio
Note 13 - Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
13. Stock-Based Compensation | |
Restricted Common Stock | |
Outstanding shares of restricted Common Stock have been granted pursuant to GRT’s 2004 Amended and Restated Incentive Compensation Plan and the GRT 2012 Incentive Compensation Plan (the "2012 Plan"). The restricted Common Stock value is determined by the Company’s closing market share price on the grant date. As restricted Common Stock represents an incentive for future periods, the Company recognizes the related compensation expense ratably over the applicable vesting periods. During the nine months ended September 30, 2014, the Company granted 540,166 restricted Common Shares. Of this amount, 186,466 restricted Common Shares vest in one-third installments over a period of five years beginning on the third anniversary of the grant date, 38,952 restricted Common Shares vest in one-third installments over a period of three years beginning on the first anniversary of the grant date, and 314,748 restricted Common Shares vest on the fifth anniversary of the date of the grant. During the nine months ended September 30, 2013, the Company granted 194,391 restricted Common Shares. | |
The compensation expense for all restricted Common Shares was $919 and $790 for the three months ended September 30, 2014 and 2013, respectively, and $2,684 and $2,265 for the nine months ended September 30, 2014 and 2013, respectively. The amount of compensation expense related to unvested restricted Common Shares that the Company expects to expense in future periods, over a weighted average period of 3.6 years, is $13,116 as of September 30, 2014. | |
Stock Option Plans | |
Options granted under the Company’s share option plans generally vest over a three-year period, with options exercisable at a rate of 33.3% per annum beginning with the first anniversary of the grant date. The options generally expire on the tenth anniversary of the grant date. The fair value of each option grant is estimated on the date of the grant using the Black-Scholes options pricing model and is amortized over the requisite vesting period. During the nine months ended September 30, 2014 and 2013, the Company issued 320,000 and 314,500 options, respectively. The fair value of each option granted in 2014 was calculated on the date of the grant with the following assumptions: weighted average risk free interest rate of 1.65%, expected life of five years, annual dividend rates of $0.40, and weighted average volatility of 35.9%. The weighted average fair value of options issued during the nine months ended September 30, 2014 was $2.32 per share. Compensation expense recorded for the Company’s share option plans was $275 and $310 for the three months ended September 30, 2014 and 2013, respectively, and $829 and $828 for the nine months ended September 30, 2014 and 2013, respectively. | |
Performance Shares | |
During the nine months ended September 30, 2014, GRT allocated 186,466 performance shares (the "2014 Performance Shares") to its senior executive officers under the 2012 Plan. Under the terms of the award agreement for each respective grant, a 2012 Plan participant’s allocation of performance shares are convertible into Common Shares as determined by the outcome of GRT’s relative total shareholder return (“TSR”) for its Common Shares during the period of January 1, 2014 to December 31, 2016 (the “2014 Performance Period”), as compared to the TSR for the common shares of a selected group of twenty-two retail-oriented REITs. | |
The compensation expense recorded for performance shares was calculated in accordance with ASC Topic 718 - “Compensation-Stock Compensation.” The fair value of the unearned portion of the performance share awards was determined utilizing the Monte Carlo simulation technique and will be amortized to compensation expense over the 2014 Performance Period. The fair value of the 2014 Performance Shares was determined to be $9.51 per share for a total compensation amount of $1,773 to be recognized over the 2014 Performance Period. | |
The amount of compensation expense related to all outstanding performance shares was $503 and $429 for the three months ended September 30, 2014 and 2013, respectively, and $1,225 and $1,042 for the nine months ended September 30, 2014 and 2013, respectively. | |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
14. Commitments and Contingencies | |
At September 30, 2014, there were 2.4 million OP Units outstanding. These OP Units are redeemable, at the option of the holders, beginning on the first anniversary of their issuance. The redemption price for an OP Unit shall be, at the option of GPLP, payable in the following form and amount: a) cash at a price equal to the fair market value of one Common Share, b) one Common Share for each OP Unit or (c) any combination of cash and Common Shares. The fair value of the OP Units outstanding at September 30, 2014 is $33,188 based upon a per unit value of $13.62 at September 30, 2014 (based upon a five -day average closing price of the Common Stock from September 23, 2014 to September 29, 2014). | |
The Company has provided a limited guarantee of franchise tax payments to be received by the City of Elizabeth, New Jersey (the "City") until franchise tax payments achieve $5,600 annually. Through September 30, 2014, the Company has made $17,560 in payments under this guarantee agreement. During 2010, the Company was relieved from its limited guarantee of franchise taxes. The guarantee agreement allows the Company to recover payments made under the guaranty plus interest at LIBOR plus 2.00% per annum. The reimbursement will occur from any excess assessments collected by the City above specified annual levels over the franchise assessment period of 30 years. Fifty percent of excess taxes collected over the $5,600 annual threshold will be paid by the City to the Company each year that the taxes collected exceed the threshold, until such time that the Company has recovered all previous guaranty payments plus LIBOR plus 2.00% per annum or the end of the franchise period is reached. As of September 30, 2014, the initial payment of $352 is due from the City. Based upon projected franchise tax collections during the guarantee period, the Company expects to recover at least $15,032 before the guarantee period ends in 2030. Accordingly, this $15,032 is included in “Prepaid and other assets” in the Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013. | |
Note_15_Earnings_Per_Common_Sh
Note 15 - Earnings Per Common Share | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
15 | Earnings Per Common Share (shares in thousands) | |||||||||||||||||||||
The presentation of basic EPS and diluted EPS is summarized in the tables below: | ||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Basic EPS: | Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||
(Loss) income from continuing operations | $ | (3,263 | ) | $ | 945 | |||||||||||||||||
Less: preferred stock dividends | (5,895 | ) | (5,895 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | - | - | ||||||||||||||||||||
Noncontrolling interest adjustments (1) | 123 | 74 | ||||||||||||||||||||
Loss from continuing operations | $ | (9,035 | ) | 145,505 | $ | (0.06 | ) | $ | (4,876 | ) | 145,043 | $ | (0.03 | ) | ||||||||
Income (loss) from discontinued operations | $ | 17,535 | $ | (115 | ) | |||||||||||||||||
Noncontrolling interest adjustments (1) | (291 | ) | 13 | |||||||||||||||||||
Income (loss) from discontinued operations and noncontrolling interest adjustments | $ | 17,244 | 145,505 | $ | 0.12 | $ | (102 | ) | 145,043 | $ | (0.00 | ) | ||||||||||
Net income (loss) to common shareholders | $ | 8,209 | 145,505 | $ | 0.06 | $ | (4,978 | ) | 145,043 | $ | (0.03 | ) | ||||||||||
Diluted EPS: | ||||||||||||||||||||||
(Loss) income from continuing operations | $ | (3,263 | ) | 145,505 | $ | 945 | 145,043 | |||||||||||||||
Less: preferred stock dividends | (5,895 | ) | (5,895 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | - | - | ||||||||||||||||||||
Noncontrolling interest adjustments (2) | (33 | ) | 0 | |||||||||||||||||||
Operating partnership units | 2,439 | 2,207 | ||||||||||||||||||||
Options/Performance shares | - | - | ||||||||||||||||||||
Loss from continuing operations | $ | (9,191 | ) | 147,944 | $ | (0.06 | ) | $ | (4,950 | ) | 147,250 | $ | (0.03 | ) | ||||||||
Income (loss) from discontinued operations(3) | $ | 17,533 | 147,944 | $ | 0.12 | $ | (104 | ) | 147,250 | $ | (0.00 | ) | ||||||||||
Net income (loss) to common shareholders before operating partnership noncontrolling interests | $ | 8,342 | 147,944 | $ | 0.06 | $ | (5,054 | ) | 147,250 | $ | (0.03 | ) | ||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Basic EPS: | Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||
(Loss) income from continuing operations | $ | (3,702 | ) | $ | 38,833 | |||||||||||||||||
Less: preferred stock dividends | (17,685 | ) | (18,521 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | 0 | (9,426 | ) | |||||||||||||||||||
Noncontrolling interest adjustments (1) | 385 | (149 | ) | |||||||||||||||||||
(Loss) income from continuing operations | $ | (21,002 | ) | 145,274 | $ | (0.14 | ) | $ | 10,737 | 144,334 | $ | 0.07 | ||||||||||
Income from discontinued operations | $ | 17,073 | $ | 399 | ||||||||||||||||||
Noncontrolling interest adjustments (1) | (1,010 | ) | (109 | ) | ||||||||||||||||||
Income from discontinued operations and noncontrolling interest adjustments | $ | 16,063 | 145,274 | $ | 0.11 | $ | 290 | 144,334 | $ | 0 | ||||||||||||
Net (loss) income to common shareholders | $ | (4,939 | ) | 145,274 | $ | (0.03 | ) | $ | 11,027 | 144,334 | $ | 0.08 | ||||||||||
Diluted EPS: | ||||||||||||||||||||||
(Loss) income from continuing operations | $ | (3,702 | ) | 145,274 | $ | 38,833 | 144,334 | |||||||||||||||
Less: preferred stock dividends | (17,685 | ) | (18,521 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | 0 | (9,426 | ) | |||||||||||||||||||
Noncontrolling interest adjustments (2) | 19 | 0 | ||||||||||||||||||||
Operating partnership units | 2,445 | 2,247 | ||||||||||||||||||||
Options/Performance shares | 0 | 630 | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (21,368 | ) | 147,719 | $ | (0.14 | ) | $ | 10,886 | 147,211 | $ | 0.07 | ||||||||||
Income from discontinued operations(3) | $ | 16,345 | 147,719 | $ | 0.11 | $ | 296 | 147,211 | $ | 0 | ||||||||||||
Net (loss) income to common shareholders before operating partnership noncontrolling interests | $ | (5,023 | ) | 147,719 | $ | (0.03 | ) | $ | 11,182 | 147,211 | $ | 0.08 | ||||||||||
-1 | The noncontrolling interest adjustment reflects the allocation of noncontrolling interest expense to continuing and discontinued operations for appropriate allocation in the calculation of earnings per share. | |||||||||||||||||||||
-2 | Amount represents the noncontrolling interest expense associated with consolidated joint ventures. | |||||||||||||||||||||
-3 | Amount includes an adjustment for noncontrolling interest for consolidated joint venture classified as discontinued operations. | |||||||||||||||||||||
We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method when required. | ||||||||||||||||||||||
The Company has included OP Units in all periods presented since the per share/unit amounts are the same. When anti-dilutive, all other common stock equivalents are excluded from the respective computation of earnings per share. The Company has issued restricted shares which have non-forfeitable rights to dividends immediately after issuance and are considered participating securities. | ||||||||||||||||||||||
Note_16_Discontinued_Operation
Note 16 - Discontinued Operations | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||
16 | Discontinued Operations | |||||||
Financial results of Properties the Company sold or held-for-sale are reflected in discontinued operations for all periods presented in the Consolidated Statements of Comprehensive Income. The table below summarizes key financial results for these discontinued operations: | ||||||||
For the Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 448 | $ | 1,630 | ||||
Other expense | (288 | ) | (1,116 | ) | ||||
Operating income | 160 | 514 | ||||||
Interest expense, net | (201 | ) | (629 | ) | ||||
Net loss from operations | (41 | ) | (115 | ) | ||||
Gain on disposition of property | 1,284 | - | ||||||
Gain on extinguishment of debt | 16,292 | - | ||||||
Impairment loss | - | - | ||||||
Net income (loss) from discontinued operations | $ | 17,535 | $ | (115 | ) | |||
For the Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 4,704 | $ | 8,356 | ||||
Other expense | (2,500 | ) | (6,061 | ) | ||||
Operating income | 2,204 | 2,295 | ||||||
Interest expense, net | (1,523 | ) | (1,896 | ) | ||||
Net income from operations | 681 | 399 | ||||||
Gain on disposition of assets | 2,613 | — | ||||||
Gain on extinguishment of debt | 16,292 | — | ||||||
Impairment loss | (2,513 | ) | — | |||||
Net income from discontinued operations | $ | 17,073 | $ | 399 | ||||
The revenues, other expense, and interest expense for the three months ended September 30, 2014 primarily relate to the results of Eastland and Ohio River Plaza, located in Gallipolis, Ohio. The revenues, other expense, and interest expense for the nine months ended September 30, 2014 and for the three and nine months ended 2013 primarily relate to the results of Eastland, Ohio River Plaza, and Surprise. | ||||||||
Revenues and other expense for the nine months ended September 30, 2014 include the sale of the remaining 1.3 acre parcel of undeveloped land located at Surprise. The land was sold for $900 and the Company recorded a gain on the sale of $372. | ||||||||
During the three months ended September 30, 2014, the Company sold Ohio River Plaza for $4,850 and recorded a gain of $1,284. During the nine months ended September 30, 2014, in addition to the sale of Ohio River Plaza, the Company sold a multi-tenant building located at River Valley Mall, in Lancaster, Ohio, for $3,090 and recorded a gain of $325; and also sold a multi-tenant building at Surprise for $2,754 and recorded a gain of $1,004. | ||||||||
A gain on the extinguishment of debt of $16,292 was recorded as a result of the conveyance on Eastland to the Eastland Lender for the three and nine months ended September 30, 2014. | ||||||||
In connection with the preparation of the financial statements for the nine months ended September 30, 2014, the Company reduced the carrying value of Eastland to its estimated net realizable value and recorded a $2,513 impairment loss. The Company used multiple market indicators in determining the Property’s estimated fair value. | ||||||||
Note_17_Intangible_Assets_and_
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Intangible Assetsand Liabilities Disclosure [Abstract] | ' | ||||||||||||
Intangible Assetsand Liabilities Disclosure [Text Block] | ' | ||||||||||||
17 | Intangible Assets and Liabilities Associated with Acquisitions | ||||||||||||
Intangible assets and liabilities as of September 30, 2014, which were recorded at the respective acquisition dates, are associated with acquisitions of Polaris Fashion Place, located in Columbus, Ohio, Merritt Square Mall, located in Merritt Island, Florida, Town Center Plaza and Town Center Crossing, both located in Leawood, Kansas, Pearlridge Center, located in Aiea, Hawaii, Malibu Lumber Yard, located in Malibu, California, University Park, WestShore, Arbor Hills, and the OKC Properties. | |||||||||||||
The gross intangibles recorded as of their respective acquisition dates are comprised of an asset for acquired above-market leases of $19,330 in which the Company is the lessor, a liability for acquired below-market leases of $87,042 in which the Company is the lessor, an asset of $12,571 for an acquired below-market lease in which the Company is the lessee, a liability of $8,102 for an acquired above-market lease in which the Company is the lessee, an asset for tenant relationships of $2,689, and an asset for in-place leases for $74,065. | |||||||||||||
The intangibles related to above and below-market leases in which the Company is the lessor are amortized to minimum rents on a straight-line basis over the estimated life of the lease. The above and below-market leases in which the Company is the lessee are amortized to other operating expenses over the life of the non-cancelable lease terms. Tenant relationships are amortized to depreciation and amortization expense over the remaining estimated useful life of the tenant relationship. In-place leases are amortized to depreciation and amortization expense over the life of the leases to which they pertain. | |||||||||||||
Net amortization for all of the acquired intangibles is a decrease to net income in the amount of $741 and $2,102 for the three months ended September 30, 2014 and 2013, respectively, and $4,301 and $5,209 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||
The table below identifies the type of intangible assets, their location on the Consolidated Balance Sheets, their weighted average amortization period, and their book value, which is net of accumulated amortization, as of September 30, 2014 and December 31, 2013: | |||||||||||||
Balance as of | |||||||||||||
Intangible | Location on the | Weighted Average Remaining Amortization (in years) | September 30, | December 31, | |||||||||
Asset/Liability | Consolidated Balance Sheets | 2014 | 2013 | ||||||||||
Above-Market Leases - Company is lessor | Prepaid and other assets | 7.4 | $ | 11,215 | $ | 12,512 | |||||||
Below-Market Leases - Company is lessor | Accounts payable and accrued expenses | 13.5 | $ | 51,492 | $ | 57,896 | |||||||
Below-Market Lease - Company is lessee | Prepaid and other assets | 29.3 | $ | 9,884 | $ | 10,540 | |||||||
Above-Market Lease - Company is lessee | Accounts payable and accrued expenses | 48.3 | $ | 6,995 | $ | 7,362 | |||||||
Tenant Relationships | Prepaid and other assets | 2.3 | $ | 465 | $ | 621 | |||||||
In-Place Leases | Building, improvements, and equipment | 9.3 | $ | 39,153 | $ | 44,392 | |||||||
Note_18_Fair_Value_of_Financia
Note 18 - Fair Value of Financial Instruments | 9 Months Ended | |
Sep. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Disclosures [Text Block] | ' | |
18 | Fair Value of Financial Instruments | |
The carrying values of cash and cash equivalents, restricted cash, tenant accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturity of these financial instruments. The carrying value of the Credit Facility is also a reasonable estimate of its fair value because it bears variable rate interest at current market rates. Based on the discounted amount of future cash flows using rates currently available to GRT for similar liabilities (ranging from 2.98% to 6.00% per annum at September 30, 2014 and 3.06% to 6.00% per annum at December 31, 2013), the fair value of GRT's mortgage notes payable is estimated at $1,707,173 and $1,838,389 at September 30, 2014 and December 31, 2013, respectively, compared to its carrying amounts of $1,702,425 and $1,847,903, respectively. The fair value of the debt instruments considers, in part, the credit of GRT as an entity and not just the individual entities and Properties owned by GRT. Fair value of debt was estimated using cash flows discounted at current market rates, as estimated by management. When determining current market rates for purposes of estimating the fair value of debt, the Company employed adjustments to the original credit spreads used when the debt was originally issued to account for current market conditions. | ||
Note_19_Acquisition_of_Propert
Note 19 - Acquisition of Properties | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||||||||||
19 | Acquisition of Properties | |||||||||||||||||||||||
On February 28, 2014, an affiliate of the Company purchased a joint venture interest in the OKC Properties for $51,820. | ||||||||||||||||||||||||
OKC Properties had revenues totaling $1,387 and $2,983 for the three and nine months ended September 30, 2014, respectively, and a net loss of $54 and $574 for the three and nine months ended September 30, 2014, respectively. The Company expensed acquisition costs relating to the OKC Properties acquisition of $0 and $723 as general and administrative expenses within the Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||||||||||
The following table summarizes the cash consideration paid for the OKC Properties and the amounts of the assets acquired and liabilities assumed at the acquisition date. As of September 30, 2014, the Company has finalized the purchase price allocation for the OKC Properties. | ||||||||||||||||||||||||
OKC | ||||||||||||||||||||||||
Properties | ||||||||||||||||||||||||
Cash consideration paid for acquisition, net | $ | 51,127 | ||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||||||||||||||
Land | $ | 19,584 | ||||||||||||||||||||||
Buildings, improvements and equipment | 35,719 | |||||||||||||||||||||||
Tenant accounts receivable, net | (69 | ) | ||||||||||||||||||||||
Deferred costs | 1,921 | |||||||||||||||||||||||
Prepaid and other assets (1) | 622 | |||||||||||||||||||||||
Accounts payable and accrued expenses (2) | (6,650 | ) | ||||||||||||||||||||||
Total amount of identifiable assets acquired and liabilities assumed | $ | 51,127 | ||||||||||||||||||||||
-1 | Amount relates to above-market leases. | |||||||||||||||||||||||
-2 | Amount primarily relates to below-market leases. | |||||||||||||||||||||||
The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of University Park and WestShore, collectively (the "Recent Acquisitions"), had occurred on January 1, 2013. Amortization of the estimated above/below-market lease intangibles, as well as the depreciation of the buildings, improvements and equipment have been reflected in the pro-forma information listed below. Certain expenses such as property management fees and other costs not directly related to the future operations of the Recent Acquisitions have been excluded. Pro forma adjustments related to the acquisitions of Arbor Hills and the OKC Properties, which occurred in 2013 and 2014, respectively, have not been included in the pro-forma information presented below as their results do not have a material effect on revenues or earnings. | ||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
As | Pro-Forma | Pro-Forma | As | Pro-Forma | Pro-Forma | |||||||||||||||||||
Reported | Adjustments - Recent Acquisitions | Reported | Adjustments - Recent Acquisitions | |||||||||||||||||||||
Revenues | $ | 98,334 | $ | — | $ | 98,334 | $ | 93,105 | $ | — | $ | 93,105 | ||||||||||||
Net income | $ | 14,272 | $ | — | $ | 14,272 | $ | 830 | $ | — | $ | 830 | ||||||||||||
Net income attributable to Glimcher Realty Trust | $ | 14,104 | $ | — | $ | 14,104 | $ | 917 | $ | — | $ | 917 | ||||||||||||
Earnings per share - (basic) (4) | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||||||||||
Earnings per share - (diluted) (4) | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
As | Pro-Forma | Pro-Forma | As | Pro-Forma | Pro-Forma | |||||||||||||||||||
Reported | Adjustments - Recent Acquisitions | Reported | Adjustments - Recent Acquisitions | |||||||||||||||||||||
Revenues | $ | 289,437 | $ | — | $ | 289,437 | $ | 274,241 | $ | 9,897 | -1 | $ | 284,138 | |||||||||||
Net income | $ | 13,371 | $ | — | $ | 13,371 | $ | 39,232 | $ | (20,310 | ) | -2 | $ | 18,922 | ||||||||||
Net income attributable to Glimcher Realty Trust | $ | 12,746 | $ | — | $ | 12,746 | $ | 38,974 | $ | (19,997 | ) | -3 | $ | 18,977 | ||||||||||
Earnings per share - (basic) (4) | $ | (0.03 | ) | $ | (0.03 | ) | $ | 0.08 | $ | (0.06 | ) | |||||||||||||
Earnings per share - (diluted) (4) | $ | (0.03 | ) | $ | (0.03 | ) | $ | 0.08 | $ | (0.06 | ) | |||||||||||||
Pro-forma earnings per share, both basic and diluted, are calculated with an appropriate adjustment to noncontrolling interest expense for the difference in pro-forma income. | ||||||||||||||||||||||||
-1 | Represents the estimated revenues for the Recent Acquisitions which takes into consideration adjustments for fees previously earned by the Company for the management and the leasing of WestShore, and the estimated amortization of above/below-market leases. | |||||||||||||||||||||||
-2 | Includes the adjustments in (1) and the following adjustments: operating expenses for Recent Acquisitions, management fees, estimated depreciation expense, and previously recorded Equity in income or loss of unconsolidated real estate entities. | |||||||||||||||||||||||
-3 | Amount also includes the allocation to noncontrolling interests. | |||||||||||||||||||||||
-4 | Calculation of earnings per share includes preferred share dividends and the write-off related to the preferred share redemption in 2013. | |||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Supplemental Disclosure of Non-Cash Operating, Investing, and Financing Activities [Policy Text Block] | ' |
Supplemental Disclosure of Non-Cash Operating, Investing, and Financing Activities | |
The Company's other non-cash activities for the nine months ended September 30, 2014 accounted for changes in the following areas: a) investment in real estate - $(39,684), b) cash in escrow $(1,109), c) investment in and advances to unconsolidated real estate entities - $3,401, d) accounts receivable - $(472), e) deferred costs - $1,345, f) prepaid and other assets - $378, g) mortgage notes payable - $40,796, h) accounts payable and accrued expenses - $(834), i) additional paid in capital - $177, j) accumulated other comprehensive loss - $(220), and k) redeemable noncontrolling interests - $(3,778). | |
During the third quarter of 2014, the Company conveyed, without penalty, its interest in Eastland Mall located in Columbus, Ohio (“Eastland”) to the securitization trustee (the “Eastland Lender”) for the securitized mortgage loan that encumbered Eastland. In connection with this transfer, the Company disposed of assets totaling $24,014. The Company also was relieved of $40,259 of liabilities which included the Company’s $39,752 mortgage loan on the Property. | |
Distributions for GRT's common shares of beneficial interest ("Common Shares" or "Common Stock") of $14,571 and $14,508 were declared, but not paid, as of September 30, 2014 and December 31, 2013, respectively. Operating Partnership distributions of $244 were declared, but not paid as of September 30, 2014 and December 31, 2013. Distributions for GRT's 8.125% Series G Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series G Preferred Shares”) of $2,387 were declared, but not paid, as of September 30, 2014 and December 31, 2013. Distributions for GRT's 7.5% Series H Cumulative Redeemable Preferred Shares of Beneficial Interest ("Series H Preferred Shares") of $1,875 were declared, but not paid, as of September 30, 2014 and December 31, 2013, $1,563 of which relates to the three months ended September 30, 2014 and December 31, 2013. Distributions for GRT's 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series I Preferred Shares”) of $1,633 were declared, but not paid, as of September 30, 2014 and December 31, 2013, $1,379 of which relates to the three months ended September 30, 2014 and December 31, 2013. Distributions for GPLP's 7.3% Series I-1 Preferred Interests (“Series I-1 Preferred Interests”) of $53 were declared, but not paid, as of September 30, 2014, $44 of which relates to the three months ended September 30, 2014. The Series I-1 Preferred Interests were not outstanding at December 31, 2013. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity. | |
In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the new standard. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. ASU 2014-15 requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statements of Comprehensive Income required by ASC Topic 205 - “Presentation of Financial Statements,” have been made in the consolidated financial statements in order to conform to the 2014 presentation. |
Note_5_Investment_in_Joint_Ven1
Note 5 - Investment in Joint Ventures - Consolidated (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate assets held-for-sale | $ | 3,658 | $ | 5,667 | |||||
Total assets | $ | 3,658 | $ | 5,718 | |||||
Mortgage note payable associated with property held-for-sale | $ | — | $ | 1,330 | |||||
Total liabilities | $ | 8 | $ | 1,419 | |||||
Note_6_Investment_in_and_Advan1
Note 6 - Investment in and Advances to Unconsolidated Real Estate Entities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments [Table Text Block] | ' | |||||||
For the Three Months Ended | ||||||||
September 30, | ||||||||
Combined Statements of Operations | 2014 | 2013 | ||||||
Total revenues | $ | 6,135 | $ | 5,731 | ||||
Operating expenses | 3,620 | 3,600 | ||||||
Depreciation and amortization | 85 | 1,615 | ||||||
Operating income | 2,430 | 516 | ||||||
Gain on sale of properties, net | - | - | ||||||
Gain on debt extinguishment | - | - | ||||||
Other expenses, net | 13 | 19 | ||||||
Interest expense, net | 773 | 763 | ||||||
Net income (loss) | 1,644 | (266 | ) | |||||
Preferred dividend | 4 | 4 | ||||||
Net income (loss) from the Company’s unconsolidated real estate entities | $ | 1,640 | $ | (270 | ) | |||
GPLP’s share of income (loss) from all of the Company's unconsolidated real estate entities | $ | 878 | $ | (130 | ) | |||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
Combined Statements of Operations | 2014 | 2013 | ||||||
Total revenues | $ | 17,410 | $ | 42,510 | ||||
Operating expenses | 10,385 | 21,217 | ||||||
Depreciation and amortization | 1,013 | 11,637 | ||||||
Operating income | 6,012 | 9,656 | ||||||
Gain on sale of properties, net (1) | - | 12,365 | ||||||
Gain on debt extinguishment | - | 13,250 | ||||||
Other expenses, net | 127 | 152 | ||||||
Interest expense, net | 2,302 | 8,342 | ||||||
Net income | 3,583 | 26,777 | ||||||
Preferred dividend | 12 | 16 | ||||||
Net income from the Company’s unconsolidated real estate entities | $ | 3,571 | $ | 26,761 | ||||
GPLP’s share of income from all of the Company's unconsolidated real estate entities | $ | 1,883 | $ | 13,181 | ||||
Note_7_Tenant_Accounts_Receiva1
Note 7 - Tenant Accounts Receivable, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
Billed receivables | $ | 3,913 | $ | 9,257 | ||||
Straight-line receivables | 25,142 | 23,583 | ||||||
Unbilled receivables | 8,730 | 8,856 | ||||||
Less: Allowance for doubtful accounts | (3,863 | ) | (4,634 | ) | ||||
Tenant accounts receivable, net | $ | 33,922 | $ | 37,062 | ||||
Note_8_Mortgage_Notes_Payable_
Note 8 - Mortgage Notes Payable (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||||||
Description/Borrower | Carrying Amount of | Interest Rates | Interest | Payment | Payment at | Maturity Date | |||||||||||||||||||
Mortgage Notes Payable | Terms | Terms | Maturity | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fixed Rate: | |||||||||||||||||||||||||
Glimcher Supermall Venture, LLC | $ | 50,487 | $ | 51,611 | 7.54 | % | 7.54 | % | (i) | (a) | $ | 49,969 | (e) | ||||||||||||
Glimcher Merritt Square, LLC | 53,766 | 54,359 | 5.35 | % | 5.35 | % | (a) | $ | 52,914 | 1-Sep-15 | |||||||||||||||
SDQ Fee, LLC | 65,792 | 66,663 | 4.91 | % | 4.91 | % | (a) | $ | 64,577 | 1-Oct-15 | |||||||||||||||
BRE/Pearlridge, LLC | 172,788 | 174,774 | 4.6 | % | 4.6 | % | (a) | $ | 169,551 | 1-Nov-15 | |||||||||||||||
RVM Glimcher, LLC | 46,003 | 46,608 | 5.65 | % | 5.65 | % | (a) | $ | 44,931 | 11-Jan-16 | |||||||||||||||
WTM Glimcher, LLC | 60,000 | 60,000 | 5.9 | % | 5.9 | % | (b) | $ | 60,000 | 8-Jun-16 | |||||||||||||||
Glimcher MJC, LLC | 52,439 | 52,940 | 6.76 | % | 6.76 | % | (a) | $ | 47,768 | 6-May-20 | |||||||||||||||
Grand Central Parkersburg, LLC | 42,677 | 43,141 | 6.05 | % | 6.05 | % | (a) | $ | 38,307 | 6-Jul-20 | |||||||||||||||
JG Elizabeth II, LLC | 350,000 | 350,000 | 3.83 | % | 3.83 | % | (b) | $ | 350,000 | 1-Nov-20 | |||||||||||||||
ATC Glimcher, LLC | 40,072 | 40,577 | 4.9 | % | 4.9 | % | (a) | $ | 34,569 | 6-Jul-21 | |||||||||||||||
Dayton Mall II, LLC | 82,000 | 82,000 | 4.57 | % | 4.57 | % | (d) | $ | 75,241 | 1-Sep-22 | |||||||||||||||
PFP Columbus II, LLC | 225,000 | 225,000 | 3.9 | % | 3.9 | % | (f) | $ | 203,576 | 1-Mar-25 | |||||||||||||||
AHC Washtenaw, LLC | 25,500 | 25,500 | 4.27 | % | 4.27 | % | (q) | $ | 20,949 | (l) | |||||||||||||||
Leawood TCP, LLC | 73,945 | 74,873 | 5 | % | 5 | % | (a) | $ | 52,465 | (j) | |||||||||||||||
119 Leawood, LLC | 36,804 | 37,305 | 4.25 | % | 4.25 | % | (a) | $ | 25,820 | (j) | |||||||||||||||
UPV Glimcher, LP | 55,000 | 55,000 | 3.85 | % | 3.85 | % | (g) | $ | 45,977 | 1-May-28 | |||||||||||||||
Tax Exempt Bonds (k) | 19,000 | 19,000 | 6 | % | 6 | % | (c) | $ | 19,000 | 1-Nov-28 | |||||||||||||||
1,451,273 | 1,459,351 | ||||||||||||||||||||||||
Variable Rate: | |||||||||||||||||||||||||
Kierland Crossing, LLC | 130,000 | 130,000 | 3.27 | % | 3.27 | % | (h) | (b) | $ | 130,000 | (m) | ||||||||||||||
Glimcher WestShore, LLC | 99,600 | 99,600 | 2.8 | % | 2.8 | % | (n) | (b) | $ | 99,600 | (p) | ||||||||||||||
Glimcher WestShore Mezz, LLC | 20,000 | 20,000 | 8 | % | 8 | % | (o) | (b) | $ | 20,000 | (p) | ||||||||||||||
249,600 | 249,600 | ||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Fair value adjustments | 1,552 | 2,596 | |||||||||||||||||||||||
Extinguished debt | — | 135,026 | (r) | ||||||||||||||||||||||
Mortgage Notes Payable | $ | 1,702,425 | $ | 1,846,573 | |||||||||||||||||||||
Mortgage Note Payable | |||||||||||||||||||||||||
Associated with Property Held-for-Sale | |||||||||||||||||||||||||
Extinguished debt | $ | — | $ | 1,330 | 5.5 | % | |||||||||||||||||||
Note_11_Derivative_Financial_I1
Note 11 - Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest Rate Products | Accounts payable and accrued expenses | $ | 294 | Accounts payable and accrued expenses | $ | 514 | |||||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCL on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest Rate Products | $ | (12 | ) | $ | (156 | ) | Interest expense | $ | (132 | ) | $ | (122 | ) | Interest expense | $ | — | $ | (4 | ) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCL on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest Rate Products | $ | (165 | ) | $ | (151 | ) | Interest expense | $ | (389 | ) | $ | (354 | ) | Interest expense | $ | — | $ | 6 | |||||||||||
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
Quoted Prices in Active Markets for Identical Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at September 30, | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | |||||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments, net | $ | — | $ | 294 | $ | — | $ | 294 | ||||||||
Quoted Prices in Active Markets for Identical Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2013 | |||||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments, net | $ | — | $ | 514 | $ | — | $ | 514 | ||||||||
Note_15_Earnings_Per_Common_Sh1
Note 15 - Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Basic EPS: | Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||
(Loss) income from continuing operations | $ | (3,263 | ) | $ | 945 | |||||||||||||||||
Less: preferred stock dividends | (5,895 | ) | (5,895 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | - | - | ||||||||||||||||||||
Noncontrolling interest adjustments (1) | 123 | 74 | ||||||||||||||||||||
Loss from continuing operations | $ | (9,035 | ) | 145,505 | $ | (0.06 | ) | $ | (4,876 | ) | 145,043 | $ | (0.03 | ) | ||||||||
Income (loss) from discontinued operations | $ | 17,535 | $ | (115 | ) | |||||||||||||||||
Noncontrolling interest adjustments (1) | (291 | ) | 13 | |||||||||||||||||||
Income (loss) from discontinued operations and noncontrolling interest adjustments | $ | 17,244 | 145,505 | $ | 0.12 | $ | (102 | ) | 145,043 | $ | (0.00 | ) | ||||||||||
Net income (loss) to common shareholders | $ | 8,209 | 145,505 | $ | 0.06 | $ | (4,978 | ) | 145,043 | $ | (0.03 | ) | ||||||||||
Diluted EPS: | ||||||||||||||||||||||
(Loss) income from continuing operations | $ | (3,263 | ) | 145,505 | $ | 945 | 145,043 | |||||||||||||||
Less: preferred stock dividends | (5,895 | ) | (5,895 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | - | - | ||||||||||||||||||||
Noncontrolling interest adjustments (2) | (33 | ) | 0 | |||||||||||||||||||
Operating partnership units | 2,439 | 2,207 | ||||||||||||||||||||
Options/Performance shares | - | - | ||||||||||||||||||||
Loss from continuing operations | $ | (9,191 | ) | 147,944 | $ | (0.06 | ) | $ | (4,950 | ) | 147,250 | $ | (0.03 | ) | ||||||||
Income (loss) from discontinued operations(3) | $ | 17,533 | 147,944 | $ | 0.12 | $ | (104 | ) | 147,250 | $ | (0.00 | ) | ||||||||||
Net income (loss) to common shareholders before operating partnership noncontrolling interests | $ | 8,342 | 147,944 | $ | 0.06 | $ | (5,054 | ) | 147,250 | $ | (0.03 | ) | ||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Basic EPS: | Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||
(Loss) income from continuing operations | $ | (3,702 | ) | $ | 38,833 | |||||||||||||||||
Less: preferred stock dividends | (17,685 | ) | (18,521 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | 0 | (9,426 | ) | |||||||||||||||||||
Noncontrolling interest adjustments (1) | 385 | (149 | ) | |||||||||||||||||||
(Loss) income from continuing operations | $ | (21,002 | ) | 145,274 | $ | (0.14 | ) | $ | 10,737 | 144,334 | $ | 0.07 | ||||||||||
Income from discontinued operations | $ | 17,073 | $ | 399 | ||||||||||||||||||
Noncontrolling interest adjustments (1) | (1,010 | ) | (109 | ) | ||||||||||||||||||
Income from discontinued operations and noncontrolling interest adjustments | $ | 16,063 | 145,274 | $ | 0.11 | $ | 290 | 144,334 | $ | 0 | ||||||||||||
Net (loss) income to common shareholders | $ | (4,939 | ) | 145,274 | $ | (0.03 | ) | $ | 11,027 | 144,334 | $ | 0.08 | ||||||||||
Diluted EPS: | ||||||||||||||||||||||
(Loss) income from continuing operations | $ | (3,702 | ) | 145,274 | $ | 38,833 | 144,334 | |||||||||||||||
Less: preferred stock dividends | (17,685 | ) | (18,521 | ) | ||||||||||||||||||
Less: preferred stock redemption costs | 0 | (9,426 | ) | |||||||||||||||||||
Noncontrolling interest adjustments (2) | 19 | 0 | ||||||||||||||||||||
Operating partnership units | 2,445 | 2,247 | ||||||||||||||||||||
Options/Performance shares | 0 | 630 | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (21,368 | ) | 147,719 | $ | (0.14 | ) | $ | 10,886 | 147,211 | $ | 0.07 | ||||||||||
Income from discontinued operations(3) | $ | 16,345 | 147,719 | $ | 0.11 | $ | 296 | 147,211 | $ | 0 | ||||||||||||
Net (loss) income to common shareholders before operating partnership noncontrolling interests | $ | (5,023 | ) | 147,719 | $ | (0.03 | ) | $ | 11,182 | 147,211 | $ | 0.08 | ||||||||||
Note_16_Discontinued_Operation1
Note 16 - Discontinued Operations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
For the Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 448 | $ | 1,630 | ||||
Other expense | (288 | ) | (1,116 | ) | ||||
Operating income | 160 | 514 | ||||||
Interest expense, net | (201 | ) | (629 | ) | ||||
Net loss from operations | (41 | ) | (115 | ) | ||||
Gain on disposition of property | 1,284 | - | ||||||
Gain on extinguishment of debt | 16,292 | - | ||||||
Impairment loss | - | - | ||||||
Net income (loss) from discontinued operations | $ | 17,535 | $ | (115 | ) | |||
For the Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 4,704 | $ | 8,356 | ||||
Other expense | (2,500 | ) | (6,061 | ) | ||||
Operating income | 2,204 | 2,295 | ||||||
Interest expense, net | (1,523 | ) | (1,896 | ) | ||||
Net income from operations | 681 | 399 | ||||||
Gain on disposition of assets | 2,613 | — | ||||||
Gain on extinguishment of debt | 16,292 | — | ||||||
Impairment loss | (2,513 | ) | — | |||||
Net income from discontinued operations | $ | 17,073 | $ | 399 | ||||
Note_17_Intangible_Assets_and_1
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Intangible Assetsand Liabilities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||
Balance as of | |||||||||||||
Intangible | Location on the | Weighted Average Remaining Amortization (in years) | September 30, | December 31, | |||||||||
Asset/Liability | Consolidated Balance Sheets | 2014 | 2013 | ||||||||||
Above-Market Leases - Company is lessor | Prepaid and other assets | 7.4 | $ | 11,215 | $ | 12,512 | |||||||
Below-Market Leases - Company is lessor | Accounts payable and accrued expenses | 13.5 | $ | 51,492 | $ | 57,896 | |||||||
Below-Market Lease - Company is lessee | Prepaid and other assets | 29.3 | $ | 9,884 | $ | 10,540 | |||||||
Above-Market Lease - Company is lessee | Accounts payable and accrued expenses | 48.3 | $ | 6,995 | $ | 7,362 | |||||||
Tenant Relationships | Prepaid and other assets | 2.3 | $ | 465 | $ | 621 | |||||||
In-Place Leases | Building, improvements, and equipment | 9.3 | $ | 39,153 | $ | 44,392 | |||||||
Note_19_Acquisition_of_Propert1
Note 19 - Acquisition of Properties (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||||||||||||
OKC | ||||||||||||||||||||||||
Properties | ||||||||||||||||||||||||
Cash consideration paid for acquisition, net | $ | 51,127 | ||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||||||||||||||
Land | $ | 19,584 | ||||||||||||||||||||||
Buildings, improvements and equipment | 35,719 | |||||||||||||||||||||||
Tenant accounts receivable, net | (69 | ) | ||||||||||||||||||||||
Deferred costs | 1,921 | |||||||||||||||||||||||
Prepaid and other assets (1) | 622 | |||||||||||||||||||||||
Accounts payable and accrued expenses (2) | (6,650 | ) | ||||||||||||||||||||||
Total amount of identifiable assets acquired and liabilities assumed | $ | 51,127 | ||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
As | Pro-Forma | Pro-Forma | As | Pro-Forma | Pro-Forma | |||||||||||||||||||
Reported | Adjustments - Recent Acquisitions | Reported | Adjustments - Recent Acquisitions | |||||||||||||||||||||
Revenues | $ | 98,334 | $ | — | $ | 98,334 | $ | 93,105 | $ | — | $ | 93,105 | ||||||||||||
Net income | $ | 14,272 | $ | — | $ | 14,272 | $ | 830 | $ | — | $ | 830 | ||||||||||||
Net income attributable to Glimcher Realty Trust | $ | 14,104 | $ | — | $ | 14,104 | $ | 917 | $ | — | $ | 917 | ||||||||||||
Earnings per share - (basic) (4) | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||||||||||
Earnings per share - (diluted) (4) | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
As | Pro-Forma | Pro-Forma | As | Pro-Forma | Pro-Forma | |||||||||||||||||||
Reported | Adjustments - Recent Acquisitions | Reported | Adjustments - Recent Acquisitions | |||||||||||||||||||||
Revenues | $ | 289,437 | $ | — | $ | 289,437 | $ | 274,241 | $ | 9,897 | -1 | $ | 284,138 | |||||||||||
Net income | $ | 13,371 | $ | — | $ | 13,371 | $ | 39,232 | $ | (20,310 | ) | -2 | $ | 18,922 | ||||||||||
Net income attributable to Glimcher Realty Trust | $ | 12,746 | $ | — | $ | 12,746 | $ | 38,974 | $ | (19,997 | ) | -3 | $ | 18,977 | ||||||||||
Earnings per share - (basic) (4) | $ | (0.03 | ) | $ | (0.03 | ) | $ | 0.08 | $ | (0.06 | ) | |||||||||||||
Earnings per share - (diluted) (4) | $ | (0.03 | ) | $ | (0.03 | ) | $ | 0.08 | $ | (0.06 | ) | |||||||||||||
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Presentation (Details) | Sep. 30, 2014 |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Number of Real Estate Properties | 26 |
Wholly Owned Properties [Member] | ' |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Number of Real Estate Properties | 23 |
Partially Owned Properties [Member] | ' |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Number of Real Estate Properties | 3 |
Glimcher Properties Limited Partnership [Member] | ' |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 98.20% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.10% |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Non Cash Activity, Increase (Decrease) in Real Estate | ' | ' | ($39,684) | ' |
Non Cash Activity Increase Decrease In Escrow Account | ' | ' | -1,109 | ' |
Non Cash Activity, Increase (Decrease) in Investment in and Advances to Equity Method Investment | ' | ' | 3,401 | ' |
Non Cash Activity, Increase (Decrease) in Accounts Receivable | ' | ' | -472 | ' |
Non Cash Activity, Increase (Decrease) in Deferred Charges | ' | ' | 1,345 | ' |
Non Cash Activity, Increase (Decrease) in Prepaid Deferred Expense and Other Assets | ' | ' | 378 | ' |
Non Cash Activity, Loans Assumed and Fair Value Adjustments | ' | ' | 40,796 | ' |
Non Cash Activity, Increase (Decrease) in Accounts Payable and Accrued Liabilities | ' | ' | -834 | ' |
Non Cash Activity Additional Paid in Capital | ' | ' | 177 | ' |
Non Cash Activity, Other Comprehensive Income (Loss) Net of Tax | ' | ' | -220 | ' |
Non Cash Activity, Increase (Decrease) in Redeemable Noncontrolling Interest | ' | ' | -3,778 | ' |
Dividends Payable | 20,188 | 20,081 | 20,188 | 20,081 |
Series G Preferred Stock [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | 2,387 | 2,387 | 2,387 | 2,387 |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 8.13% | 8.13% |
Series H Preferred Stock [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | 1,875 | 1,875 | 1,875 | 1,875 |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 7.50% | 7.50% |
Dividends Declared, Not Paid | 1,563 | 1,563 | ' | ' |
Series I Preferred Stock [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | 1,633 | 1,633 | 1,633 | 1,633 |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 6.88% | 6.88% |
Dividends Declared, Not Paid | 1,379 | 1,379 | ' | ' |
Series I-1 Preferred Stock [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | 53 | ' | 53 | ' |
Preferred Stock, Dividend Rate, Percentage | 7.30% | ' | 7.30% | ' |
Dividends Declared, Not Paid | 44 | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | 14,571 | 14,508 | 14,571 | 14,508 |
Mortgages [Member] | Eastland Property [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Decrease, Forgiveness | 39,752 | ' | ' | ' |
Eastland Property [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Assets Disposed of by Method Other Than Sale | 24,014 | ' | 24,014 | ' |
Liabilities Disposed of by Method Other Than Sale | 40,259 | ' | 40,259 | ' |
Operating Partnership [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Dividends Payable | $244 | $244 | $244 | $244 |
Note_3_Washington_Prime_Group_1
Note 3 - Washington Prime Group Merger (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 16, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 16, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 16, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 16, 2014 | Sep. 16, 2014 | Sep. 15, 2014 | Sep. 16, 2014 |
Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | Series H Preferred Stock [Member] | Series H Preferred Stock [Member] | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series I Preferred Stock [Member] | Series I Preferred Stock [Member] | Series I-1 Preferred Interests [Member] | WPG Common Share [Member] | WPG Merger [Member] | WPG Merger [Member] | |
WPG Merger [Member] | WPG Merger [Member] | WPG Merger [Member] | WPG Merger [Member] | WPG Merger [Member] | |||||||||
Note 3 - Washington Prime Group Merger (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.40 |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1989 | ' | ' |
Business Combination, Consideration Transferred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.80 | ' | ' |
Number of Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 1 | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 8.13% | 8.13% | 8.13% | 7.50% | 7.50% | 7.50% | 6.88% | 6.88% | 6.88% | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | ' | ' | ' | ' |
Shares To Be Redeemed Pursuant to Merger (in Shares) | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Glimcher Units to WGP Units Converstion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 0.7431 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,090,000 |
Number of Board of Directors Immediately After the Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 |
Additional Trustee of the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Note_4_Real_Estate_Assets_Held1
Note 4 - Real Estate Assets Held-for-Sale (Details) (Surprise Peripheral Venture, LLC [Member], Undeveloped Land [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
acre | |
Surprise Peripheral Venture, LLC [Member] | Undeveloped Land [Member] | ' |
Note 4 - Real Estate Assets Held-for-Sale (Details) [Line Items] | ' |
Area of Land Sold During Period | 1.3 |
Note_5_Investment_in_Joint_Ven2
Note 5 - Investment in Joint Ventures - Consolidated (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 05, 2007 | Sep. 30, 2014 | Dec. 18, 2013 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | Surprise Peripheral Venture, LLC [Member] | Surprise Peripheral Venture, LLC [Member] | Surprise Peripheral Venture, LLC [Member] | VBF Venture [Member] | VBF Venture [Member] | VBF Venture [Member] | Arbor Hills Venture [Member] | Oklahoma City Venture [Member] | |
Undeveloped Land [Member] | Multi-Tenant Building [Member] | Obligations to Provide Additional Financial Support [Member] | sqft | acre | |||||
acre | sqft | ||||||||
Note 5 - Investment in Joint Ventures - Consolidated (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Consolidated Joint Venture Agreements | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' |
Area of Land Sold During Period (in Acres) | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | ' | $900 | $2,754 | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Sales of Investment Real Estate | ' | 372 | 1,004 | ' | ' | ' | ' | ' | ' |
Real Estate Assets | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Variable Interest Entity, Financial or Other Support, Amount | ' | ' | ' | ' | ' | 5,000 | 0 | ' | ' |
Variable Interest Entity, Company's Distributions, Percent | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' |
Contractual Obligation | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | 93.00% | 99.00% |
Area of Real Estate Property (in Square Feet) | ' | ' | ' | ' | ' | ' | ' | 87,000 | 290,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | $52,550 | $51,820 |
Area of Land (in Acres) | ' | ' | ' | ' | ' | ' | ' | ' | 12 |
Note_5_Investment_in_Joint_Ven3
Note 5 - Investment in Joint Ventures - Consolidated (Details) - Assets and Liabilities of Joint Ventures (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Real estate assets held-for-sale | $3,658 | $5,667 |
Total assets | 2,603,446 | 2,658,009 |
Total liabilities | 1,990,310 | 2,004,743 |
VBF Venture [Member] | Mortgage Notes Payable [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Mortgage note payable associated with property held-for-sale | 0 | ' |
VBF Venture [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Real estate assets held-for-sale | 3,658 | ' |
Total assets | 3,658 | ' |
Total liabilities | 8 | ' |
Surprise and VBF Venture [Member] | Mortgage Notes Payable [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Mortgage note payable associated with property held-for-sale | ' | 1,330 |
Surprise and VBF Venture [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Real estate assets held-for-sale | ' | 5,667 |
Total assets | ' | 5,718 |
Total liabilities | ' | $1,419 |
Note_6_Investment_in_and_Advan2
Note 6 - Investment in and Advances to Unconsolidated Real Estate Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 25, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Blackstone Venture [Member] | Blackstone Venture [Member] | Blackstone Venture [Member] | ORC Venture [Member] | ORC Venture [Member] | ORC Venture [Member] | Crescent Venture [Member] | WestShore [Member] | Unconsolidated Properties [Member] | An Unaffiliated Third Party [Member] | |||||
LIoyd [Member] | LIoyd [Member] | Tulsa [Member] | Tulsa [Member] | |||||||||||
Note 6 - Investment in and Advances to Unconsolidated Real Estate Entities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Joint Venture Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 52.00% | 25.00% | ' | ' | 12.50% |
Number of Real Estate Properties | 26 | ' | 26 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Property Management Fee Revenue | $261 | $258 | $735 | $3,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | 0 | 19,227 | ' | ' | ' | ' | ' | ' | ' | 19,227 | ' | ' |
Gain (Loss) on Sale of Properties | ' | ' | ' | ' | $15,254 | $15,254 | ' | ($2,889) | ($2,889) | ' | ' | ' | ' | ' |
Note_6_Investment_in_and_Advan3
Note 6 - Investment in and Advances to Unconsolidated Real Estate Entities (Details) - Condensed Financial Information of Non-Consolidated Entities - Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Total revenues | $6,135 | $5,731 | $17,410 | $42,510 | |
Operating expenses | 3,620 | 3,600 | 10,385 | 21,217 | |
Depreciation and amortization | 85 | 1,615 | 1,013 | 11,637 | |
Operating income | 2,430 | 516 | 6,012 | 9,656 | |
Gain on sale of properties, net | 0 | 0 | 0 | 12,365 | [1] |
Gain on debt extinguishment | 16,292 | 0 | 16,292 | 0 | |
Other expenses, net | 13 | 19 | 127 | 152 | |
Interest expense, net | 773 | 763 | 2,302 | 8,342 | |
Net income (loss) | 1,644 | -266 | 3,583 | 26,777 | |
Preferred dividend | 4 | 4 | 12 | 16 | |
Net income (loss) from the Company’s unconsolidated real estate entities | 1,640 | -270 | 3,571 | 26,761 | |
GPLP’s share of income (loss) from all of the Company's unconsolidated real estate entities | 878 | -130 | 1,883 | 13,181 | |
Tulsa [Member] | ' | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Gain on debt extinguishment | $0 | $0 | $0 | $13,250 | |
[1] | This amount includes a $15,254 gain recorded by the Blackstone Venture associated with the sale of Lloyd and a $2,889 loss recorded by the ORC Venture associated with the sale of Tulsa. |
Note_7_Tenant_Accounts_Receiva2
Note 7 - Tenant Accounts Receivable, Net (Details) (Non-real Estate Assets Associated With Properties Held-for-sale [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-real Estate Assets Associated With Properties Held-for-sale [Member] | ' | ' |
Note 7 - Tenant Accounts Receivable, Net (Details) [Line Items] | ' | ' |
Receivables Held-for-sale, Amount | $0 | $49 |
Note_7_Tenant_Accounts_Receiva3
Note 7 - Tenant Accounts Receivable, Net (Details) - Tenant Accounts Receivable (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Less: Allowance for doubtful accounts | ($3,863) | ($4,634) |
Tenant accounts receivable, net | 33,922 | 37,062 |
Billed Revenues [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Tenant Accounts Receivable | 3,913 | 9,257 |
Straight-line Receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Tenant Accounts Receivable | 25,142 | 23,583 |
Unbilled Revenues [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Tenant Accounts Receivable | $8,730 | $8,856 |
Note_8_Mortgage_Notes_Payable_1
Note 8 - Mortgage Notes Payable (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount (in Dollars) | $249,600 | $249,600 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.98% | 3.06% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.00% | 6.00% | ||
Mortgage Note Payable Relating To Certain Properties [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Guarantor Obligations, Maximum Exposure, Undiscounted (in Dollars) | 149,000 | ' | ||
Tax Exempt Bonds [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Guarantor Obligations, Maximum Exposure, Undiscounted (in Dollars) | 19,000 | ' | ||
Incurs Variable Interest [Member] | London Interbank Offered Rate (LIBOR) [Member] | Kierland Crossing, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 3.65% | ' | ||
Incurs Variable Interest [Member] | Kierland Crossing, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount (in Dollars) | 25,000 | ' | ||
Secured Debt [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
SEC Schedule III, Real Estate, Gross (in Dollars) | 2,024,249 | 2,147,522 | ||
London Interbank Offered Rate (LIBOR) [Member] | Glimcher Westshore, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Glimcher Westshore Mezz, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 7.50% | ' | ||
Mortgage Notes Payable [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | 5.45% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | 5.87% | ||
Kierland Crossing, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Derivative, Amount of Hedged Item (in Dollars) | 105,000 | 105,000 | ||
Derivative, Swaption Interest Rate | 3.14% | 3.14% | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount (in Dollars) | 130,000 | [1],[2],[3] | 130,000 | [1],[2],[3] |
Long-term Debt (in Dollars) | 107,000 | ' | ||
Long-term Debt Extension Period | '1 year | ' | ||
Glimcher Westshore, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount (in Dollars) | 99,600 | [2],[4],[5] | 99,600 | [2],[4],[5] |
Long-term Debt Extension Period | '2 years | ' | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.80% | ' | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 6.30% | ' | ||
Glimcher Westshore Mezz, LLC [Member] | ' | ' | ||
Note 8 - Mortgage Notes Payable (Details) [Line Items] | ' | ' | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount (in Dollars) | $20,000 | [2],[5],[6] | $20,000 | [2],[5],[6] |
Long-term Debt Extension Period | '2 years | ' | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 8.00% | ' | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 11.50% | ' | ||
[1] | The loan matures May 22, 2015; however, a portion of the loan ($107,000) may be extended for one year subject to payment of certain loan extension fees and satisfaction of other conditions. | |||
[2] | The loan requires monthly payments of interest only. | |||
[3] | $105,000 was fixed through a swap agreement at a rate of 3.14% at September 30, 2014 and December 31, 2013, and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. | |||
[4] | Interest rate is the greater of 2.80% or LIBOR plus 2.30%. The rate has been capped at 6.30%. | |||
[5] | The loans mature October 1, 2015 however, the loans may be extended for two years subject to payment of certain loan extension fees and satisfaction of other conditions. | |||
[6] | Interest rate is the greater of 8.00% or LIBOR plus 7.50%. The rate has been capped at 11.50% |
Note_8_Mortgage_Notes_Payable_2
Note 8 - Mortgage Notes Payable (Details) - Mortgage Notes Payable (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | $1,451,273 | $1,459,351 | ||
Variable Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Variable Rate | 249,600 | 249,600 | ||
Other: | ' | ' | ||
Mortgage Notes Payable | 1,702,425 | 1,846,573 | ||
Tax Exempt Bonds [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 19,000 | [1] | 19,000 | [1] |
Interest Rate - Fixed Rate | 6.00% | [1] | 6.00% | [1] |
Payment at Maturity - Fixed Rate | 19,000 | [1] | ' | |
Maturity Date | 1-Nov-28 | [1] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 19,000 | [1] | ' | |
Mortgage Notes Payable [Member] | ' | ' | ||
Other: | ' | ' | ||
Fair value adjustments | 1,552 | 2,596 | ||
Extinguished debt | 0 | 135,026 | ||
Extinguished debt | ' | ' | [2] | |
Mortgage Notes Payable | 1,702,425 | 1,846,573 | ||
Mortgage Notes Payable Associated With Properties Held-for-sale [Member] | ' | ' | ||
Other: | ' | ' | ||
Extinguished debt | 0 | 1,330 | ||
Extinguished debt | ' | 5.50% | ||
Glimcher Supermall Venture, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 50,487 | [3],[4],[5] | 51,611 | [3],[4],[5] |
Interest Rate - Fixed Rate | 7.54% | [3],[4],[5] | 7.54% | [3],[4],[5] |
Payment at Maturity - Fixed Rate | 49,969 | [3],[4],[5] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 49,969 | [3],[4],[5] | ' | |
Glimcher Merritt Square, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 53,766 | [3] | 54,359 | [3] |
Interest Rate - Fixed Rate | 5.35% | [3] | 5.35% | [3] |
Payment at Maturity - Fixed Rate | 52,914 | [3] | ' | |
Maturity Date | 1-Sep-15 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 52,914 | [3] | ' | |
SDQ Fee, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 65,792 | [3] | 66,663 | [3] |
Interest Rate - Fixed Rate | 4.91% | [3] | 4.91% | [3] |
Payment at Maturity - Fixed Rate | 64,577 | [3] | ' | |
Maturity Date | 1-Oct-15 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 64,577 | [3] | ' | |
BRE/Pearlridge, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 172,788 | [3] | 174,774 | [3] |
Interest Rate - Fixed Rate | 4.60% | [3] | 4.60% | [3] |
Payment at Maturity - Fixed Rate | 169,551 | [3] | ' | |
Maturity Date | 1-Nov-15 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 169,551 | [3] | ' | |
RVM Glimcher, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 46,003 | [3] | 46,608 | [3] |
Interest Rate - Fixed Rate | 5.65% | [3] | 5.65% | [3] |
Payment at Maturity - Fixed Rate | 44,931 | [3] | ' | |
Maturity Date | 11-Jan-16 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 44,931 | [3] | ' | |
WTM Glimcher, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 60,000 | [6] | 60,000 | [6] |
Interest Rate - Fixed Rate | 5.90% | [6] | 5.90% | [6] |
Payment at Maturity - Fixed Rate | 60,000 | [6] | ' | |
Maturity Date | 8-Jun-16 | [6] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 60,000 | [6] | ' | |
Glimcher MJC, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 52,439 | [3] | 52,940 | [3] |
Interest Rate - Fixed Rate | 6.76% | [3] | 6.76% | [3] |
Payment at Maturity - Fixed Rate | 47,768 | [3] | ' | |
Maturity Date | 6-May-20 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 47,768 | [3] | ' | |
Grand Central Parkersburg, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 42,677 | [3] | 43,141 | [3] |
Interest Rate - Fixed Rate | 6.05% | [3] | 6.05% | [3] |
Payment at Maturity - Fixed Rate | 38,307 | [3] | ' | |
Maturity Date | 6-Jul-20 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 38,307 | [3] | ' | |
JG Elizabeth II, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 350,000 | [6] | 350,000 | [6] |
Interest Rate - Fixed Rate | 3.83% | [6] | 3.83% | [6] |
Payment at Maturity - Fixed Rate | 350,000 | [6] | ' | |
Maturity Date | 1-Nov-20 | [6] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 350,000 | [6] | ' | |
ATC Glimcher, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 40,072 | [3] | 40,577 | [3] |
Interest Rate - Fixed Rate | 4.90% | [3] | 4.90% | [3] |
Payment at Maturity - Fixed Rate | 34,569 | [3] | ' | |
Maturity Date | 6-Jul-21 | [3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 34,569 | [3] | ' | |
Dayton Mall II, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 82,000 | [7] | 82,000 | [7] |
Interest Rate - Fixed Rate | 4.57% | [7] | 4.57% | [7] |
Payment at Maturity - Fixed Rate | 75,241 | [7] | ' | |
Maturity Date | 1-Sep-22 | [7] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 75,241 | [7] | ' | |
PFP Columbus II, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 225,000 | [8] | 225,000 | [8] |
Interest Rate - Fixed Rate | 3.90% | [8] | 3.90% | [8] |
Payment at Maturity - Fixed Rate | 203,576 | [8] | ' | |
Maturity Date | 1-Mar-25 | [8] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 203,576 | [8] | ' | |
AHC Washtenaw, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 25,500 | [10],[9] | 25,500 | [10],[9] |
Interest Rate - Fixed Rate | 4.27% | [10],[9] | 4.27% | [10],[9] |
Payment at Maturity - Fixed Rate | 20,949 | [10],[9] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 20,949 | [10],[9] | ' | |
Leawood TCP, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 73,945 | [11],[3] | 74,873 | [11],[3] |
Interest Rate - Fixed Rate | 5.00% | [11],[3] | 5.00% | [11],[3] |
Payment at Maturity - Fixed Rate | 52,465 | [11],[3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 52,465 | [11],[3] | ' | |
119 Leawood, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 36,804 | [11],[3] | 37,305 | [11],[3] |
Interest Rate - Fixed Rate | 4.25% | [11],[3] | 4.25% | [11],[3] |
Payment at Maturity - Fixed Rate | 25,820 | [11],[3] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 25,820 | [11],[3] | ' | |
UPV Glimcher LP [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Fixed Rate | 55,000 | [12] | 55,000 | [12] |
Interest Rate - Fixed Rate | 3.85% | [12] | 3.85% | [12] |
Payment at Maturity - Fixed Rate | 45,977 | [12] | ' | |
Maturity Date | 1-May-28 | [12] | ' | |
Variable Rate: | ' | ' | ||
Payment at Maturity - Variable Rate | 45,977 | [12] | ' | |
Kierland Crossing, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Payment at Maturity - Fixed Rate | 130,000 | [13],[14],[6] | ' | |
Variable Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Variable Rate | 130,000 | [13],[14],[6] | 130,000 | [13],[14],[6] |
Interest Rate - Variable Rate | 3.27% | [13],[14],[6] | 3.27% | [13],[14],[6] |
Payment at Maturity - Variable Rate | 130,000 | [13],[14],[6] | ' | |
Glimcher Westshore, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Payment at Maturity - Fixed Rate | 99,600 | [15],[16],[6] | ' | |
Variable Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Variable Rate | 99,600 | [15],[16],[6] | 99,600 | [15],[16],[6] |
Interest Rate - Variable Rate | 2.80% | [15],[16],[6] | 2.80% | [15],[16],[6] |
Payment at Maturity - Variable Rate | 99,600 | [15],[16],[6] | ' | |
Glimcher Westshore Mezz, LLC [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Payment at Maturity - Fixed Rate | 20,000 | [16],[17],[6] | ' | |
Variable Rate: | ' | ' | ||
Carrying Amount of Mortgage Notes Payable - Variable Rate | 20,000 | [16],[17],[6] | 20,000 | [16],[17],[6] |
Interest Rate - Variable Rate | 8.00% | [16],[17],[6] | 8.00% | [16],[17],[6] |
Payment at Maturity - Variable Rate | $20,000 | [16],[17],[6] | ' | |
[1] | The loan requires semi-annual payments of interest only. | |||
[2] | Interest rates ranging from 5.45% to 5.87% at December 31, 2013. | |||
[3] | The loan requires monthly payments of principal and interest. | |||
[4] | The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015. | |||
[5] | Interest rate escalates after optional prepayment date. | |||
[6] | The loan requires monthly payments of interest only. | |||
[7] | The loan requires monthly payments of interest only until October 2017. Thereafter, monthly payments of principal and interest are required. | |||
[8] | The loan requires monthly payments of interest only until April 2020. Thereafter, monthly payments of principal and interest are required. | |||
[9] | The loan has a call date of January 1, 2026. | |||
[10] | The loan requires primarily monthly payments of interest only until February 2017. Thereafter, monthly payments of principal and interest are required. | |||
[11] | The loans for Leawood TCP, LLC and 119 Leawood, LLC are cross-collateralized and have a call date of February 1, 2027. | |||
[12] | The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are required. | |||
[13] | The loan matures May 22, 2015; however, a portion of the loan ($107,000) may be extended for one year subject to payment of certain loan extension fees and satisfaction of other conditions. | |||
[14] | $105,000 was fixed through a swap agreement at a rate of 3.14% at September 30, 2014 and December 31, 2013, and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. | |||
[15] | Interest rate is the greater of 2.80% or LIBOR plus 2.30%. The rate has been capped at 6.30%. | |||
[16] | The loans mature October 1, 2015 however, the loans may be extended for two years subject to payment of certain loan extension fees and satisfaction of other conditions. | |||
[17] | Interest rate is the greater of 8.00% or LIBOR plus 7.50%. The rate has been capped at 11.50% |
Note_9_Notes_Payable_Details
Note 9 - Notes Payable (Details) (USD $) | Sep. 30, 2014 | Feb. 13, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 13, 2014 | Dec. 31, 2013 | Feb. 13, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Accordion Feature [Member] | Prior Facility [Member] | Prior Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | |||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Minimum [Member] | Maximum [Member] | |||||||||
Note 9 - Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $300,000 | ' | $500,000 | $250,000 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.40% | 2.00% | 1.75% | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.91% |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | 198,528 | ' | ' | ' | 300,000 |
Long-term Line of Credit | 133,000 | ' | 0 | ' | ' | 0 | ' | ' | ' | 133,000 |
Holdback on Letters of Credit | ' | ' | ' | ' | ' | 817 | ' | ' | ' | 627 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | $197,711 | ' | ' | ' | $166,373 |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.91% |
Note_10_Equity_Activity_Detail
Note 10 - Equity Activity (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 25, 2014 | Sep. 30, 2014 | 10-May-13 | Sep. 30, 2014 | 10-May-13 |
Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | Series I-1 Preferred Stock [Member] | Series I-1 Preferred Stock [Member] | Series I-1 Preferred Stock [Member] | Series I-1 Preferred Stock [Member] | Common Stock [Member] | New Shelf Registration [Member] | 2013 Program [Member] | 2013 Program [Member] | |||
Quarterly [Member] | 2013 Program [Member] | |||||||||||||
Note 10 - Equity Activity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redeemed or Called During Period, Shares (in Shares) | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Preferred Stock | $0 | $90,000 | $90,569 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Redemption Premium | ' | ' | ' | ' | 9,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shelf Registration Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Common Stock, Aggregate Sale Price, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000 |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
CommonStock, Value, Available For Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $209,201 | ' |
Limited Partners' Capital Account, Units Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,592 | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | 8.13% | ' | 8.13% | 7.30% | 7.30% | 7.30% | ' | ' | ' | ' | ' |
Note_11_Derivative_Financial_I2
Note 11 - Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $0 | $0 | $0 | $0 | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | 327,000 | ' | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | 294,000 | ' | 294,000 | ' | 514,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 120,000 | -34,000 | 224,000 | 203,000 | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 342,000 | ' | 342,000 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | 341,000 | ' | 341,000 | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 1 | ' | 1 | ' | ' |
Derivative Liability, Notional Amount | 102,500,000 | ' | 102,500,000 | ' | ' |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 2 | ' | 2 | ' | ' |
Derivative Liability, Notional Amount | 125,000,000 | ' | 125,000,000 | ' | ' |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | 294,000 | ' | 294,000 | ' | 514,000 |
Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 120,000 | -34,000 | 224,000 | 203,000 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -132,000 | -122,000 | -389,000 | -354,000 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,000 | ' | 4,000 | 4,000 | ' |
Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 0 | 4,000 | 4,000 | -6,000 | ' |
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | $294,000 | ' | $294,000 | ' | $514,000 |
Note_11_Derivative_Financial_I3
Note 11 - Derivative Financial Instruments (Details) - Fair Value of Derivative Financial Instruments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives designated as hedging instruments: | ' | ' |
Interest Rate Products | $294 | $514 |
Accounts Payable and Accrued Liabilities [Member] | ' | ' |
Derivatives designated as hedging instruments: | ' | ' |
Interest Rate Products | $294 | $514 |
Note_11_Derivative_Financial_I4
Note 11 - Derivative Financial Instruments (Details) - Effect of Derivative Financial Instruments (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 11 - Derivative Financial Instruments (Details) - Effect of Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Interest Rate Products | ($12) | ($156) | ($165) | ($151) |
Interest Rate Products | -132 | -122 | -389 | -354 |
Interest Expense [Member] | ' | ' | ' | ' |
Note 11 - Derivative Financial Instruments (Details) - Effect of Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Interest Rate Products | -132 | -122 | -389 | -354 |
Interest Rate Products | $0 | ($4) | $0 | $6 |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Impairment of Real Estate | $0 | $0 | $2,513 | $0 |
Note_12_Fair_Value_Measurement3
Note 12 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Derivative instruments, net | $294 | $514 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments, net | 294 | 514 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments, net | $0 | $0 |
Note_13_StockBased_Compensatio1
Note 13 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | 540,166 | 194,391 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | 320,000 | 314,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $2.32 | ' |
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | 186,466 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '5 years | ' |
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | 38,952 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' |
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | 314,748 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $919 | $790 | $2,684 | $2,265 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '3 years 219 days | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 13,116 | ' | 13,116 | ' |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | 33.30% | ' |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | 33.30% | ' |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | 33.30% | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | 1.65% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Annual Dividend Rate (in Dollars per share) | ' | ' | $0.40 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | 35.90% | ' |
Allocated Share-based Compensation Expense, Net of Tax | 275 | 310 | 829 | 828 |
Performance Shares [Member] | Executive Officer [Member] | GRT 2012 Incentive Compensation Plan [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | 186,466 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 503 | 429 | 1,225 | 1,042 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $1,773 | ' | $1,773 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $9.51 | ' |
GRT 2012 Incentive Compensation Plan [Member] | ' | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Number of Selected Retail-oriented REITs | 22 | ' | 22 | ' |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Redeemable Noncontrolling Interest, Units Outstanding (in Shares) | 2,400,000 | ' |
Redeemable Noncontrolling Interest, Redemption Value, Equivalent Shares (in Shares) | 1 | ' |
Redeemable Noncontrolling Interest, Redemption Value, Shares (in Shares) | 1 | ' |
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value | $33,188 | ' |
Redeemable Noncontrolling Interest, Equity, Preferred Fair Value, Per Share (in Dollars per share) | $13.62 | ' |
Number of Days | 5 | ' |
Prepaid Expense and Other Assets | 54,486 | 55,230 |
Limited Guarantee of Franchise Payments [Member] | Prepaid Expenses and Other Assets [Member] | City of Elizabeth, New Jersey [Member] | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Franchise Tax Payments Expected to Recover | 15,032 | ' |
Limited Guarantee of Franchise Payments [Member] | City of Elizabeth, New Jersey [Member] | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 5,600 | ' |
Guarantee Obligations, Payments Made | 17,560 | ' |
Guarantee Obligations, Exposure Recovery, Basis Spread | 2.00% | ' |
Portion of Excess Taxes Over Threshold Paid by City | 50.00% | ' |
Guarantee Obligations, Initial Payment Due From the City | 352 | ' |
Prepaid Expense and Other Assets | $15,032 | $15,032 |
Note_15_Earnings_Per_Common_Sh2
Note 15 - Earnings Per Common Share (Details) - Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Note 15 - Earnings Per Common Share (Details) - Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
(Loss) income from continuing operations | ($3,263) | $945 | ($3,702) | $38,833 | ||||
(Loss) income from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Less: preferred stock dividends | -5,895 | -5,895 | -17,685 | -18,521 | ||||
Loss from continuing operations (in Shares) | 147,944 | 147,250 | 147,719 | 147,211 | ||||
Loss from continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 | ||||
Income (loss) from discontinued operations(3) | 17,535 | -115 | 17,073 | 399 | ||||
Income (loss) from discontinued operations(3) (in Shares) | 147,944 | 147,250 | 147,719 | 147,211 | ||||
Income (loss) from discontinued operations(3) (in Dollars per share) | $0.12 | $0 | $0.11 | $0 | ||||
Net income (loss) to common shareholders before operating partnership noncontrolling interests (in Shares) | 147,944 | 147,250 | 147,719 | 147,211 | ||||
Net income (loss) to common shareholders before operating partnership noncontrolling interests (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
Loss from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Loss from continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 | ||||
Income (loss) from discontinued operations | 17,535 | -115 | 17,073 | 399 | ||||
Income (loss) from discontinued operations and noncontrolling interest adjustments (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Income (loss) from discontinued operations and noncontrolling interest adjustments (in Dollars per share) | $0.12 | $0 | $0.11 | $0 | ||||
Net income (loss) to common shareholders | 8,209 | -4,978 | -4,939 | 11,027 | ||||
Net income (loss) to common shareholders (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Net income (loss) to common shareholders (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
Earnings Per Share, Basic [Member] | ' | ' | ' | ' | ||||
Note 15 - Earnings Per Common Share (Details) - Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
(Loss) income from continuing operations | -3,263 | 945 | -3,702 | 38,833 | ||||
(Loss) income from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Less: preferred stock dividends | -5,895 | -5,895 | -17,685 | -18,521 | ||||
Less: preferred stock redemption costs | ' | ' | 0 | -9,426 | ||||
Noncontrolling interest adjustments | 123 | [1] | 74 | [1] | 385 | [1] | -149 | [1] |
Loss from continuing operations | -9,035 | -4,876 | -21,002 | 10,737 | ||||
Income (loss) from discontinued operations(3) | 17,535 | -115 | 17,073 | 399 | ||||
Loss from continuing operations | -9,035 | -4,876 | -21,002 | 10,737 | ||||
Loss from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Loss from continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 | ||||
Income (loss) from discontinued operations | 17,535 | -115 | 17,073 | 399 | ||||
Noncontrolling interest adjustments (1) | -291 | [1] | 13 | [1] | -1,010 | [1] | -109 | [1] |
Income (loss) from discontinued operations and noncontrolling interest adjustments | 17,244 | -102 | 16,063 | 290 | ||||
Income (loss) from discontinued operations and noncontrolling interest adjustments (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Income (loss) from discontinued operations and noncontrolling interest adjustments (in Dollars per share) | $0.12 | $0 | $0.11 | $0 | ||||
Net income (loss) to common shareholders | 8,209 | -4,978 | -4,939 | 11,027 | ||||
Net income (loss) to common shareholders (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Net income (loss) to common shareholders (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
Earnings Per Share, Diluted [Member] | ' | ' | ' | ' | ||||
Note 15 - Earnings Per Common Share (Details) - Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
(Loss) income from continuing operations | -3,263 | 945 | -3,702 | 38,833 | ||||
(Loss) income from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Less: preferred stock dividends | -5,895 | -5,895 | -17,685 | -18,521 | ||||
Less: preferred stock redemption costs | ' | ' | 0 | -9,426 | ||||
Noncontrolling interest adjustments | -33 | [2] | 0 | 19 | [2] | 0 | ||
Operating partnership units (in Shares) | 2,439 | 2,207 | 2,445 | 2,247 | ||||
Options/Performance shares (in Shares) | ' | ' | 0 | 630 | ||||
Loss from continuing operations | -9,191 | -4,950 | -21,368 | 10,886 | ||||
Loss from continuing operations (in Shares) | 147,944 | [3] | 147,250 | [3] | 147,719 | [3] | 147,211 | [3] |
Loss from continuing operations (in Dollars per share) | ($0.06) | ($0.03) | ($0.14) | $0.07 | ||||
Income (loss) from discontinued operations(3) | 17,533 | [3] | -104 | [3] | 16,345 | [3] | 296 | [3] |
Income (loss) from discontinued operations(3) (in Shares) | 147,944 | [3] | 147,250 | [3] | 147,719 | [3] | 147,211 | [3] |
Income (loss) from discontinued operations(3) (in Dollars per share) | $0.12 | [3] | $0 | [3] | $0.11 | [3] | $0 | [3] |
Net income (loss) to common shareholders before operating partnership noncontrolling interests | 8,342 | -5,054 | -5,023 | 11,182 | ||||
Net income (loss) to common shareholders before operating partnership noncontrolling interests (in Shares) | 147,944 | [3] | 147,250 | [3] | 147,719 | [3] | 147,211 | [3] |
Net income (loss) to common shareholders before operating partnership noncontrolling interests (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
Loss from continuing operations | -9,191 | -4,950 | -21,368 | 10,886 | ||||
Loss from continuing operations (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Income (loss) from discontinued operations | $17,533 | [3] | ($104) | [3] | $16,345 | [3] | $296 | [3] |
Income (loss) from discontinued operations and noncontrolling interest adjustments (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
Net income (loss) to common shareholders (in Shares) | 145,505 | 145,043 | 145,274 | 144,334 | ||||
[1] | The noncontrolling interest adjustment reflects the allocation of noncontrolling interest expense to continuing and discontinued operations for appropriate allocation in the calculation of earnings per share. | |||||||
[2] | Amount represents the noncontrolling interest expense associated with consolidated joint ventures. | |||||||
[3] | Amount includes an adjustment for noncontrolling interest for consolidated joint venture classified as discontinued operations. |
Note_16_Discontinued_Operation2
Note 16 - Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $1,284 | $0 | $2,613 | $0 |
Gains (Losses) on Extinguishment of Debt | 16,292 | 0 | 16,292 | 0 |
Impairment of Real Estate | 0 | 0 | 2,513 | 0 |
Surprise Peripheral Venture, LLC [Member] | Undeveloped Land [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Area of Land Sold During Period (in Acres) | ' | ' | 1.3 | ' |
Proceeds from Sale of Real Estate | ' | ' | 900 | ' |
Surprise Peripheral Venture, LLC [Member] | Multi Tenant Building at Suprise [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | ' | ' | 2,754 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 1,004 | ' |
Ohio River Plaza [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | 4,850 | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 1,284 | ' | ' | ' |
River Valley Mall Multi-Tenant Building [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | ' | ' | 3,090 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 325 | ' |
Undeveloped Land at Surprise [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | ' | ' | 900 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 372 | ' |
EM Columbus II, LLC [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Impairment of Real Estate | ' | ' | 2,513 | ' |
Eastland Lender [Member] | ' | ' | ' | ' |
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | $16,292 | ' | $16,292 | ' |
Note_16_Discontinued_Operation3
Note 16 - Discontinued Operations (Details) - Financial Results of Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financial Results of Discontinued Operations [Abstract] | ' | ' | ' | ' |
Revenues | $448 | $1,630 | $4,704 | $8,356 |
Other expense | -288 | -1,116 | -2,500 | -6,061 |
Operating income | 160 | 514 | 2,204 | 2,295 |
Interest expense, net | -201 | -629 | -1,523 | -1,896 |
Net loss from operations | -41 | -115 | 681 | 399 |
Gain on disposition of property | 1,284 | 0 | 2,613 | 0 |
Gain on extinguishment of debt | 16,292 | 0 | 16,292 | 0 |
Impairment loss | 0 | 0 | -2,513 | 0 |
Net income (loss) from discontinued operations | $17,535 | ($115) | $17,073 | $399 |
Note_17_Intangible_Assets_and_2
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $741 | $2,102 | $4,301 | $5,209 |
Above Market Leases in Which Company is Lessor [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 19,330 | ' |
Below Market Lease in Which Company is Lessor [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 87,042 | ' |
Below-Market Lease in Which Company is Lessee [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 12,571 | ' |
Above-Market Lease in Which Company is Lessee [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 8,102 | ' |
Tenant Relationships [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 2,689 | ' |
Leases, Acquired-in-Place [Member] | ' | ' | ' | ' |
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) [Line Items] | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | $74,065 | ' |
Note_17_Intangible_Assets_and_3
Note 17 - Intangible Assets and Liabilities Associated with Acquisitions (Details) - Intangible Assets (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Above Market Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '7 years 146 days | ' |
Balance | $11,215 | $12,512 |
Below Market Lease in Which Company is Lessor [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '13 years 6 months | ' |
Balance | 51,492 | 57,896 |
Below-Market Lease in Which Company is Lessee [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '29 years 109 days | ' |
Balance | 9,884 | 10,540 |
Above-Market Lease in Which Company is Lessee [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '48 years 109 days | ' |
Balance | 6,995 | 7,362 |
Tenant Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '2 years 109 days | ' |
Balance | 465 | 621 |
Leases, Acquired-in-Place [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Amortization | '9 years 109 days | ' |
Balance | $39,153 | $44,392 |
Note_18_Fair_Value_of_Financia1
Note 18 - Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.98% | 3.06% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.00% | 6.00% |
Notes Payable | $1,702,425 | $1,846,573 |
Mortgage Notes Payable [Member] | ' | ' |
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 1,707,173 | 1,838,389 |
Notes Payable | 1,702,425 | 1,846,573 |
Mortgage Notes PaMortgage Notes Payable Including Notes Payable on Properties Held-for-Sale [Memberyable Including Notes Payable on Properties Held-for-Sale [Member] | ' | ' |
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ' | ' |
Notes Payable | ' | $1,847,903 |
Note_19_Acquisition_of_Propert2
Note 19 - Acquisition of Properties (Details) (OKC Properties [Member], USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Note 19 - Acquisition of Properties (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $51,820 | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | 1,387 | 2,983 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | -54 | -574 |
General and Administrative Expense [Member] | ' | ' | ' |
Note 19 - Acquisition of Properties (Details) [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | $0 | $723 |
Note_19_Acquisition_of_Propert3
Note 19 - Acquisition of Properties (Details) - Consideration Paid for the Acquisitions (OKC Properties [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
OKC Properties [Member] | ' | |
Note 19 - Acquisition of Properties (Details) - Consideration Paid for the Acquisitions [Line Items] | ' | |
Cash consideration paid for acquisition, net | $51,127 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ' | |
Land | 19,584 | |
Buildings, improvements and equipment | 35,719 | |
Tenant accounts receivable, net | -69 | |
Deferred costs | 1,921 | |
Prepaid and other assets (1) | 622 | [1] |
Accounts payable and accrued expenses (2) | -6,650 | [2] |
Total amount of identifiable assets acquired and liabilities assumed | $51,127 | |
[1] | Amount relates to above-market leases. | |
[2] | Amount primarily relates to below-market leases. |
Note_19_Acquisition_of_Propert4
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Revenues | $98,334 | $93,105 | $289,437 | $274,241 | ||||
Net income | 14,272 | 830 | 13,371 | 39,232 | ||||
Earnings per share - (basic) (4) (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
Earnings per share - (diluted) (4) (in Dollars per share) | $0.06 | ($0.03) | ($0.03) | $0.08 | ||||
As Reported [Member] | Glimcher Realty Trust [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Net income | 14,104 | 917 | 12,746 | 38,974 | ||||
As Reported [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Revenues | 98,334 | 93,105 | 289,437 | 274,241 | ||||
Net income | 14,272 | 830 | 13,371 | 39,232 | ||||
Earnings per share - (basic) (4) (in Dollars per share) | $0.06 | [1] | ($0.03) | [1] | ($0.03) | [1] | $0.08 | [1] |
Earnings per share - (diluted) (4) (in Dollars per share) | $0.06 | [1] | ($0.03) | [1] | ($0.03) | [1] | $0.08 | [1] |
Pro-Forma Adjustments [Member] | Glimcher Realty Trust [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Net income | 0 | 0 | [2] | ' | -19,997 | [2] | ||
Pro-Forma Adjustments [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | [3] | 0 | 9,897 | [3] | ||
Net income | 0 | 0 | [4] | 0 | -20,310 | [4] | ||
Pro Forma [Member] | Glimcher Realty Trust [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Net income | 14,104 | 917 | 12,746 | 18,977 | ||||
Pro Forma [Member] | ' | ' | ' | ' | ||||
Note 19 - Acquisition of Properties (Details) - The Pro-forma Results of Operations [Line Items] | ' | ' | ' | ' | ||||
Revenues | 98,334 | 93,105 | 289,437 | 284,138 | ||||
Net income | $14,272 | $830 | $13,371 | $18,922 | ||||
Earnings per share - (basic) (4) (in Dollars per share) | $0.06 | [1] | ($0.03) | [1] | ($0.03) | [1] | ($0.06) | [1] |
Earnings per share - (diluted) (4) (in Dollars per share) | $0.06 | [1] | ($0.03) | [1] | ($0.03) | [1] | ($0.06) | [1] |
[1] | Calculation of earnings per share includes preferred share dividends and the write-off related to the preferred share redemption in 2013. | |||||||
[2] | Amount also includes the allocation to noncontrolling interests. | |||||||
[3] | Represents the estimated revenues for the Recent Acquisitions which takes into consideration adjustments for fees previously earned by the Company for the management and the leasing of WestShore, and the estimated amortization of above/below-market leases. | |||||||
[4] | Includes the adjustments in (1) and the following adjustments: operating expenses for Recent Acquisitions, management fees, estimated depreciation expense, and previously recorded Equity in income or loss of unconsolidated real estate entities. |