Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 |
Entity Information | ' | ' | ' |
Entity Registrant Name | 'RETAIL PROPERTIES OF AMERICA, INC. | ' | ' |
Entity Central Index Key | '0001222840 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2.70 |
Entity Common Stock, Shares Outstanding | ' | 236,302,369 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment properties: | ' | ' |
Land | $1,174,065 | $1,209,523 |
Building and other improvements | 4,586,657 | 4,703,859 |
Developments in progress | 43,796 | 49,496 |
Gross investment properties | 5,804,518 | 5,962,878 |
Less accumulated depreciation | -1,330,474 | -1,275,787 |
Net investment properties | 4,474,044 | 4,687,091 |
Cash and cash equivalents | 58,190 | 138,069 |
Investment in unconsolidated joint ventures | 15,776 | 56,872 |
Accounts and notes receivable (net of allowances of $8,197 and $6,452, respectively) | 80,818 | 85,431 |
Acquired lease intangible assets, net | 129,561 | 125,706 |
Assets associated with investment properties held for sale | 8,616 | 8,922 |
Other assets, net | 110,571 | 135,336 |
Total assets | 4,877,576 | 5,237,427 |
Liabilities: | ' | ' |
Mortgages and notes payable, net | 1,684,633 | 2,212,089 |
Unsecured term loan | 450,000 | 300,000 |
Unsecured revolving line of credit | 165,000 | 80,000 |
Accounts payable and accrued expenses | 54,457 | 73,983 |
Distributions payable | 39,138 | 38,200 |
Acquired lease intangible liabilities, net | 91,881 | 74,648 |
Liabilities associated with investment properties held for sale | 6,603 | 60 |
Other liabilities | 77,030 | 82,694 |
Total liabilities | 2,568,742 | 2,861,674 |
Commitments and contingencies (Note 16) | ' | ' |
Equity: | ' | ' |
Additional paid-in capital | 4,919,633 | 4,835,370 |
Accumulated distributions in excess of earnings | -2,611,796 | -2,460,093 |
Accumulated other comprehensive loss | -738 | -1,254 |
Total shareholders' equity | 2,307,340 | 2,374,259 |
Noncontrolling interests | 1,494 | 1,494 |
Total equity | 2,308,834 | 2,375,753 |
Total liabilities and equity | 4,877,576 | 5,237,427 |
7.00% Series A cumulative redeemable preferred stock | ' | ' |
Equity: | ' | ' |
Preferred stock | 5 | 5 |
Class A common stock | ' | ' |
Equity: | ' | ' |
Common stock | 236 | 133 |
Class B-2 common stock | ' | ' |
Equity: | ' | ' |
Common stock | 0 | 49 |
Class B-3 common stock | ' | ' |
Equity: | ' | ' |
Common stock | $0 | $49 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts and notes receivable, allowances | $8,197 | $6,452 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000 | 10,000 |
7.00% Series A cumulative redeemable preferred stock | ' | ' |
Preferred stock, dividend rate | 7.00% | 7.00% |
Preferred stock, shares issued | 5,400 | 5,400 |
Preferred stock, shares outstanding | 5,400 | 5,400 |
Preferred stock, liquidation preference | $135,000 | $135,000 |
Class A common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 475,000 | 475,000 |
Common stock, shares issued | 236,302 | 133,606 |
Common stock, shares outstanding | 236,302 | 133,606 |
Class B-2 common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 55,000 | 55,000 |
Common stock, shares issued | 0 | 48,518 |
Common stock, shares outstanding | 0 | 48,518 |
Class B-3 common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 55,000 | 55,000 |
Common stock, shares issued | 0 | 48,519 |
Common stock, shares outstanding | 0 | 48,519 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $433,306 | $422,621 | $420,653 |
Tenant recovery income | 101,962 | 100,520 | 99,826 |
Other property income | 15,955 | 8,518 | 9,689 |
Total revenues | 551,223 | 531,659 | 530,168 |
Expenses: | ' | ' | ' |
Property operating expenses | 89,067 | 90,516 | 93,565 |
Real estate taxes | 71,191 | 69,232 | 70,462 |
Depreciation and amortization | 219,606 | 203,044 | 204,467 |
Provision for impairment of investment properties | 59,486 | 1,323 | 7,650 |
Loss on lease terminations | 2,819 | 6,102 | 8,247 |
General and administrative expenses | 31,533 | 26,878 | 20,605 |
Total expenses | 473,702 | 397,095 | 404,996 |
Operating income | 77,521 | 134,564 | 125,172 |
Gain on extinguishment of debt | 0 | 3,879 | 15,345 |
Equity in loss of unconsolidated joint ventures, net | -1,246 | -6,307 | -6,437 |
Gain on sale of joint venture interest | 17,499 | 0 | 0 |
Gain on change in control of investment properties | 5,435 | 0 | 0 |
Interest expense (Note 9) | -146,805 | -171,295 | -203,914 |
Co-venture obligation expense | 0 | -3,300 | -7,167 |
Recognized gain on marketable securities, net | 0 | 25,840 | 277 |
Other income, net | 4,741 | 2,251 | 5,232 |
Loss from continuing operations | -42,855 | -14,368 | -71,492 |
Discontinued operations: | ' | ' | ' |
Income (loss), net | 9,396 | -24,063 | -31,501 |
Gain on sales of investment properties, net | 41,279 | 30,141 | 24,509 |
Income (loss) from discontinued operations | 50,675 | 6,078 | -6,992 |
Gain on sales of investment properties, net | 5,806 | 7,843 | 5,906 |
Net income (loss) | 13,626 | -447 | -72,578 |
Net income attributable to noncontrolling interests | 0 | 0 | -31 |
Net income (loss) attributable to the Company | 13,626 | -447 | -72,609 |
Preferred stock dividends | -9,450 | -263 | 0 |
Net income (loss) attributable to common shareholders | 4,176 | -710 | -72,609 |
Earnings (loss) per common share - basic and diluted: | ' | ' | ' |
Continuing operations | ($0.20) | ($0.03) | ($0.34) |
Discontinued operations | $0.22 | $0.03 | ($0.04) |
Net income (loss) per common share attributable to common shareholders | $0.02 | $0 | ($0.38) |
Net income (loss) | 13,626 | -447 | -72,578 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized gain on derivative instruments (Note 9) | 516 | 108 | 1,211 |
Net unrealized gain (loss) on marketable securities | 0 | 4,748 | -3,486 |
Reversal of unrealized gain to recognized gain on marketable securities | 0 | -25,840 | -277 |
Comprehensive income (loss) | 14,142 | -21,431 | -75,130 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | -31 |
Comprehensive income (loss) attributable to common shareholders | $14,142 | ($21,431) | ($75,161) |
Weighted average number of common shares outstanding - basic and diluted | 234,134 | 220,464 | 192,456 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred stock | Common stock | Common stock | Additional paid-in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | Noncontrolling interests |
In Thousands, unless otherwise specified | 7.00% Series A cumulative redeemable preferred stock | Class A common stock | Class B common stock | ||||||
Balance at Dec. 31, 2010 | $2,296,065 | ' | $47 | $144 | $4,383,567 | ($2,111,138) | $22,282 | $2,294,902 | $1,163 |
Balance (in shares) at Dec. 31, 2010 | ' | ' | 47,734 | 143,204 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -72,609 | ' | ' | ' | ' | -72,609 | ' | -72,609 | ' |
Distribution upon dissolution of partnership | -8,484 | ' | ' | ' | ' | -8,483 | ' | -8,483 | -1 |
Other comprehensive income (loss) | -2,552 | ' | ' | ' | ' | ' | -2,552 | -2,552 | ' |
Contributions from noncontrolling interests | 332 | ' | ' | ' | ' | ' | ' | ' | 332 |
Distributions declared to common shareholders | -120,647 | ' | ' | ' | ' | -120,647 | ' | -120,647 | ' |
Distribution reinvestment program (DRP) | 44,296 | ' | 1 | 2 | 44,293 | ' | ' | 44,296 | ' |
Distribution reinvestment program (DRP) (in shares) | ' | ' | 644 | 1,933 | ' | ' | ' | ' | ' |
Issuance of restricted common stock (in shares) | ' | ' | 4 | 10 | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense, net of shares withheld for employee taxes and forfeitures | 117 | ' | ' | ' | 117 | ' | ' | 117 | ' |
Balance at Dec. 31, 2011 | 2,136,518 | ' | 48 | 146 | 4,427,977 | -2,312,877 | 19,730 | 2,135,024 | 1,494 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | 48,382 | 145,147 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -447 | ' | ' | ' | ' | -447 | ' | -447 | ' |
Other comprehensive income (loss) | -20,984 | ' | ' | ' | ' | ' | -20,984 | -20,984 | ' |
Distributions declared to common shareholders | -146,769 | ' | ' | ' | ' | -146,769 | ' | -146,769 | ' |
Issuance of common stock, net of offering costs | 266,491 | ' | 37 | ' | 266,454 | ' | ' | 266,491 | ' |
Issuance of common stock, net of offering costs (in shares) | ' | ' | 36,570 | ' | ' | ' | ' | ' | ' |
Redemption of fractional shares of common stock | -1,253 | ' | ' | ' | -1,253 | ' | ' | -1,253 | ' |
Redemption of fractional shares of common stock (in shares) | ' | ' | -39 | -118 | ' | ' | ' | ' | ' |
Issuance of preferred stock, net of offering costs | 130,294 | 5 | ' | ' | 130,289 | ' | ' | 130,294 | ' |
Issuance of preferred stock, net of offering costs (in shares) | ' | 5,400 | ' | ' | ' | ' | ' | ' | ' |
Distribution reinvestment program (DRP) | 11,626 | ' | ' | ' | 11,626 | ' | ' | 11,626 | ' |
Distribution reinvestment program (DRP) (in shares) | ' | ' | 167 | 502 | ' | ' | ' | ' | ' |
Issuance of restricted common stock (in shares) | ' | ' | 8 | 24 | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock | ' | ' | 48 | -48 | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock (in shares) | 48,518 | ' | 48,518 | -48,518 | ' | ' | ' | ' | ' |
Stock based compensation expense, net of shares withheld for employee taxes and forfeitures | 277 | ' | ' | ' | 277 | ' | ' | 277 | ' |
Balance at Dec. 31, 2012 | 2,375,753 | 5 | 133 | 98 | 4,835,370 | -2,460,093 | -1,254 | 2,374,259 | 1,494 |
Balance (in shares) at Dec. 31, 2012 | ' | 5,400 | 133,606 | 97,037 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 13,626 | ' | ' | ' | ' | 13,626 | ' | 13,626 | ' |
Other comprehensive income (loss) | 516 | ' | ' | ' | ' | ' | 516 | 516 | ' |
Distributions declared to preferred shareholders | -9,713 | ' | ' | ' | ' | -9,713 | ' | -9,713 | ' |
Distributions declared to common shareholders | -155,616 | ' | ' | ' | ' | -155,616 | ' | -155,616 | ' |
Issuance of common stock, net of offering costs | 83,496 | ' | 5 | ' | 83,491 | ' | ' | 83,496 | ' |
Issuance of common stock, net of offering costs (in shares) | ' | ' | 5,547 | ' | ' | ' | ' | ' | ' |
Distribution reinvestment program (DRP) | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted common stock (in shares) | ' | ' | 116 | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock | ' | ' | 98 | -98 | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock (in shares) | 97,036 | ' | 97,037 | -97,037 | ' | ' | ' | ' | ' |
Stock based compensation expense, net of shares withheld for employee taxes and forfeitures | 772 | ' | ' | ' | 772 | ' | ' | 772 | ' |
Stock based compensation expense, net of shares withheld for employee taxes and forfeitures (in shares) | ' | ' | -4 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $2,308,834 | $5 | $236 | $0 | $4,919,633 | ($2,611,796) | ($738) | $2,307,340 | $1,494 |
Balance (in shares) at Dec. 31, 2013 | ' | 5,400 | 236,302 | 0 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Net income attributable to redeemable noncontrolling interests | $31 |
Distributions declared to common shareholders (in dollars per share) | $0.63 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $13,626 | ($447) | ($72,578) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities (including discontinued operations): | ' | ' | ' |
Depreciation and amortization | 230,681 | 229,805 | 238,020 |
Provision for impairment of investment properties | 92,033 | 25,842 | 39,981 |
Gain on sales of investment properties, net | -47,085 | -37,984 | -30,415 |
Gain on extinguishment of debt | -26,331 | -3,879 | -16,705 |
Gain on extinguishment of other liabilities | -3,511 | 0 | 0 |
Gain on sale of joint venture interest | -17,499 | 0 | 0 |
Gain on change in control of investment properties | -5,435 | 0 | 0 |
Loss on lease terminations | 2,819 | 6,912 | 8,714 |
Amortization of loan fees, mortgage debt premium and discount on debt assumed, net | 10,032 | -5 | 6,834 |
Equity in loss of unconsolidated joint ventures, net | 1,246 | 6,307 | 6,437 |
Distributions on investments in unconsolidated joint ventures | 7,105 | 6,168 | 2,218 |
Recognized gain on sale of marketable securities | 0 | -25,840 | -277 |
Payment of leasing fees and inducements | -12,930 | -43,132 | -10,786 |
Changes in accounts receivable, net | -2,574 | 3,378 | 4,915 |
Changes in accounts payable and accrued expenses, net | -6,043 | -9,037 | -813 |
Changes in other operating assets and liabilities, net | -4,836 | 8,701 | -6,618 |
Other, net | 8,334 | 296 | 5,680 |
Net cash provided by operating activities | 239,632 | 167,085 | 174,607 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of marketable securities | 0 | 35,133 | 359 |
Changes in restricted escrows, net | 22,360 | 23,916 | 673 |
Purchase of investment properties | -237,520 | -2,806 | -16,555 |
Capital expenditures and tenant improvements | -51,221 | -40,772 | -32,509 |
Proceeds from sales of investment properties | 326,766 | 453,320 | 195,948 |
Investment in developments in progress | -1,468 | -565 | -3,288 |
Proceeds from sale of joint venture ownership interest | 53,073 | 0 | 0 |
Investment in unconsolidated joint ventures | -9,640 | -13,821 | -50,030 |
Distributions of investments in unconsolidated joint ventures | 862 | 17,403 | 12,563 |
Other, net | 0 | 21 | 310 |
Net cash provided by investing activities | 103,212 | 471,829 | 107,471 |
Cash flows from financing activities: | ' | ' | ' |
Repayments of margin debt related to marketable securities | 0 | -7,541 | -2,476 |
Proceeds from mortgages and notes payable | 940 | 319,691 | 91,579 |
Principal payments on mortgages and notes payable | -571,870 | -988,483 | -678,071 |
Proceeds from credit facility | 630,000 | 355,000 | 574,764 |
Repayments of credit facility | -395,000 | -530,000 | -174,111 |
Payment of loan fees and deposits, net | -5,454 | -6,482 | -12,316 |
Settlement of co-venture obligation | 0 | -50,000 | 0 |
Proceeds from issuance of common stock | 84,835 | 272,081 | 0 |
Redemption of fractional shares of common stock | 0 | -1,253 | 0 |
Proceeds from issuance of preferred stock | 0 | 130,747 | 0 |
Distributions paid, net of DRP | -164,391 | -128,391 | -71,754 |
Other, net | -1,783 | -2,223 | -3,897 |
Net cash used in financing activities | -422,723 | -636,854 | -276,282 |
Net (decrease) increase in cash and cash equivalents | -79,879 | 2,060 | 5,796 |
Cash and cash equivalents, at beginning of year | 138,069 | 136,009 | 130,213 |
Cash and cash equivalents, at end of year | 58,190 | 138,069 | 136,009 |
Supplemental cash flow disclosure, including non-cash activities: | ' | ' | ' |
Cash paid for interest, net of interest capitalized | 144,975 | 205,124 | 227,887 |
Distributions payable | 39,138 | 38,200 | 31,448 |
Distributions reinvested | 0 | 11,626 | 44,296 |
Accrued capital expenditures and tenant improvements | 6,662 | 6,399 | 4,878 |
Developments in progress placed in service | 523 | 929 | 25,651 |
Forgiveness of mortgage debt | 19,615 | 27,449 | 15,798 |
Forgiveness of accrued interest, net of escrows held by the lender | 6,716 | 0 | 0 |
Shares of Class B common stock converted to Class A common stock | 97,036 | 48,518 | 0 |
Purchase of investment properties (after credits at closing): | ' | ' | ' |
Land, building and other improvements, net | -298,695 | -2,806 | -12,546 |
Accounts receivable, acquired lease intangible and other assets | -41,597 | 0 | -4,547 |
Acquired ground lease intangible liability | 14,791 | 0 | 0 |
Accounts payable, acquired lease intangible and other liabilities | 13,369 | 0 | 538 |
Mortgages payable assumed, net | 69,177 | 0 | 0 |
Gain on change in control of investment properties | 5,435 | 0 | 0 |
Purchase of investment properties (after credits at closing) | -237,520 | -2,806 | -16,555 |
Proceeds from sales of investment properties: | ' | ' | ' |
Land, building and other improvements, net | 275,749 | 389,465 | 217,700 |
Accounts receivable, acquired lease intangible and other assets | 15,928 | 52,064 | 10,142 |
Accounts payable, acquired lease intangible and other liabilities | -14,368 | -2,305 | -5,805 |
Mortgages payable | -26 | 0 | 0 |
Assumption of mortgage debt | 0 | 0 | -60,000 |
Forgiveness of mortgage debt | 0 | -23,570 | 0 |
Deferred gains | -1,113 | -318 | 2,505 |
Gain on extinguishment of debt | 0 | 0 | 991 |
Gain on extinguishment of other liabilities | 3,511 | 0 | 0 |
Gain on sales of investment properties, net | 47,085 | 37,984 | 30,415 |
Proceeds from sales of investment properties | 326,766 | 453,320 | 195,948 |
Proceeds from sale of joint venture ownership interest: | ' | ' | ' |
Investment in unconsolidated joint venture | 35,574 | 0 | 0 |
Other assets and other liabilities | -447 | 0 | 0 |
Deferred gain | 447 | 0 | 0 |
Gain on sale of joint venture interest | 17,499 | 0 | 0 |
Proceeds from sale of joint venture ownership interest | $53,073 | $0 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Organization and Basis of Presentation | ' | ||||||||
Organization and Basis of Presentation | |||||||||
Retail Properties of America, Inc. (the Company) was formed to own and operate high quality, strategically located shopping centers in the United States. The Company was initially formed on March 5, 2003 as Inland Western Retail Real Estate Trust, Inc. On March 8, 2012, the Company changed its name to Retail Properties of America, Inc. | |||||||||
All share amounts and dollar amounts in the consolidated financial statements and notes thereto are stated in thousands with the exception of per share amounts and per square foot amounts. Square foot and per square foot amounts are unaudited. | |||||||||
The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly-owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) for U.S. federal income tax purposes. A TRS is taxed on its taxable income at regular corporate tax rates. The income tax expense incurred as a result of the TRS did not have a material impact on the Company’s accompanying consolidated financial statements. | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to useful lives of assets, capitalization of development and leasing costs, fair value measurements, provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), provision for income taxes, recoverable amounts of receivables, deferred taxes and initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. | |||||||||
Reclassifications to condense certain captions have been made to the 2011 and 2012 consolidated statements of operations to conform to the 2013 presentation. Amounts previously reflected in “Dividend income” and “Interest income” are now included in “Other income, net”. In addition, reclassifications to expand certain captions have been made to the 2012 consolidated balance sheet to conform to the 2013 presentation. Amounts previously reflected in “Credit facility” are now separately presented in “Unsecured term loan” and “Unsecured revolving line of credit”. | |||||||||
The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and consolidated joint venture investments. Wholly-owned subsidiaries generally consist of limited liability companies (LLCs), limited partnerships (LPs) and statutory trusts. | |||||||||
The Company’s property ownership as of December 31, 2013 is summarized below: | |||||||||
Wholly-owned | Consolidated | Unconsolidated | |||||||
Joint Ventures (a) | Joint Ventures (b) | ||||||||
Operating properties (c) | 231 | — | 6 | ||||||
Development properties | 2 | 1 | — | ||||||
(a) | The Company has a 50% ownership interest in one LLC. | ||||||||
(b) | The Company has a 20% ownership interest in one LLC. | ||||||||
(c) | Excludes one wholly-owned property classified as held for sale as of December 31, 2013. | ||||||||
The Company consolidates certain property holding entities and other subsidiaries in which it owns less than a 100% interest if it is deemed to be the primary beneficiary in a variable interest entity (VIE). An entity is a VIE if, among other aspects, the equity investment at risk is not sufficient for the entity to finance its activities without additional subordinated financial support; or, as a group, the holders of the equity investment at risk do not possess the power to direct the activities that most substantially impact the entity’s economic performance, or possess the obligation to absorb expected losses or right to receive expected residual returns. The Company also consolidates entities that are not VIEs in which it has a controlling financial interest. Intercompany balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for pursuant to the equity method of accounting. Accordingly, the Company’s share of the income (loss) of these unconsolidated joint ventures is included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss). Refer to Note 10 for further discussion. | |||||||||
Noncontrolling interest is the portion of equity in a consolidated subsidiary not attributable, directly or indirectly, to the Company. In the consolidated statements of operations and other comprehensive income (loss), revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to common shareholders and noncontrolling interests. Consolidated statements of equity are included in the annual financial statements, including beginning balances, activity for the period and ending balances for total shareholders’ equity, noncontrolling interests and total equity. Noncontrolling interests are adjusted for additional contributions from and distributions to noncontrolling interest holders, as well as the noncontrolling interest holders’ share of the net income or loss of each respective entity, as applicable. As of December 31, 2013, the Company is the controlling member in one less-than-wholly-owned consolidated entity. | |||||||||
The Company evaluates the classification and presentation of noncontrolling interests associated with its consolidated joint venture investments on an ongoing basis as facts and circumstances necessitate. No adjustment to the carrying value of the noncontrolling interests in the Company’s consolidated joint venture investments was made during the years ended December 31, 2013, 2012 and 2011 pursuant to the terms of the applicable organizational documents. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||
Investment Properties: Investment properties are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Expenditures for significant improvements are capitalized. | |||||||||||||||||||||||||||||
The Company allocates the purchase price of each acquired investment property based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include land, building and other improvements, in-place lease value, acquired above and below market lease intangibles, any assumed financing that is determined to be above or below market, the value of customer relationships and goodwill, if any. Acquisition transaction costs are expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair value. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. The discount rate used in the present value calculation of above and below market lease intangibles requires the Company to utilize subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. | |||||||||||||||||||||||||||||
All acquisition accounting fair value estimates require the Company to consider various factors, including but not limited to, geographic location, size and location of tenant spaces within the acquired investment property and tenant profiles. | |||||||||||||||||||||||||||||
The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value of $31,563, $35,119 and $38,873 (including $1,717, $3,285 and $4,351, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
With respect to acquired leases in which the Company is the lessor, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease value of $2,991, $3,242 and $4,816 (including $25, $45 and $80, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease value of $3,841, $4,733 and $6,533 (including $183, $406 and $613, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively, was recorded as an increase to rental income. | |||||||||||||||||||||||||||||
With respect to acquired leases in which the Company is the lessee, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to property operating expenses. Amortization pertaining to above market lease value of $93 for the year ended December 31, 2013 was recorded as a reduction to property operating expenses. No amortization pertaining to above or below market lease value was recorded for the years ended December 31, 2012 or 2011. | |||||||||||||||||||||||||||||
The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned at December 31, 2013: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 3,507 | $ | 3,037 | $ | 2,574 | $ | 2,156 | $ | 1,899 | $ | 3,931 | $ | 17,104 | |||||||||||||||
Acquired in-place lease value (b) | 25,303 | 17,235 | 14,627 | 11,524 | 8,907 | 34,861 | 112,457 | ||||||||||||||||||||||
Acquired lease intangible assets, net (c) | $ | 28,810 | $ | 20,272 | $ | 17,201 | $ | 13,680 | $ | 10,806 | $ | 38,792 | $ | 129,561 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (4,014 | ) | $ | (3,878 | ) | $ | (3,751 | ) | $ | (3,644 | ) | $ | (3,541 | ) | $ | (58,356 | ) | $ | (77,184 | ) | ||||||||
Acquired ground lease intangible liability (d) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,897 | ) | (14,697 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (c) | $ | (4,574 | ) | $ | (4,438 | ) | $ | (4,311 | ) | $ | (4,204 | ) | $ | (4,101 | ) | $ | (70,253 | ) | $ | (91,881 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded as an adjustment to rental income. | ||||||||||||||||||||||||||||
(b) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(c) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $303,617 and $46,654 of accumulated amortization, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||||
(d) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. | ||||||||||||||||||||||||||||
Depreciation expense is computed using the straight-line method. Buildings and improvements are depreciated based upon estimated useful lives of 30 years for buildings and associated improvements and 15 years for site improvements and most other capital improvements. Tenant improvements and leasing fees are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. | |||||||||||||||||||||||||||||
Impairment: The Company’s investment properties, including developments in progress, are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators for both operating properties and developments in progress include, but are not limited to: | |||||||||||||||||||||||||||||
• | a substantial decline in or continued low occupancy rate or cash flow; | ||||||||||||||||||||||||||||
• | continued difficulty in leasing space; | ||||||||||||||||||||||||||||
• | a significant concentration of financially troubled tenants; | ||||||||||||||||||||||||||||
• | a change in expected holding period; | ||||||||||||||||||||||||||||
• | a cost accumulation or delay in project completion date significantly above and beyond the original acquisition/development estimate; | ||||||||||||||||||||||||||||
• | a significant decrease in market price not in line with general market trends; and | ||||||||||||||||||||||||||||
• | any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of directors. | ||||||||||||||||||||||||||||
If the presence of one or more impairment indicators as described above is identified with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes certain complex or subjective assumptions which include, but are not limited to: | |||||||||||||||||||||||||||||
• | projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; | ||||||||||||||||||||||||||||
• | estimated holding period or various potential holding periods when considering probability-weighted scenarios; | ||||||||||||||||||||||||||||
• | projected capital expenditures and lease origination costs; | ||||||||||||||||||||||||||||
• | estimated dates of construction completion and grand opening for developments in progress; | ||||||||||||||||||||||||||||
• | projected cash flows from the eventual disposition of an operating property or development in progress using a property-specific capitalization rate; | ||||||||||||||||||||||||||||
• | comparable selling prices; and | ||||||||||||||||||||||||||||
• | property-specific discount and capitalization rates for fair value estimates as necessary. | ||||||||||||||||||||||||||||
The Company’s investments in unconsolidated joint ventures are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying these investments, each reporting period or whenever events or changes in circumstances warrant such an evaluation. To determine whether any identified impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying value is fully recovered. | |||||||||||||||||||||||||||||
To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value for impairment of investment properties or investments in unconsolidated joint ventures. | |||||||||||||||||||||||||||||
Below is a summary of impairment charges recorded during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 92,033 | $ | 25,842 | $ | 39,981 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | 1,834 | $ | — | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | 286 | $ | 1,527 | $ | 3,956 | |||||||||||||||||||||||
(a) | Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss), except for $32,547, $24,519 and $32,331, which is included in discontinued operations in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
(b) | Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the aggregate impairment charge recorded to write down the Company’s investment in its Hampton Retail Colorado, L.L.C. (Hampton) joint venture, which was dissolved during 2013. See Note 10 for further discussion. | ||||||||||||||||||||||||||||
(c) | Reflected within “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the Company’s proportionate share of property-level impairment charges recorded at its unconsolidated joint ventures. | ||||||||||||||||||||||||||||
The Company’s assessment of impairment at December 31, 2013 was based on the most current information available to the Company. If the operating conditions mentioned above deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s investment properties and investments in unconsolidated joint ventures will not occur in 2014 or future periods. Based upon current market conditions, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that the carrying amounts are recoverable and therefore, under applicable GAAP guidance, no additional impairment charges were recorded. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether additional impairment charges are warranted. Refer to Note 14 for further discussion. | |||||||||||||||||||||||||||||
Development Projects: The Company capitalizes direct and certain indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes and interest and financing costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements. Development payables of $271 and $157 at December 31, 2013 and 2012, respectively, consist of costs incurred and not yet paid pertaining to such development projects and are included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The Company did not capitalize interest costs during the years ended December 31, 2013 and 2012. During the year ended December 31, 2011, the Company capitalized interest costs of $197. | |||||||||||||||||||||||||||||
Loss on Lease Terminations: In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances of the termination, the Company may write-off the applicable asset group or accelerate the depreciation and amortization associated with the asset group. If the Company concludes that a write-off of the asset group is appropriate, such charges are reported in the consolidated statements of operations and other comprehensive income (loss) as “Loss on lease terminations.” The Company recorded loss on lease terminations of $2,819, $6,912 and $8,714 (including $0, $810 and $467, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Investment Properties Held For Sale: In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made. | |||||||||||||||||||||||||||||
If all of the above criteria are met, the Company classifies the investment property as held for sale. When these criteria are met, the Company suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of acquired in-place lease value and any above market or below market lease intangibles. The assets and liabilities associated with those investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period. Additionally, if the operations and cash flows of the property have been, or will be upon consummation of such sale, eliminated from ongoing operations and the Company does not have significant continuing involvement in the operations of the property, then the operations for the periods presented are classified in the consolidated statements of operations and other comprehensive income (loss) as discontinued operations for all periods presented. There was one property classified as held for sale at December 31, 2013 and three properties classified as held for sale at December 31, 2012. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Partially-Owned Entities: If the Company determines that it holds a financial interest in a VIE that is deemed to be a controlling financial interest, it will consolidate the entity as the primary beneficiary. The Company assesses its interests in variable interest entities on an ongoing basis to determine whether or not it is a primary beneficiary. Partially-owned, non-variable interest joint ventures in which the Company has a controlling financial interest are consolidated. Partially-owned joint ventures in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, will not be consolidated, but rather accounted for pursuant to the equity method of accounting. Refer to Notes 1 and 10 for more information. | |||||||||||||||||||||||||||||
Cash and Cash Equivalents: The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalent balances at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. | |||||||||||||||||||||||||||||
Marketable Securities: The Company liquidated its entire investments in securities portfolio in 2012. When the Company holds investments in marketable securities, they are classified as “available-for-sale” and accordingly are carried at fair value, with unrealized gains and losses reported as a separate component of shareholders’ equity. Impairments of these investments in marketable securities that the Company determines are other-than-temporary are recorded as recognized loss on marketable securities on the consolidated statements of operations and other comprehensive income (loss). To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary, among other things. Evidence considered in this assessment includes the nature of the investment, the reasons for the impairment (i.e. credit or market related), the severity and duration of the impairment, changes in value subsequent to the end of the reporting period and forecasted performance of the investee. All available information is considered in making this determination with no one factor being determinative. During the years ended December 31, 2012 and 2011, the Company recognized gains on sales of marketable securities of $25,840 and $277, respectively, and an unrealized OCI gain (loss) of $4,748 and $(3,486), respectively. | |||||||||||||||||||||||||||||
Restricted Cash and Escrows: Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2013 and 2012, the Company had $40,198 and $63,539, respectively, in restricted cash and escrows. | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities: All derivatives are recorded in the consolidated balance sheets at fair value within “Other liabilities.” On the date that the Company enters into a derivative, it may designate the derivative as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in “Accumulated other comprehensive income” and are subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2013, the balance in accumulated other comprehensive loss relating to derivatives was $738. Any hedge ineffectiveness or changes in the fair value for any derivative not designated as a hedge is reported in “Other income, net” in the consolidated statements of operations and other comprehensive income (loss). The Company uses derivatives to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of the Company’s borrowings. The Company does not use derivatives for trading or speculative purposes. | |||||||||||||||||||||||||||||
Conditional Asset Retirement Obligations: The Company evaluates the potential impact of conditional asset retirement obligations on its consolidated financial statements. The term conditional asset retirement obligation refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
Revenue Recognition: The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are accounted for as lease inducements which are amortized as a reduction to the revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. | |||||||||||||||||||||||||||||
The Company considers a number of factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | |||||||||||||||||||||||||||||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | ||||||||||||||||||||||||||||
• | whether the tenant or the Company retains legal title to the improvements; | ||||||||||||||||||||||||||||
• | the uniqueness of the improvements; | ||||||||||||||||||||||||||||
• | the expected economic life of the tenant improvements relative to the length of the lease; | ||||||||||||||||||||||||||||
• | who constructs or directs the construction of the improvements, and | ||||||||||||||||||||||||||||
• | whether the tenant or the Company is obligated to fund cost overruns. | ||||||||||||||||||||||||||||
The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, the Company considers all of the above factors. No one factor, however, necessarily establishes its determination. | |||||||||||||||||||||||||||||
Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable” in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period the applicable expenditures are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. | |||||||||||||||||||||||||||||
The Company records lease termination income in “Other property income” upon execution of a termination letter agreement, when all of the conditions of such agreement have been fulfilled, the tenant is no longer occupying the property and collectibility is reasonably assured. Upon early lease termination, the Company provides for losses related to recognized tenant specific intangibles and other assets or adjusts the remaining useful life of the assets if determined to be appropriate, in accordance with its policy related to loss on lease terminations. The Company recorded lease termination income of $15,787, $2,331 and $1,187 (including $7,182, $1,106 and none, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
The Company recorded percentage rental income in lieu of base rent and contingent percentage rental income of $4,744, $5,356 and $5,496 (including $55, $52 and $123, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. The Company’s policy is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. | |||||||||||||||||||||||||||||
Profits from sales of real estate are not recognized under the full accrual method by the Company unless a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have substantial continuing involvement with the property. During the year ended December 31, 2013, the Company sold 20 consolidated investment properties. Investment properties totaling 31 and 11 were sold during the years ended December 31, 2012 and 2011, respectively, excluding investment properties partially sold to the Company’s unconsolidated joint ventures. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Allowance for Doubtful Accounts: Receivable balances outstanding include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined on a tenant-specific basis through an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. The allowance for doubtful accounts also includes allowances for notes receivable. Management’s estimate of the collectibility of accrued rents, accounts receivable and notes receivable is based on the best information available to management at the time of evaluation. | |||||||||||||||||||||||||||||
Rental Expense: Rental expense associated with land and office space that the Company leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. The difference between rental expense incurred on a straight-line basis and rent payments due under the provisions of a lease agreement is recorded as a deferred liability and is included as a component of “Other liabilities” in the accompanying consolidated balance sheets. See Note 6 for additional information pertaining to these leases. | |||||||||||||||||||||||||||||
Loan Fees: Loan fees are generally amortized using the effective interest method (or other methods which approximate the effective interest method) over the life of the related loan as a component of interest expense. Debt prepayment penalties and certain fees associated with exchanges or modifications of debt are expensed as incurred as a component of interest expense. | |||||||||||||||||||||||||||||
Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company generally will not be subject to U.S. federal income tax on the taxable income the Company currently distributes to its shareholders. | |||||||||||||||||||||||||||||
Additionally, GAAP prescribes a recognition threshold and measurement attributable for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Company records a benefit for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Returns for the calendar years 2010 through 2013 remain subject to examination by federal and various state tax jurisdictions. | |||||||||||||||||||||||||||||
Segment Reporting: The Company assesses and measures the operating results of its portfolio of properties based on net operating income and does not differentiate properties by geography, size or type. Each of the Company’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the Company’s properties are aggregated into one reportable segment as they have similar economic characteristics, the Company provides similar services to its tenants and the Company evaluates the collective performance of its properties. | |||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||
Effective January 1, 2013, companies are required to disclose additional information about reclassification adjustments out of accumulated other comprehensive income (AOCI), including (1) changes in AOCI balances by component and (2) significant items reclassified out of AOCI. For significant items reclassified out of AOCI to net income in their entirety in the reporting period, disclosure of the effect of the reclassifications on the respective line items in the statement where net income is presented is required. For items that are not reclassified to net income in their entirety in the reporting period, a cross reference to other disclosures in the notes is required. The adoption resulted in the addition of a cross reference to other disclosures in the notes on the face of the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Effective January 1, 2014, companies will be required to present unrecognized tax benefits as a reduction to deferred tax assets when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. To the extent none of these are available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption did not have any effect on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
The Company acquired seven properties during the year ended December 31, 2013, as summarized below. | |||||||||
As discussed in Note 10, on October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan) and acquired its partner’s 80% ownership interest in five multi-tenant retail properties (collectively, the RioCan acquisitions). The five properties have a combined total fair value of approximately $124,800. Total cash consideration paid by the Company was approximately $45,500 before transaction costs and prorations and after assumption of its partner’s 80% interest of the joint venture’s $67,900 in-place mortgage financing on those properties. The properties acquired have a combined total gross leasable area (GLA) of 598,100 square feet. This transaction was accounted for as a business combination achieved in stages. As a result, the Company recognized a gain of $5,435 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value, which is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss). Refer to Note 10 for additional transaction details. | |||||||||
During the fourth quarter of 2013, the Company acquired a 100% interest in each of the following two multi-tenant retail properties located in the New York City metropolitan statistical area (collectively, the New York acquisitions) for a combined gross purchase price of $192,430 using available cash on hand and proceeds from its unsecured revolving line of credit: | |||||||||
• | Pelham Manor Shopping Plaza, a 228,000 square foot community shopping center located in Pelham Manor, New York, and | ||||||||
• | Fordham Place, a 262,000 square foot mixed-use retail and commercial office building located in the Bronx, New York. | ||||||||
The following table summarizes the acquisition date fair values the Company recorded in conjunction with the RioCan acquisitions and the New York acquisitions discussed above: | |||||||||
Land | $ | 60,307 | |||||||
Building and other improvements | 238,388 | ||||||||
Acquired lease intangible assets | 46,357 | ||||||||
Acquired lease intangible liability | (26,525 | ) | |||||||
Mortgages payable (a) | (69,177 | ) | |||||||
Net assets acquired | $ | 249,350 | |||||||
(a) | Includes mortgage premium of $1,313. | ||||||||
All acquisition accounting fair value estimates require the Company to consider various factors, including, but not limited to, geographic location, size and location of tenant spaces within the acquired investment property and tenant profile. | |||||||||
The transaction costs related to the acquisition of these assets, which were not material, were expensed as incurred and included within “General and administrative expenses” in the consolidated statements of operations and other comprehensive income (loss). | |||||||||
During the year ended December 31, 2012, the Company paid $2,806 to an unaffiliated third party to acquire a fully occupied 45,000 square foot building located at the Company’s Hickory Ridge multi-tenant retail property that was subject to a ground lease with the Company prior to the transaction. | |||||||||
Condensed Pro Forma Financial Information | |||||||||
The results of operations of the RioCan acquisitions and the New York acquisitions are included in the consolidated statements of operations and other comprehensive income (loss) beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information is presented as if these acquisitions had been completed as of January 1, 2012. These pro forma results are for comparative purposes only and not necessarily indicative of what the actual results of operations of the Company would have been had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. | |||||||||
The unaudited condensed pro forma financial information is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Total revenues | $ | 576,894 | $ | 565,053 | |||||
Net income | $ | 15,744 | $ | 6,902 | |||||
Net income attributable to Company shareholders | $ | 6,294 | $ | 6,639 | |||||
Earnings per share - basic and diluted | |||||||||
Net income per common share attributable to common shareholders | $ | 0.03 | $ | 0.03 | |||||
Weighted average common shares outstanding | 234,134 | 220,464 | |||||||
Discontinued_Operations_and_In
Discontinued Operations and Investment Properties Held for Sale | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||||||||||
Discontinued Operations and Investment Properties Held for Sale | ' | ||||||||||||||||||||||||
Discontinued Operations and Investment Properties Held for Sale | |||||||||||||||||||||||||
The Company monitors its investment properties to ensure that each property continues to meet investment and strategic objectives. This approach results in the sale of certain non-core and non-strategic assets that no longer meet the Company’s investment criteria. | |||||||||||||||||||||||||
The Company sold 20 properties during the year ended December 31, 2013, as summarized below: | |||||||||||||||||||||||||
Date | Property Name | Property Type | Square | Consideration | Aggregate Proceeds, Net | Mortgage Debt Extinguished | Gain (a) | ||||||||||||||||||
Footage | |||||||||||||||||||||||||
January 16, 2013 | Mervyns - Ridgecrest | Single-user retail | 59,000 | $ | 500 | $ | 477 | $ | — | $ | — | ||||||||||||||
January 16, 2013 | Mervyns - Highland | Single-user retail | 80,500 | 2,133 | 2,030 | — | — | ||||||||||||||||||
January 25, 2013 | American Express - DePere | Single-user office | 132,300 | 17,233 | 17,168 | — | 1,914 | ||||||||||||||||||
21-Jun-13 | Dick's Sporting Goods-Fresno | Multi-tenant retail | 77,400 | 6,500 | 6,401 | — | 21 | ||||||||||||||||||
31-Jul-13 | Raytheon Facility | Single-user office | 105,000 | 11,500 | 11,142 | — | — | ||||||||||||||||||
26-Sep-13 | LA Fitness - Oceanside | Single-user retail | 75,400 | 17,000 | 16,811 | — | 1,705 | ||||||||||||||||||
8-Oct-13 | Stop & Shop - Beekman | Single-user retail | 40,400 | 15,300 | 15,211 | — | 5,364 | ||||||||||||||||||
8-Oct-13 | Duck Creek | Multi-tenant retail | 134,200 | 19,700 | 19,428 | — | 1,786 | ||||||||||||||||||
25-Oct-13 | University Square | Multi-tenant retail | 287,000 | 175 | 131 | — | 152 | (b) | |||||||||||||||||
31-Oct-13 | Preston Trail Village | Multi-tenant retail | 180,000 | 17,955 | 17,401 | — | — | ||||||||||||||||||
20-Nov-13 | Rite Aid - Atlanta | Single-user retail | 11,000 | 1,607 | 1,522 | — | — | ||||||||||||||||||
5-Dec-13 | Shops at 5 | Multi-tenant retail | 421,700 | 29,000 | 28,509 | — | — | ||||||||||||||||||
6-Dec-13 | The Market at Polaris | Multi-tenant retail | 208,500 | 58,400 | 57,568 | — | 10,442 | ||||||||||||||||||
6-Dec-13 | Powell Center | Multi-tenant retail | 85,700 | 14,600 | 14,129 | — | 3,049 | ||||||||||||||||||
11-Dec-13 | Bluebonnet Parc | Multi-tenant retail | 135,400 | 21,250 | 20,762 | — | 5,732 | ||||||||||||||||||
12-Dec-13 | Bangor Parkade | Multi-tenant retail | 232,800 | 26,250 | 25,539 | — | 3,114 | ||||||||||||||||||
16-Dec-13 | Shoppes of Warner Robins | Multi-tenant retail | 70,700 | 10,642 | 10,519 | — | 1,202 | ||||||||||||||||||
Various (c) | Darien Towne Center | Multi-tenant retail | 223,700 | 29,850 | 28,029 | — | 3,967 | ||||||||||||||||||
19-Dec-13 | Ridge Tool Building | Single-user industrial | 128,500 | 6,600 | 6,321 | — | 804 | ||||||||||||||||||
31-Dec-13 | Shoppes at Lake Andrew | Multi-tenant retail | 144,700 | 21,850 | 21,476 | — | 2,027 | ||||||||||||||||||
2,833,900 | $ | 328,045 | $ | 320,574 | $ | — | $ | 41,279 | |||||||||||||||||
(a) | Amounts presented reflect the impact of previously recognized impairment charges, as applicable. | ||||||||||||||||||||||||
(b) | The Company recognized a $3,511 gain on extinguishment of other liabilities in conjunction with the sale of this property. | ||||||||||||||||||||||||
(c) | A parcel was sold on January 28, 2013 and the remaining property was sold on December 17, 2013. | ||||||||||||||||||||||||
The Company also received net proceeds of $6,192 and recorded gains of $5,806 from earnouts and the sale of parcels at two of its properties that did not qualify for discontinued operations treatment. The aggregate proceeds, net of closing costs, from the property sales and additional transactions during the year ended December 31, 2013 totaled $326,766 with aggregate gains of $47,085. | |||||||||||||||||||||||||
During 2012, the Company sold 31 properties. The disposition and additional transactions, including condemnation awards and earnouts, resulted in aggregate proceeds, net of closing costs, to the Company of $453,320 with aggregate gains of $37,984. | |||||||||||||||||||||||||
During 2011, the Company sold 11 properties. The dispositions and additional transactions, including the partial sale of a multi-tenant retail property to the Company’s former RioCan joint venture, condemnation awards, earnouts and the sale of a parcel at one of its operating properties, resulted in aggregate proceeds, net of closing costs, to the Company of $195,948 with aggregate gains of $30,415. | |||||||||||||||||||||||||
As of December 31, 2013, the Company had entered into a contract to sell Riverpark Phase IIA, a 64,300 square foot single-user retail property located in Sugar Land, Texas. This property qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria during the year ended December 31, 2013, at which time depreciation and amortization were ceased. As such, the assets and liabilities associated with this property are separately classified as held for sale in the consolidated balance sheets as of December 31, 2013 and the operations for all periods presented are classified as discontinued operations in the consolidated statements of operations and other comprehensive income (loss). Three properties were classified as held for sale as of December 31, 2012. The following table presents the assets and liabilities associated with the held for sale properties: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Land, building and other improvements | $ | 10,285 | $ | 8,746 | |||||||||||||||||||||
Accumulated depreciation | (2,206 | ) | (17 | ) | |||||||||||||||||||||
Net investment properties | 8,079 | 8,729 | |||||||||||||||||||||||
Other assets | 537 | 193 | |||||||||||||||||||||||
Assets associated with investment properties held for sale | $ | 8,616 | $ | 8,922 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Mortgages payable | $ | 6,435 | $ | — | |||||||||||||||||||||
Other liabilities | 168 | 60 | |||||||||||||||||||||||
Liabilities associated with investment properties held for sale | $ | 6,603 | $ | 60 | |||||||||||||||||||||
The Company does not allocate general corporate interest expense to discontinued operations. The results of operations for the investment properties that are accounted for as discontinued operations, inclusive of investment properties sold and those classified as held for sale, are presented in the table below: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 24,448 | $ | 55,610 | $ | 70,706 | |||||||||||||||||||
Tenant recovery income | 5,142 | 7,284 | 10,996 | ||||||||||||||||||||||
Other property income | 7,571 | 1,544 | 511 | ||||||||||||||||||||||
Total revenues | 37,161 | 64,438 | 82,213 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Property operating expenses | 4,802 | 7,941 | 9,673 | ||||||||||||||||||||||
Real estate taxes | 5,664 | 8,209 | 9,868 | ||||||||||||||||||||||
Depreciation and amortization | 11,075 | 26,761 | 33,553 | ||||||||||||||||||||||
Provision for impairment of investment properties | 32,547 | 24,519 | 32,331 | ||||||||||||||||||||||
Loss on lease terminations | — | 810 | 467 | ||||||||||||||||||||||
General and administrative expenses | — | — | 35 | ||||||||||||||||||||||
Gain on extinguishment of debt | (26,331 | ) | — | (1,360 | ) | ||||||||||||||||||||
Gain on extinguishment of other liabilities | (3,511 | ) | — | — | |||||||||||||||||||||
Interest expense | 3,632 | 20,256 | 28,976 | ||||||||||||||||||||||
Other (income) expense, net | (113 | ) | 5 | 171 | |||||||||||||||||||||
Total expenses | 27,765 | 88,501 | 113,714 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net | $ | 9,396 | $ | (24,063 | ) | $ | (31,501 | ) | |||||||||||||||||
Compensation_Plans
Compensation Plans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Compensation Plans | ' | ||||||||
Compensation Plans | |||||||||
The Company’s Equity Compensation Plan (Equity Plan), subject to certain conditions, authorizes the issuance of stock options, restricted stock, stock appreciation rights and other similar awards to the Company’s employees in connection with compensation and incentive arrangements that may be established by the Company’s board of directors. In addition, the Company has an Independent Director Stock Option and Incentive Plan (Director Plan) which authorizes the issuance of stock options, restricted stock awards, restricted stock units, unrestricted stock awards and dividend equivalent rights to the Company’s non-employee directors. | |||||||||
The following represents a summary of the Company’s unvested restricted shares, which were granted to the Company’s employees pursuant to the Equity Plan or non-employee directors pursuant to the Director Plan, as of and for the year ended December 31, 2013: | |||||||||
Unvested | Weighted Average | ||||||||
Restricted | Grant Date Fair | ||||||||
Shares | Value per | ||||||||
Restricted Share | |||||||||
Balance at January 1, 2012 | 14 | $ | 17.13 | ||||||
Shares granted (a) | 32 | $ | 17.38 | ||||||
Shares vested | — | $ | — | ||||||
Shares forfeited | — | $ | — | ||||||
Balance at December 31, 2012 | 46 | $ | 17.3 | ||||||
Shares granted (a) | 116 | $ | 14.27 | ||||||
Shares vested | (9 | ) | $ | 15.53 | |||||
Shares forfeited | (1 | ) | $ | 15.61 | |||||
Balance at December 31, 2013 | 152 | $ | 15.11 | ||||||
(a) | Of the shares granted to the Company’s executives, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees vest ratably over three years. Shares granted to the Company’s non-employee directors will vest on the earlier of the date of the 2014 annual stockholder meeting or the first anniversary of the grant date. | ||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded compensation expense of $455, $211 and $46, respectively, related to unvested restricted shares. As of December 31, 2013, total unrecognized compensation expense related to unvested restricted shares was $1,346, which is expected to be amortized over a weighted average term of 1.7 years. During the year ended December 31, 2013, the Company recorded $113 of additional compensation expense related to the accelerated vesting of nine restricted shares in conjunction with the resignation of its former Chief Accounting Officer. The total fair value of shares vested during the year ended December 31, 2013 was $139. | |||||||||
Under the Company’s Director Plan, prior to 2013, independent directors had been granted options to acquire shares. As of December 31, 2013, options to purchase 84 shares of common stock had been granted, of which options to purchase one share had been exercised and options to purchase five shares had expired. As of December 31, 2012, options to purchase 84 shares of common stock had been granted, of which options to purchase one share had been exercised and none had expired. | |||||||||
The Company calculates the per share weighted average grant date fair value of options using the Black-Scholes option pricing model utilizing certain assumptions regarding the expected dividend yield, risk-free interest rate, expected life and expected volatility rate. The Company did not grant options in 2013. The fair value and weighted average assumptions for 2012 and 2011 are as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Grant date fair value per share | $ | 0.92 | $ | 3.2 | |||||
Expected dividend yield | 5.66 | % | 3.56 | % | |||||
Expected volatility | 21.65 | % | 30 | % | |||||
Expected life (in years) | 5 | 5 | |||||||
Risk-free interest rate | 0.67 | % | 1.14 | % | |||||
Compensation expense of $24, $49 and $63 related to stock options was recorded during the years ended December 31, 2013, 2012 and 2011, respectively. |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases | ' | |||||||||||
Leases | ||||||||||||
The majority of revenues from the Company’s properties consist of rents received under long-term operating leases. In addition to base rent paid monthly in advance, some leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs, subject to the terms of the respective lease. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent, as well as all costs and expenses associated with occupancy. Under net leases, where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the accompanying consolidated statements of operations and other comprehensive income (loss). Under leases where all expenses are paid by the landlord, subject to reimbursement by the tenant, the expenses are included in “Property operating expenses” or “Real estate taxes” and reimbursements are included in “Tenant recovery income” in the accompanying consolidated statements of operations and other comprehensive income (loss). | ||||||||||||
In certain municipalities, the Company is required to remit sales taxes to governmental authorities based upon the rental income received from properties in those regions. These taxes may be reimbursed by the tenant to the Company depending upon the terms of the applicable tenant lease. As with other recoverable expenses, the presentation of the remittance and reimbursement of these taxes is on a gross basis with sales tax expenses included in “Property operating expenses” and sales tax reimbursements included in “Other property income” in the accompanying consolidated statements of operations and other comprehensive income (loss). Such taxes remitted to governmental authorities, which are reimbursed by tenants, exclusive of amounts attributable to discontinued operations, were $1,791, $1,794 and $1,833 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Minimum lease payments to be received under operating leases, excluding payments under master lease agreements, additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no expiring leases are renewed, are as follows: | ||||||||||||
Minimum Lease Payments | ||||||||||||
2014 | $ | 439,055 | ||||||||||
2015 | 396,780 | |||||||||||
2016 | 353,629 | |||||||||||
2017 | 301,283 | |||||||||||
2018 | 255,451 | |||||||||||
Thereafter | 969,100 | |||||||||||
Total | $ | 2,715,298 | ||||||||||
The remaining lease terms range from less than one year to more than 67 years. | ||||||||||||
Certain tenant leases contain provisions that allow the tenant to cease operations, pay reduced rent or terminate their lease if certain conditions are met, including major tenants or “shadow” tenants discontinuing operations, occupancy of the applicable property falling below a specified minimum or declining tenant sales. The Company does not expect that such provisions will have a material impact on its future operating results. | ||||||||||||
The Company leases land under non-cancellable operating leases at certain of its properties expiring in various years from 2023 to 2090, exclusive of any available option periods. The related ground lease rent expense is included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). In addition, the Company leases office space for certain management offices and its corporate office. In the accompanying consolidated statements of operations and other comprehensive income (loss), office rent expense related to property management operations is included in “Property operating expenses” and office rent expense related to corporate office operations is included in “General and administrative expenses”. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Ground lease rent expense (a) | $ | 9,758 | $ | 9,217 | $ | 9,017 | ||||||
Office rent expense | $ | 962 | $ | 846 | $ | 833 | ||||||
(a) | Excludes amounts attributable to discontinued operations. | |||||||||||
Minimum future rental obligations to be paid under the ground and office leases are as follows: | ||||||||||||
Minimum Lease Obligations | ||||||||||||
2014 | $ | 8,882 | ||||||||||
2015 | 8,770 | |||||||||||
2016 | 8,788 | |||||||||||
2017 | 8,934 | |||||||||||
2018 | 9,005 | |||||||||||
Thereafter | 578,100 | |||||||||||
Total | $ | 622,479 | ||||||||||
Mortgages_and_Notes_Payable
Mortgages and Notes Payable | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Mortgages and Notes Payable | ' | |||||||||||||||||||||||||||
Mortgages and Notes Payable | ||||||||||||||||||||||||||||
The following table summarizes the Company’s mortgages and notes payable: | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Aggregate Principal Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | Aggregate Principal Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||||||||||
Fixed rate mortgages payable (a) | $ | 1,673,080 | 6.15 | % | 4.9 | $ | 2,078,162 | 6.19 | % | 5.5 | ||||||||||||||||||
Variable rate construction loan (b) | 11,359 | 2.44 | % | 0.8 | 10,419 | 2.5 | % | 1.8 | ||||||||||||||||||||
Mortgages payable | 1,684,439 | 6.13 | % | 4.9 | 2,088,581 | 6.17 | % | 5.5 | ||||||||||||||||||||
Premium, net of accumulated amortization | 1,175 | — | ||||||||||||||||||||||||||
Discount, net of accumulated amortization | (981 | ) | (1,492 | ) | ||||||||||||||||||||||||
Mortgages payable, net | 1,684,633 | 6.13 | % | 4.9 | 2,087,089 | 6.17 | % | 5.5 | ||||||||||||||||||||
Notes payable | — | 125,000 | 12.8 | % | 6.9 | |||||||||||||||||||||||
Mortgages and notes payable, net | $ | 1,684,633 | 6.13 | % | 4.9 | $ | 2,212,089 | 6.54 | % | 5.6 | ||||||||||||||||||
(a) | Includes $8,337 and $76,055 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2013 and 2012, respectively, and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of December 31, 2013. As of December 31, 2013 and 2012, the fixed rate mortgages had interest rates ranging from 3.50% to 8.00%. | |||||||||||||||||||||||||||
(b) | The interest rate for the variable rate construction loan is based on a spread over London Interbank Offered Rate (LIBOR). | |||||||||||||||||||||||||||
Mortgages Payable | ||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company made mortgages payable repayments in the total amount of $426,019 (including $26 from condemnation proceeds which were paid directly to the lender and excluding scheduled principal payments related to amortizing loans of $20,877) and received forgiveness of mortgage debt of $19,615. The loans repaid during the year ended December 31, 2013 had either a fixed interest rate or a variable interest rate that was swapped to a fixed rate, and had a weighted average interest rate of 6.06%. | ||||||||||||||||||||||||||||
In the second quarter of 2010, the Company ceased making the monthly debt service payment on a $26,865 mortgage payable (University Square) that matured in July 2010. On June 17, 2013, the Company settled this matured mortgage payable and $8,618 of accrued interest for $7,250 plus a $1,902 restricted escrow that had been held by the lender. The Company received debt forgiveness for the remaining amount outstanding on the mortgage of $19,615 and the remaining accrued interest balance of $6,716, resulting in a gain on debt extinguishment of $26,331. | ||||||||||||||||||||||||||||
The majority of the Company’s mortgages payable require monthly payments of principal and interest, as well as reserves for real estate taxes and certain other costs. The Company’s properties and the related tenant leases are pledged as collateral for the fixed rate mortgages payable while a joint venture property and the related tenant leases are pledged as collateral for the construction loan. Although the mortgage loans obtained by the Company are generally non-recourse, occasionally, the Company may guarantee all or a portion of the debt on a full-recourse basis. As of December 31, 2013, the Company had guaranteed $6,628 of the outstanding mortgage and construction loans with maturity dates ranging from November 2, 2014 through September 30, 2016 (see Note 16). At times, the Company has borrowed funds financed as part of a cross-collateralized package, with cross-default provisions, in order to enhance the financial benefits of a transaction. In those circumstances, one or more of the Company’s properties may secure the debt of another of the Company’s properties. As of December 31, 2013, the most significant cross-collateralized mortgage was the IW JV 2009, LLC (IW JV) mortgage in the amount of $481,343, which is cross-collateralized by 55 properties. Individual decisions regarding interest rates, loan-to-value and debt yield ratios, duration and related matters are often based on the condition of the financial markets at the time the debt is originated, which may vary from time to time. | ||||||||||||||||||||||||||||
Notes Payable | ||||||||||||||||||||||||||||
Notes payable outstanding as of December 31, 2012 consisted of senior and junior mezzanine notes, which totaled $125,000 in aggregate and had a weighted average interest rate of 12.80%. These notes payable represented proceeds from a third party lender related to the debt financing transaction for IW JV, which is a wholly-owned entity as of December 31, 2013 and 2012. The notes had fixed interest rates of 12.24% and 14.00%, respectively, were scheduled to mature on December 1, 2019 and were secured by 100% of the equity interest in the IW JV investment properties. On February 1, 2013, the Company repaid the entire balance of the IW JV senior and junior mezzanine notes. The Company paid a 5% prepayment fee totaling $6,250 and wrote off $2,492 of loan fees related to the prepayment, both of which are included within “Interest expense” in the consolidated statements of operations and other comprehensive income (loss). | ||||||||||||||||||||||||||||
Debt Maturities | ||||||||||||||||||||||||||||
The following table shows the scheduled maturities and required principal payments of the Company’s mortgages payable and unsecured credit facility (as described in Note 8) as of December 31, 2013, for each of the next five years and thereafter and does not reflect the impact of any 2014 debt activity: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Debt (a): | ||||||||||||||||||||||||||||
Fixed rate debt: | ||||||||||||||||||||||||||||
Mortgages payable (b) | $ | 38,466 | $ | 437,403 | $ | 46,172 | $ | 296,019 | $ | 12,369 | $ | 842,651 | $ | 1,673,080 | ||||||||||||||
Unsecured credit facility - fixed rate portion of term loan (c) | — | — | — | — | 300,000 | — | 300,000 | |||||||||||||||||||||
Total fixed rate debt | 38,466 | 437,403 | 46,172 | 296,019 | 312,369 | 842,651 | 1,973,080 | |||||||||||||||||||||
Variable rate debt: | ||||||||||||||||||||||||||||
Mortgages payable | 11,359 | — | — | — | — | — | 11,359 | |||||||||||||||||||||
Unsecured credit facility | — | — | — | 165,000 | 150,000 | — | 315,000 | |||||||||||||||||||||
Total variable rate debt | 11,359 | — | — | 165,000 | 150,000 | — | 326,359 | |||||||||||||||||||||
Total debt (d) | $ | 49,825 | $ | 437,403 | $ | 46,172 | $ | 461,019 | $ | 462,369 | $ | 842,651 | $ | 2,299,439 | ||||||||||||||
Weighted average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate debt | 6.17 | % | 5.79 | % | 5.86 | % | 5.66 | % | 2.19 | % | 6.52 | % | 5.52 | % | ||||||||||||||
Variable rate debt | 2.44 | % | — | — | 1.67 | % | 1.62 | % | — | 1.67 | % | |||||||||||||||||
Total | 5.32 | % | 5.79 | % | 5.86 | % | 4.23 | % | 2 | % | 6.52 | % | 4.97 | % | ||||||||||||||
(a) | The debt maturity table does not include mortgage premium of $1,175 and discount of $(981), net of accumulated amortization, which was outstanding as of December 31, 2013. | |||||||||||||||||||||||||||
(b) | Includes $8,337 of variable rate mortgage debt that was swapped to a fixed rate and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of December 31, 2013. | |||||||||||||||||||||||||||
(c) | In July 2012, the Company entered into an interest rate swap transaction to convert the variable rate portion of $300,000 of LIBOR based debt to a fixed rate through February 24, 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. | |||||||||||||||||||||||||||
(d) | As of December 31, 2013, the weighted average years to maturity of consolidated indebtedness was 4.7 years. | |||||||||||||||||||||||||||
The Company plans on addressing its mortgages payable maturities by using proceeds from its unsecured revolving line of credit and capital markets transactions. |
Credit_Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit Facility [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
On May 13, 2013, the Company entered into its third amended and restated unsecured credit agreement with a syndicate of financial institutions led by KeyBank National Association and Wells Fargo Securities LLC to provide for an unsecured credit facility aggregating $1,000,000. The third amended and restated credit facility consists of a $550,000 unsecured revolving line of credit and a $450,000 unsecured term loan (collectively, the credit facility). The Company has the ability to increase available borrowings up to $1,450,000 in certain circumstances. The unsecured revolving line of credit matures on May 12, 2017 and the unsecured term loan matures on May 11, 2018. The Company has a one year extension option on the unsecured revolving line of credit which it may exercise as long as it is in compliance with the terms of the credit agreement and it pays an extension fee equal to 0.15% of the commitment amount being extended. | |
The credit facility is priced on a leverage grid at a rate of LIBOR plus a margin ranging from 1.50% to 2.05% for the revolving line of credit and LIBOR plus a margin ranging from 1.45% to 2.00% for the unsecured term loan, along with quarterly unused fees ranging from 0.25% to 0.30% depending on the undrawn amount. On January 27, 2014, the Company received an investment grade credit rating. In accordance with the unsecured credit agreement, the Company may elect to convert to an investment grade pricing grid. Upon making such an election, the interest rate would equal LIBOR plus a margin ranging from 0.90% to 1.70% for the unsecured revolving line of credit and LIBOR plus a margin ranging from 1.05% to 2.05% for the unsecured term loan, plus a facility fee ranging from 0.15% to 0.35% depending on the Company’s credit rating. | |
The unsecured credit agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the unsecured credit agreement, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum unsecured, secured and total leverage ratios; (ii) minimum fixed charge and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of December 31, 2013, management believes the Company was in compliance with the financial covenants and default provisions under the credit agreement. | |
The Company has an interest rate swap with one of the financial institutions associated with the credit facility to convert the variable rate portion of $300,000 of LIBOR-based debt to a fixed rate of 0.53875% through February 24, 2016. As of December 31, 2013, the weighted average interest rate on the unsecured revolving line of credit was 1.67% and the weighted average interest rate on the unsecured term loan was 1.87%. Upon closing the amended credit agreement, the Company borrowed the full amount of the term loan. As of December 31, 2013, the Company had borrowed $165,000 under the revolving line of credit. | |
The Company previously had a $650,000 unsecured credit facility that consisted of a $350,000 unsecured revolving line of credit and a $300,000 unsecured term loan. The previous credit facility bore interest at a rate of LIBOR plus a margin ranging from 1.75% to 2.50% and was scheduled to mature on February 24, 2015 for the revolving line of credit and February 24, 2016 for the term loan. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||||||
The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. | |||||||||||||||||||||||||||||
The Company utilizes two interest rate swaps to hedge the variable cash flows associated with variable rate debt. The effective portion of changes in the fair value of derivatives that are designated and that qualify as cash flow hedges is recorded in “Accumulated other comprehensive loss” and is subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. Over the next 12 months, the Company estimates that an additional $945 will be reclassified as an increase to interest expense. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. | |||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company repaid two variable rate mortgages payable totaling $67,505 that had previously been swapped to a fixed rate in accordance with their scheduled maturity dates and terminated the associated interest rate swaps. The Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Number of Instruments | Notional | ||||||||||||||||||||||||||||
Interest Rate Derivatives | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swap | 2 | 4 | $ | 308,337 | $ | 376,055 | |||||||||||||||||||||||
The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. The valuation techniques utilized are described in Note 15 to the consolidated financial statements. | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||||||
Caption | Value | Caption | Value | ||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other liabilities | $ | 751 | Other liabilities | $ | 2,783 | |||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Derivatives in | Amount of Loss | Location of Loss | Amount of Loss | Location of | Amount of (Gain) Loss | ||||||||||||||||||||||||
Cash Flow | Recognized in Other Comprehensive Income | Reclassified from | Reclassified from | (Gain) Loss | Recognized in Income on | ||||||||||||||||||||||||
Hedging | on Derivative | AOCI into Income | AOCI into Income | Recognized In | Derivative | ||||||||||||||||||||||||
Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Income on Derivative | (Ineffective Portion and | ||||||||||||||||||||||||
(Ineffective Portion and Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate swaps | $ | 1,444 | $ | 1,458 | Interest Expense | $ | 1,960 | $ | 1,566 | Other income, net | $ | (912 | ) | $ | 623 | ||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its corresponding derivative obligation. | |||||||||||||||||||||||||||||
The Company’s agreements with each of its derivative counterparties also contain a provision whereby if the Company consolidates with, merges with or into, or transfers all or substantially all of its assets to another entity and the creditworthiness of the resulting, surviving or transferee entity is materially weaker than the Company’s, the counterparty has the right to terminate the derivative obligations. As of December 31, 2013, the termination value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for non-performance risk, which the Company has deemed not significant, was $780. As of December 31, 2013, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2013, it could have been required to settle its obligations under the agreements at their termination value of $780. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Joint Ventures | ' | ||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||
Investment Summary | |||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s investments in unconsolidated joint ventures: | |||||||||||||||||||||||||||||||||||||
Ownership Interest | Investment at | ||||||||||||||||||||||||||||||||||||
Joint Venture | Date of | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||
Investment | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
MS Inland Fund, LLC (a) | 4/27/07 | 20 | % | 20 | % | $ | 6,915 | $ | 8,334 | ||||||||||||||||||||||||||||
Hampton Retail Colorado, L.L.C. (b) | 8/31/07 | — | % | 95.9 | % | — | 124 | ||||||||||||||||||||||||||||||
RioCan (c) | 9/30/10 | — | % | 20 | % | — | 39,468 | ||||||||||||||||||||||||||||||
Oak Property and Casualty LLC (d) | 10/1/06 | 20 | % | 25 | % | 8,861 | 8,946 | ||||||||||||||||||||||||||||||
$ | 15,776 | $ | 56,872 | ||||||||||||||||||||||||||||||||||
(a) | The MS Inland Fund, LLC (MS Inland) joint venture was formed with a large state pension fund; the Company is the managing member of the venture and earns fees for providing property management, acquisition and leasing services. | ||||||||||||||||||||||||||||||||||||
(b) | On May 6, 2013, the Hampton joint venture sold its final property and the Hampton joint venture was dissolved prior to December 31, 2013. | ||||||||||||||||||||||||||||||||||||
(c) | The RioCan joint venture was formed with a wholly-owned subsidiary of RioCan Real Estate Investment Trust, a REIT based in Canada. A subsidiary of the Company was the general partner of the joint venture and earned fees for providing property management, asset management and other customary services. On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. | ||||||||||||||||||||||||||||||||||||
(d) | Oak Property & Casualty LLC (the Captive) is an insurance association owned by the Company and four other unaffiliated parties. The Captive was formed to insure/reimburse the members’ deductible obligations for property and general liability insurance claims subject to certain limitations. The Company entered into the Captive to stabilize insurance costs, manage exposures and recoup expenses through the function of the Captive. It has been determined that the Captive is a VIE, but because the Company does not hold the power to most significantly impact the Captive’s performance, the Company is not considered the primary beneficiary. Accordingly, the Company’s investment in the Captive is accounted for pursuant to the equity method of accounting. The Company’s risk of loss is limited to its investment and the Company is not required to fund additional capital to the Captive. | ||||||||||||||||||||||||||||||||||||
The Company has the ability to exercise significant influence, but does not have the financial or operating control over these investments, and as a result the Company accounts for these investments pursuant to the equity method of accounting. Under the equity method of accounting, the net equity investment of the Company is reflected in the accompanying consolidated balance sheets and the accompanying consolidated statements of operations and other comprehensive income (loss) includes the Company’s share of net income or loss from each unconsolidated joint venture. Distributions from these investments that are related to income from operations are included as operating activities and distributions that are related to capital transactions are included in investing activities in the Company’s consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||
Combined condensed financial information of these joint ventures (at 100%) for the periods attributable to the Company’s ownership is summarized as follows: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Real estate assets | $ | — | $ | — | $ | 270,916 | $ | 270,916 | |||||||||||||||||||||||||||||
Less accumulated depreciation | — | — | (52,624 | ) | (52,624 | ) | |||||||||||||||||||||||||||||||
Real estate, net | — | — | 218,292 | 218,292 | |||||||||||||||||||||||||||||||||
Other assets, net | — | — | 49,227 | 49,227 | |||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 267,519 | $ | 267,519 | |||||||||||||||||||||||||||||
Mortgage debt | $ | — | $ | — | $ | 142,537 | $ | 142,537 | |||||||||||||||||||||||||||||
Other liabilities, net | — | — | 22,725 | 22,725 | |||||||||||||||||||||||||||||||||
Total liabilities | — | — | 165,262 | 165,262 | |||||||||||||||||||||||||||||||||
Total equity | — | — | 102,257 | 102,257 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | — | $ | — | $ | 267,519 | $ | 267,519 | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Real estate assets | $ | 434,704 | $ | 14,326 | $ | 270,386 | $ | 719,416 | |||||||||||||||||||||||||||||
Less accumulated depreciation | (19,287 | ) | (2,286 | ) | (44,554 | ) | (66,127 | ) | |||||||||||||||||||||||||||||
Real estate, net | 415,417 | 12,040 | 225,832 | 653,289 | |||||||||||||||||||||||||||||||||
Other assets, net | 148,511 | 1,285 | 49,658 | 199,454 | |||||||||||||||||||||||||||||||||
Total assets | $ | 563,928 | $ | 13,325 | $ | 275,490 | $ | 852,743 | |||||||||||||||||||||||||||||
Mortgage debt | $ | 312,844 | $ | 14,828 | $ | 143,450 | $ | 471,122 | |||||||||||||||||||||||||||||
Other liabilities, net | 50,076 | 300 | 22,960 | 73,336 | |||||||||||||||||||||||||||||||||
Total liabilities | 362,920 | 15,128 | 166,410 | 544,458 | |||||||||||||||||||||||||||||||||
Total equity (deficit) | 201,008 | (1,803 | ) | 109,080 | 308,285 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 563,928 | $ | 13,325 | $ | 275,490 | $ | 852,743 | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 36,758 | $ | — | $ | 27,841 | $ | 64,599 | |||||||||||||||||||||||||||||
Other income | — | — | 8,174 | 8,174 | |||||||||||||||||||||||||||||||||
Total revenues | 36,758 | — | 36,015 | 72,773 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 5,001 | — | 3,522 | 8,523 | |||||||||||||||||||||||||||||||||
Real estate taxes | 6,187 | — | 5,267 | 11,454 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,128 | — | 9,736 | 30,864 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 836 | — | (135 | ) | 701 | ||||||||||||||||||||||||||||||||
General and administrative expenses | 457 | 6 | 454 | 917 | |||||||||||||||||||||||||||||||||
Interest expense, net | 7,033 | (1,758 | ) | 7,129 | 12,404 | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (4,436 | ) | (13 | ) | 6,025 | 1,576 | |||||||||||||||||||||||||||||||
Total expenses | 36,206 | (1,765 | ) | 31,998 | 66,439 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 552 | 1,765 | 4,017 | 6,334 | |||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (a) | (1,026 | ) | 902 | 52 | (72 | ) | |||||||||||||||||||||||||||||||
Net (loss) income | $ | (474 | ) | $ | 2,667 | $ | 4,069 | $ | 6,262 | ||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 48,483 | $ | — | $ | 27,115 | $ | 75,598 | |||||||||||||||||||||||||||||
Other income | — | — | 7,884 | 7,884 | |||||||||||||||||||||||||||||||||
Total revenues | 48,483 | — | 34,999 | 83,482 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 7,315 | — | 4,439 | 11,754 | |||||||||||||||||||||||||||||||||
Real estate taxes | 8,570 | — | 4,711 | 13,281 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 31,886 | — | 10,394 | 42,280 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 2,061 | — | 326 | 2,387 | |||||||||||||||||||||||||||||||||
General and administrative expenses | 993 | 40 | 248 | 1,281 | |||||||||||||||||||||||||||||||||
Interest expense, net | 10,067 | (319 | ) | 7,853 | 17,601 | ||||||||||||||||||||||||||||||||
Other expense, net | 823 | — | 6,625 | 7,448 | |||||||||||||||||||||||||||||||||
Total expenses | 61,715 | (279 | ) | 34,596 | 96,032 | ||||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (13,232 | ) | 279 | 403 | (12,550 | ) | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (a) | (2,415 | ) | (1,278 | ) | 2,399 | (1,294 | ) | ||||||||||||||||||||||||||||||
Net (loss) income | $ | (15,647 | ) | $ | (999 | ) | $ | 2,802 | $ | (13,844 | ) | ||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 21,156 | $ | — | $ | 27,473 | $ | 48,629 | |||||||||||||||||||||||||||||
Other income | — | — | 4,904 | 4,904 | |||||||||||||||||||||||||||||||||
Total revenues | 21,156 | — | 32,377 | 53,533 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 2,830 | — | 3,783 | 6,613 | |||||||||||||||||||||||||||||||||
Real estate taxes | 2,971 | — | 5,218 | 8,189 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 15,657 | — | 10,447 | 26,104 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 505 | — | 1,480 | 1,985 | |||||||||||||||||||||||||||||||||
General and administrative expenses | 785 | 116 | 438 | 1,339 | |||||||||||||||||||||||||||||||||
Interest expense, net | 5,098 | (120 | ) | 8,806 | 13,784 | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (1 | ) | — | 2,064 | 2,063 | ||||||||||||||||||||||||||||||||
Total expenses | 27,845 | (4 | ) | 32,236 | 60,077 | ||||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (6,689 | ) | 4 | 141 | (6,544 | ) | |||||||||||||||||||||||||||||||
Loss from discontinued operations (a) | (1,872 | ) | (3,892 | ) | (985 | ) | (6,749 | ) | |||||||||||||||||||||||||||||
Net loss | $ | (8,561 | ) | $ | (3,888 | ) | $ | (844 | ) | $ | (13,293 | ) | |||||||||||||||||||||||||
(a) | Included within “(Loss) income from discontinued operations” are the following: property-level operating results attributable to the five properties the Company acquired from its RioCan unconsolidated joint venture on October 1, 2013; all property-level operating results attributable to the Hampton unconsolidated joint venture; and, the property-level operating results recognized by the Company’s MS Inland unconsolidated joint venture related to a property sold to the Company’s RioCan unconsolidated joint venture. The property-level operating results of the eight RioCan properties in which the Company’s partner acquired the Company’s 20% interest are presented within “Income (loss) from continuing operations” above given the continuity of the controlling financial interest before and after the dissolution transaction. | ||||||||||||||||||||||||||||||||||||
Profits, Losses and Capital Activity | |||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s share of net income (loss) as well as net cash distributions from (contributions to) each unconsolidated joint venture: | |||||||||||||||||||||||||||||||||||||
The Company’s Share of | Net Cash Distributions from/(Contributions to) Joint Ventures for the Years Ended December 31, | Fees Earned by the Company for the | |||||||||||||||||||||||||||||||||||
Net Income (Loss) for the | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
Joint Venture | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
MS Inland | $ | 661 | $ | 18 | $ | (463 | ) | $ | 2,369 | $ | 1,992 | $ | 497 | $ | 859 | $ | 851 | $ | 862 | ||||||||||||||||||
Hampton (a) | 2,576 | (890 | ) | (3,649 | ) | 855 | 68 | (756 | ) | 1 | 3 | 3 | |||||||||||||||||||||||||
RioCan | (176 | ) | (2,467 | ) | (1,412 | ) | (2,394 | ) | 10,958 | (32,344 | ) | 1,648 | 2,109 | 954 | |||||||||||||||||||||||
Captive | (2,589 | ) | (3,081 | ) | (1,117 | ) | (2,503 | ) | (3,268 | ) | (2,646 | ) | — | — | — | ||||||||||||||||||||||
$ | 472 | $ | (6,420 | ) | $ | (6,641 | ) | $ | (1,673 | ) | $ | 9,750 | $ | (35,249 | ) | $ | 2,508 | $ | 2,963 | $ | 1,819 | ||||||||||||||||
(a) | During the years ended December 31, 2013, 2012 and 2011, Hampton determined that the carrying value of certain of its assets was not recoverable and, accordingly, recorded property level impairment charges in the amounts of $298, $1,593 and $4,128, of which the Company’s share was $286, $1,527 and $3,956, respectively. The joint venture’s estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. | ||||||||||||||||||||||||||||||||||||
In addition to the Company’s share of net income (loss) for each unconsolidated joint venture, amortization of basis differences resulting from the Company’s previous contributions of investment properties to its unconsolidated joint ventures is recorded within “Equity in loss of unconsolidated joint ventures, net” in the consolidated statements of operations and other comprehensive income (loss). Such basis differences resulted from the differences between the historical cost net book values and fair values of the contributed properties and are amortized over the depreciable lives of the joint ventures’ property assets. The Company recorded amortization of $116, $113 and $204, which were accretive to net income, related to these differences during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||
The Company’s investments in unconsolidated joint ventures are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying these investments, whenever events or changes in circumstances warrant such an evaluation. To determine whether impairment, if any, is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying value is fully recovered. As a result of such evaluations, impairment charges aggregating $1,834 were recorded during the year ended December 31, 2013 to write down the carrying value of the Company’s investment in Hampton. No impairment charges were recorded during the years ended December 31, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | |||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, Hampton sold the two remaining properties in its portfolio. Such transactions aggregated a combined sales price of $13,300, resulting in a gain on sale of $1,019 on one of the properties. Proceeds from the sales were used to pay down the entire $12,631 balance of the joint venture’s outstanding debt. As of December 31, 2013, no properties remained in the Hampton joint venture and the venture has been dissolved. | |||||||||||||||||||||||||||||||||||||
On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan as follows: | |||||||||||||||||||||||||||||||||||||
• | The Company acquired its partner’s 80% ownership interest in five properties owned by the joint venture (see Note 3). The properties have a fair value of approximately $124,800, with the Company’s partner’s interest valued at approximately $99,900. The Company paid total cash consideration of approximately $45,500 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of approximately $67,900 at a weighted average interest rate of 4.8%. The Company accounted for this transaction as a business combination and recognized a gain on change in control of investment properties of $5,435 in the fourth quarter of 2013 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. The following table summarizes the calculation of the gain on change in control of investment properties recognized in conjunction with the transaction discussed above: | ||||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 100% | $ | 56,919 | |||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 20% | $ | 11,384 | |||||||||||||||||||||||||||||||||||
Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 | (5,949 | ) | |||||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ | 5,435 | |||||||||||||||||||||||||||||||||||
• | The Company sold to its partner its 20% ownership interest in the remaining eight properties owned by the joint venture. The properties have a fair value of approximately $477,500, with the Company’s 20% interest valued at approximately $95,500. The Company received cash consideration of approximately $53,700 before transaction costs and prorations and after the partner assumed the joint venture’s in-place mortgage financing on those properties of approximately $209,200 at a weighted average interest rate of 3.7%. The Company recognized a $17,499 gain on sale of its interest in RioCan during the fourth quarter of 2013 as a result of the transaction upon meeting all applicable sales criteria. The following table summarizes the calculation of the gain on sale of joint venture interest recognized in conjunction with the transaction described above: | ||||||||||||||||||||||||||||||||||||
Investment in RioCan at September 30, 2013 | $ | 41,523 | |||||||||||||||||||||||||||||||||||
Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 | (5,949 | ) | |||||||||||||||||||||||||||||||||||
Pre-disposition investment in RioCan | $ | 35,574 | |||||||||||||||||||||||||||||||||||
Net consideration received at close for the Company’s interest in RioCan | $ | 53,073 | |||||||||||||||||||||||||||||||||||
Less: Pre-disposition investment in RioCan | (35,574 | ) | |||||||||||||||||||||||||||||||||||
Gain on sale of joint venture interest | $ | 17,499 | |||||||||||||||||||||||||||||||||||
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
Equity | ||||||||||||
In March 2012, the Company completed a recapitalization of its then outstanding common stock through a ten-to-one reverse stock split and redesignation of all of its common stock as Class A common stock. The Company then paid a stock dividend pursuant to which each then outstanding share of its Class A common stock received one share of each of its Class B-1, Class B-2 and Class B-3 common stock. These transactions are referred to as the Recapitalization. All common stock share and per share amounts included in these consolidated financial statements give retroactive effect to the Recapitalization. | ||||||||||||
The Company listed its Class A common stock on the New York Stock Exchange (NYSE) on April 5, 2012 under the symbol RPAI. The Company’s Class B common stock was identical to the Company’s Class A common stock except that (i) the Company did not intend to list its Class B common stock on a national securities exchange and (ii) shares of the Company’s Class B common stock automatically converted into shares of the Company’s Class A common stock at specified times, as follows: | ||||||||||||
• | October 5, 2012, in the case of Class B-1 common stock; | |||||||||||
• | April 5, 2013, in the case of Class B-2 common stock; and | |||||||||||
• | October 5, 2013, in the case of Class B-3 common stock. | |||||||||||
On December 20, 2012, the Company issued 5,400 shares of 7.00% Series A cumulative redeemable preferred stock (Series A preferred stock) at a price of $25.00 per share in an underwritten public offering pursuant to an effective registration statement. The Company retained aggregate net proceeds of $130,289, after the underwriting discount and offering costs. Dividends on the Series A preferred stock are cumulative and payable quarterly in arrears at the rate of 7.00% per annum based on the $25.00 per share offering price, or $1.75 per annum. On or after five years from the date of issuance (or sooner under limited circumstances), the Company may, at its option, redeem the Series A preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends to, but excluding, the redemption date. The Series A preferred stock has no maturity date and will remain outstanding indefinitely unless redeemed by the Company. The Company used the net proceeds from the offering to repay the $125,000 IW JV senior and junior mezzanine notes and the associated prepayment premium of $6,250 on February 1, 2013. These notes had a weighted average interest rate of 12.80%. See Note 7 for further discussion. | ||||||||||||
On March 7, 2013, the Company established an at-the-market (ATM) equity program under which it may sell shares of its Class A common stock, having an aggregate offering price of up to $200,000, from time to time. Actual sales may depend on a variety of factors, including, among others, market conditions and the trading price of the Company’s Class A common stock. The net proceeds are expected to be used for general corporate purposes, which may include repaying debt, including the Company's revolving line of credit, and funding acquisitions. | ||||||||||||
The following table presents activity under the Company’s ATM equity program: | ||||||||||||
Number of common shares sold | Total net consideration | Average price per share | ||||||||||
First quarter 2013 | 56 | $ | 688 | $ | 14.94 | |||||||
Second quarter 2013 | 5,491 | $ | 82,839 | $ | 15.3 | |||||||
Third quarter 2013 | — | $ | — | $ | — | |||||||
Fourth quarter 2013 | — | $ | — | $ | — | |||||||
Year to date December 31, 2013 | 5,547 | $ | 83,527 | $ | 15.29 | |||||||
As of December 31, 2013, the Company had Class A common stock having an aggregate offering price of up to $115,165 remaining available for sale under its ATM equity program. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
The following is a reconciliation between weighted average shares used in the basic and diluted earnings per share (EPS) calculations, excluding amounts attributable to noncontrolling interests: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Loss from continuing operations | $ | (42,855 | ) | $ | (14,368 | ) | $ | (71,492 | ) | ||||
Gain on sales of investment properties, net | 5,806 | 7,843 | 5,906 | ||||||||||
Net income from continuing operations attributable to | — | — | (31 | ) | |||||||||
noncontrolling interests | |||||||||||||
Preferred stock dividends | (9,450 | ) | (263 | ) | — | ||||||||
Loss from continuing operations attributable to common shareholders | (46,499 | ) | (6,788 | ) | (65,617 | ) | |||||||
Income (loss) from discontinued operations | 50,675 | 6,078 | (6,992 | ) | |||||||||
Net income (loss) attributable to common shareholders | 4,176 | (710 | ) | (72,609 | ) | ||||||||
Distributions paid on unvested restricted shares | (59 | ) | (25 | ) | (4 | ) | |||||||
Net income (loss) attributable to common shareholders excluding amounts | $ | 4,117 | $ | (735 | ) | $ | (72,613 | ) | |||||
attributable to unvested restricted shares | |||||||||||||
Denominator: | |||||||||||||
Denominator for earnings (loss) per common share — basic: | |||||||||||||
Weighted average number of common shares outstanding | 234,134 | (a) | 220,464 | (b) | 192,456 | (c) | |||||||
Effect of dilutive securities — stock options | — | (d) | — | (d) | — | (d) | |||||||
Denominator for earnings (loss) per common share — diluted: | |||||||||||||
Weighted average number of common and common equivalent | 234,134 | 220,464 | 192,456 | ||||||||||
shares outstanding | |||||||||||||
(a) | Excluded from this weighted average amount are 152 shares of restricted common stock, which equate to 106 shares on a weighted average basis for the year ended December 31, 2013. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(b) | Excluded from this weighted average amount are 46 shares of restricted common stock, which equate to 40 shares on a weighted average basis for the year ended December 31, 2012. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(c) | Excluded from this weighted average amount are 14 shares of restricted common stock, which equate to 10 shares on a weighted average basis for the year ended December 31, 2011. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(d) | There were outstanding options to purchase 78, 83 and 69 shares of common stock as of December 31, 2013, 2012 and 2011, respectively, at a weighted average exercise price of $19.10, $19.31 and $20.83, respectively, which have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to annually distribute at least 90% of its REIT taxable income to the Company’s shareholders, excluding the deduction for dividends paid or net capital gains. The Company intends to continue to adhere to these requirements and to maintain its REIT status. As a REIT, the Company is entitled to a deduction for some or all of the distributions it pays to shareholders. Accordingly, the Company is generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. | |||||||||||||
Notwithstanding the Company’s qualification as a REIT, the Company may be subject to certain state and local taxes on its income or properties. In addition, the Company’s consolidated financial statements include the operations of one wholly-owned subsidiary that has jointly elected to be treated as a TRS and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The Company recorded $189 and $150 of income tax expense related to the TRS for the years ended December 31, 2013 and 2012, respectively. No income tax expense related to the TRS was recorded for the year ended December 31, 2011. As a REIT, the Company may also be subject to certain U.S. federal excise taxes if it engages in certain types of transactions. | |||||||||||||
Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income and tax planning strategies. The Company believes that it is not more likely than not that a portion of its net deferred tax asset will be realized in future periods and therefore, has recorded a valuation allowance for a portion of the balance, resulting in no effect on the consolidated financial statements. | |||||||||||||
The Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Basis difference in properties | $ | 16,417 | $ | 3,542 | |||||||||
Net operating loss carryforward | 2,228 | 5,612 | |||||||||||
Other | 194 | 142 | |||||||||||
Gross deferred tax assets | 18,839 | 9,296 | |||||||||||
Less: valuation allowance | (18,631 | ) | (7,852 | ) | |||||||||
Total deferred tax assets | 208 | 1,444 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | (208 | ) | (1,444 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
The Company’s deferred tax assets and liabilities result from the activities of the TRS. As of December 31, 2013, the TRS had a federal net operating loss (NOL) carryforward of $5,950, which will be available to offset future taxable income. The TRS did not have any net capital losses in excess of capital gains as of December 31, 2013. If not utilized, the NOL will begin to expire in 2031. | |||||||||||||
Differences between net loss from the consolidated statements of operations and other comprehensive income (loss) and the Company’s taxable income (loss) primarily relate to impairment charges recorded on investment properties, the timing of revenue recognition and investment property depreciation and amortization. | |||||||||||||
The following table reconciles the Company’s net income (loss) to taxable income before the dividends paid deduction for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) attributable to the Company | $ | 13,626 | $ | (447 | ) | $ | (72,609 | ) | |||||
Book/tax differences | 60,098 | 3,807 | 95,869 | ||||||||||
Taxable income subject to 90% dividend requirement | $ | 73,724 | $ | 3,360 | $ | 23,260 | |||||||
The Company’s dividends paid deduction is summarized below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash distributions paid | $ | 164,391 | $ | 140,017 | $ | 116,050 | |||||||
Less: non-dividend distributions | (90,667 | ) | (136,657 | ) | (92,782 | ) | |||||||
Total dividends paid deduction attributable to earnings and profits | $ | 73,724 | $ | 3,360 | $ | 23,268 | |||||||
A summary of the tax characterization of the distributions paid per share to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred stock | |||||||||||||
Ordinary dividends | $ | 1.8 | $ | — | $ | — | |||||||
Nontaxable distributions | — | — | — | ||||||||||
Total distributions per share | $ | 1.8 | $ | — | $ | — | |||||||
Common stock | |||||||||||||
Ordinary dividends | $ | 0.27 | $ | 0.02 | (a) | $ | 0.12 | ||||||
Nontaxable distributions | 0.39 | 0.64 | 0.48 | ||||||||||
Total distributions per share | $ | 0.66 | $ | 0.66 | $ | 0.6 | |||||||
(a) | $0.02 included in ordinary dividends is considered a qualified dividend. | ||||||||||||
The Company records a benefit for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. No liabilities have been recorded as of December 31, 2013 or 2012 as a result of this provision. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013. Returns for the calendar years 2010 through 2013 remain subject to examination by federal and various state tax jurisdictions. |
Provision_for_Impairment_of_In
Provision for Impairment of Investment Properties | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' | |||||||||||
Provision for Impairment of Investment Properties | ' | |||||||||||
Provision for Impairment of Investment Properties | ||||||||||||
As of December 31, 2013, the Company identified certain indicators of impairment for 14 of its properties, one of which was classified as held for sale as of December 31, 2013. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The Company performed cash flow analyses during the year ended December 31, 2013 related to the aforementioned 14 properties and determined it necessary to record impairment charges to write down the carrying value of its investment in three properties, none of which were classified as held for sale as of December 31, 2013. For the remaining 10 properties classified within continuing operations, the Company determined that the projected undiscounted cash flows based upon the estimated holding period for each asset exceeded the respective carrying value by a weighted average of 20%. During the year ended December 31, 2013, the Company recorded impairment charges aggregating $32,547 related to properties sold during 2013. | ||||||||||||
As part of its analyses performed during the year ended December 31, 2012, the Company identified certain indicators of impairment at 13 of its properties, six of which were either sold or held for sale as of December 31, 2013. The Company performed cash flow analyses during the year ended December 31, 2012 and determined that the carrying value exceeded the projected undiscounted cash flows based upon the estimated holding period for certain assets with identified impairment indicators. Therefore, the Company recorded impairment charges related to these properties consisting of the excess carrying value of the assets over the estimated fair value within the accompanying consolidated statements of operations and other comprehensive income (loss). For the remaining seven properties with identified impairment indicators, the Company determined that the projected undiscounted cash flows based upon the estimated holding period for each asset exceeded their respective carrying value by a weighted average of 57%. | ||||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2013 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Aon Hewitt East Campus (a) | Single-user office | 30-Sep-13 | 343,000 | $ | 27,183 | |||||||
Four Peaks Plaza (b) | Multi-tenant retail | 31-Dec-13 | 140,400 | 7,717 | ||||||||
Lake Mead Crossing (c) | Multi-tenant retail | 31-Dec-13 | 221,200 | 24,586 | ||||||||
59,486 | ||||||||||||
Discontinued Operations: | ||||||||||||
University Square (d) | Multi-tenant retail | 30-Jun-13 | 287,000 | 6,694 | ||||||||
Raytheon Facility | Single-user office | Various (e) | 105,000 | 2,518 | ||||||||
Shops at 5 | Multi-tenant retail | Various (e) | 421,700 | 21,128 | ||||||||
Preston Trail Village | Multi-tenant retail | Various (e) | 180,000 | 1,941 | ||||||||
Rite Aid - Atlanta | Single-user retail | Various (e) | 10,900 | 266 | ||||||||
32,547 | ||||||||||||
Total | $ | 92,033 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 134,853 | ||||||||||
(a) | The Company recorded an impairment charge driven by a change in the estimated holding period for the property. The amount of the impairment charge was based upon the terms and conditions of a bona fide purchase offer received from an unaffiliated third party. | |||||||||||
(b) | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. | |||||||||||
(c) | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. An impairment charge of $7,650 was previously recorded during 2011. | |||||||||||
(d) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | |||||||||||
(e) | Impairment charges were recorded at various dates during the year ended December 31, 2013 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. | |||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2012 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Towson Circle | Multi-tenant retail | 25-Jun-12 | n/a (a) | $ | 1,323 | |||||||
Discontinued Operations: | ||||||||||||
Various (b) | Single-user retail | 18-Sep-12 | 1,000,400 | 1,100 | ||||||||
Various (c) | Multi-tenant retail | 25-Sep-12 | 132,600 | 5,528 | ||||||||
Mervyns - McAllen | Single-user retail | 30-Sep-12 | 78,000 | 2,950 | ||||||||
Mervyns - Bakersfield | Single-user retail | 30-Sep-12 | 75,100 | 37 | ||||||||
Pro’s Ranch Market | Single-user retail | Various (d) | 75,500 | 2,749 | ||||||||
American Express - Phoenix | Single-user office | Various (d) | 117,600 | 4,902 | ||||||||
Mervyns - Fontana | Single-user retail | 24-Dec-12 | 79,000 | 352 | ||||||||
Mervyns - Ridgecrest | Single-user retail | Various (d) | 59,000 | 1,622 | ||||||||
Dick’s Sporting Goods - Fresno | Multi-tenant retail | Various (d) | 77,400 | 2,982 | ||||||||
Mervyns - Highland | Single-user retail | Various (d) | 80,500 | 2,297 | ||||||||
24,519 | ||||||||||||
Total | $ | 25,842 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 161,039 | ||||||||||
(a) | The Company sold a parcel of land to an unaffiliated third party for which the allocated carrying value was $1,323 greater than the sales price. Such disposition did not qualify for discontinued operations accounting treatment. | |||||||||||
(b) | During September 2012, the Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the sales price less transaction costs. | |||||||||||
(c) | During September 2012, the Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the sales price less transaction costs. | |||||||||||
(d) | Impairment charges were recorded at various dates during the year ended December 31, 2012 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. | |||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2011 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Lake Mead Crossing (a) | Multi-tenant retail | 31-Dec-11 | 236,000 | $ | 7,650 | |||||||
Discontinued Operations: | ||||||||||||
GMAC Insurance Building | Single-user office | 31-Mar-11 | 501,000 | 30,373 | ||||||||
Mesa Fiesta | Multi-tenant retail | Various (b) | 195,000 | 1,322 | ||||||||
North Ranch Pavilions | Multi-tenant retail | December 22, 2011 (c) | 63,000 | 636 | ||||||||
32,331 | ||||||||||||
Total | $ | 39,981 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 37,466 | ||||||||||
(a) | Impairment charge recorded based upon a bona fide purchase offer received for an outlot at the property. | |||||||||||
(b) | During 2011, this asset was impaired upon execution of the purchase and sale agreement based upon the negotiated purchase price; such impairment charge was revised upon closing of the disposition. Impairment charges for this asset of $3,400 and $20,400 were previously recorded during the years ended December 31, 2010 and 2009, respectively. | |||||||||||
(c) | An impairment charge of $2,700 was previously recorded during the year ended December 31, 2009. | |||||||||||
The Company can provide no assurance that material impairment charges with respect to the Company’s investment properties will not occur in future periods. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Value | Value | |||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Mortgages and notes payable, net | $ | 1,684,633 | $ | 1,827,638 | $ | 2,212,089 | $ | 2,401,883 | ||||||||||||
Credit facility | $ | 615,000 | $ | 617,478 | $ | 380,000 | $ | 382,723 | ||||||||||||
Derivative liability | $ | 751 | $ | 751 | $ | 2,783 | $ | 2,783 | ||||||||||||
The carrying values of mortgages and notes payable, net shown in the table are included in the consolidated balance sheets under the indicated caption. Credit facility is comprised of the “Unsecured term loan” and the “Unsecured revolving line of credit” and derivative liability is included in “Other liabilities” in the consolidated balance sheets. | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 751 | $ | — | $ | 751 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 2,783 | $ | — | $ | 2,783 | ||||||||||||
Derivative liability: The fair value of the derivative liability is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis utilizes observable market data including forward yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the derivative are then discounted using calculated discount factors developed based on the LIBOR swap rate and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2013 and 2012, 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. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 9. | ||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
The following table presents the Company’s assets measured on a nonrecurring basis at December 31, 2013 and 2012, aggregated by the level within the fair value hierarchy in which those measurements fall. Methods and assumptions used to estimate the fair value of these assets are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Provision for | ||||||||||||||||
Impairment (a) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Investment properties (b) | $ | — | $ | — | $ | 75,000 | $ | 75,000 | $ | 59,486 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
Investment properties - held for sale (c) | $ | — | $ | 9,133 | $ | — | $ | 9,133 | $ | 6,901 | ||||||||||
(a) | Excludes impairment charges recorded on investment properties sold prior to December 31, 2013 and 2012, respectively. Additionally, excludes joint venture investment impairment charges recorded on the Company’s Hampton joint venture because the December 31, 2013 investment balance is $0 following receipt of the final distribution from and dissolution of the venture. | |||||||||||||||||||
(b) | Includes impairment charges to write down the carrying value of the Company’s Aon Hewitt East Campus, Four Peaks Plaza and Lake Mead Crossing investment properties to estimated fair value. The estimated fair value of Aon Hewitt East Campus of $18,000 was based upon a bona fide purchase offer received by the Company from an unaffiliated third party (a Level 3 measurement). A change in the Company’s estimated holding period was the primary driver of the impairment charges recorded to the Company’s investments in Four Peaks Plaza and Lake Mead Crossing. The estimated fair value of Four Peaks Plaza of $14,000 and Lake Mead Crossing of $43,000 were determined using the income approach. The income approach involves an estimate of the income stream for a property over a designated holding period; such income stream plus a reversion (presumed sale) value is discounted to a present value at a risk-adjusted rate. Discount rates and growth assumptions utilized in this approach are derived from property specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following are the key Level 3 inputs used in estimating the fair value of Four Peaks Plaza and Lake Mead Crossing as of December 31, 2013. | |||||||||||||||||||
2013 | ||||||||||||||||||||
Low | High | |||||||||||||||||||
Rental growth rates | Varies (i) | Varies (i) | ||||||||||||||||||
Operating expense growth rates | 3.27% | 3.56% | ||||||||||||||||||
Discount rates | 7.29% | 8.45% | ||||||||||||||||||
Terminal capitalization rates | 6.79% | 8.49% | ||||||||||||||||||
(i) | Since cash flow models are established at the tenant level, projected rental revenue growth rates fluctuate over the course of the estimated holding period based upon the timing of lease rollover, amount of available space and other property and space-specific factors. | |||||||||||||||||||
(c) | Includes impairment charges recorded during 2012 for three investment properties classified as held for sale as of December 31, 2012; such charges, calculated as the expected sales prices from executed sales agreements less estimated transaction costs, were determined to be Level 2 inputs. The estimated transaction costs totaling $197 are not reflected as a reduction to the fair value disclosed in the table above. | |||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||||
The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Mortgages and notes payable, net | $ | — | $ | — | $ | 1,827,638 | $ | 1,827,638 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 617,478 | $ | 617,478 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Mortgages and notes payable, net | $ | — | $ | — | $ | 2,401,883 | $ | 2,401,883 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 382,723 | $ | 382,723 | ||||||||||||
Mortgages and notes payable, net: The Company estimates the fair value of its mortgages and notes payable by discounting the future cash flows of each instrument at rates currently offered to the Company for similar debt instruments of comparable maturities by the Company’s lenders. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rate for each of the Company’s individual mortgages and notes payable based upon the specific terms of the agreement, including the term to maturity, the quality and nature of the underlying property and its leverage ratio. The rates used range from 2.4% to 5.6% and 2.5% to 4.5% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Credit facility: The Company estimates the fair value of its credit facility by discounting the future cash flows related to the credit spreads at rates currently offered to the Company for comparable facilities by the Company’s lenders. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rate. As of December 31, 2013, the Company used discount rates of 1.35% and 1.40% for the unsecured term loan and revolving line of credit, respectively. As of December 31, 2012, the Company used a discount rate of 2.0% for the combined credit facility. | ||||||||||||||||||||
There were no transfers of liabilities between the levels of the fair value hierarchy during the years ended December 31, 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Although the mortgage loans obtained by the Company are generally non-recourse, occasionally the Company may guarantee all or a portion of the debt on a full-recourse basis. As of December 31, 2013, the Company has guaranteed $6,628 of its outstanding mortgage and construction loans, with maturity dates ranging from November 2, 2014 through September 30, 2016. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2013 | |
Litigation Disclosure [Abstract] | ' |
Legal Matters and Contingencies | ' |
Litigation | |
In 2012, certain shareholders of the Company filed putative class action lawsuits against the Company and certain of its officers and directors, which are currently pending in the U.S. District Court in the Northern District of Illinois. The lawsuits allege, among other things, that the Company’s directors and officers breached their fiduciary duties to the shareholders and, as a result, unjustly enriched the Company and the individual defendants. The lawsuits further allege that the breaches of fiduciary duty led certain shareholders to acquire additional stock and caused the shareholders to suffer a loss in share value, all measured in some manner by reference to the Company’s 2012 offering price when it listed its shares on the NYSE. The lawsuits seek unspecified damages and other relief. Based on its review of the complaints, the Company believes the lawsuits to be without merit and intends to defend the actions vigorously. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcomes of these matters will not have a material effect on the consolidated financial statements of the Company. On April 19, 2013, the defendants filed motions to dismiss the shareholder complaints, which remain pending before the court. | |
The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the consolidated financial statements of the Company. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Subsequent to December 31, 2013, the Company drew $63,000 on its unsecured revolving line of credit and used a portion of the proceeds to repay mortgages payable with an aggregate principal balance of $31,352 and a weighted average interest rate of 6.12%. The Company incurred a prepayment fee totaling $1,578 related to the payoff of certain of these mortgages. The remaining proceeds were used for general corporate purposes. | |
On February 11, 2014, the Company’s board of directors declared the cash dividend for the first quarter of 2014 for the Company’s 7.00% Series A cumulative redeemable preferred stock. The dividend of $0.4375 per preferred share will be paid on March 31, 2014 to preferred shareholders of record at the close of business on March 20, 2014. | |
On February 11, 2014, the Company’s board of directors declared the distribution for the first quarter of 2014 of $0.165625 per share on the Company’s outstanding Class A common stock, which will be paid on April 10, 2014 to Class A common shareholders of record at the close of business on March 28, 2014. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (unaudited) | ' | ||||||||||||||||
Quarterly Financial Information (unaudited) | |||||||||||||||||
The following table sets forth selected quarterly financial data for the Company. All amounts have been restated in accordance with the guidance on discontinued operations and reflect dispositions and/or properties classified as held for sale through December 31, 2013. | |||||||||||||||||
2013 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenue as previously reported | $ | 150,716 | $ | 142,291 | $ | 140,463 | $ | 140,466 | |||||||||
Reclassified to discontinued operations (a) | — | (6,165 | ) | (8,143 | ) | (8,405 | ) | ||||||||||
Adjusted total revenues | $ | 150,716 | $ | 136,126 | $ | 132,320 | $ | 132,061 | |||||||||
Net income (loss) | $ | 37,087 | $ | (37,552 | ) | $ | 15,971 | $ | (1,880 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 34,724 | $ | (39,914 | ) | $ | 13,608 | $ | (4,242 | ) | |||||||
Net income (loss) per common share attributable to common shareholders - basic and diluted | $ | 0.15 | $ | (0.17 | ) | $ | 0.06 | $ | (0.02 | ) | |||||||
Weighted average number of common shares | 236,151 | 236,151 | 233,624 | 230,611 | |||||||||||||
outstanding - basic | |||||||||||||||||
Weighted average number of common shares | 236,151 | 236,151 | 233,627 | 230,611 | |||||||||||||
outstanding - diluted | |||||||||||||||||
2012 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenue as previously reported | $ | 143,533 | $ | 138,850 | $ | 138,987 | $ | 142,886 | |||||||||
Reclassified to discontinued operations (a) | (8,574 | ) | (6,359 | ) | (8,565 | ) | (9,099 | ) | |||||||||
Adjusted total revenues | $ | 134,959 | $ | 132,491 | $ | 130,422 | $ | 133,787 | |||||||||
Net income (loss) | $ | 14,117 | $ | (15,952 | ) | $ | 17,676 | $ | (16,288 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 13,854 | $ | (15,952 | ) | $ | 17,676 | $ | (16,288 | ) | |||||||
Net income (loss) per common share attributable to common shareholders - basic and diluted | $ | 0.06 | $ | (0.07 | ) | $ | 0.08 | $ | (0.08 | ) | |||||||
Weighted average number of common shares | 230,597 | 230,597 | 226,543 | 194,119 | |||||||||||||
outstanding - basic and diluted | |||||||||||||||||
(a) | Represents revenue that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||
Schedule II Valuation and Qualifying Accounts | ' | ||||||||||||||
Schedule II | |||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||
(in thousands) | |||||||||||||||
Balance at | Charged to | Write-offs | Balance at | ||||||||||||
beginning of year | costs and | end of year | |||||||||||||
expenses | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Allowance for doubtful accounts | $ | 6,452 | 4,600 | (2,855 | ) | $ | 8,197 | ||||||||
Tax valuation allowance | $ | 7,852 | 10,779 | — | $ | 18,631 | |||||||||
Year ended December 31, 2012 | |||||||||||||||
Allowance for doubtful accounts | $ | 8,231 | 969 | (2,748 | ) | $ | 6,452 | ||||||||
Tax valuation allowance | $ | 8,900 | (1,048 | ) | — | $ | 7,852 | ||||||||
Year ended December 31, 2011 | |||||||||||||||
Allowance for doubtful accounts | $ | 9,138 | 6,527 | (7,434 | ) | $ | 8,231 | ||||||||
Tax valuation allowance | $ | 6,823 | 2,077 | — | $ | 8,900 | |||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
23rd Street Plaza | $ | 3,100 | $ | 1,300 | $ | 5,319 | $ | 580 | $ | 1,300 | $ | 5,899 | $ | 7,199 | $ | 1,791 | 2003 | 4-Dec | |||||||||||||||||||
Panama City, FL | |||||||||||||||||||||||||||||||||||||
Academy Sports | 3,156 | 1,230 | 3,752 | — | 1,230 | 3,752 | 4,982 | 1,295 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Houma, LA | |||||||||||||||||||||||||||||||||||||
Academy Sports | 2,585 | 1,340 | 2,943 | 3 | 1,340 | 2,946 | 4,286 | 989 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Midland, TX | |||||||||||||||||||||||||||||||||||||
Academy Sports | 3,140 | 1,050 | 3,954 | 6 | 1,050 | 3,960 | 5,010 | 1,331 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Port Arthur, TX | |||||||||||||||||||||||||||||||||||||
Academy Sports | 4,112 | 3,215 | 3,963 | — | 3,215 | 3,963 | 7,178 | 1,295 | 2004 | 4-Jul | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Alison's Corner | 2,565 | 1,045 | 5,700 | 100 | 1,045 | 5,800 | 6,845 | 2,046 | 2003 | 4-Apr | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Aon Hewitt East Campus (a) | — | 13,000 | 44,053 | (39,279 | ) | 5,179 | 12,595 | 17,774 | 149 | 1974 & 1986 | 5-May | ||||||||||||||||||||||||||
Lincolnshire, IL | |||||||||||||||||||||||||||||||||||||
Arvada Connection and Arvada Marketplace (a) | — | 8,125 | 39,366 | 1,219 | 8,125 | 40,585 | 48,710 | 14,488 | 1987-1990 | 4-Apr | |||||||||||||||||||||||||||
Arvada, CO | |||||||||||||||||||||||||||||||||||||
Ashland & Roosevelt | 9,354 | — | 21,052 | 420 | — | 21,472 | 21,472 | 6,744 | 2002 | 5-May | |||||||||||||||||||||||||||
Chicago, IL | |||||||||||||||||||||||||||||||||||||
Azalea Square I | 12,131 | 6,375 | 21,304 | 1,657 | 6,375 | 22,961 | 29,336 | 7,846 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Summerville, SC | |||||||||||||||||||||||||||||||||||||
Azalea Square III (a) | — | 3,280 | 10,348 | 63 | 3,280 | 10,411 | 13,691 | 2,384 | 2007 | 7-Oct | |||||||||||||||||||||||||||
Summerville, SC | |||||||||||||||||||||||||||||||||||||
Battle Ridge Pavilion (a) | — | 4,350 | 11,366 | 96 | 4,350 | 11,462 | 15,812 | 3,218 | 1999 | 6-May | |||||||||||||||||||||||||||
Marietta, GA | |||||||||||||||||||||||||||||||||||||
Beachway Plaza (a) | — | 5,460 | 10,397 | 410 | 5,460 | 10,807 | 16,267 | 3,388 | 1984/2004 | 5-Jun | |||||||||||||||||||||||||||
Bradenton, FL | |||||||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | 9,147 | — | 18,367 | 615 | — | 18,982 | 18,982 | 6,297 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Miami, FL | |||||||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza (a) | — | 4,530 | 11,901 | — | 4,530 | 11,901 | 16,431 | 3,669 | 2000-2002 | 5-Jul | |||||||||||||||||||||||||||
Westbury, NY | |||||||||||||||||||||||||||||||||||||
Best on the Boulevard | 17,619 | 7,460 | 25,583 | 2,132 | 7,460 | 27,715 | 35,175 | 9,262 | 1996-1999 | 4-Apr | |||||||||||||||||||||||||||
Las Vegas, NV | |||||||||||||||||||||||||||||||||||||
Bison Hollow | 7,513 | 5,550 | 12,324 | 57 | 5,550 | 12,381 | 17,931 | 3,921 | 2004 | 5-Apr | |||||||||||||||||||||||||||
Traverse City, MI | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Boston Commons | 8,425 | 3,750 | 9,690 | 326 | 3,750 | 10,016 | 13,766 | 3,139 | 1993 | 5-May | |||||||||||||||||||||||||||
Springfield, MA | |||||||||||||||||||||||||||||||||||||
Boulevard at The Capital Ctr. (a) | — | — | 114,703 | (30,144 | ) | — | 84,559 | 84,559 | 17,003 | 2004 | 4-Sep | ||||||||||||||||||||||||||
Largo, MD | |||||||||||||||||||||||||||||||||||||
Boulevard Plaza | 2,407 | 4,170 | 12,038 | 3,007 | 4,170 | 15,045 | 19,215 | 4,682 | 1994 | 5-Apr | |||||||||||||||||||||||||||
Pawtucket, RI | |||||||||||||||||||||||||||||||||||||
The Brickyard (a) | — | 45,300 | 26,657 | 4,440 | 45,300 | 31,097 | 76,397 | 9,836 | 1977/2004 | 5-Apr | |||||||||||||||||||||||||||
Chicago, IL | |||||||||||||||||||||||||||||||||||||
Broadway Shopping Center | 10,137 | 5,500 | 14,002 | 2,644 | 5,500 | 16,646 | 22,146 | 4,915 | 1960/1999- | 5-Sep | |||||||||||||||||||||||||||
Bangor, ME | 2000 | ||||||||||||||||||||||||||||||||||||
Brown's Lane | 5,007 | 2,600 | 12,005 | 1,026 | 2,600 | 13,031 | 15,631 | 4,096 | 1985 | 5-Apr | |||||||||||||||||||||||||||
Middletown, RI | |||||||||||||||||||||||||||||||||||||
Central Texas Marketplace | 45,386 | 13,000 | 47,559 | 4,651 | 13,000 | 52,210 | 65,210 | 13,239 | 2004 | 6-Dec | |||||||||||||||||||||||||||
Waco, TX | |||||||||||||||||||||||||||||||||||||
Centre at Laurel (a) | — | 19,000 | 8,406 | 16,822 | 19,000 | 25,228 | 44,228 | 7,058 | 2005 | 6-Feb | |||||||||||||||||||||||||||
Laurel, MD | |||||||||||||||||||||||||||||||||||||
Century III Plaza (a) | — | 7,100 | 33,212 | 1,700 | 7,100 | 34,912 | 42,012 | 10,634 | 1996 | 5-Jun | |||||||||||||||||||||||||||
West Mifflin, PA | |||||||||||||||||||||||||||||||||||||
Chantilly Crossing | 16,251 | 8,500 | 16,060 | 2,113 | 8,500 | 18,173 | 26,673 | 5,570 | 2004 | 5-May | |||||||||||||||||||||||||||
Chantilly, VA | |||||||||||||||||||||||||||||||||||||
Cinemark Seven Bridges | 5,007 | 3,450 | 11,728 | — | 3,450 | 11,728 | 15,178 | 3,591 | 2000 | 5-Mar | |||||||||||||||||||||||||||
Woodridge, IL | |||||||||||||||||||||||||||||||||||||
Citizen's Property Insurance (a) | — | 2,150 | 7,601 | 6 | 2,150 | 7,607 | 9,757 | 2,219 | 2005 | 5-Aug | |||||||||||||||||||||||||||
Jacksonville, FL | |||||||||||||||||||||||||||||||||||||
Clearlake Shores | 6,025 | 1,775 | 7,026 | 1,159 | 1,775 | 8,185 | 9,960 | 2,565 | 2003-2004 | 5-Apr | |||||||||||||||||||||||||||
Clear Lake, TX | |||||||||||||||||||||||||||||||||||||
Colony Square (a) | — | 16,700 | 22,775 | 635 | 16,700 | 23,410 | 40,110 | 6,424 | 1997 | 6-May | |||||||||||||||||||||||||||
Sugar Land, TX | |||||||||||||||||||||||||||||||||||||
The Columns | 12,516 | 5,830 | 19,439 | 91 | 5,830 | 19,530 | 25,360 | 6,683 | 2004 | 8/04 & | |||||||||||||||||||||||||||
Jackson, TN | 4-Oct | ||||||||||||||||||||||||||||||||||||
The Commons at Temecula | 25,665 | 12,000 | 35,887 | 1,319 | 12,000 | 37,206 | 49,206 | 11,424 | 1999 | 5-Apr | |||||||||||||||||||||||||||
Temecula, CA | |||||||||||||||||||||||||||||||||||||
Coppell Town Center | 10,730 | 2,919 | 13,281 | — | 2,919 | 13,281 | 16,200 | 133 | 1999 | 13-Oct | |||||||||||||||||||||||||||
Coppell, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Coram Plaza | 14,249 | 10,200 | 26,178 | 2,725 | 10,200 | 28,903 | 39,103 | 9,365 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Coram, NY | |||||||||||||||||||||||||||||||||||||
Cornerstone Plaza | 4,781 | 2,920 | 10,359 | (152 | ) | 2,920 | 10,207 | 13,127 | 3,229 | 2004-2005 | 5-May | ||||||||||||||||||||||||||
Cocoa Beach, FL | |||||||||||||||||||||||||||||||||||||
Corwest Plaza | 14,697 | 6,900 | 23,851 | 63 | 6,900 | 23,914 | 30,814 | 8,862 | 1999-2003 | 4-Jan | |||||||||||||||||||||||||||
New Britian, CT | |||||||||||||||||||||||||||||||||||||
Cottage Plaza | 10,880 | 3,000 | 19,158 | 195 | 3,000 | 19,353 | 22,353 | 6,267 | 2004-2005 | 5-Feb | |||||||||||||||||||||||||||
Pawtucket, RI | |||||||||||||||||||||||||||||||||||||
Cranberry Square | 11,168 | 3,000 | 18,736 | 713 | 3,000 | 19,449 | 22,449 | 6,694 | 1996-1997 | 4-Jul | |||||||||||||||||||||||||||
Cranberry Township, PA | |||||||||||||||||||||||||||||||||||||
Crockett Square (a) | — | 4,140 | 7,534 | 55 | 4,139 | 7,590 | 11,729 | 2,200 | 2005 | 6-Feb | |||||||||||||||||||||||||||
Morristown, TN | |||||||||||||||||||||||||||||||||||||
Crossroads Plaza CVS | 4,282 | 1,040 | 3,780 | 248 | 1,040 | 4,028 | 5,068 | 1,218 | 1987 | 5-May | |||||||||||||||||||||||||||
North Attelborough, MA | |||||||||||||||||||||||||||||||||||||
Crown Theater (a) | — | 7,318 | 954 | (60 | ) | 7,258 | 954 | 8,212 | 538 | 2000 | 5-Jul | ||||||||||||||||||||||||||
Hartford, CT | |||||||||||||||||||||||||||||||||||||
Cuyahoga Falls Market Center | 3,707 | 3,350 | 11,083 | 364 | 3,350 | 11,447 | 14,797 | 3,572 | 1998 | 5-Apr | |||||||||||||||||||||||||||
Cuyahoga Falls, OH | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,677 | 910 | 2,891 | — | 910 | 2,891 | 3,801 | 901 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Burleson, TX | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy (Eckerd) | 2,263 | 975 | 2,400 | 2 | 975 | 2,402 | 3,377 | 890 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Edmond, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,179 | 750 | 1,958 | — | 750 | 1,958 | 2,708 | 616 | 1999 | 5-May | |||||||||||||||||||||||||||
Lawton, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,802 | 250 | 2,777 | — | 250 | 2,777 | 3,027 | 890 | 2001 | 5-Mar | |||||||||||||||||||||||||||
Montevallo, AL | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,945 | 600 | 2,659 | — | 600 | 2,659 | 3,259 | 845 | 2004 | 5-May | |||||||||||||||||||||||||||
Moore, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy (Eckerd) | 3,562 | 932 | 4,370 | — | 932 | 4,370 | 5,302 | 1,633 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Norman, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,878 | 620 | 3,583 | — | 620 | 3,583 | 4,203 | 1,116 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Oklahoma City, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 2,664 | 1,100 | 3,254 | — | 1,100 | 3,254 | 4,354 | 1,044 | 2004 | 5-Mar | |||||||||||||||||||||||||||
Saginaw, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
CVS Pharmacy | 1,800 | 600 | 2,469 | 3 | 600 | 2,472 | 3,072 | 831 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Sylacauga, AL | |||||||||||||||||||||||||||||||||||||
Cypress Mill Plaza | 8,731 | 4,962 | 9,976 | 14 | 4,962 | 9,990 | 14,952 | 116 | 2004 | 13-Oct | |||||||||||||||||||||||||||
Cypress, TX | |||||||||||||||||||||||||||||||||||||
Davis Towne Crossing (a) | — | 1,850 | 5,681 | 850 | 1,671 | 6,710 | 8,381 | 2,256 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
North Richland Hills, TX | |||||||||||||||||||||||||||||||||||||
Denton Crossing | 27,633 | 6,000 | 43,434 | 11,416 | 6,000 | 54,850 | 60,850 | 18,004 | 2003-2004 | 4-Oct | |||||||||||||||||||||||||||
Denton, TX | |||||||||||||||||||||||||||||||||||||
Diebold Warehouse (a) | — | — | 11,190 | 2 | — | 11,192 | 11,192 | 3,488 | 2005 | 5-Jul | |||||||||||||||||||||||||||
Green, OH | |||||||||||||||||||||||||||||||||||||
Dorman Center I & II | 20,852 | 17,025 | 29,478 | 815 | 17,025 | 30,293 | 47,318 | 11,081 | 2003-2004 | 3/04 & 7/04 | |||||||||||||||||||||||||||
Spartanburg, SC | |||||||||||||||||||||||||||||||||||||
East Stone Commons (a) | — | 2,900 | 28,714 | (789 | ) | 2,826 | 27,999 | 30,825 | 7,563 | 2005 | 6-Jun | ||||||||||||||||||||||||||
Kingsport, TN | |||||||||||||||||||||||||||||||||||||
Eastwood Towne Center | 22,274 | 12,000 | 65,067 | 145 | 12,000 | 65,212 | 77,212 | 22,926 | 2002 | 4-May | |||||||||||||||||||||||||||
Lansing, MI | |||||||||||||||||||||||||||||||||||||
Edgemont Town Center | 6,595 | 3,500 | 10,956 | (91 | ) | 3,500 | 10,865 | 14,365 | 3,710 | 2003 | 4-Nov | ||||||||||||||||||||||||||
Homewood, AL | |||||||||||||||||||||||||||||||||||||
Edwards Multiplex | 9,628 | — | 35,421 | — | — | 35,421 | 35,421 | 11,255 | 1988 | 5-May | |||||||||||||||||||||||||||
Fresno, CA | |||||||||||||||||||||||||||||||||||||
Edwards Multiplex | 13,912 | 11,800 | 33,098 | — | 11,800 | 33,098 | 44,898 | 10,517 | 1997 | 5-May | |||||||||||||||||||||||||||
Ontario, CA | |||||||||||||||||||||||||||||||||||||
Evans Towne Centre | 4,333 | 1,700 | 6,425 | 476 | 1,700 | 6,901 | 8,601 | 2,174 | 1995 | 4-Dec | |||||||||||||||||||||||||||
Evans, GA | |||||||||||||||||||||||||||||||||||||
Fairgrounds Plaza (a) | — | 4,800 | 13,490 | 4,354 | 5,431 | 17,213 | 22,644 | 5,433 | 2002-2004 | 5-Jan | |||||||||||||||||||||||||||
Middletown, NY | |||||||||||||||||||||||||||||||||||||
Fisher Scientific (a) | — | 510 | 12,768 | 133 | 510 | 12,901 | 13,411 | 3,803 | 2005 | 5-Jun | |||||||||||||||||||||||||||
Kalamazoo, MI | |||||||||||||||||||||||||||||||||||||
Five Forks (a) | — | 2,100 | 5,374 | 219 | 2,100 | 5,593 | 7,693 | 1,820 | 1999 | 4-Dec | |||||||||||||||||||||||||||
Simpsonville, SC | |||||||||||||||||||||||||||||||||||||
Five Forks II (a) | — | 440 | 1,018 | 169 | 440 | 1,187 | 1,627 | 328 | 2004-2005 | 5-Mar | |||||||||||||||||||||||||||
Simpsonville, SC | |||||||||||||||||||||||||||||||||||||
Fordham Place (a) | — | 17,209 | 96,547 | — | 17,209 | 96,547 | 113,756 | 586 | Redev: 2009 | 13-Nov | |||||||||||||||||||||||||||
Bronx, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Forks Town Center | 8,388 | 2,430 | 14,836 | 711 | 2,430 | 15,547 | 17,977 | 5,351 | 2002 | 4-Jul | |||||||||||||||||||||||||||
Easton, PA | |||||||||||||||||||||||||||||||||||||
Four Peaks Plaza | 9,803 | 5,000 | 20,098 | (10,974 | ) | 3,215 | 10,909 | 14,124 | — | 2004 | 5-Mar | ||||||||||||||||||||||||||
Fountain Hills, AZ | |||||||||||||||||||||||||||||||||||||
Fox Creek Village | 9,147 | 3,755 | 15,563 | (1,054 | ) | 3,755 | 14,509 | 18,264 | 4,940 | 2003-2004 | 4-Nov | ||||||||||||||||||||||||||
Longmont, CO | |||||||||||||||||||||||||||||||||||||
Fullerton Metrocenter | 28,403 | — | 47,403 | 1,483 | — | 48,886 | 48,886 | 16,840 | 1988 | 4-Jun | |||||||||||||||||||||||||||
Fullerton, CA | |||||||||||||||||||||||||||||||||||||
Galvez Shopping Center | 4,140 | 1,250 | 4,947 | 340 | 1,250 | 5,287 | 6,537 | 1,665 | 2004 | 5-Jun | |||||||||||||||||||||||||||
Galveston, TX | |||||||||||||||||||||||||||||||||||||
The Gateway | 97,154 | 28,665 | 110,945 | 23,789 | 28,665 | 134,734 | 163,399 | 40,102 | 2001-2003 | 5-May | |||||||||||||||||||||||||||
Salt Lake City, UT | |||||||||||||||||||||||||||||||||||||
Gateway Pavilions | 24,552 | 9,880 | 55,195 | 883 | 9,880 | 56,078 | 65,958 | 18,129 | 2003-2004 | 4-Dec | |||||||||||||||||||||||||||
Avondale, AZ | |||||||||||||||||||||||||||||||||||||
Gateway Plaza (a) | — | — | 26,371 | 3,112 | — | 29,483 | 29,483 | 9,862 | 2000 | 4-Jul | |||||||||||||||||||||||||||
Southlake, TX | |||||||||||||||||||||||||||||||||||||
Gateway Station | 2,992 | 1,050 | 3,911 | 1,143 | 1,050 | 5,054 | 6,104 | 1,638 | 2003-2004 | 4-Dec | |||||||||||||||||||||||||||
College Station, TX | |||||||||||||||||||||||||||||||||||||
Gateway Station II & III (a) | — | 3,280 | 11,557 | 28 | 3,280 | 11,585 | 14,865 | 2,338 | 2006-2007 | 7-May | |||||||||||||||||||||||||||
College Station, TX | |||||||||||||||||||||||||||||||||||||
Gateway Village | 37,026 | 8,550 | 39,298 | 4,229 | 8,550 | 43,527 | 52,077 | 14,820 | 1996 | 4-Jul | |||||||||||||||||||||||||||
Annapolis, MD | |||||||||||||||||||||||||||||||||||||
Gerry Centennial Plaza (a) | — | 5,370 | 12,968 | 9,020 | 5,370 | 21,988 | 27,358 | 4,909 | 2006 | 7-Jun | |||||||||||||||||||||||||||
Oswego, IL | |||||||||||||||||||||||||||||||||||||
Gloucester Town Center | 8,909 | 3,900 | 17,878 | 228 | 3,900 | 18,106 | 22,006 | 5,679 | 2003 | 5-May | |||||||||||||||||||||||||||
Gloucester, NJ | |||||||||||||||||||||||||||||||||||||
Golfsmith (a) | — | 1,250 | 2,974 | 2 | 1,250 | 2,976 | 4,226 | 850 | 1992/2004 | 5-Nov | |||||||||||||||||||||||||||
Altamonte Springs, FL | |||||||||||||||||||||||||||||||||||||
Governor's Marketplace (a) | — | — | 30,377 | 2,846 | — | 33,223 | 33,223 | 11,172 | 2001 | 4-Aug | |||||||||||||||||||||||||||
Tallahassee, FL | |||||||||||||||||||||||||||||||||||||
Grapevine Crossing | 11,329 | 4,100 | 16,938 | 45 | 3,894 | 17,189 | 21,083 | 5,429 | 2001 | 5-Apr | |||||||||||||||||||||||||||
Grapevine, TX | |||||||||||||||||||||||||||||||||||||
Green's Corner | 5,392 | 3,200 | 8,663 | 219 | 3,200 | 8,882 | 12,082 | 2,896 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Cumming, GA | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Greensburg Commons | 10,250 | 2,700 | 19,080 | 288 | 2,700 | 19,368 | 22,068 | 6,137 | 1999 | 5-Apr | |||||||||||||||||||||||||||
Greensburg, IN | |||||||||||||||||||||||||||||||||||||
Greenwich Center | 14,475 | 5,439 | 21,594 | (9,465 | ) | 3,791 | 13,777 | 17,568 | 2,411 | 2002-2003 | 6-Feb | ||||||||||||||||||||||||||
Phillipsburg, NJ | & 2006 | ||||||||||||||||||||||||||||||||||||
Gurnee Town Center | 15,309 | 7,000 | 35,147 | 3,637 | 7,000 | 38,784 | 45,784 | 12,426 | 2000 | 4-Oct | |||||||||||||||||||||||||||
Gurnee, IL | |||||||||||||||||||||||||||||||||||||
Hartford Insurance Building (a) | — | 1,700 | 13,709 | 6 | 1,700 | 13,715 | 15,415 | 4,191 | 2005 | 5-Aug | |||||||||||||||||||||||||||
Maple Grove, MN | |||||||||||||||||||||||||||||||||||||
Harvest Towne Center | 4,044 | 3,155 | 5,085 | 245 | 3,155 | 5,330 | 8,485 | 1,783 | 1996-1999 | 4-Sep | |||||||||||||||||||||||||||
Knoxville, TN | |||||||||||||||||||||||||||||||||||||
Henry Town Center (a) | — | 10,650 | 46,814 | 1,223 | 10,650 | 48,037 | 58,687 | 15,611 | 2002 | 4-Dec | |||||||||||||||||||||||||||
McDonough, GA | |||||||||||||||||||||||||||||||||||||
Heritage Towne Crossing | 8,332 | 3,065 | 10,729 | 1,407 | 3,065 | 12,136 | 15,201 | 4,265 | 2002 | 4-Mar | |||||||||||||||||||||||||||
Euless, TX | |||||||||||||||||||||||||||||||||||||
Hickory Ridge | 19,545 | 6,860 | 33,323 | 536 | 6,860 | 33,859 | 40,719 | 11,158 | 1999 | 4-Jan | |||||||||||||||||||||||||||
Hickory, NC | |||||||||||||||||||||||||||||||||||||
High Ridge Crossing | 5,007 | 3,075 | 9,148 | (283 | ) | 3,075 | 8,865 | 11,940 | 2,879 | 2004 | 5-Mar | ||||||||||||||||||||||||||
High Ridge, MO | |||||||||||||||||||||||||||||||||||||
Holliday Towne Center | 7,895 | 2,200 | 11,609 | (365 | ) | 2,200 | 11,244 | 13,444 | 3,761 | 2003 | 5-Feb | ||||||||||||||||||||||||||
Duncansville, PA | |||||||||||||||||||||||||||||||||||||
Home Depot Center (a) | — | — | 16,758 | — | — | 16,758 | 16,758 | 5,222 | 1996 | 5-Jun | |||||||||||||||||||||||||||
Pittsburgh, PA | |||||||||||||||||||||||||||||||||||||
Home Depot Plaza | 10,750 | 9,700 | 17,137 | 1,666 | 9,700 | 18,803 | 28,503 | 5,534 | 1992 | 5-Jun | |||||||||||||||||||||||||||
Orange, CT | |||||||||||||||||||||||||||||||||||||
HQ Building | 9,190 | 5,200 | 10,010 | 4,182 | 5,200 | 14,192 | 19,392 | 3,942 | Redev: 2004 | 5-Dec | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Humblewood Shopping Center | 6,516 | 2,200 | 12,823 | 23 | 2,200 | 12,846 | 15,046 | 3,792 | Renov: 2005 | 5-Nov | |||||||||||||||||||||||||||
Humble, TX | |||||||||||||||||||||||||||||||||||||
Irmo Station | 5,103 | 2,600 | 9,247 | 763 | 2,579 | 10,031 | 12,610 | 3,131 | 1980 & 1985 | 4-Dec | |||||||||||||||||||||||||||
Irmo, SC | |||||||||||||||||||||||||||||||||||||
Jefferson Commons | 55,525 | 23,097 | 52,762 | 472 | 23,097 | 53,234 | 76,331 | 11,505 | 2005 | 8-Feb | |||||||||||||||||||||||||||
Newport News, VA | |||||||||||||||||||||||||||||||||||||
King Philip's Crossing | 10,438 | 3,710 | 19,144 | (350 | ) | 3,710 | 18,794 | 22,504 | 5,604 | 2005 | 5-Nov | ||||||||||||||||||||||||||
Seekonk, MA | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
La Plaza Del Norte (a) | — | 16,005 | 37,744 | 2,785 | 16,005 | 40,529 | 56,534 | 13,939 | 1996/1999 | 4-Jan | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Lake Mary Pointe | 1,675 | 2,075 | 4,009 | 92 | 2,065 | 4,111 | 6,176 | 1,380 | 1999 | 4-Oct | |||||||||||||||||||||||||||
Lake Mary, FL | |||||||||||||||||||||||||||||||||||||
Lake Mead Crossing (a) (c) (f) | — | 17,796 | 50,272 | (36,669 | ) | 8,830 | 22,569 | 31,399 | — | 2011 | 6-Oct | ||||||||||||||||||||||||||
Las Vegas, NV | |||||||||||||||||||||||||||||||||||||
Lake Worth Towne Crossing (a) | — | 6,200 | 30,910 | 4,305 | 6,200 | 35,215 | 41,415 | 9,540 | 2005 | 6-Jun | |||||||||||||||||||||||||||
Lake Worth, TX | |||||||||||||||||||||||||||||||||||||
Lakepointe Towne Center (a) | — | 4,750 | 23,904 | 2,600 | 4,750 | 26,504 | 31,254 | 7,769 | 2004 | 5-May | |||||||||||||||||||||||||||
Lewisville, TX | |||||||||||||||||||||||||||||||||||||
Lakewood Towne Center (a) | — | 11,200 | 70,796 | (14,862 | ) | 11,200 | 55,934 | 67,134 | 19,958 | 1998/2002- | 4-Jun | ||||||||||||||||||||||||||
Lakewood, WA | 2003 | ||||||||||||||||||||||||||||||||||||
Lincoln Plaza | 39,329 | 13,000 | 46,482 | 22,475 | 13,165 | 68,792 | 81,957 | 19,721 | 2001-2004 | 5-Sep | |||||||||||||||||||||||||||
Worcester, MA | |||||||||||||||||||||||||||||||||||||
Low Country Village I & II (a) | — | 2,910 | 16,614 | (463 | ) | 2,486 | 16,575 | 19,061 | 5,601 | 2004 & 2005 | 06/04 & | ||||||||||||||||||||||||||
Bluffton, SC | 5-Sep | ||||||||||||||||||||||||||||||||||||
Lowe's/Bed, Bath & Beyond | 13,109 | 7,423 | 799 | (8 | ) | 7,415 | 799 | 8,214 | 444 | 2005 | 5-Aug | ||||||||||||||||||||||||||
Butler, NJ | |||||||||||||||||||||||||||||||||||||
MacArthur Crossing | 6,950 | 4,710 | 16,265 | 1,703 | 4,710 | 17,968 | 22,678 | 6,312 | 1995-1996 | 4-Feb | |||||||||||||||||||||||||||
Los Colinas, TX | |||||||||||||||||||||||||||||||||||||
Magnolia Square | 6,451 | 2,635 | 15,040 | (767 | ) | 2,635 | 14,273 | 16,908 | 4,686 | 2004 | 5-Feb | ||||||||||||||||||||||||||
Houma, LA | |||||||||||||||||||||||||||||||||||||
Manchester Meadows (a) | — | 14,700 | 39,738 | 251 | 14,700 | 39,989 | 54,689 | 13,706 | 1994-1995 | 4-Aug | |||||||||||||||||||||||||||
Town and Country, MO | |||||||||||||||||||||||||||||||||||||
Mansfield Towne Crossing (a) | — | 3,300 | 12,195 | 3,594 | 3,300 | 15,789 | 19,089 | 5,204 | 2003-2004 | 4-Nov | |||||||||||||||||||||||||||
Mansfield, TX | |||||||||||||||||||||||||||||||||||||
Maple Tree Place (a) | — | 28,000 | 67,361 | 3,720 | 28,000 | 71,081 | 99,081 | 22,433 | 2004-2005 | 5-May | |||||||||||||||||||||||||||
Williston, VT | |||||||||||||||||||||||||||||||||||||
The Market at Clifty Crossing | 13,130 | 1,900 | 16,668 | 1,210 | 1,847 | 17,931 | 19,778 | 5,313 | 1986/2004 | 5-Nov | |||||||||||||||||||||||||||
Columbus, IN | |||||||||||||||||||||||||||||||||||||
Massillon Commons | 7,077 | 4,090 | 12,521 | 451 | 4,090 | 12,972 | 17,062 | 4,128 | 1986/2000 | 5-Apr | |||||||||||||||||||||||||||
Massillon, OH | |||||||||||||||||||||||||||||||||||||
McAllen Shopping Center | 1,565 | 850 | 2,958 | (112 | ) | 850 | 2,846 | 3,696 | 942 | 2004 | 4-Dec | ||||||||||||||||||||||||||
McAllen, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Mid-Hudson Center (a) | — | 9,900 | 29,160 | 1 | 9,900 | 29,161 | 39,061 | 9,007 | 2000 | 5-Jul | |||||||||||||||||||||||||||
Poughkeepsie, NY | |||||||||||||||||||||||||||||||||||||
Midtown Center | 30,233 | 13,220 | 41,687 | 5,171 | 13,220 | 46,858 | 60,078 | 14,396 | 1986-1987 | 5-Jan | |||||||||||||||||||||||||||
Milwaukee, WI | |||||||||||||||||||||||||||||||||||||
Mission Crossing | 11,710 | 4,000 | 12,616 | 7,171 | 4,670 | 19,117 | 23,787 | 5,685 | Renov: | 5-Jul | |||||||||||||||||||||||||||
San Antonio, TX | 2003-2005 | ||||||||||||||||||||||||||||||||||||
Mitchell Ranch Plaza (a) | — | 5,550 | 26,213 | 369 | 5,550 | 26,582 | 32,132 | 9,076 | 2003 | 4-Aug | |||||||||||||||||||||||||||
New Port Richey, FL | |||||||||||||||||||||||||||||||||||||
Montecito Crossing | 16,923 | 9,700 | 25,414 | 9,273 | 11,300 | 33,087 | 44,387 | 9,711 | 2004-2005 | 10/05 & | |||||||||||||||||||||||||||
Las Vegas, NV | & 2007 | 8-Jan | |||||||||||||||||||||||||||||||||||
Mountain View Plaza I & II (a) | — | 5,180 | 18,212 | 674 | 5,120 | 18,946 | 24,066 | 5,370 | 2003 & | 10/05 & | |||||||||||||||||||||||||||
Kalispell, MT | 2006 | 6-Nov | |||||||||||||||||||||||||||||||||||
New Forest Crossing | 9,434 | 4,390 | 11,313 | — | 4,390 | 11,313 | 15,703 | 130 | 2003 | 13-Oct | |||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Newburgh Crossing (a) | — | 4,000 | 10,246 | 33 | 4,000 | 10,279 | 14,279 | 3,101 | 2005 | 5-Oct | |||||||||||||||||||||||||||
Newburgh, NY | |||||||||||||||||||||||||||||||||||||
Newnan Crossing I & II (a) | — | 15,100 | 33,987 | 4,901 | 15,100 | 38,888 | 53,988 | 13,224 | 1999 & | 12/03 & | |||||||||||||||||||||||||||
Newnan, GA | 2004 | 4-Feb | |||||||||||||||||||||||||||||||||||
Newton Crossroads | 3,803 | 3,350 | 6,927 | 78 | 3,350 | 7,005 | 10,355 | 2,278 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Covington, GA | |||||||||||||||||||||||||||||||||||||
North Rivers Towne Center | 10,206 | 3,350 | 15,720 | 252 | 3,350 | 15,972 | 19,322 | 5,726 | 2003-2004 | 4-Apr | |||||||||||||||||||||||||||
Charleston, SC | |||||||||||||||||||||||||||||||||||||
Northgate North | 27,500 | 7,540 | 49,078 | (15,621 | ) | 7,540 | 33,457 | 40,997 | 12,084 | 1999-2003 | 4-Jun | ||||||||||||||||||||||||||
Seattle, WA | |||||||||||||||||||||||||||||||||||||
Northpointe Plaza | 23,589 | 13,800 | 37,707 | 3,207 | 13,800 | 40,914 | 54,714 | 14,132 | 1991-1993 | 4-May | |||||||||||||||||||||||||||
Spokane, WA | |||||||||||||||||||||||||||||||||||||
Northwood Crossing (a) | — | 3,770 | 13,658 | 950 | 3,770 | 14,608 | 18,378 | 4,177 | 1979/2004 | 6-Jan | |||||||||||||||||||||||||||
Northport, AL | |||||||||||||||||||||||||||||||||||||
Northwoods Center | 8,665 | 3,415 | 9,475 | 6,386 | 3,415 | 15,861 | 19,276 | 5,108 | 2002-2004 | 4-Dec | |||||||||||||||||||||||||||
Wesley Chapel, FL | |||||||||||||||||||||||||||||||||||||
Orange Plaza (Golfland Plaza) (a) | — | 4,350 | 4,834 | 2,360 | 4,350 | 7,194 | 11,544 | 1,866 | 1995 | 5-May | |||||||||||||||||||||||||||
Orange, CT | |||||||||||||||||||||||||||||||||||||
The Orchard | 11,826 | 3,200 | 17,151 | 14 | 3,200 | 17,165 | 20,365 | 5,257 | 2004-2005 | 07/05 & | |||||||||||||||||||||||||||
New Hartford, NY | 5-Sep | ||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Pacheco Pass Phase I & II (a) | — | 13,420 | 32,784 | (84 | ) | 13,400 | 32,720 | 46,120 | 8,882 | 2004 & 2006 | 07/05 & | ||||||||||||||||||||||||||
Gilroy, CA | 7-Jun | ||||||||||||||||||||||||||||||||||||
Page Field Commons (a) | — | — | 43,355 | 1,269 | — | 44,624 | 44,624 | 12,543 | 1999 | 5-May | |||||||||||||||||||||||||||
Fort Myers, FL | |||||||||||||||||||||||||||||||||||||
Paradise Valley Marketplace | 9,339 | 6,590 | 20,425 | 171 | 6,590 | 20,596 | 27,186 | 7,384 | 2002 | 4-Apr | |||||||||||||||||||||||||||
Phoenix, AZ | |||||||||||||||||||||||||||||||||||||
Parkway Towne Crossing (a) | — | 6,142 | 20,423 | 4,106 | 6,142 | 24,529 | 30,671 | 6,647 | 2010 | 6-Aug | |||||||||||||||||||||||||||
Frisco, TX | |||||||||||||||||||||||||||||||||||||
Pavillion at Kings Grant I & II (a) | — | 10,274 | 12,392 | 11,774 | 10,274 | 24,166 | 34,440 | 6,482 | 2002-2003 | 12/03 & | |||||||||||||||||||||||||||
Concord, NC | & 2005 | 6-Jun | |||||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza (a) | — | — | 67,870 | — | — | 67,870 | 67,870 | 455 | 2008 | 13-Nov | |||||||||||||||||||||||||||
Pelham Manor, NY | |||||||||||||||||||||||||||||||||||||
Peoria Crossings I & II | 24,131 | 6,995 | 32,816 | 3,869 | 8,495 | 35,185 | 43,680 | 12,325 | 2002-2003 | 03/04 & | |||||||||||||||||||||||||||
Peoria, AZ | & 2005 | 5-May | |||||||||||||||||||||||||||||||||||
Phenix Crossing | 4,236 | 2,600 | 6,776 | 287 | 2,600 | 7,063 | 9,663 | 2,338 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Phenix City, AL | |||||||||||||||||||||||||||||||||||||
Pine Ridge Plaza (a) | — | 5,000 | 19,802 | 2,737 | 5,000 | 22,539 | 27,539 | 7,510 | 1998/2004 | 4-Jun | |||||||||||||||||||||||||||
Lawrence, KS | |||||||||||||||||||||||||||||||||||||
Placentia Town Center | 11,265 | 11,200 | 11,751 | 1,311 | 11,200 | 13,062 | 24,262 | 4,088 | 1973/2000 | 4-Dec | |||||||||||||||||||||||||||
Placentia, CA | |||||||||||||||||||||||||||||||||||||
Plaza at Marysville | 9,177 | 6,600 | 13,728 | 743 | 6,600 | 14,471 | 21,071 | 4,799 | 1995 | 4-Jul | |||||||||||||||||||||||||||
Marysville, WA | |||||||||||||||||||||||||||||||||||||
Plaza at Riverlakes | 8,603 | 5,100 | 10,824 | 49 | 5,100 | 10,873 | 15,973 | 3,649 | 2001 | 4-Oct | |||||||||||||||||||||||||||
Bakersfield, CA | |||||||||||||||||||||||||||||||||||||
Plaza Santa Fe II (a) | — | — | 28,588 | 2,763 | — | 31,351 | 31,351 | 10,588 | 2000-2002 | 4-Jun | |||||||||||||||||||||||||||
Santa Fe, NM | |||||||||||||||||||||||||||||||||||||
Pleasant Run | 13,961 | 4,200 | 29,085 | 2,525 | 4,200 | 31,610 | 35,810 | 10,360 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Cedar Hill, TX | |||||||||||||||||||||||||||||||||||||
Promenade at Red Cliff | 8,184 | 5,340 | 12,665 | 1,282 | 5,340 | 13,947 | 19,287 | 4,766 | 1997 | 4-Feb | |||||||||||||||||||||||||||
St. George, UT | |||||||||||||||||||||||||||||||||||||
Quakertown | 7,885 | 2,400 | 9,246 | 17 | 2,400 | 9,263 | 11,663 | 2,828 | 2004-2005 | 5-Sep | |||||||||||||||||||||||||||
Quakertown, PA | |||||||||||||||||||||||||||||||||||||
Rasmussen College (a) | — | 850 | 4,049 | (85 | ) | 759 | 4,055 | 4,814 | 1,251 | 2005 | 5-Aug | ||||||||||||||||||||||||||
Brooklyn Park, MN | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Rave Theater (a) | — | 3,440 | 22,111 | 2,881 | 3,440 | 24,992 | 28,432 | 7,263 | 2005 | 5-Dec | |||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Red Bug Village (a) | — | 1,790 | 6,178 | 174 | 1,790 | 6,352 | 8,142 | 1,966 | 2004 | 5-Dec | |||||||||||||||||||||||||||
Winter Springs, FL | |||||||||||||||||||||||||||||||||||||
Reisterstown Road Plaza | 46,250 | 15,800 | 70,372 | 11,627 | 15,800 | 81,999 | 97,799 | 27,146 | 1986/2004 | 4-Aug | |||||||||||||||||||||||||||
Baltimore, MD | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Sheridan Dr. | 2,903 | 2,000 | 2,722 | — | 2,000 | 2,722 | 4,722 | 815 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Amherst, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Transit Rd. | 3,243 | 2,500 | 2,764 | 2 | 2,500 | 2,766 | 5,266 | 828 | 2003 | 5-Nov | |||||||||||||||||||||||||||
Amherst, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), E. Main St. | 2,855 | 1,860 | 2,786 | 19 | 1,860 | 2,805 | 4,665 | 836 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Batavia, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), W. Main St. | 2,547 | 1,510 | 2,627 | — | 1,510 | 2,627 | 4,137 | 786 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Batavia, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Ferry St. | 2,198 | 900 | 2,677 | — | 900 | 2,677 | 3,577 | 801 | 2000 | 5-Nov | |||||||||||||||||||||||||||
Buffalo, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Main St. | 2,174 | 1,340 | 2,192 | — | 1,340 | 2,192 | 3,532 | 656 | 1998 | 5-Nov | |||||||||||||||||||||||||||
Buffalo, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 3,091 | 1,968 | 2,575 | 1 | 1,968 | 2,576 | 4,544 | 771 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Canandaigua, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,696 | 750 | 2,042 | — | 750 | 2,042 | 2,792 | 636 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Chattanooga, TN | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,117 | 2,080 | 1,393 | — | 2,080 | 1,393 | 3,473 | 417 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Cheektowaga, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 3,129 | 3,000 | 3,955 | 22 | 3,000 | 3,977 | 6,977 | 1,255 | 2005 | 5-May | |||||||||||||||||||||||||||
Colesville, MD | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,685 | 900 | 2,377 | — | 900 | 2,377 | 3,277 | 857 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Columbia, SC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,348 | 600 | 2,033 | 1 | 600 | 2,034 | 2,634 | 714 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Crossville, TN | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,665 | 900 | 2,475 | — | 900 | 2,475 | 3,375 | 737 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Grand Island, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,926 | 470 | 2,657 | — | 470 | 2,657 | 3,127 | 795 | 1998 | 5-Nov | |||||||||||||||||||||||||||
Greece, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,617 | 1,050 | 2,047 | 1 | 1,050 | 2,048 | 3,098 | 719 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Greer, SC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) (a) | — | 1,550 | 3,954 | 6 | 1,550 | 3,960 | 5,510 | 1,221 | 2004 | 5-Aug | |||||||||||||||||||||||||||
Hellertown, PA | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,409 | 2,060 | 1,873 | — | 2,060 | 1,873 | 3,933 | 560 | 2002 | 5-Nov | |||||||||||||||||||||||||||
Hudson, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,850 | 1,940 | 2,736 | (27 | ) | 1,913 | 2,736 | 4,649 | 819 | 2002 | 5-Nov | ||||||||||||||||||||||||||
Irondequoit, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,926 | 700 | 2,960 | 1 | 700 | 2,961 | 3,661 | 1,040 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Kill Devil Hills, NC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,786 | 1,710 | 1,207 | — | 1,710 | 1,207 | 2,917 | 361 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Lancaster, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) (a) | — | 975 | 4,369 | 6 | 975 | 4,375 | 5,350 | 1,350 | 2004 | 5-Aug | |||||||||||||||||||||||||||
Lebanon, PA | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,716 | 1,650 | 2,788 | — | 1,650 | 2,788 | 4,438 | 834 | 2002 | 5-Nov | |||||||||||||||||||||||||||
Lockport, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,682 | 820 | 1,935 | — | 820 | 1,935 | 2,755 | 579 | 2000 | 5-Nov | |||||||||||||||||||||||||||
North Chili, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,452 | 1,190 | 2,809 | — | 1,190 | 2,809 | 3,999 | 841 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Olean, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) (a) | — | 1,000 | 4,328 | 5 | 1,000 | 4,333 | 5,333 | 1,337 | 2004 | 5-Aug | |||||||||||||||||||||||||||
Punxsutawney, PA | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Culver Rd. | 2,376 | 1,590 | 2,279 | — | 1,590 | 2,279 | 3,869 | 682 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Rochester, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Lake Ave. | 3,210 | 2,220 | 3,025 | 2 | 2,220 | 3,027 | 5,247 | 906 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Rochester, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,370 | 800 | 3,075 | — | 800 | 3,075 | 3,875 | 920 | 2000 | 5-Nov | |||||||||||||||||||||||||||
Tonawanda, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Harlem Rd. | 2,770 | 2,830 | 1,683 | — | 2,830 | 1,683 | 4,513 | 504 | 2003 | 5-Nov | |||||||||||||||||||||||||||
West Seneca, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Union Rd. | 2,394 | 1,610 | 2,300 | — | 1,610 | 2,300 | 3,910 | 689 | 2000 | 5-Nov | |||||||||||||||||||||||||||
West Seneca, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,372 | 810 | 1,434 | — | 810 | 1,434 | 2,244 | 429 | 1997 | 5-Nov | |||||||||||||||||||||||||||
Yorkshire, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Rivery Town Crossing | 8,018 | 2,900 | 6,814 | 376 | 2,900 | 7,190 | 10,090 | 1,904 | 2005 | 6-Oct | |||||||||||||||||||||||||||
Georgetown, TX | |||||||||||||||||||||||||||||||||||||
Royal Oaks Village II (a) | — | 2,200 | 11,859 | (168 | ) | 2,200 | 11,691 | 13,891 | 3,496 | 2004-2005 | 5-Nov | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Saucon Valley Square | 8,665 | 3,200 | 12,642 | (2,022 | ) | 3,200 | 10,620 | 13,820 | 3,693 | 1999 | 4-Sep | ||||||||||||||||||||||||||
Bethlehem, PA | |||||||||||||||||||||||||||||||||||||
Sawyer Heights Village | 18,912 | 24,214 | 15,797 | 29 | 24,214 | 15,826 | 40,040 | 167 | 2007 | 13-Oct | |||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Shaws Supermarket (a) | — | 2,700 | 11,532 | (298 | ) | 2,700 | 11,234 | 13,934 | 4,243 | 1995 | 3-Dec | ||||||||||||||||||||||||||
New Britain, CT | |||||||||||||||||||||||||||||||||||||
Shoppes at Park West | 5,392 | 2,240 | 9,357 | (56 | ) | 2,240 | 9,301 | 11,541 | 3,171 | 2004 | 4-Nov | ||||||||||||||||||||||||||
Mt. Pleasant, SC | |||||||||||||||||||||||||||||||||||||
The Shoppes at Quarterfield | 4,837 | 2,190 | 8,840 | 98 | 2,190 | 8,938 | 11,128 | 3,239 | 1999 | 4-Jan | |||||||||||||||||||||||||||
Severn, MD | |||||||||||||||||||||||||||||||||||||
Shoppes at Stroud (a) | — | 5,711 | 27,878 | (2,398 | ) | 5,111 | 26,080 | 31,191 | 5,245 | 2007-2008 | 8-Jan | ||||||||||||||||||||||||||
Stroudsburg, PA | |||||||||||||||||||||||||||||||||||||
Shoppes of New Hope | 3,625 | 1,350 | 11,045 | (97 | ) | 1,350 | 10,948 | 12,298 | 3,791 | 2004 | 4-Jul | ||||||||||||||||||||||||||
Dallas, GA | |||||||||||||||||||||||||||||||||||||
Shoppes of Prominence Point I&II (a) | — | 3,650 | 12,652 | 355 | 3,650 | 13,007 | 16,657 | 4,415 | 2004 & 2005 | 06/04 & | |||||||||||||||||||||||||||
Canton, GA | 5-Sep | ||||||||||||||||||||||||||||||||||||
The Shops at Boardwalk (a) | — | 5,000 | 30,540 | (413 | ) | 5,000 | 30,127 | 35,127 | 10,330 | 2003-2004 | 4-Jul | ||||||||||||||||||||||||||
Kansas City, MO | |||||||||||||||||||||||||||||||||||||
Shops at Forest Commons (a) | — | 1,050 | 6,133 | 261 | 1,050 | 6,394 | 7,444 | 2,001 | 2002 | 4-Dec | |||||||||||||||||||||||||||
Round Rock, TX | |||||||||||||||||||||||||||||||||||||
The Shops at Legacy (a) | — | 8,800 | 108,940 | 12,463 | 8,800 | 121,403 | 130,203 | 28,898 | 2002 | 7-Jun | |||||||||||||||||||||||||||
Plano, TX | |||||||||||||||||||||||||||||||||||||
Shops at Park Place | 7,896 | 9,096 | 13,175 | 521 | 9,096 | 13,696 | 22,792 | 5,355 | 2001 | 3-Oct | |||||||||||||||||||||||||||
Plano, TX | |||||||||||||||||||||||||||||||||||||
Southgate Plaza | 3,982 | 2,200 | 9,229 | 98 | 2,161 | 9,366 | 11,527 | 3,005 | 1998-2002 | 5-Mar | |||||||||||||||||||||||||||
Heath, OH | |||||||||||||||||||||||||||||||||||||
Southlake Corners | 21,186 | 6,612 | 23,605 | 5 | 6,612 | 23,610 | 30,222 | 234 | 2004 | 13-Oct | |||||||||||||||||||||||||||
Southlake, TX | |||||||||||||||||||||||||||||||||||||
Southlake Town Square I - VII (b) | 144,054 | 41,490 | 187,353 | 20,052 | 41,490 | 207,405 | 248,895 | 59,065 | 1998-2007 | 12/04, 5/07, | |||||||||||||||||||||||||||
Southlake, TX | 9/08 & 3/09 | ||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Stanley Works / Mac Tools (a) | — | 1,900 | 7,624 | — | 1,900 | 7,624 | 9,524 | 2,379 | 2004 | 5-Jan | |||||||||||||||||||||||||||
Westerville, OH | |||||||||||||||||||||||||||||||||||||
Stateline Station (a) | — | 6,500 | 23,780 | (14,368 | ) | 3,829 | 12,083 | 15,912 | 2,542 | 2003-2004 | 5-Mar | ||||||||||||||||||||||||||
Kansas City, MO | |||||||||||||||||||||||||||||||||||||
Stilesboro Oaks | 5,161 | 2,200 | 9,426 | 94 | 2,200 | 9,520 | 11,720 | 3,103 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Acworth, GA | |||||||||||||||||||||||||||||||||||||
Stonebridge Plaza (a) | — | 1,000 | 5,783 | 248 | 1,000 | 6,031 | 7,031 | 1,824 | 1997 | 5-Aug | |||||||||||||||||||||||||||
McKinney, TX | |||||||||||||||||||||||||||||||||||||
Stony Creek I | 8,665 | 6,735 | 17,564 | 81 | 6,735 | 17,645 | 24,380 | 6,818 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Noblesville, IN | |||||||||||||||||||||||||||||||||||||
Stony Creek II (a) | — | 1,900 | 5,106 | 46 | 1,900 | 5,152 | 7,052 | 1,537 | 2005 | 5-Nov | |||||||||||||||||||||||||||
Noblesville, IN | |||||||||||||||||||||||||||||||||||||
Target South Center | 5,503 | 2,300 | 8,760 | 660 | 2,300 | 9,420 | 11,720 | 2,876 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||
Tim Horton Donut Shop | — | 212 | 30 | — | 212 | 30 | 242 | 17 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Canandaigua, NY | |||||||||||||||||||||||||||||||||||||
Tollgate Marketplace | 35,000 | 8,700 | 61,247 | 2,179 | 8,700 | 63,426 | 72,126 | 21,578 | 1979/1994 | 4-Jul | |||||||||||||||||||||||||||
Bel Air, MD | |||||||||||||||||||||||||||||||||||||
Town Square Plaza | 16,815 | 9,700 | 18,264 | 1,628 | 9,700 | 19,892 | 29,592 | 5,786 | 2004 | 5-Dec | |||||||||||||||||||||||||||
Pottstown, PA | |||||||||||||||||||||||||||||||||||||
Towson Circle (a) | — | 9,050 | 17,840 | (685 | ) | 6,874 | 19,331 | 26,205 | 6,323 | 1998 | 4-Jul | ||||||||||||||||||||||||||
Towson, MD | |||||||||||||||||||||||||||||||||||||
Traveler's Office Building (a) | — | 650 | 7,001 | 822 | 1,079 | 7,394 | 8,473 | 2,093 | 2005 | 6-Jan | |||||||||||||||||||||||||||
Knoxville, TN | |||||||||||||||||||||||||||||||||||||
Trenton Crossing | 16,464 | 8,180 | 19,262 | 3,181 | 8,180 | 22,443 | 30,623 | 7,096 | 2003 | 5-Feb | |||||||||||||||||||||||||||
McAllen, TX | |||||||||||||||||||||||||||||||||||||
University Town Center | 4,525 | — | 9,557 | 183 | — | 9,740 | 9,740 | 3,265 | 2002 | 4-Nov | |||||||||||||||||||||||||||
Tuscaloosa, AL | |||||||||||||||||||||||||||||||||||||
Vail Ranch Plaza | 10,867 | 6,200 | 16,275 | 77 | 6,200 | 16,352 | 22,552 | 5,187 | 2004-2005 | 5-Apr | |||||||||||||||||||||||||||
Temecula, CA | |||||||||||||||||||||||||||||||||||||
The Village at Quail Springs | 5,295 | 3,335 | 7,766 | 121 | 3,335 | 7,887 | 11,222 | 2,547 | 2003-2004 | 5-Feb | |||||||||||||||||||||||||||
Oklahoma City, OK | |||||||||||||||||||||||||||||||||||||
Village Shoppes at Gainesville | 20,000 | 4,450 | 36,592 | 1,309 | 4,450 | 37,901 | 42,351 | 11,553 | 2004 | 5-Sep | |||||||||||||||||||||||||||
Gainesville, GA | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost (A) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||
Property Name | Encumbrance | Land | Buildings and Improvements | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements (D) | Total (B), (D) | Accumulated Depreciation (E) | Date Constructed | Date Acquired | |||||||||||||||||||||||||||
Village Shoppes at Simonton | 3,346 | 2,200 | 10,874 | (204 | ) | 2,200 | 10,670 | 12,870 | 3,704 | 2004 | 4-Aug | ||||||||||||||||||||||||||
Lawrenceville, GA | |||||||||||||||||||||||||||||||||||||
Walgreens | 3,018 | 450 | 5,074 | — | 450 | 5,074 | 5,524 | 1,554 | 2000 | 5-Apr | |||||||||||||||||||||||||||
Northwoods, MO | |||||||||||||||||||||||||||||||||||||
Walgreens | 2,214 | 550 | 3,580 | — | 550 | 3,580 | 4,130 | 1,148 | 1999 | 5-Apr | |||||||||||||||||||||||||||
West Allis, WI | |||||||||||||||||||||||||||||||||||||
Wal-Mart (a) (d) | — | 1,925 | 4,294 | (2,918 | ) | 975 | 2,326 | 3,301 | 416 | 1987 | 5-Sep | ||||||||||||||||||||||||||
Turlock, CA | |||||||||||||||||||||||||||||||||||||
Walter's Crossing (a) | — | 14,500 | 16,914 | 260 | 14,500 | 17,174 | 31,674 | 4,659 | 2005 | 6-Jul | |||||||||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||||||||||||||||||
Watauga Pavillion (a) | — | 5,185 | 27,504 | 108 | 5,185 | 27,612 | 32,797 | 9,825 | 2003-2004 | 4-May | |||||||||||||||||||||||||||
Watauga, TX | |||||||||||||||||||||||||||||||||||||
West Town Market | 5,260 | 1,170 | 10,488 | 83 | 1,170 | 10,571 | 11,741 | 3,270 | 2004 | 5-Jun | |||||||||||||||||||||||||||
Fort Mill, SC | |||||||||||||||||||||||||||||||||||||
Wilton Square (a) | — | 8,200 | 35,538 | 174 | 8,200 | 35,712 | 43,912 | 10,982 | 2000 | 5-Jul | |||||||||||||||||||||||||||
Saratoga Springs, NY | |||||||||||||||||||||||||||||||||||||
Winchester Commons | 5,777 | 4,400 | 7,471 | 204 | 4,400 | 7,675 | 12,075 | 2,514 | 1999 | 4-Nov | |||||||||||||||||||||||||||
Memphis, TN | |||||||||||||||||||||||||||||||||||||
Zurich Towers (a) | — | 7,900 | 137,096 | 13 | 7,900 | 137,109 | 145,009 | 43,494 | 1986 & 1990 | 4-Nov | |||||||||||||||||||||||||||
Schaumburg, IL | |||||||||||||||||||||||||||||||||||||
Total Operating Properties | 1,673,274 | 1,182,964 | 4,425,525 | 124,859 | 1,160,069 | 4,573,279 | 5,733,348 | 1,328,778 | |||||||||||||||||||||||||||||
Development Properties | |||||||||||||||||||||||||||||||||||||
Bellevue Mall (a) (f) | — | 3,056 | — | — | 3,056 | — | 3,056 | — | |||||||||||||||||||||||||||||
Nashville, TN | |||||||||||||||||||||||||||||||||||||
Green Valley (e) | 11,359 | 11,829 | 13,940 | (1,451 | ) | 10,940 | 13,378 | 24,318 | 1,696 | ||||||||||||||||||||||||||||
Henderson, NV | |||||||||||||||||||||||||||||||||||||
South Billings (a) (c) (f) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Billings, MT | |||||||||||||||||||||||||||||||||||||
Total Development Properties | 11,359 | 14,885 | 13,940 | (1,451 | ) | 13,996 | 13,378 | 27,374 | 1,696 | ||||||||||||||||||||||||||||
Developments in Progress | — | 42,366 | 1,430 | — | 42,366 | 1,430 | 43,796 | — | |||||||||||||||||||||||||||||
Total Investment Properties | $ | 1,684,633 | $ | 1,240,215 | $ | 4,440,895 | $ | 123,408 | $ | 1,216,431 | $ | 4,588,087 | $ | 5,804,518 | $ | 1,330,474 | |||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
(a) | This property is included in the pool of unencumbered assets under the Company’s unsecured credit facility. | ||||||||||||||||||||||||||||||||||||
(b) | A portion of this property is included in the pool of unencumbered assets under the Company’s unsecured credit facility. | ||||||||||||||||||||||||||||||||||||
(c) | A portion (exterior pads) of this property was sold in 2013. | ||||||||||||||||||||||||||||||||||||
(d) | This property was a former Mervyns. The property name was changed when a new tenant took occupancy in 2013. | ||||||||||||||||||||||||||||||||||||
(e) | This property is encumbered by a construction loan and a portion of the basis is included in Developments in Progress. | ||||||||||||||||||||||||||||||||||||
(f) | The cost basis of the property or a portion of the property is included in Developments in Progress. | ||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||
(A) | The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. | ||||||||||||||||||||||||||||||||||||
(B) | The aggregate cost of real estate owned at December 31, 2013 for U.S. federal income tax purposes was approximately $5,894,936 (unaudited). | ||||||||||||||||||||||||||||||||||||
(C) | Adjustments to basis include payments received under master lease agreements as well as additional tangible costs associated with the investment properties, including any earnout of tenant space. | ||||||||||||||||||||||||||||||||||||
(D) | Reconciliation of real estate owned: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 5,962,878 | $ | 6,441,555 | $ | 6,721,242 | |||||||||||||||||||||||||||||||
Purchase of investment property | 339,955 | 31,486 | 25,194 | ||||||||||||||||||||||||||||||||||
Sale of investment property | (341,750 | ) | (501,369 | ) | (269,214 | ) | |||||||||||||||||||||||||||||||
Property held for sale | (10,995 | ) | (8,746 | ) | — | ||||||||||||||||||||||||||||||||
Provision for asset impairment | (150,373 | ) | (23,819 | ) | (54,848 | ) | |||||||||||||||||||||||||||||||
Payments received under master leases | — | (21 | ) | (259 | ) | ||||||||||||||||||||||||||||||||
Acquired lease intangible assets | (11,331 | ) | 27,454 | 25,726 | |||||||||||||||||||||||||||||||||
Acquired lease intangible liabilities | 16,134 | (3,662 | ) | (6,286 | ) | ||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 5,804,518 | $ | 5,962,878 | $ | 6,441,555 | |||||||||||||||||||||||||||||||
(E) | Reconciliation of accumulated depreciation: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1,275,787 | $ | 1,180,767 | $ | 1,034,769 | |||||||||||||||||||||||||||||||
Depreciation expense | 197,725 | 195,994 | 202,970 | ||||||||||||||||||||||||||||||||||
Sale of investment property | (62,009 | ) | (87,218 | ) | (35,604 | ) | |||||||||||||||||||||||||||||||
Property held for sale | (2,206 | ) | (17 | ) | — | ||||||||||||||||||||||||||||||||
Provision for asset impairment | (56,969 | ) | (7,423 | ) | (13,856 | ) | |||||||||||||||||||||||||||||||
Write-offs due to early lease termination | (3,056 | ) | (6,316 | ) | (7,512 | ) | |||||||||||||||||||||||||||||||
Other disposals | (18,798 | ) | — | — | |||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 1,330,474 | $ | 1,275,787 | $ | 1,180,767 | |||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||
Investment Properties | ' | ||||||||||||||||||||||||||||
Investment Properties: Investment properties are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Expenditures for significant improvements are capitalized. | |||||||||||||||||||||||||||||
The Company allocates the purchase price of each acquired investment property based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include land, building and other improvements, in-place lease value, acquired above and below market lease intangibles, any assumed financing that is determined to be above or below market, the value of customer relationships and goodwill, if any. Acquisition transaction costs are expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair value. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. The discount rate used in the present value calculation of above and below market lease intangibles requires the Company to utilize subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. | |||||||||||||||||||||||||||||
All acquisition accounting fair value estimates require the Company to consider various factors, including but not limited to, geographic location, size and location of tenant spaces within the acquired investment property and tenant profiles. | |||||||||||||||||||||||||||||
The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value of $31,563, $35,119 and $38,873 (including $1,717, $3,285 and $4,351, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
With respect to acquired leases in which the Company is the lessor, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease value of $2,991, $3,242 and $4,816 (including $25, $45 and $80, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease value of $3,841, $4,733 and $6,533 (including $183, $406 and $613, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively, was recorded as an increase to rental income. | |||||||||||||||||||||||||||||
With respect to acquired leases in which the Company is the lessee, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to property operating expenses. Amortization pertaining to above market lease value of $93 for the year ended December 31, 2013 was recorded as a reduction to property operating expenses. No amortization pertaining to above or below market lease value was recorded for the years ended December 31, 2012 or 2011. | |||||||||||||||||||||||||||||
The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned at December 31, 2013: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 3,507 | $ | 3,037 | $ | 2,574 | $ | 2,156 | $ | 1,899 | $ | 3,931 | $ | 17,104 | |||||||||||||||
Acquired in-place lease value (b) | 25,303 | 17,235 | 14,627 | 11,524 | 8,907 | 34,861 | 112,457 | ||||||||||||||||||||||
Acquired lease intangible assets, net (c) | $ | 28,810 | $ | 20,272 | $ | 17,201 | $ | 13,680 | $ | 10,806 | $ | 38,792 | $ | 129,561 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (4,014 | ) | $ | (3,878 | ) | $ | (3,751 | ) | $ | (3,644 | ) | $ | (3,541 | ) | $ | (58,356 | ) | $ | (77,184 | ) | ||||||||
Acquired ground lease intangible liability (d) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,897 | ) | (14,697 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (c) | $ | (4,574 | ) | $ | (4,438 | ) | $ | (4,311 | ) | $ | (4,204 | ) | $ | (4,101 | ) | $ | (70,253 | ) | $ | (91,881 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded as an adjustment to rental income. | ||||||||||||||||||||||||||||
(b) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(c) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $303,617 and $46,654 of accumulated amortization, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||||
(d) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. | ||||||||||||||||||||||||||||
Depreciation expense is computed using the straight-line method. Buildings and improvements are depreciated based upon estimated useful lives of 30 years for buildings and associated improvements and 15 years for site improvements and most other capital improvements. Tenant improvements and leasing fees are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. | |||||||||||||||||||||||||||||
Impairment | ' | ||||||||||||||||||||||||||||
Impairment: The Company’s investment properties, including developments in progress, are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators for both operating properties and developments in progress include, but are not limited to: | |||||||||||||||||||||||||||||
• | a substantial decline in or continued low occupancy rate or cash flow; | ||||||||||||||||||||||||||||
• | continued difficulty in leasing space; | ||||||||||||||||||||||||||||
• | a significant concentration of financially troubled tenants; | ||||||||||||||||||||||||||||
• | a change in expected holding period; | ||||||||||||||||||||||||||||
• | a cost accumulation or delay in project completion date significantly above and beyond the original acquisition/development estimate; | ||||||||||||||||||||||||||||
• | a significant decrease in market price not in line with general market trends; and | ||||||||||||||||||||||||||||
• | any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of directors. | ||||||||||||||||||||||||||||
If the presence of one or more impairment indicators as described above is identified with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes certain complex or subjective assumptions which include, but are not limited to: | |||||||||||||||||||||||||||||
• | projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; | ||||||||||||||||||||||||||||
• | estimated holding period or various potential holding periods when considering probability-weighted scenarios; | ||||||||||||||||||||||||||||
• | projected capital expenditures and lease origination costs; | ||||||||||||||||||||||||||||
• | estimated dates of construction completion and grand opening for developments in progress; | ||||||||||||||||||||||||||||
• | projected cash flows from the eventual disposition of an operating property or development in progress using a property-specific capitalization rate; | ||||||||||||||||||||||||||||
• | comparable selling prices; and | ||||||||||||||||||||||||||||
• | property-specific discount and capitalization rates for fair value estimates as necessary. | ||||||||||||||||||||||||||||
The Company’s investments in unconsolidated joint ventures are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying these investments, each reporting period or whenever events or changes in circumstances warrant such an evaluation. To determine whether any identified impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying value is fully recovered. | |||||||||||||||||||||||||||||
To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value for impairment of investment properties or investments in unconsolidated joint ventures. | |||||||||||||||||||||||||||||
Below is a summary of impairment charges recorded during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 92,033 | $ | 25,842 | $ | 39,981 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | 1,834 | $ | — | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | 286 | $ | 1,527 | $ | 3,956 | |||||||||||||||||||||||
(a) | Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss), except for $32,547, $24,519 and $32,331, which is included in discontinued operations in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
(b) | Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the aggregate impairment charge recorded to write down the Company’s investment in its Hampton Retail Colorado, L.L.C. (Hampton) joint venture, which was dissolved during 2013. See Note 10 for further discussion. | ||||||||||||||||||||||||||||
(c) | Reflected within “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the Company’s proportionate share of property-level impairment charges recorded at its unconsolidated joint ventures. | ||||||||||||||||||||||||||||
The Company’s assessment of impairment at December 31, 2013 was based on the most current information available to the Company. If the operating conditions mentioned above deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s investment properties and investments in unconsolidated joint ventures will not occur in 2014 or future periods. Based upon current market conditions, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that the carrying amounts are recoverable and therefore, under applicable GAAP guidance, no additional impairment charges were recorded. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether additional impairment charges are warranted. Refer to Note 14 for further discussion. | |||||||||||||||||||||||||||||
Development Projects | ' | ||||||||||||||||||||||||||||
Development Projects: The Company capitalizes direct and certain indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes and interest and financing costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements. Development payables of $271 and $157 at December 31, 2013 and 2012, respectively, consist of costs incurred and not yet paid pertaining to such development projects and are included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The Company did not capitalize interest costs during the years ended December 31, 2013 and 2012. During the year ended December 31, 2011, the Company capitalized interest costs of $197 | |||||||||||||||||||||||||||||
Loss on Lease Terminations | ' | ||||||||||||||||||||||||||||
Loss on Lease Terminations: In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances of the termination, the Company may write-off the applicable asset group or accelerate the depreciation and amortization associated with the asset group. If the Company concludes that a write-off of the asset group is appropriate, such charges are reported in the consolidated statements of operations and other comprehensive income (loss) as “Loss on lease terminations.” The Company recorded loss on lease terminations of $2,819, $6,912 and $8,714 (including $0, $810 and $467, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Investment Properties Held For Sale | ' | ||||||||||||||||||||||||||||
Investment Properties Held For Sale: In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made. | |||||||||||||||||||||||||||||
If all of the above criteria are met, the Company classifies the investment property as held for sale. When these criteria are met, the Company suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of acquired in-place lease value and any above market or below market lease intangibles. The assets and liabilities associated with those investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period. Additionally, if the operations and cash flows of the property have been, or will be upon consummation of such sale, eliminated from ongoing operations and the Company does not have significant continuing involvement in the operations of the property, then the operations for the periods presented are classified in the consolidated statements of operations and other comprehensive income (loss) as discontinued operations for all periods presented. There was one property classified as held for sale at December 31, 2013 and three properties classified as held for sale at December 31, 2012. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Partially-Owned Entities | ' | ||||||||||||||||||||||||||||
Partially-Owned Entities: If the Company determines that it holds a financial interest in a VIE that is deemed to be a controlling financial interest, it will consolidate the entity as the primary beneficiary. The Company assesses its interests in variable interest entities on an ongoing basis to determine whether or not it is a primary beneficiary. Partially-owned, non-variable interest joint ventures in which the Company has a controlling financial interest are consolidated. Partially-owned joint ventures in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, will not be consolidated, but rather accounted for pursuant to the equity method of accounting. Refer to Notes 1 and 10 for more information. | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||||||
Cash and Cash Equivalents: The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalent balances at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. | |||||||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||||||
Marketable Securities: The Company liquidated its entire investments in securities portfolio in 2012. When the Company holds investments in marketable securities, they are classified as “available-for-sale” and accordingly are carried at fair value, with unrealized gains and losses reported as a separate component of shareholders’ equity. Impairments of these investments in marketable securities that the Company determines are other-than-temporary are recorded as recognized loss on marketable securities on the consolidated statements of operations and other comprehensive income (loss). To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary, among other things. Evidence considered in this assessment includes the nature of the investment, the reasons for the impairment (i.e. credit or market related), the severity and duration of the impairment, changes in value subsequent to the end of the reporting period and forecasted performance of the investee. All available information is considered in making this determination with no one factor being determinative. During the years ended December 31, 2012 and 2011, the Company recognized gains on sales of marketable securities of $25,840 and $277, respectively, and an unrealized OCI gain (loss) of $4,748 and $(3,486), respectively. | |||||||||||||||||||||||||||||
Restricted Cash and Escrows | ' | ||||||||||||||||||||||||||||
Restricted Cash and Escrows: Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2013 and 2012, the Company had $40,198 and $63,539, respectively, in restricted cash and escrows. | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities: All derivatives are recorded in the consolidated balance sheets at fair value within “Other liabilities.” On the date that the Company enters into a derivative, it may designate the derivative as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in “Accumulated other comprehensive income” and are subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2013, the balance in accumulated other comprehensive loss relating to derivatives was $738. Any hedge ineffectiveness or changes in the fair value for any derivative not designated as a hedge is reported in “Other income, net” in the consolidated statements of operations and other comprehensive income (loss). The Company uses derivatives to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of the Company’s borrowings. The Company does not use derivatives for trading or speculative purposes. | |||||||||||||||||||||||||||||
Conditional Asset Retirement Obligations | ' | ||||||||||||||||||||||||||||
Conditional Asset Retirement Obligations: The Company evaluates the potential impact of conditional asset retirement obligations on its consolidated financial statements. The term conditional asset retirement obligation refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||||||||
Revenue Recognition: The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are accounted for as lease inducements which are amortized as a reduction to the revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. | |||||||||||||||||||||||||||||
The Company considers a number of factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | |||||||||||||||||||||||||||||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | ||||||||||||||||||||||||||||
• | whether the tenant or the Company retains legal title to the improvements; | ||||||||||||||||||||||||||||
• | the uniqueness of the improvements; | ||||||||||||||||||||||||||||
• | the expected economic life of the tenant improvements relative to the length of the lease; | ||||||||||||||||||||||||||||
• | who constructs or directs the construction of the improvements, and | ||||||||||||||||||||||||||||
• | whether the tenant or the Company is obligated to fund cost overruns. | ||||||||||||||||||||||||||||
The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, the Company considers all of the above factors. No one factor, however, necessarily establishes its determination. | |||||||||||||||||||||||||||||
Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable” in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period the applicable expenditures are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. | |||||||||||||||||||||||||||||
The Company records lease termination income in “Other property income” upon execution of a termination letter agreement, when all of the conditions of such agreement have been fulfilled, the tenant is no longer occupying the property and collectibility is reasonably assured. Upon early lease termination, the Company provides for losses related to recognized tenant specific intangibles and other assets or adjusts the remaining useful life of the assets if determined to be appropriate, in accordance with its policy related to loss on lease terminations. The Company recorded lease termination income of $15,787, $2,331 and $1,187 (including $7,182, $1,106 and none, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
The Company recorded percentage rental income in lieu of base rent and contingent percentage rental income of $4,744, $5,356 and $5,496 (including $55, $52 and $123, respectively, reflected as discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. The Company’s policy is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. | |||||||||||||||||||||||||||||
Profits from sales of real estate are not recognized under the full accrual method by the Company unless a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have substantial continuing involvement with the property. During the year ended December 31, 2013, the Company sold 20 consolidated investment properties. Investment properties totaling 31 and 11 were sold during the years ended December 31, 2012 and 2011, respectively, excluding investment properties partially sold to the Company’s unconsolidated joint ventures. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||||||||||||||
Allowance for Doubtful Accounts: Receivable balances outstanding include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined on a tenant-specific basis through an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. The allowance for doubtful accounts also includes allowances for notes receivable. Management’s estimate of the collectibility of accrued rents, accounts receivable and notes receivable is based on the best information available to management at the time of evaluation. | |||||||||||||||||||||||||||||
Rental Expense | ' | ||||||||||||||||||||||||||||
Rental Expense: Rental expense associated with land and office space that the Company leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. The difference between rental expense incurred on a straight-line basis and rent payments due under the provisions of a lease agreement is recorded as a deferred liability and is included as a component of “Other liabilities” in the accompanying consolidated balance sheets. See Note 6 for additional information pertaining to these leases. | |||||||||||||||||||||||||||||
Loan Fees | ' | ||||||||||||||||||||||||||||
Loan Fees: Loan fees are generally amortized using the effective interest method (or other methods which approximate the effective interest method) over the life of the related loan as a component of interest expense. Debt prepayment penalties and certain fees associated with exchanges or modifications of debt are expensed as incurred as a component of interest expense. | |||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||
Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company generally will not be subject to U.S. federal income tax on the taxable income the Company currently distributes to its shareholders. | |||||||||||||||||||||||||||||
Additionally, GAAP prescribes a recognition threshold and measurement attributable for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Company records a benefit for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Returns for the calendar years 2010 through 2013 remain subject to examination by federal and various state tax jurisdictions. | |||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||
Segment Reporting: The Company assesses and measures the operating results of its portfolio of properties based on net operating income and does not differentiate properties by geography, size or type. Each of the Company’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the Company’s properties are aggregated into one reportable segment as they have similar economic characteristics, the Company provides similar services to its tenants and the Company evaluates the collective performance of its properties. | |||||||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||
Effective January 1, 2013, companies are required to disclose additional information about reclassification adjustments out of accumulated other comprehensive income (AOCI), including (1) changes in AOCI balances by component and (2) significant items reclassified out of AOCI. For significant items reclassified out of AOCI to net income in their entirety in the reporting period, disclosure of the effect of the reclassifications on the respective line items in the statement where net income is presented is required. For items that are not reclassified to net income in their entirety in the reporting period, a cross reference to other disclosures in the notes is required. The adoption resulted in the addition of a cross reference to other disclosures in the notes on the face of the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Effective January 1, 2014, companies will be required to present unrecognized tax benefits as a reduction to deferred tax assets when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. To the extent none of these are available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption did not have any effect on the Company’s consolidated financial statements. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Summary of property ownership | ' | ||||||||
The Company’s property ownership as of December 31, 2013 is summarized below: | |||||||||
Wholly-owned | Consolidated | Unconsolidated | |||||||
Joint Ventures (a) | Joint Ventures (b) | ||||||||
Operating properties (c) | 231 | — | 6 | ||||||
Development properties | 2 | 1 | — | ||||||
(a) | The Company has a 50% ownership interest in one LLC. | ||||||||
(b) | The Company has a 20% ownership interest in one LLC. | ||||||||
(c) | Excludes one wholly-owned property classified as held for sale as of December 31, 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of amortization of intangible assets and liabilities during the next five years | ' | ||||||||||||||||||||||||||||
The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned at December 31, 2013: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 3,507 | $ | 3,037 | $ | 2,574 | $ | 2,156 | $ | 1,899 | $ | 3,931 | $ | 17,104 | |||||||||||||||
Acquired in-place lease value (b) | 25,303 | 17,235 | 14,627 | 11,524 | 8,907 | 34,861 | 112,457 | ||||||||||||||||||||||
Acquired lease intangible assets, net (c) | $ | 28,810 | $ | 20,272 | $ | 17,201 | $ | 13,680 | $ | 10,806 | $ | 38,792 | $ | 129,561 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (4,014 | ) | $ | (3,878 | ) | $ | (3,751 | ) | $ | (3,644 | ) | $ | (3,541 | ) | $ | (58,356 | ) | $ | (77,184 | ) | ||||||||
Acquired ground lease intangible liability (d) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,897 | ) | (14,697 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (c) | $ | (4,574 | ) | $ | (4,438 | ) | $ | (4,311 | ) | $ | (4,204 | ) | $ | (4,101 | ) | $ | (70,253 | ) | $ | (91,881 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded as an adjustment to rental income. | ||||||||||||||||||||||||||||
(b) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(c) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $303,617 and $46,654 of accumulated amortization, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||||
(d) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. | ||||||||||||||||||||||||||||
Schedule of impairment charges | ' | ||||||||||||||||||||||||||||
Below is a summary of impairment charges recorded during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 92,033 | $ | 25,842 | $ | 39,981 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | 1,834 | $ | — | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | 286 | $ | 1,527 | $ | 3,956 | |||||||||||||||||||||||
(a) | Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss), except for $32,547, $24,519 and $32,331, which is included in discontinued operations in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
(b) | Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the aggregate impairment charge recorded to write down the Company’s investment in its Hampton Retail Colorado, L.L.C. (Hampton) joint venture, which was dissolved during 2013. See Note 10 for further discussion. | ||||||||||||||||||||||||||||
(c) | Reflected within “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the Company’s proportionate share of property-level impairment charges recorded at its unconsolidated joint ventures. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of acquisition date fair values of assets acquired and liabilities assumed | ' | ||||||||
The following table summarizes the acquisition date fair values the Company recorded in conjunction with the RioCan acquisitions and the New York acquisitions discussed above: | |||||||||
Land | $ | 60,307 | |||||||
Building and other improvements | 238,388 | ||||||||
Acquired lease intangible assets | 46,357 | ||||||||
Acquired lease intangible liability | (26,525 | ) | |||||||
Mortgages payable (a) | (69,177 | ) | |||||||
Net assets acquired | $ | 249,350 | |||||||
(a) | Includes mortgage premium of $1,313. | ||||||||
Schedule of condensed pro forma financial information | ' | ||||||||
The unaudited condensed pro forma financial information is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Total revenues | $ | 576,894 | $ | 565,053 | |||||
Net income | $ | 15,744 | $ | 6,902 | |||||
Net income attributable to Company shareholders | $ | 6,294 | $ | 6,639 | |||||
Earnings per share - basic and diluted | |||||||||
Net income per common share attributable to common shareholders | $ | 0.03 | $ | 0.03 | |||||
Weighted average common shares outstanding | 234,134 | 220,464 | |||||||
Discontinued_Operations_and_In1
Discontinued Operations and Investment Properties Held for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||||||||||
Schedule of real estate properties sold | ' | ||||||||||||||||||||||||
The Company sold 20 properties during the year ended December 31, 2013, as summarized below: | |||||||||||||||||||||||||
Date | Property Name | Property Type | Square | Consideration | Aggregate Proceeds, Net | Mortgage Debt Extinguished | Gain (a) | ||||||||||||||||||
Footage | |||||||||||||||||||||||||
January 16, 2013 | Mervyns - Ridgecrest | Single-user retail | 59,000 | $ | 500 | $ | 477 | $ | — | $ | — | ||||||||||||||
January 16, 2013 | Mervyns - Highland | Single-user retail | 80,500 | 2,133 | 2,030 | — | — | ||||||||||||||||||
January 25, 2013 | American Express - DePere | Single-user office | 132,300 | 17,233 | 17,168 | — | 1,914 | ||||||||||||||||||
21-Jun-13 | Dick's Sporting Goods-Fresno | Multi-tenant retail | 77,400 | 6,500 | 6,401 | — | 21 | ||||||||||||||||||
31-Jul-13 | Raytheon Facility | Single-user office | 105,000 | 11,500 | 11,142 | — | — | ||||||||||||||||||
26-Sep-13 | LA Fitness - Oceanside | Single-user retail | 75,400 | 17,000 | 16,811 | — | 1,705 | ||||||||||||||||||
8-Oct-13 | Stop & Shop - Beekman | Single-user retail | 40,400 | 15,300 | 15,211 | — | 5,364 | ||||||||||||||||||
8-Oct-13 | Duck Creek | Multi-tenant retail | 134,200 | 19,700 | 19,428 | — | 1,786 | ||||||||||||||||||
25-Oct-13 | University Square | Multi-tenant retail | 287,000 | 175 | 131 | — | 152 | (b) | |||||||||||||||||
31-Oct-13 | Preston Trail Village | Multi-tenant retail | 180,000 | 17,955 | 17,401 | — | — | ||||||||||||||||||
20-Nov-13 | Rite Aid - Atlanta | Single-user retail | 11,000 | 1,607 | 1,522 | — | — | ||||||||||||||||||
5-Dec-13 | Shops at 5 | Multi-tenant retail | 421,700 | 29,000 | 28,509 | — | — | ||||||||||||||||||
6-Dec-13 | The Market at Polaris | Multi-tenant retail | 208,500 | 58,400 | 57,568 | — | 10,442 | ||||||||||||||||||
6-Dec-13 | Powell Center | Multi-tenant retail | 85,700 | 14,600 | 14,129 | — | 3,049 | ||||||||||||||||||
11-Dec-13 | Bluebonnet Parc | Multi-tenant retail | 135,400 | 21,250 | 20,762 | — | 5,732 | ||||||||||||||||||
12-Dec-13 | Bangor Parkade | Multi-tenant retail | 232,800 | 26,250 | 25,539 | — | 3,114 | ||||||||||||||||||
16-Dec-13 | Shoppes of Warner Robins | Multi-tenant retail | 70,700 | 10,642 | 10,519 | — | 1,202 | ||||||||||||||||||
Various (c) | Darien Towne Center | Multi-tenant retail | 223,700 | 29,850 | 28,029 | — | 3,967 | ||||||||||||||||||
19-Dec-13 | Ridge Tool Building | Single-user industrial | 128,500 | 6,600 | 6,321 | — | 804 | ||||||||||||||||||
31-Dec-13 | Shoppes at Lake Andrew | Multi-tenant retail | 144,700 | 21,850 | 21,476 | — | 2,027 | ||||||||||||||||||
2,833,900 | $ | 328,045 | $ | 320,574 | $ | — | $ | 41,279 | |||||||||||||||||
(a) | Amounts presented reflect the impact of previously recognized impairment charges, as applicable. | ||||||||||||||||||||||||
(b) | The Company recognized a $3,511 gain on extinguishment of other liabilities in conjunction with the sale of this property. | ||||||||||||||||||||||||
(c) | A parcel was sold on January 28, 2013 and the remaining property was sold on December 17, 2013. | ||||||||||||||||||||||||
Schedule of assets and liabilities associated with investment properties held for sale | ' | ||||||||||||||||||||||||
The following table presents the assets and liabilities associated with the held for sale properties: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Land, building and other improvements | $ | 10,285 | $ | 8,746 | |||||||||||||||||||||
Accumulated depreciation | (2,206 | ) | (17 | ) | |||||||||||||||||||||
Net investment properties | 8,079 | 8,729 | |||||||||||||||||||||||
Other assets | 537 | 193 | |||||||||||||||||||||||
Assets associated with investment properties held for sale | $ | 8,616 | $ | 8,922 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Mortgages payable | $ | 6,435 | $ | — | |||||||||||||||||||||
Other liabilities | 168 | 60 | |||||||||||||||||||||||
Liabilities associated with investment properties held for sale | $ | 6,603 | $ | 60 | |||||||||||||||||||||
Schedule of results of operations for investment properties that are accounted for as discontinued operations | ' | ||||||||||||||||||||||||
The results of operations for the investment properties that are accounted for as discontinued operations, inclusive of investment properties sold and those classified as held for sale, are presented in the table below: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 24,448 | $ | 55,610 | $ | 70,706 | |||||||||||||||||||
Tenant recovery income | 5,142 | 7,284 | 10,996 | ||||||||||||||||||||||
Other property income | 7,571 | 1,544 | 511 | ||||||||||||||||||||||
Total revenues | 37,161 | 64,438 | 82,213 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Property operating expenses | 4,802 | 7,941 | 9,673 | ||||||||||||||||||||||
Real estate taxes | 5,664 | 8,209 | 9,868 | ||||||||||||||||||||||
Depreciation and amortization | 11,075 | 26,761 | 33,553 | ||||||||||||||||||||||
Provision for impairment of investment properties | 32,547 | 24,519 | 32,331 | ||||||||||||||||||||||
Loss on lease terminations | — | 810 | 467 | ||||||||||||||||||||||
General and administrative expenses | — | — | 35 | ||||||||||||||||||||||
Gain on extinguishment of debt | (26,331 | ) | — | (1,360 | ) | ||||||||||||||||||||
Gain on extinguishment of other liabilities | (3,511 | ) | — | — | |||||||||||||||||||||
Interest expense | 3,632 | 20,256 | 28,976 | ||||||||||||||||||||||
Other (income) expense, net | (113 | ) | 5 | 171 | |||||||||||||||||||||
Total expenses | 27,765 | 88,501 | 113,714 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net | $ | 9,396 | $ | (24,063 | ) | $ | (31,501 | ) | |||||||||||||||||
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of unvested restricted shares | ' | ||||||||
The following represents a summary of the Company’s unvested restricted shares, which were granted to the Company’s employees pursuant to the Equity Plan or non-employee directors pursuant to the Director Plan, as of and for the year ended December 31, 2013: | |||||||||
Unvested | Weighted Average | ||||||||
Restricted | Grant Date Fair | ||||||||
Shares | Value per | ||||||||
Restricted Share | |||||||||
Balance at January 1, 2012 | 14 | $ | 17.13 | ||||||
Shares granted (a) | 32 | $ | 17.38 | ||||||
Shares vested | — | $ | — | ||||||
Shares forfeited | — | $ | — | ||||||
Balance at December 31, 2012 | 46 | $ | 17.3 | ||||||
Shares granted (a) | 116 | $ | 14.27 | ||||||
Shares vested | (9 | ) | $ | 15.53 | |||||
Shares forfeited | (1 | ) | $ | 15.61 | |||||
Balance at December 31, 2013 | 152 | $ | 15.11 | ||||||
(a) | Of the shares granted to the Company’s executives, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees vest ratably over three years. Shares granted to the Company’s non-employee directors will vest on the earlier of the date of the 2014 annual stockholder meeting or the first anniversary of the grant date. | ||||||||
Schedule of valuation assumptions for Black-Scholes option pricing model | ' | ||||||||
The Company calculates the per share weighted average grant date fair value of options using the Black-Scholes option pricing model utilizing certain assumptions regarding the expected dividend yield, risk-free interest rate, expected life and expected volatility rate. The Company did not grant options in 2013. The fair value and weighted average assumptions for 2012 and 2011 are as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Grant date fair value per share | $ | 0.92 | $ | 3.2 | |||||
Expected dividend yield | 5.66 | % | 3.56 | % | |||||
Expected volatility | 21.65 | % | 30 | % | |||||
Expected life (in years) | 5 | 5 | |||||||
Risk-free interest rate | 0.67 | % | 1.14 | % |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule of minimum lease payments to be received under operating leases | ' | |||||||||||
Minimum lease payments to be received under operating leases, excluding payments under master lease agreements, additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no expiring leases are renewed, are as follows: | ||||||||||||
Minimum Lease Payments | ||||||||||||
2014 | $ | 439,055 | ||||||||||
2015 | 396,780 | |||||||||||
2016 | 353,629 | |||||||||||
2017 | 301,283 | |||||||||||
2018 | 255,451 | |||||||||||
Thereafter | 969,100 | |||||||||||
Total | $ | 2,715,298 | ||||||||||
Schedule of operating lease expenses | ' | |||||||||||
The Company leases land under non-cancellable operating leases at certain of its properties expiring in various years from 2023 to 2090, exclusive of any available option periods. The related ground lease rent expense is included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). In addition, the Company leases office space for certain management offices and its corporate office. In the accompanying consolidated statements of operations and other comprehensive income (loss), office rent expense related to property management operations is included in “Property operating expenses” and office rent expense related to corporate office operations is included in “General and administrative expenses”. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Ground lease rent expense (a) | $ | 9,758 | $ | 9,217 | $ | 9,017 | ||||||
Office rent expense | $ | 962 | $ | 846 | $ | 833 | ||||||
(a) | Excludes amounts attributable to discontinued operations. | |||||||||||
Schedule of minimum future rental obligations to be paid under ground and office leases | ' | |||||||||||
Minimum future rental obligations to be paid under the ground and office leases are as follows: | ||||||||||||
Minimum Lease Obligations | ||||||||||||
2014 | $ | 8,882 | ||||||||||
2015 | 8,770 | |||||||||||
2016 | 8,788 | |||||||||||
2017 | 8,934 | |||||||||||
2018 | 9,005 | |||||||||||
Thereafter | 578,100 | |||||||||||
Total | $ | 622,479 | ||||||||||
Mortgages_and_Notes_Payable_Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Summary of mortgages and notes payable | ' | |||||||||||||||||||||||||||
The following table summarizes the Company’s mortgages and notes payable: | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Aggregate Principal Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | Aggregate Principal Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||||||||||
Fixed rate mortgages payable (a) | $ | 1,673,080 | 6.15 | % | 4.9 | $ | 2,078,162 | 6.19 | % | 5.5 | ||||||||||||||||||
Variable rate construction loan (b) | 11,359 | 2.44 | % | 0.8 | 10,419 | 2.5 | % | 1.8 | ||||||||||||||||||||
Mortgages payable | 1,684,439 | 6.13 | % | 4.9 | 2,088,581 | 6.17 | % | 5.5 | ||||||||||||||||||||
Premium, net of accumulated amortization | 1,175 | — | ||||||||||||||||||||||||||
Discount, net of accumulated amortization | (981 | ) | (1,492 | ) | ||||||||||||||||||||||||
Mortgages payable, net | 1,684,633 | 6.13 | % | 4.9 | 2,087,089 | 6.17 | % | 5.5 | ||||||||||||||||||||
Notes payable | — | 125,000 | 12.8 | % | 6.9 | |||||||||||||||||||||||
Mortgages and notes payable, net | $ | 1,684,633 | 6.13 | % | 4.9 | $ | 2,212,089 | 6.54 | % | 5.6 | ||||||||||||||||||
(a) | Includes $8,337 and $76,055 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2013 and 2012, respectively, and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of December 31, 2013. As of December 31, 2013 and 2012, the fixed rate mortgages had interest rates ranging from 3.50% to 8.00%. | |||||||||||||||||||||||||||
(b) | The interest rate for the variable rate construction loan is based on a spread over London Interbank Offered Rate (LIBOR). | |||||||||||||||||||||||||||
Scheduled maturities of mortgages payable and unsecured credit facility | ' | |||||||||||||||||||||||||||
The following table shows the scheduled maturities and required principal payments of the Company’s mortgages payable and unsecured credit facility (as described in Note 8) as of December 31, 2013, for each of the next five years and thereafter and does not reflect the impact of any 2014 debt activity: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Debt (a): | ||||||||||||||||||||||||||||
Fixed rate debt: | ||||||||||||||||||||||||||||
Mortgages payable (b) | $ | 38,466 | $ | 437,403 | $ | 46,172 | $ | 296,019 | $ | 12,369 | $ | 842,651 | $ | 1,673,080 | ||||||||||||||
Unsecured credit facility - fixed rate portion of term loan (c) | — | — | — | — | 300,000 | — | 300,000 | |||||||||||||||||||||
Total fixed rate debt | 38,466 | 437,403 | 46,172 | 296,019 | 312,369 | 842,651 | 1,973,080 | |||||||||||||||||||||
Variable rate debt: | ||||||||||||||||||||||||||||
Mortgages payable | 11,359 | — | — | — | — | — | 11,359 | |||||||||||||||||||||
Unsecured credit facility | — | — | — | 165,000 | 150,000 | — | 315,000 | |||||||||||||||||||||
Total variable rate debt | 11,359 | — | — | 165,000 | 150,000 | — | 326,359 | |||||||||||||||||||||
Total debt (d) | $ | 49,825 | $ | 437,403 | $ | 46,172 | $ | 461,019 | $ | 462,369 | $ | 842,651 | $ | 2,299,439 | ||||||||||||||
Weighted average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate debt | 6.17 | % | 5.79 | % | 5.86 | % | 5.66 | % | 2.19 | % | 6.52 | % | 5.52 | % | ||||||||||||||
Variable rate debt | 2.44 | % | — | — | 1.67 | % | 1.62 | % | — | 1.67 | % | |||||||||||||||||
Total | 5.32 | % | 5.79 | % | 5.86 | % | 4.23 | % | 2 | % | 6.52 | % | 4.97 | % | ||||||||||||||
(a) | The debt maturity table does not include mortgage premium of $1,175 and discount of $(981), net of accumulated amortization, which was outstanding as of December 31, 2013. | |||||||||||||||||||||||||||
(b) | Includes $8,337 of variable rate mortgage debt that was swapped to a fixed rate and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of December 31, 2013. | |||||||||||||||||||||||||||
(c) | In July 2012, the Company entered into an interest rate swap transaction to convert the variable rate portion of $300,000 of LIBOR based debt to a fixed rate through February 24, 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. | |||||||||||||||||||||||||||
(d) | As of December 31, 2013, the weighted average years to maturity of consolidated indebtedness was 4.7 years. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of outstanding interest rate swaps designated as cash flow hedges | ' | ||||||||||||||||||||||||||||
The Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Number of Instruments | Notional | ||||||||||||||||||||||||||||
Interest Rate Derivatives | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swap | 2 | 4 | $ | 308,337 | $ | 376,055 | |||||||||||||||||||||||
Schedule of estimated fair value of derivative instruments | ' | ||||||||||||||||||||||||||||
The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. The valuation techniques utilized are described in Note 15 to the consolidated financial statements. | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||||||
Caption | Value | Caption | Value | ||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other liabilities | $ | 751 | Other liabilities | $ | 2,783 | |||||||||||||||||||||||
Schedule of effect of derivative instruments in the statements of operations and other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Derivatives in | Amount of Loss | Location of Loss | Amount of Loss | Location of | Amount of (Gain) Loss | ||||||||||||||||||||||||
Cash Flow | Recognized in Other Comprehensive Income | Reclassified from | Reclassified from | (Gain) Loss | Recognized in Income on | ||||||||||||||||||||||||
Hedging | on Derivative | AOCI into Income | AOCI into Income | Recognized In | Derivative | ||||||||||||||||||||||||
Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Income on Derivative | (Ineffective Portion and | ||||||||||||||||||||||||
(Ineffective Portion and Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate swaps | $ | 1,444 | $ | 1,458 | Interest Expense | $ | 1,960 | $ | 1,566 | Other income, net | $ | (912 | ) | $ | 623 | ||||||||||||||
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Company's investments in unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s investments in unconsolidated joint ventures: | |||||||||||||||||||||||||||||||||||||
Ownership Interest | Investment at | ||||||||||||||||||||||||||||||||||||
Joint Venture | Date of | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||
Investment | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
MS Inland Fund, LLC (a) | 4/27/07 | 20 | % | 20 | % | $ | 6,915 | $ | 8,334 | ||||||||||||||||||||||||||||
Hampton Retail Colorado, L.L.C. (b) | 8/31/07 | — | % | 95.9 | % | — | 124 | ||||||||||||||||||||||||||||||
RioCan (c) | 9/30/10 | — | % | 20 | % | — | 39,468 | ||||||||||||||||||||||||||||||
Oak Property and Casualty LLC (d) | 10/1/06 | 20 | % | 25 | % | 8,861 | 8,946 | ||||||||||||||||||||||||||||||
$ | 15,776 | $ | 56,872 | ||||||||||||||||||||||||||||||||||
(a) | The MS Inland Fund, LLC (MS Inland) joint venture was formed with a large state pension fund; the Company is the managing member of the venture and earns fees for providing property management, acquisition and leasing services. | ||||||||||||||||||||||||||||||||||||
(b) | On May 6, 2013, the Hampton joint venture sold its final property and the Hampton joint venture was dissolved prior to December 31, 2013. | ||||||||||||||||||||||||||||||||||||
(c) | The RioCan joint venture was formed with a wholly-owned subsidiary of RioCan Real Estate Investment Trust, a REIT based in Canada. A subsidiary of the Company was the general partner of the joint venture and earned fees for providing property management, asset management and other customary services. On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. | ||||||||||||||||||||||||||||||||||||
(d) | Oak Property & Casualty LLC (the Captive) is an insurance association owned by the Company and four other unaffiliated parties. The Captive was formed to insure/reimburse the members’ deductible obligations for property and general liability insurance claims subject to certain limitations. The Company entered into the Captive to stabilize insurance costs, manage exposures and recoup expenses through the function of the Captive. It has been determined that the Captive is a VIE, but because the Company does not hold the power to most significantly impact the Captive’s performance, the Company is not considered the primary beneficiary. Accordingly, the Company’s investment in the Captive is accounted for pursuant to the equity method of accounting. The Company’s risk of loss is limited to its investment and the Company is not required to fund additional capital to the Captive. | ||||||||||||||||||||||||||||||||||||
Schedule of condensed balance sheets of unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||||||||||
Combined condensed financial information of these joint ventures (at 100%) for the periods attributable to the Company’s ownership is summarized as follows: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Real estate assets | $ | — | $ | — | $ | 270,916 | $ | 270,916 | |||||||||||||||||||||||||||||
Less accumulated depreciation | — | — | (52,624 | ) | (52,624 | ) | |||||||||||||||||||||||||||||||
Real estate, net | — | — | 218,292 | 218,292 | |||||||||||||||||||||||||||||||||
Other assets, net | — | — | 49,227 | 49,227 | |||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 267,519 | $ | 267,519 | |||||||||||||||||||||||||||||
Mortgage debt | $ | — | $ | — | $ | 142,537 | $ | 142,537 | |||||||||||||||||||||||||||||
Other liabilities, net | — | — | 22,725 | 22,725 | |||||||||||||||||||||||||||||||||
Total liabilities | — | — | 165,262 | 165,262 | |||||||||||||||||||||||||||||||||
Total equity | — | — | 102,257 | 102,257 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | — | $ | — | $ | 267,519 | $ | 267,519 | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Real estate assets | $ | 434,704 | $ | 14,326 | $ | 270,386 | $ | 719,416 | |||||||||||||||||||||||||||||
Less accumulated depreciation | (19,287 | ) | (2,286 | ) | (44,554 | ) | (66,127 | ) | |||||||||||||||||||||||||||||
Real estate, net | 415,417 | 12,040 | 225,832 | 653,289 | |||||||||||||||||||||||||||||||||
Other assets, net | 148,511 | 1,285 | 49,658 | 199,454 | |||||||||||||||||||||||||||||||||
Total assets | $ | 563,928 | $ | 13,325 | $ | 275,490 | $ | 852,743 | |||||||||||||||||||||||||||||
Mortgage debt | $ | 312,844 | $ | 14,828 | $ | 143,450 | $ | 471,122 | |||||||||||||||||||||||||||||
Other liabilities, net | 50,076 | 300 | 22,960 | 73,336 | |||||||||||||||||||||||||||||||||
Total liabilities | 362,920 | 15,128 | 166,410 | 544,458 | |||||||||||||||||||||||||||||||||
Total equity (deficit) | 201,008 | (1,803 | ) | 109,080 | 308,285 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 563,928 | $ | 13,325 | $ | 275,490 | $ | 852,743 | |||||||||||||||||||||||||||||
Schedule of condensed income statements of unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 36,758 | $ | — | $ | 27,841 | $ | 64,599 | |||||||||||||||||||||||||||||
Other income | — | — | 8,174 | 8,174 | |||||||||||||||||||||||||||||||||
Total revenues | 36,758 | — | 36,015 | 72,773 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 5,001 | — | 3,522 | 8,523 | |||||||||||||||||||||||||||||||||
Real estate taxes | 6,187 | — | 5,267 | 11,454 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,128 | — | 9,736 | 30,864 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 836 | — | (135 | ) | 701 | ||||||||||||||||||||||||||||||||
General and administrative expenses | 457 | 6 | 454 | 917 | |||||||||||||||||||||||||||||||||
Interest expense, net | 7,033 | (1,758 | ) | 7,129 | 12,404 | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (4,436 | ) | (13 | ) | 6,025 | 1,576 | |||||||||||||||||||||||||||||||
Total expenses | 36,206 | (1,765 | ) | 31,998 | 66,439 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 552 | 1,765 | 4,017 | 6,334 | |||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (a) | (1,026 | ) | 902 | 52 | (72 | ) | |||||||||||||||||||||||||||||||
Net (loss) income | $ | (474 | ) | $ | 2,667 | $ | 4,069 | $ | 6,262 | ||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 48,483 | $ | — | $ | 27,115 | $ | 75,598 | |||||||||||||||||||||||||||||
Other income | — | — | 7,884 | 7,884 | |||||||||||||||||||||||||||||||||
Total revenues | 48,483 | — | 34,999 | 83,482 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 7,315 | — | 4,439 | 11,754 | |||||||||||||||||||||||||||||||||
Real estate taxes | 8,570 | — | 4,711 | 13,281 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 31,886 | — | 10,394 | 42,280 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 2,061 | — | 326 | 2,387 | |||||||||||||||||||||||||||||||||
General and administrative expenses | 993 | 40 | 248 | 1,281 | |||||||||||||||||||||||||||||||||
Interest expense, net | 10,067 | (319 | ) | 7,853 | 17,601 | ||||||||||||||||||||||||||||||||
Other expense, net | 823 | — | 6,625 | 7,448 | |||||||||||||||||||||||||||||||||
Total expenses | 61,715 | (279 | ) | 34,596 | 96,032 | ||||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (13,232 | ) | 279 | 403 | (12,550 | ) | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (a) | (2,415 | ) | (1,278 | ) | 2,399 | (1,294 | ) | ||||||||||||||||||||||||||||||
Net (loss) income | $ | (15,647 | ) | $ | (999 | ) | $ | 2,802 | $ | (13,844 | ) | ||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
RioCan | Hampton | Other Joint Ventures | Combined Condensed Total | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Property related income | $ | 21,156 | $ | — | $ | 27,473 | $ | 48,629 | |||||||||||||||||||||||||||||
Other income | — | — | 4,904 | 4,904 | |||||||||||||||||||||||||||||||||
Total revenues | 21,156 | — | 32,377 | 53,533 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||
Property operating expenses | 2,830 | — | 3,783 | 6,613 | |||||||||||||||||||||||||||||||||
Real estate taxes | 2,971 | — | 5,218 | 8,189 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 15,657 | — | 10,447 | 26,104 | |||||||||||||||||||||||||||||||||
Loss on lease terminations | 505 | — | 1,480 | 1,985 | |||||||||||||||||||||||||||||||||
General and administrative expenses | 785 | 116 | 438 | 1,339 | |||||||||||||||||||||||||||||||||
Interest expense, net | 5,098 | (120 | ) | 8,806 | 13,784 | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (1 | ) | — | 2,064 | 2,063 | ||||||||||||||||||||||||||||||||
Total expenses | 27,845 | (4 | ) | 32,236 | 60,077 | ||||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (6,689 | ) | 4 | 141 | (6,544 | ) | |||||||||||||||||||||||||||||||
Loss from discontinued operations (a) | (1,872 | ) | (3,892 | ) | (985 | ) | (6,749 | ) | |||||||||||||||||||||||||||||
Net loss | $ | (8,561 | ) | $ | (3,888 | ) | $ | (844 | ) | $ | (13,293 | ) | |||||||||||||||||||||||||
Summary of profits, losses and capital activity related to unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s share of net income (loss) as well as net cash distributions from (contributions to) each unconsolidated joint venture: | |||||||||||||||||||||||||||||||||||||
The Company’s Share of | Net Cash Distributions from/(Contributions to) Joint Ventures for the Years Ended December 31, | Fees Earned by the Company for the | |||||||||||||||||||||||||||||||||||
Net Income (Loss) for the | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
Joint Venture | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
MS Inland | $ | 661 | $ | 18 | $ | (463 | ) | $ | 2,369 | $ | 1,992 | $ | 497 | $ | 859 | $ | 851 | $ | 862 | ||||||||||||||||||
Hampton (a) | 2,576 | (890 | ) | (3,649 | ) | 855 | 68 | (756 | ) | 1 | 3 | 3 | |||||||||||||||||||||||||
RioCan | (176 | ) | (2,467 | ) | (1,412 | ) | (2,394 | ) | 10,958 | (32,344 | ) | 1,648 | 2,109 | 954 | |||||||||||||||||||||||
Captive | (2,589 | ) | (3,081 | ) | (1,117 | ) | (2,503 | ) | (3,268 | ) | (2,646 | ) | — | — | — | ||||||||||||||||||||||
$ | 472 | $ | (6,420 | ) | $ | (6,641 | ) | $ | (1,673 | ) | $ | 9,750 | $ | (35,249 | ) | $ | 2,508 | $ | 2,963 | $ | 1,819 | ||||||||||||||||
(a) | During the years ended December 31, 2013, 2012 and 2011, Hampton determined that the carrying value of certain of its assets was not recoverable and, accordingly, recorded property level impairment charges in the amounts of $298, $1,593 and $4,128, of which the Company’s share was $286, $1,527 and $3,956, respectively. The joint venture’s estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. | ||||||||||||||||||||||||||||||||||||
Summary of acquisition and disposition activity for unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||||||||||
On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan as follows: | |||||||||||||||||||||||||||||||||||||
• | The Company acquired its partner’s 80% ownership interest in five properties owned by the joint venture (see Note 3). The properties have a fair value of approximately $124,800, with the Company’s partner’s interest valued at approximately $99,900. The Company paid total cash consideration of approximately $45,500 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of approximately $67,900 at a weighted average interest rate of 4.8%. The Company accounted for this transaction as a business combination and recognized a gain on change in control of investment properties of $5,435 in the fourth quarter of 2013 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. The following table summarizes the calculation of the gain on change in control of investment properties recognized in conjunction with the transaction discussed above: | ||||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 100% | $ | 56,919 | |||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 20% | $ | 11,384 | |||||||||||||||||||||||||||||||||||
Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 | (5,949 | ) | |||||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ | 5,435 | |||||||||||||||||||||||||||||||||||
• | The Company sold to its partner its 20% ownership interest in the remaining eight properties owned by the joint venture. The properties have a fair value of approximately $477,500, with the Company’s 20% interest valued at approximately $95,500. The Company received cash consideration of approximately $53,700 before transaction costs and prorations and after the partner assumed the joint venture’s in-place mortgage financing on those properties of approximately $209,200 at a weighted average interest rate of 3.7%. The Company recognized a $17,499 gain on sale of its interest in RioCan during the fourth quarter of 2013 as a result of the transaction upon meeting all applicable sales criteria. The following table summarizes the calculation of the gain on sale of joint venture interest recognized in conjunction with the transaction described above: | ||||||||||||||||||||||||||||||||||||
Investment in RioCan at September 30, 2013 | $ | 41,523 | |||||||||||||||||||||||||||||||||||
Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 | (5,949 | ) | |||||||||||||||||||||||||||||||||||
Pre-disposition investment in RioCan | $ | 35,574 | |||||||||||||||||||||||||||||||||||
Net consideration received at close for the Company’s interest in RioCan | $ | 53,073 | |||||||||||||||||||||||||||||||||||
Less: Pre-disposition investment in RioCan | (35,574 | ) | |||||||||||||||||||||||||||||||||||
Gain on sale of joint venture interest | $ | 17,499 | |||||||||||||||||||||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Summary of activity under ATM equity program | ' | |||||||||||
The following table presents activity under the Company’s ATM equity program: | ||||||||||||
Number of common shares sold | Total net consideration | Average price per share | ||||||||||
First quarter 2013 | 56 | $ | 688 | $ | 14.94 | |||||||
Second quarter 2013 | 5,491 | $ | 82,839 | $ | 15.3 | |||||||
Third quarter 2013 | — | $ | — | $ | — | |||||||
Fourth quarter 2013 | — | $ | — | $ | — | |||||||
Year to date December 31, 2013 | 5,547 | $ | 83,527 | $ | 15.29 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation between weighted average shares used in the basic and diluted EPS calculations | ' | ||||||||||||
The following is a reconciliation between weighted average shares used in the basic and diluted earnings per share (EPS) calculations, excluding amounts attributable to noncontrolling interests: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Loss from continuing operations | $ | (42,855 | ) | $ | (14,368 | ) | $ | (71,492 | ) | ||||
Gain on sales of investment properties, net | 5,806 | 7,843 | 5,906 | ||||||||||
Net income from continuing operations attributable to | — | — | (31 | ) | |||||||||
noncontrolling interests | |||||||||||||
Preferred stock dividends | (9,450 | ) | (263 | ) | — | ||||||||
Loss from continuing operations attributable to common shareholders | (46,499 | ) | (6,788 | ) | (65,617 | ) | |||||||
Income (loss) from discontinued operations | 50,675 | 6,078 | (6,992 | ) | |||||||||
Net income (loss) attributable to common shareholders | 4,176 | (710 | ) | (72,609 | ) | ||||||||
Distributions paid on unvested restricted shares | (59 | ) | (25 | ) | (4 | ) | |||||||
Net income (loss) attributable to common shareholders excluding amounts | $ | 4,117 | $ | (735 | ) | $ | (72,613 | ) | |||||
attributable to unvested restricted shares | |||||||||||||
Denominator: | |||||||||||||
Denominator for earnings (loss) per common share — basic: | |||||||||||||
Weighted average number of common shares outstanding | 234,134 | (a) | 220,464 | (b) | 192,456 | (c) | |||||||
Effect of dilutive securities — stock options | — | (d) | — | (d) | — | (d) | |||||||
Denominator for earnings (loss) per common share — diluted: | |||||||||||||
Weighted average number of common and common equivalent | 234,134 | 220,464 | 192,456 | ||||||||||
shares outstanding | |||||||||||||
(a) | Excluded from this weighted average amount are 152 shares of restricted common stock, which equate to 106 shares on a weighted average basis for the year ended December 31, 2013. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(b) | Excluded from this weighted average amount are 46 shares of restricted common stock, which equate to 40 shares on a weighted average basis for the year ended December 31, 2012. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(c) | Excluded from this weighted average amount are 14 shares of restricted common stock, which equate to 10 shares on a weighted average basis for the year ended December 31, 2011. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | ||||||||||||
(d) | There were outstanding options to purchase 78, 83 and 69 shares of common stock as of December 31, 2013, 2012 and 2011, respectively, at a weighted average exercise price of $19.10, $19.31 and $20.83, respectively, which have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
The Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Basis difference in properties | $ | 16,417 | $ | 3,542 | |||||||||
Net operating loss carryforward | 2,228 | 5,612 | |||||||||||
Other | 194 | 142 | |||||||||||
Gross deferred tax assets | 18,839 | 9,296 | |||||||||||
Less: valuation allowance | (18,631 | ) | (7,852 | ) | |||||||||
Total deferred tax assets | 208 | 1,444 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | (208 | ) | (1,444 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Reconciliation of net income (loss) to taxable income before the dividends paid deduction | ' | ||||||||||||
The following table reconciles the Company’s net income (loss) to taxable income before the dividends paid deduction for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) attributable to the Company | $ | 13,626 | $ | (447 | ) | $ | (72,609 | ) | |||||
Book/tax differences | 60,098 | 3,807 | 95,869 | ||||||||||
Taxable income subject to 90% dividend requirement | $ | 73,724 | $ | 3,360 | $ | 23,260 | |||||||
Schedule of dividends paid deduction | ' | ||||||||||||
The Company’s dividends paid deduction is summarized below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash distributions paid | $ | 164,391 | $ | 140,017 | $ | 116,050 | |||||||
Less: non-dividend distributions | (90,667 | ) | (136,657 | ) | (92,782 | ) | |||||||
Total dividends paid deduction attributable to earnings and profits | $ | 73,724 | $ | 3,360 | $ | 23,268 | |||||||
Schedule of the tax characterization of distributions paid per share | ' | ||||||||||||
A summary of the tax characterization of the distributions paid per share to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred stock | |||||||||||||
Ordinary dividends | $ | 1.8 | $ | — | $ | — | |||||||
Nontaxable distributions | — | — | — | ||||||||||
Total distributions per share | $ | 1.8 | $ | — | $ | — | |||||||
Common stock | |||||||||||||
Ordinary dividends | $ | 0.27 | $ | 0.02 | (a) | $ | 0.12 | ||||||
Nontaxable distributions | 0.39 | 0.64 | 0.48 | ||||||||||
Total distributions per share | $ | 0.66 | $ | 0.66 | $ | 0.6 | |||||||
Provision_for_Impairment_of_In1
Provision for Impairment of Investment Properties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of investment property impairment charges | ' | |||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2012 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Towson Circle | Multi-tenant retail | 25-Jun-12 | n/a (a) | $ | 1,323 | |||||||
Discontinued Operations: | ||||||||||||
Various (b) | Single-user retail | 18-Sep-12 | 1,000,400 | 1,100 | ||||||||
Various (c) | Multi-tenant retail | 25-Sep-12 | 132,600 | 5,528 | ||||||||
Mervyns - McAllen | Single-user retail | 30-Sep-12 | 78,000 | 2,950 | ||||||||
Mervyns - Bakersfield | Single-user retail | 30-Sep-12 | 75,100 | 37 | ||||||||
Pro’s Ranch Market | Single-user retail | Various (d) | 75,500 | 2,749 | ||||||||
American Express - Phoenix | Single-user office | Various (d) | 117,600 | 4,902 | ||||||||
Mervyns - Fontana | Single-user retail | 24-Dec-12 | 79,000 | 352 | ||||||||
Mervyns - Ridgecrest | Single-user retail | Various (d) | 59,000 | 1,622 | ||||||||
Dick’s Sporting Goods - Fresno | Multi-tenant retail | Various (d) | 77,400 | 2,982 | ||||||||
Mervyns - Highland | Single-user retail | Various (d) | 80,500 | 2,297 | ||||||||
24,519 | ||||||||||||
Total | $ | 25,842 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 161,039 | ||||||||||
(a) | The Company sold a parcel of land to an unaffiliated third party for which the allocated carrying value was $1,323 greater than the sales price. Such disposition did not qualify for discontinued operations accounting treatment. | |||||||||||
(b) | During September 2012, the Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the sales price less transaction costs. | |||||||||||
(c) | During September 2012, the Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the sales price less transaction costs. | |||||||||||
(d) | Impairment charges were recorded at various dates during the year ended December 31, 2012 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. | |||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2011 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Lake Mead Crossing (a) | Multi-tenant retail | 31-Dec-11 | 236,000 | $ | 7,650 | |||||||
Discontinued Operations: | ||||||||||||
GMAC Insurance Building | Single-user office | 31-Mar-11 | 501,000 | 30,373 | ||||||||
Mesa Fiesta | Multi-tenant retail | Various (b) | 195,000 | 1,322 | ||||||||
North Ranch Pavilions | Multi-tenant retail | December 22, 2011 (c) | 63,000 | 636 | ||||||||
32,331 | ||||||||||||
Total | $ | 39,981 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 37,466 | ||||||||||
(a) | Impairment charge recorded based upon a bona fide purchase offer received for an outlot at the property. | |||||||||||
(b) | During 2011, this asset was impaired upon execution of the purchase and sale agreement based upon the negotiated purchase price; such impairment charge was revised upon closing of the disposition. Impairment charges for this asset of $3,400 and $20,400 were previously recorded during the years ended December 31, 2010 and 2009, respectively. | |||||||||||
(c) | An impairment charge of $2,700 was previously recorded during the year ended December 31, 2009. | |||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2013 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Approximate | Provision for | ||||||||
Square | Impairment of | |||||||||||
Footage | Investment | |||||||||||
Properties | ||||||||||||
Aon Hewitt East Campus (a) | Single-user office | 30-Sep-13 | 343,000 | $ | 27,183 | |||||||
Four Peaks Plaza (b) | Multi-tenant retail | 31-Dec-13 | 140,400 | 7,717 | ||||||||
Lake Mead Crossing (c) | Multi-tenant retail | 31-Dec-13 | 221,200 | 24,586 | ||||||||
59,486 | ||||||||||||
Discontinued Operations: | ||||||||||||
University Square (d) | Multi-tenant retail | 30-Jun-13 | 287,000 | 6,694 | ||||||||
Raytheon Facility | Single-user office | Various (e) | 105,000 | 2,518 | ||||||||
Shops at 5 | Multi-tenant retail | Various (e) | 421,700 | 21,128 | ||||||||
Preston Trail Village | Multi-tenant retail | Various (e) | 180,000 | 1,941 | ||||||||
Rite Aid - Atlanta | Single-user retail | Various (e) | 10,900 | 266 | ||||||||
32,547 | ||||||||||||
Total | $ | 92,033 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 134,853 | ||||||||||
(a) | The Company recorded an impairment charge driven by a change in the estimated holding period for the property. The amount of the impairment charge was based upon the terms and conditions of a bona fide purchase offer received from an unaffiliated third party. | |||||||||||
(b) | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. | |||||||||||
(c) | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. An impairment charge of $7,650 was previously recorded during 2011. | |||||||||||
(d) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | |||||||||||
(e) | Impairment charges were recorded at various dates during the year ended December 31, 2013 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of carrying value and estimated fair value of financial instruments | ' | |||||||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Value | Value | |||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Mortgages and notes payable, net | $ | 1,684,633 | $ | 1,827,638 | $ | 2,212,089 | $ | 2,401,883 | ||||||||||||
Credit facility | $ | 615,000 | $ | 617,478 | $ | 380,000 | $ | 382,723 | ||||||||||||
Derivative liability | $ | 751 | $ | 751 | $ | 2,783 | $ | 2,783 | ||||||||||||
Schedule of financial instruments measured at fair value on a recurring basis | ' | |||||||||||||||||||
The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 751 | $ | — | $ | 751 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 2,783 | $ | — | $ | 2,783 | ||||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||
The following table presents the Company’s assets measured on a nonrecurring basis at December 31, 2013 and 2012, aggregated by the level within the fair value hierarchy in which those measurements fall. Methods and assumptions used to estimate the fair value of these assets are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Provision for | ||||||||||||||||
Impairment (a) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Investment properties (b) | $ | — | $ | — | $ | 75,000 | $ | 75,000 | $ | 59,486 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
Investment properties - held for sale (c) | $ | — | $ | 9,133 | $ | — | $ | 9,133 | $ | 6,901 | ||||||||||
(a) | Excludes impairment charges recorded on investment properties sold prior to December 31, 2013 and 2012, respectively. Additionally, excludes joint venture investment impairment charges recorded on the Company’s Hampton joint venture because the December 31, 2013 investment balance is $0 following receipt of the final distribution from and dissolution of the venture. | |||||||||||||||||||
(b) | Includes impairment charges to write down the carrying value of the Company’s Aon Hewitt East Campus, Four Peaks Plaza and Lake Mead Crossing investment properties to estimated fair value. The estimated fair value of Aon Hewitt East Campus of $18,000 was based upon a bona fide purchase offer received by the Company from an unaffiliated third party (a Level 3 measurement). A change in the Company’s estimated holding period was the primary driver of the impairment charges recorded to the Company’s investments in Four Peaks Plaza and Lake Mead Crossing. The estimated fair value of Four Peaks Plaza of $14,000 and Lake Mead Crossing of $43,000 were determined using the income approach. The income approach involves an estimate of the income stream for a property over a designated holding period; such income stream plus a reversion (presumed sale) value is discounted to a present value at a risk-adjusted rate. Discount rates and growth assumptions utilized in this approach are derived from property specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following are the key Level 3 inputs used in estimating the fair value of Four Peaks Plaza and Lake Mead Crossing as of December 31, 2013. | |||||||||||||||||||
2013 | ||||||||||||||||||||
Low | High | |||||||||||||||||||
Rental growth rates | Varies (i) | Varies (i) | ||||||||||||||||||
Operating expense growth rates | 3.27% | 3.56% | ||||||||||||||||||
Discount rates | 7.29% | 8.45% | ||||||||||||||||||
Terminal capitalization rates | 6.79% | 8.49% | ||||||||||||||||||
(i) | Since cash flow models are established at the tenant level, projected rental revenue growth rates fluctuate over the course of the estimated holding period based upon the timing of lease rollover, amount of available space and other property and space-specific factors. | |||||||||||||||||||
(c) | Includes impairment charges recorded during 2012 for three investment properties classified as held for sale as of December 31, 2012; such charges, calculated as the expected sales prices from executed sales agreements less estimated transaction costs, were determined to be Level 2 inputs. The estimated transaction costs totaling $197 are not reflected as a reduction to the fair value disclosed in the table above. | |||||||||||||||||||
Schedule of financial liabilities measured at fair value | ' | |||||||||||||||||||
The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Mortgages and notes payable, net | $ | — | $ | — | $ | 1,827,638 | $ | 1,827,638 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 617,478 | $ | 617,478 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Mortgages and notes payable, net | $ | — | $ | — | $ | 2,401,883 | $ | 2,401,883 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 382,723 | $ | 382,723 | ||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
2013 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenue as previously reported | $ | 150,716 | $ | 142,291 | $ | 140,463 | $ | 140,466 | |||||||||
Reclassified to discontinued operations (a) | — | (6,165 | ) | (8,143 | ) | (8,405 | ) | ||||||||||
Adjusted total revenues | $ | 150,716 | $ | 136,126 | $ | 132,320 | $ | 132,061 | |||||||||
Net income (loss) | $ | 37,087 | $ | (37,552 | ) | $ | 15,971 | $ | (1,880 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 34,724 | $ | (39,914 | ) | $ | 13,608 | $ | (4,242 | ) | |||||||
Net income (loss) per common share attributable to common shareholders - basic and diluted | $ | 0.15 | $ | (0.17 | ) | $ | 0.06 | $ | (0.02 | ) | |||||||
Weighted average number of common shares | 236,151 | 236,151 | 233,624 | 230,611 | |||||||||||||
outstanding - basic | |||||||||||||||||
Weighted average number of common shares | 236,151 | 236,151 | 233,627 | 230,611 | |||||||||||||
outstanding - diluted | |||||||||||||||||
2012 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenue as previously reported | $ | 143,533 | $ | 138,850 | $ | 138,987 | $ | 142,886 | |||||||||
Reclassified to discontinued operations (a) | (8,574 | ) | (6,359 | ) | (8,565 | ) | (9,099 | ) | |||||||||
Adjusted total revenues | $ | 134,959 | $ | 132,491 | $ | 130,422 | $ | 133,787 | |||||||||
Net income (loss) | $ | 14,117 | $ | (15,952 | ) | $ | 17,676 | $ | (16,288 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 13,854 | $ | (15,952 | ) | $ | 17,676 | $ | (16,288 | ) | |||||||
Net income (loss) per common share attributable to common shareholders - basic and diluted | $ | 0.06 | $ | (0.07 | ) | $ | 0.08 | $ | (0.08 | ) | |||||||
Weighted average number of common shares | 230,597 | 230,597 | 226,543 | 194,119 | |||||||||||||
outstanding - basic and diluted | |||||||||||||||||
(a) | Represents revenue that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
property | property | Wholly-owned | Wholly-owned | Consolidated joint ventures | Consolidated joint ventures | Consolidated joint ventures | Consolidated joint ventures | Unconsolidated joint ventures | Unconsolidated joint ventures | ||||
subsidiary | Operating properties | Development properties | item | Maximum | Operating properties | Development properties | Operating properties | Development properties | |||||
property | property | property | property | property | property | ||||||||
LLCs | LLCs | ||||||||||||
Organization and Basis of Presentation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of wholly-owned subsidiaries jointly elected to be treated as a taxable REIT subsidiary | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of real estate properties | ' | ' | 231 | [1] | 2 | ' | ' | ' | 1 | [2] | 6 | [3] | ' |
Ownership interest of consolidated joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | |||
Number of consolidated LLCs in which Company has ownership interest | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | |||
Ownership interest of unconsolidated joint ventures (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | |||
Number of LLCs in which Company has ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | |||
Number of properties classified as held for sale | 1 | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of interest in a variable interest entity required for consolidation | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | |||
Number of less-than-wholly-owned consolidated entities in which Company is the controlling member | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | |||
[1] | Excludes one wholly-owned property classified as held for sale as of DecemberB 31, 2013. | ||||||||||||
[2] | The Company has a 50% ownership interest in one LLC. | ||||||||||||
[3] | The Company has a 20% ownership interest in one LLC. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||
Segments | property | property | Hampton Retail Colorado, L.L.C. | Hampton Retail Colorado, L.L.C. | Consolidated properties | Consolidated properties | Consolidated properties | Unconsolidated properties | Unconsolidated properties | Unconsolidated properties | Buildings and associated improvements | Site improvements and most other capital improvements | Capitalized construction, insurance, architechtural, legal, interest and other financing costs, and real estate taxes | Capitalized construction, insurance, architechtural, legal, interest and other financing costs, and real estate taxes | Discontinued operations | Discontinued operations | Discontinued operations | Acquired in-place lease value | Acquired in-place lease value | Acquired in-place lease value | Acquired in-place lease value | Acquired in-place lease value | Acquired in-place lease value | Acquired above market lease intangibles | Acquired above market lease intangibles | Acquired above market lease intangibles | Acquired above market lease intangibles | Acquired above market lease intangibles | Acquired above market lease intangibles | Acquired lease intangible assets, net | Acquired below market lease intangibles | Acquired below market lease intangibles | Acquired below market lease intangibles | Acquired below market lease intangibles | Acquired below market lease intangibles | Acquired below market lease intangibles | Acquired ground lease intangible liability | Acquired lease intangible liabilities, net | ||||||||||||||
property | property | property | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,563 | $35,119 | $38,873 | $1,717 | $3,285 | $4,351 | $2,991 | $3,242 | $4,816 | $25 | $45 | $80 | ' | $3,841 | $4,733 | $6,533 | $183 | $406 | $613 | $93 | ' | |||||||||||||
Accumulated amortization of acquired lease intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303,617 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Accumulated amortization of acquired lease intangible liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,654 | |||||||||||||
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Impairment of real estate properties | 92,033 | 25,842 | 39,981 | ' | ' | 92,033 | [1] | 25,842 | [1] | 39,981 | [1] | 286 | [2] | 1,527 | [2] | 3,956 | [2] | ' | ' | ' | ' | 32,547 | 24,519 | 32,331 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Impairment of investment in unconsolidated joint ventures | ' | ' | ' | ' | 1,834 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Development payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 271 | 157 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest costs capitalized | ' | ' | 197 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Loss on lease terminations | 2,819 | 6,912 | 8,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 810 | 467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of properties classified as held for sale | 1 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Recognized gain on marketable securities, net | 0 | 25,840 | 277 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Unrealized OCI gain (loss) | 0 | 4,748 | -3,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Restricted cash and escrows | 40,198 | 63,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Balance in accumulated other comprehensive loss relating to derivatives | 738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Lease termination income | 15,787 | 2,331 | 1,187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,182 | 1,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Percentage rental income | 4,744 | 5,356 | 5,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 52 | 123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of real estate properties sold | 20 | 31 | 11 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of reportable segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Amortization of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,303 | ' | ' | ' | ' | ' | 3,507 | ' | ' | ' | ' | ' | 28,810 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,235 | ' | ' | ' | ' | ' | 3,037 | ' | ' | ' | ' | ' | 20,272 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,627 | ' | ' | ' | ' | ' | 2,574 | ' | ' | ' | ' | ' | 17,201 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,524 | ' | ' | ' | ' | ' | 2,156 | ' | ' | ' | ' | ' | 13,680 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,907 | ' | ' | ' | ' | ' | 1,899 | ' | ' | ' | ' | ' | 10,806 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,861 | ' | ' | ' | ' | ' | 3,931 | ' | ' | ' | ' | ' | 38,792 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total | -129,561 | -125,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,457 | [4] | ' | ' | ' | ' | ' | 17,104 | [5] | ' | ' | ' | ' | ' | 129,561 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,014 | ' | ' | ' | ' | ' | -560 | -4,574 | |||||||||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,878 | ' | ' | ' | ' | ' | -560 | -4,438 | |||||||||||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,751 | ' | ' | ' | ' | ' | -560 | -4,311 | |||||||||||||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,644 | ' | ' | ' | ' | ' | -560 | -4,204 | |||||||||||||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,541 | ' | ' | ' | ' | ' | -560 | -4,101 | |||||||||||||
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,356 | ' | ' | ' | ' | ' | -11,897 | -70,253 | |||||||||||||
Total | ($91,881) | ($74,648) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($77,184) | [5] | ' | ' | ' | ' | ' | ($14,697) | [7] | ($91,881) | [6] | ||||||||||
[1] | Included in bProvision for impairment of investment propertiesb in the accompanying consolidated statements of operations and other comprehensive income (loss), except for $32,547, $24,519 and $32,331, which is included in discontinued operations in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Reflected within bEquity in loss of unconsolidated joint ventures, netb in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the Companybs proportionate share of property-level impairment charges recorded at its unconsolidated joint ventures. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included in bEquity in loss of unconsolidated joint ventures, netb in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the aggregate impairment charge recorded to write down the Companybs investment in its Hampton Retail Colorado, L.L.C. (Hampton) joint venture, which was dissolved during 2013. See Note 10 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded to depreciation and amortization expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization is recorded as an adjustment to rental income. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $303,617 and $46,654 of accumulated amortization, respectively, as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. |
Acquisitions_Summary_of_Acquis
Acquisitions - Summary of Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
property | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | New York acquisitions | Pelham Manor Shopping Plaza | Fordham Place | RioCan and New York acquisitions | Hickory Ridge | |||
RioCan | RioCan | RioCan | RioCan joint venture partner | property | sqft | sqft | sqft | |||||
property | Ownership percentage - 100% | |||||||||||
sqft | ||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties acquired | 7 | ' | ' | 5 | ' | ' | ' | 2 | ' | ' | ' | ' |
Ownership interest acquired by joint venture partner in joint venture | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Fair value of assets acquired | ' | ' | ' | ' | ' | $124,800 | $99,900 | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | 45,500 | ' | ' | ' | 192,430 | ' | ' | ' | 2,806 |
In-place mortgage financing assumed | ' | ' | ' | 67,900 | ' | 67,900 | ' | ' | ' | ' | ' | ' |
Square footage | ' | ' | ' | 598,100 | ' | ' | ' | ' | 228,000 | 262,000 | ' | 45,000 |
Remeasurement gain | 5,435 | 0 | 0 | 5,435 | 5,435 | ' | ' | ' | ' | ' | ' | ' |
Equity interest before acquisition (as a percent) | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Mortgage premium | 1,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,313 | ' |
Acquisition date fair values: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,307 | ' |
Building and other improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 238,388 | ' |
Acquired lease intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,357 | ' |
Acquired lease intangible liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,525 | ' |
Mortgages payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,177 | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $249,350 | ' |
Acquisitions_Condensed_Pro_For
Acquisitions - Condensed Pro Forma Financial Information (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unaudited Condensed Pro Forma Financial Information | ' | ' |
Total revenues | $576,894 | $565,053 |
Net income | 15,744 | 6,902 |
Net income attributable to Company shareholders | $6,294 | $6,639 |
Net income per common share attributable to common shareholders | $0.03 | $0.03 |
Weighted average common shares outstanding | 234,134 | 220,464 |
Discontinued_Operations_and_In2
Discontinued Operations and Investment Properties Held for Sale - Disposition Summary (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jan. 31, 2013 | Jan. 16, 2013 | Jan. 31, 2013 | Jan. 16, 2013 | Jan. 31, 2013 | Jan. 25, 2013 | Jun. 30, 2013 | Jun. 21, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 26, 2013 | Oct. 31, 2013 | Oct. 08, 2013 | Oct. 31, 2013 | Oct. 08, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 25, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | Nov. 20, 2013 | Dec. 31, 2013 | Dec. 05, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 11, 2013 | Dec. 31, 2013 | Dec. 12, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 19, 2013 | Dec. 31, 2013 | |
property | property | property | Discontinued operations | Continuing operations | Continuing operations | Mervyns - Ridgecrest | Mervyns - Ridgecrest | Mervyns - Highland | Mervyns - Highland | American Express - DePere | American Express - DePere | Dick's Sporting Goods - Fresno | Dick's Sporting Goods - Fresno | Raytheon Facility | LA Fitness - Oceanside | LA Fitness - Oceanside | Stop & Shop - Beekman | Stop & Shop - Beekman | Duck Creek | Duck Creek | University Square | University Square | University Square | Preston Trail Village | Rite Aid - Atlanta | Rite Aid - Atlanta | Shops at 5 | Shops at 5 | The Market at Polaris | The Market at Polaris | Powell Center | Powell Center | Bluebonnet Parc | Bluebonnet Parc | Bangor Parkade | Bangor Parkade | Shoppes of Warner Robins | Shoppes of Warner Robins | Darien Towne Center | Darien Towne Center | Ridge Tool Building | Ridge Tool Building | Shoppes at Lake Andrew | ||
sqft | property | property | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | ||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Square footage | ' | ' | ' | 2,833,900 | ' | ' | ' | 59,000 | ' | 80,500 | ' | 132,300 | ' | 77,400 | 105,000 | ' | 75,400 | ' | 40,400 | ' | 134,200 | ' | ' | 287,000 | 180,000 | ' | 11,000 | ' | 421,700 | ' | 208,500 | ' | 85,700 | ' | 135,400 | ' | 232,800 | ' | 70,700 | ' | 223,700 | ' | 128,500 | 144,700 | |
Consideration | ' | ' | ' | $328,045 | ' | ' | $500 | ' | $2,133 | ' | $17,233 | ' | $6,500 | ' | $11,500 | $17,000 | ' | $15,300 | ' | $19,700 | ' | ' | $175 | ' | $17,955 | $1,607 | ' | $29,000 | ' | $58,400 | ' | $14,600 | ' | $21,250 | ' | $26,250 | ' | $10,642 | ' | $29,850 | ' | $6,600 | ' | $21,850 | |
Aggregate proceeds, net | ' | ' | ' | 320,574 | ' | ' | 477 | ' | 2,030 | ' | 17,168 | ' | 6,401 | ' | 11,142 | 16,811 | ' | 15,211 | ' | 19,428 | ' | ' | 131 | ' | 17,401 | 1,522 | ' | 28,509 | ' | 57,568 | ' | 14,129 | ' | 20,762 | ' | 25,539 | ' | 10,519 | ' | 28,029 | ' | 6,321 | ' | 21,476 | |
Mortgage debt extinguished | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | |
Gain | ' | ' | ' | 41,279 | ' | ' | 0 | ' | 0 | ' | 1,914 | ' | 21 | ' | 0 | 1,705 | ' | 5,364 | ' | 1,786 | ' | ' | 152 | [1] | ' | 0 | 0 | ' | 0 | ' | 10,442 | ' | 3,049 | ' | 5,732 | ' | 3,114 | ' | 1,202 | ' | 3,967 | ' | 804 | ' | 2,027 |
Gain on extinguishment of other liabilities | 3,511 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of real estate properties sold | 20 | 31 | 11 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of parcels sold | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds and gains from disposition of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net proceeds from condemnation awards, earnouts and sale of parcels | ' | ' | ' | ' | 6,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gains from condemnation awards, earnouts and sale of parcels | ' | ' | ' | ' | 5,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate net proceeds from property sales and additional transactions | 326,766 | 453,320 | 195,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate gains from sale of investment properties | $47,085 | $37,984 | $30,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The Company recognized a $3,511 gain on extinguishment of other liabilities in conjunction with the sale of this property. |
Discontinued_Operations_and_In3
Discontinued Operations and Investment Properties Held for Sale - Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | property | property |
Investment properties held for sale | ' | ' |
Number of properties classified as held for sale | 1 | 3 |
Assets | ' | ' |
Accumulated depreciation | ($1,330,474) | ($1,275,787) |
Assets associated with investment properties held for sale | 8,616 | 8,922 |
Liabilities | ' | ' |
Liabilities associated with investment properties held for sale | 6,603 | 60 |
Investment properties held for sale | ' | ' |
Assets | ' | ' |
Land, building and other improvements | 10,285 | 8,746 |
Accumulated depreciation | -2,206 | -17 |
Net investment properties | 8,079 | 8,729 |
Other assets | 537 | 193 |
Assets associated with investment properties held for sale | 8,616 | 8,922 |
Liabilities | ' | ' |
Mortgages payable | 6,435 | 0 |
Other liabilities | 168 | 60 |
Liabilities associated with investment properties held for sale | $6,603 | $60 |
Investment properties held for sale | Riverpark Phase IIA | ' | ' |
Investment properties held for sale | ' | ' |
Square footage | 64,300 | ' |
Discontinued_Operations_and_In4
Discontinued Operations and Investment Properties Held for Sale - Results of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $24,448 | $55,610 | $70,706 |
Tenant recovery income | 5,142 | 7,284 | 10,996 |
Other property income | 7,571 | 1,544 | 511 |
Total revenues | 37,161 | 64,438 | 82,213 |
Expenses: | ' | ' | ' |
Property operating expenses | 4,802 | 7,941 | 9,673 |
Real estate taxes | 5,664 | 8,209 | 9,868 |
Depreciation and amortization | 11,075 | 26,761 | 33,553 |
Provision for impairment of investment properties | 32,547 | 24,519 | 32,331 |
Loss on lease terminations | 0 | 810 | 467 |
General and administrative expenses | 0 | 0 | 35 |
Gain on extinguishment of debt | -26,331 | 0 | -1,360 |
Gain on extinguishment of other liabilities | -3,511 | 0 | 0 |
Interest expense | 3,632 | 20,256 | 28,976 |
Other (income) expense, net | -113 | 5 | 171 |
Total expenses | 27,765 | 88,501 | 113,714 |
Income (loss) from discontinued operations, net | $9,396 | ($24,063) | ($31,501) |
Compensation_Plans_Unvested_Re
Compensation Plans - Unvested Restricted Shares (Details) (Restricted shares, USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Restricted shares | ' | ' | ' | ||
Compensation Plans | ' | ' | ' | ||
Serial vesting on each of the third and fifth anniversaries from the grant date (as a percent) | 50.00% | ' | ' | ||
Serial vesting, first vesting year from anniversary of grant date | '3 years | ' | ' | ||
Serial vesting, second vesting year from anniversary of grant date | '5 years | ' | ' | ||
Vesting period for shares granted to Company employees | '3 years | ' | ' | ||
Vesting for shares granted to non-employee directors | '1 year | ' | ' | ||
Compensation expense | $455 | $211 | $46 | ||
Additional compensation expense | 113 | ' | ' | ||
Number of restricted shares in which vesting was accelerated | 9 | ' | ' | ||
Fair value of vested shares | 139 | ' | ' | ||
Unvested Restricted Shares | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | 46 | 14 | ' | ||
Shares granted (in shares) | 116 | [1] | 32 | [1] | ' |
Shares vested (in shares) | -9 | 0 | ' | ||
Shares forfeited (in shares) | -1 | 0 | ' | ||
Balance at the end of the period (in shares) | 152 | 46 | 14 | ||
Weighted Average Grant Date Fair Value per Restricted Share | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | $17.30 | $17.13 | ' | ||
Shares granted (in dollars per share) | $14.27 | $17.38 | ' | ||
Shares vested (in dollars per share) | $15.53 | $0 | ' | ||
Shares forfeited (in dollars per share) | $15.61 | $0 | ' | ||
Balance at the end of the period (in dollars per share) | $15.11 | $17.30 | $17.13 | ||
Unrecognized compensation expense | ' | ' | ' | ||
Total unrecognized compensation expense | $1,346 | ' | ' | ||
Weighted average term for amortization of unrecognized compensation expense (in years) | '1 year 8 months 12 days | ' | ' | ||
[1] | Of the shares granted to the Companybs executives, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees vest ratably over three years. Shares granted to the Companybs non-employee directors will vest on the earlier of the date of the 2014 annual stockholder meeting or the first anniversary of the grant date. |
Compensation_Plans_Stock_Optio
Compensation Plans - Stock Options (Details) (Stock options, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock options | ' | ' | ' |
Compensation Plans | ' | ' | ' |
Compensation expense | $24 | $49 | $63 |
Options to acquire shares | ' | ' | ' |
Options granted (in shares) | 84 | 84 | ' |
Options exercised (in shares) | 1 | 1 | ' |
Options expired (in shares) | 5 | ' | ' |
Black Scholes option pricing model | ' | ' | ' |
Grant date fair value per share | ' | $0.92 | $3.20 |
Expected dividend yield | ' | 5.66% | 3.56% |
Expected volatility | ' | 21.65% | 30.00% |
Expected life (in years) | ' | '5 years | '5 years |
Risk-free interest rate | ' | 0.67% | 1.14% |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Taxes remitted to governmental authorities and reimbursed by tenants | $1,791 | $1,794 | $1,833 |
Remaining lease term, low end of range | '1 year | ' | ' |
Remaining lease term, high end of range | '67 years | ' | ' |
Minimum lease payments to be received under operating leases | ' | ' | ' |
Minimum lease payments, 2014 | 439,055 | ' | ' |
Minimum lease payments, 2015 | 396,780 | ' | ' |
Minimum lease payments, 2016 | 353,629 | ' | ' |
Minimum lease payments, 2017 | 301,283 | ' | ' |
Minimum lease payments, 2018 | 255,451 | ' | ' |
Minimum lease payments, thereafter | 969,100 | ' | ' |
Total minimum lease payments | 2,715,298 | ' | ' |
Rent expenses | ' | ' | ' |
Ground lease rent expense | 9,758 | 9,217 | 9,017 |
Office rent expense | 962 | 846 | 833 |
Minimum future rental obligations to be paid under ground and office leases | ' | ' | ' |
Minimum lease obligations, 2014 | 8,882 | ' | ' |
Minimum lease obligations, 2015 | 8,770 | ' | ' |
Minimum lease obligations, 2016 | 8,788 | ' | ' |
Minimum lease obligations, 2017 | 8,934 | ' | ' |
Minimum lease obligations, 2018 | 9,005 | ' | ' |
Minimum lease obligations, thereafter | 578,100 | ' | ' |
Total minimum lease obligations | $622,479 | ' | ' |
Mortgages_and_Notes_Payable_Su
Mortgages and Notes Payable - Summary (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2013 | Dec. 31, 2013 | Feb. 02, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |||||
property | Weighted average | Fixed rate debt | Variable rate debt | Variable rate debt | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Construction loan | Construction loan | Secured debt | Secured debt | Notes payable | Notes payable | Mortgages and notes payable | Mortgages and notes payable | Matured mortgages payable | IW JV 2009 LLC | IW JV 2009 LLC | IW JV 2009 LLC | IW JV 2009 LLC | IW JV senior mezzanine note | IW JV junior mezzanine note | ||||||||
Debt repaid | Fixed rate debt | Fixed rate debt | Fixed rate debt | Fixed rate debt | Fixed rate debt | Fixed rate debt | Fixed rate debt | Fixed rate debt | Variable rate debt | Variable rate debt | Variable rate debt | property | Fixed rate debt | |||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | |||||||||||||||||||||||||||||||||
Mortgages and Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Mortgages payable | $2,299,439 | [1],[2] | ' | ' | ' | $1,973,080 | $326,359 | ' | ' | ' | $1,673,080 | [3],[4] | $2,078,162 | [3] | ' | ' | ' | ' | ' | ' | $11,359 | $11,359 | $10,419 | $1,684,439 | $2,088,581 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Premium, net of accumulated amortization | 1,175 | ' | ' | ' | ' | ' | ' | ' | ' | 1,175 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Discount, net of accumulated amortization | -981 | ' | ' | ' | ' | ' | ' | ' | ' | -981 | -1,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | 1,684,633 | 2,087,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | 0 | 1,684,633 | 2,212,089 | ' | ' | ' | ' | 125,000 | ' | ' | |||||
Fixed rate (as a percent) | ' | ' | ' | 6.06% | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 8.00% | 8.00% | 6.15% | 6.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.24% | 14.00% | |||||
Variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.44% | [5] | 2.50% | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average interest rate (as a percent) | 4.97% | ' | ' | ' | 5.52% | 1.67% | ' | 6.13% | 6.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.13% | 6.17% | 12.80% | ' | 6.13% | 6.54% | ' | ' | 12.80% | 12.80% | ' | ' | ' | |||||
Weighted average years to maturity | ' | ' | ' | ' | ' | ' | ' | '4 years 11 months | '5 years 6 months | '4 years 11 months | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' | '10 months | '1 year 10 months | '4 years 11 months | '5 years 6 months | '6 years 11 months | ' | '4 years 11 months | '5 years 7 months | ' | ' | ' | ' | ' | ' | ' | |||||
Variable rate debt swapped to fixed rate debt | 300,000 | ' | ' | ' | ' | ' | 300,000 | 8,337 | 76,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Mortgages payable associated with investment properties held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of properties held for sale with mortgages payable | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Mortgages payable repayments | 395,000 | 530,000 | 174,111 | ' | ' | ' | ' | 426,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,250 | ' | ' | ' | ' | ' | ' | |||||
Repayment of mortgages payable from condemnation proceeds | -26 | 0 | 0 | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Scheduled principal payments related to amortizing loans | ' | ' | ' | ' | ' | ' | ' | 20,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Forgiveness of mortgage debt | 19,615 | 27,449 | 15,798 | ' | ' | ' | ' | 19,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,615 | ' | ' | ' | ' | ' | ' | |||||
Matured mortgage payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,865 | ' | ' | ' | ' | ' | ' | |||||
Accrued interest on matured mortgage payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,618 | ' | ' | ' | ' | ' | ' | |||||
Restricted escrow held by the lender | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | ' | ' | ' | ' | ' | ' | |||||
Forgiveness of accrued interest | 6,716 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,716 | ' | ' | ' | ' | ' | ' | |||||
Gain on extinguishment of debt | 0 | 3,879 | 15,345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,331 | ' | ' | ' | ' | ' | ' | |||||
Amount of mortgage and construction loans guaranteed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cross-collateralized mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 481,343 | ' | ' | ' | ' | ' | |||||
Number of properties in cross-collateralized mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | |||||
Percentage of security against debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | |||||
Fee on prepayment of debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | |||||
Prepayment premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,250 | 6,250 | ' | ' | ' | ' | |||||
Non-cash loan fee write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,492 | ' | ' | ' | ' | ' | |||||
[1] | The debt maturity table does not include mortgage premium of $1,175 and discount of $(981), net of accumulated amortization, which was outstanding as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||
[2] | As of DecemberB 31, 2013, the weighted average years to maturity of consolidated indebtedness was 4.7 years. | |||||||||||||||||||||||||||||||||||||
[3] | Includes $8,337 and $76,055 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2013 and 2012, respectively, and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of DecemberB 31, 2013. As of December 31, 2013 and 2012, the fixed rate mortgages had interest rates ranging from 3.50% to 8.00%. | |||||||||||||||||||||||||||||||||||||
[4] | Includes $8,337 of variable rate mortgage debt that was swapped to a fixed rate and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||
[5] | The interest rate for the variable rate construction loan is based on a spread over London Interbank Offered Rate (LIBOR). |
Mortgages_and_Notes_Payable_Sc
Mortgages and Notes Payable - Scheduled Debt Maturities (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
property | Fixed rate debt | Variable rate debt | Variable rate debt | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Mortgages payable | Unsecured credit facility | Unsecured credit facility | Consolidated indebtedness | ||||||
Fixed rate debt | Fixed rate debt | Variable rate debt | Fixed rate debt | Variable rate debt | |||||||||||||
Debt Maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2014 | $49,825 | ' | $38,466 | $11,359 | ' | ' | ' | $38,466 | ' | $11,359 | $0 | $0 | ' | ||||
2015 | 437,403 | ' | 437,403 | 0 | ' | ' | ' | 437,403 | ' | 0 | 0 | 0 | ' | ||||
2016 | 46,172 | ' | 46,172 | 0 | ' | ' | ' | 46,172 | ' | 0 | 0 | 0 | ' | ||||
2017 | 461,019 | ' | 296,019 | 165,000 | ' | ' | ' | 296,019 | ' | 0 | 0 | 165,000 | ' | ||||
2018 | 462,369 | ' | 312,369 | 150,000 | ' | ' | ' | 12,369 | ' | 0 | 300,000 | 150,000 | ' | ||||
Thereafter | 842,651 | ' | 842,651 | 0 | ' | ' | ' | 842,651 | ' | 0 | 0 | 0 | ' | ||||
Total | 2,299,439 | [1],[2] | ' | 1,973,080 | 326,359 | ' | ' | ' | 1,673,080 | [3],[4] | 2,078,162 | [3] | 11,359 | 300,000 | [5] | 315,000 | ' |
Weighted average interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2014 | 5.32% | ' | 6.17% | 2.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2015 | 5.79% | ' | 5.79% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2016 | 5.86% | ' | 5.86% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2017 | 4.23% | ' | 5.66% | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2018 | 2.00% | ' | 2.19% | 1.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Thereafter | 6.52% | ' | 6.52% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total | 4.97% | ' | 5.52% | 1.67% | ' | 6.13% | 6.17% | ' | ' | ' | ' | ' | ' | ||||
Premium, net of accumulated amortization | 1,175 | ' | ' | ' | ' | ' | ' | 1,175 | 0 | ' | ' | ' | ' | ||||
Discount, net of accumulated amortization | -981 | ' | ' | ' | ' | ' | ' | -981 | -1,492 | ' | ' | ' | ' | ||||
Variable rate debt swapped to fixed rate debt | 300,000 | ' | ' | ' | 300,000 | 8,337 | 76,055 | ' | ' | ' | ' | ' | ' | ||||
Mortgages payable associated with investment properties held for sale | ' | ' | ' | ' | ' | ' | ' | $6,435 | ' | ' | ' | ' | ' | ||||
Number of properties held for sale with mortgages payable | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative reference rate | 'one-month floating rate LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fixed interest rate (as a percent) | 0.54% | 0.54% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 8 months | ||||
[1] | The debt maturity table does not include mortgage premium of $1,175 and discount of $(981), net of accumulated amortization, which was outstanding as of DecemberB 31, 2013. | ||||||||||||||||
[2] | As of DecemberB 31, 2013, the weighted average years to maturity of consolidated indebtedness was 4.7 years. | ||||||||||||||||
[3] | Includes $8,337 and $76,055 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2013 and 2012, respectively, and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of DecemberB 31, 2013. As of December 31, 2013 and 2012, the fixed rate mortgages had interest rates ranging from 3.50% to 8.00%. | ||||||||||||||||
[4] | Includes $8,337 of variable rate mortgage debt that was swapped to a fixed rate and excludes mortgages payable of $6,435 associated with one investment property classified as held for sale as of DecemberB 31, 2013. | ||||||||||||||||
[5] | In July 2012, the Company entered into an interest rate swap transaction to convert the variable rate portion of $300,000 of LIBOR based debt to a fixed rate through February 24, 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. |
Credit_Facility_Details
Credit Facility (Details) (USD $) | Dec. 31, 2013 | Jul. 31, 2012 | 13-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | financial_institutions | Unsecured credit facility | Unsecured credit facility | Unsecured credit facility | Unsecured credit facility | Unsecured credit facility | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured revolving line of credit | Unsecured term loan | Unsecured term loan | Unsecured term loan | Unsecured term loan | Unsecured term loan | Unsecured term loan | Unsecured term loan | February 2012 unsecured credit facility | February 2012 unsecured credit facility | February 2012 unsecured credit facility | February 2012 unsecured revolving line of credit | February 2012 unsecured term loan | |
Minimum | Minimum | Maximum | Maximum | Investment grade rated | Minimum | Minimum | Maximum | Maximum | Weighted average | Investment grade rated | Minimum | Minimum | Maximum | Maximum | Weighted average | Minimum | Maximum | ||||||||||
Investment grade rated | Investment grade rated | Investment grade rated | Investment grade rated | Investment grade rated | Investment grade rated | ||||||||||||||||||||||
Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowing capacity | ' | ' | $1,000,000 | ' | ' | ' | ' | $550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $650,000 | ' | ' | $350,000 | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Maximum borrowing capacity | ' | ' | 1,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of extension of maturity (in years) | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension fee as a percentage of commitment amount | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate for variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Variable interest rate spread (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.90% | 2.05% | 1.70% | ' | ' | ' | 1.45% | 1.05% | 2.00% | 2.05% | ' | ' | 1.75% | 2.50% | ' | ' |
Unused fees (as a percent) | ' | ' | ' | 0.25% | 0.15% | 0.30% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institutions associated with credit facility that is counterparty to the interest rate swap | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate debt swapped to fixed rate debt | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | 0.54% | 0.54% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | 1.87% | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Interes
Derivative Instruments - Interest Rate Swaps Designated as Cash Flow Hedges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Financial Instruments | ' | ' | ' |
Repayment of mortgages payable | $571,870 | $988,483 | $678,071 |
Interest rate swaps | ' | ' | ' |
Interest Rate Derivatives | ' | ' | ' |
Number of instruments | 2 | 4 | ' |
Notional amount | 308,337 | 376,055 | ' |
Derivative Financial Instruments | ' | ' | ' |
Number of interest rate swaps utilized to hedge variable cash flows | 2 | 4 | ' |
Gain (loss) on cash flow hedges expected to be reclassified to interest expense in the next year | 945 | ' | ' |
Number of variable rate mortgages payable that were repaid | 2 | ' | ' |
Repayment of mortgages payable | $67,505 | ' | ' |
Derivative_Instruments_Estimat
Derivative Instruments - Estimated Fair Value of Derivatives (Details) (Interest rate swaps, Derivatives designated as cash flow hedges, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest rate swaps | Derivatives designated as cash flow hedges | ' | ' |
Liability Derivatives | ' | ' |
Fair value | $751 | $2,783 |
Derivative_Instruments_Effect_
Derivative Instruments - Effect of Derivatives on Statements of Operations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Credit-risk-related Contingent Features | ' | ' |
Termination value of derivative in liability position | $780 | ' |
Termination value of derivative agreement | 780 | ' |
Interest rate swaps | Cash flow hedges | ' | ' |
Derivative Financial Instruments | ' | ' |
Amount of loss recognized in other comprehensive income on derivative (effective portion) | 1,444 | 1,458 |
Amount of loss reclassified from AOCI into income (effective portion) | 1,960 | 1,566 |
Amount of (gain) loss recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ($912) | $623 |
Investment_in_Unconsolidated_J2
Investment in Unconsolidated Joint Ventures - Summary (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | $15,776 | $56,872 | ' | ' | |
Number of unaffiliated parties that are co-owners in Captive | 4 | ' | ' | ' | |
Percent of combined condensed financial information | 100.00% | ' | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Company's share of net income (loss) | 472 | -6,420 | -6,641 | ' | |
Net cash distributions from/(contributions to) joint ventures | -1,673 | 9,750 | -35,249 | ' | |
Fees earned by the Company | 2,508 | 2,963 | 1,819 | ' | |
Amortization of basis differences in joint venture properties | 116 | 113 | 204 | ' | |
MS Inland Fund, LLC | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | |
Ownership interest of unconsolidated joint ventures (as a percent) | 20.00% | 20.00% | ' | ' | |
Investment in unconsolidated joint ventures | 6,915 | 8,334 | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Company's share of net income (loss) | 661 | 18 | -463 | ' | |
Net cash distributions from/(contributions to) joint ventures | 2,369 | 1,992 | 497 | ' | |
Fees earned by the Company | 859 | 851 | 862 | ' | |
Hampton Retail Colorado, L.L.C. | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | |
Ownership interest of unconsolidated joint ventures (as a percent) | 0.00% | 95.90% | ' | ' | |
Investment in unconsolidated joint ventures | 0 | 124 | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Company's share of net income (loss) | 2,576 | [1] | -890 | -3,649 | ' |
Net cash distributions from/(contributions to) joint ventures | 855 | 68 | -756 | ' | |
Fees earned by the Company | 1 | 3 | 3 | ' | |
Impairment of investment in unconsolidated joint ventures | 1,834 | [2] | ' | ' | ' |
Hampton Retail Colorado, L.L.C. | Ownership percentage - 100% | ' | ' | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Impairment charges | 298 | 1,593 | 4,128 | ' | |
Hampton Retail Colorado, L.L.C. | Ownership percentage - pro rata | ' | ' | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Impairment charges | 286 | 1,527 | 3,956 | ' | |
Oak Property and Casualty LLC | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | |
Ownership interest of unconsolidated joint ventures (as a percent) | 20.00% | 25.00% | ' | ' | |
Investment in unconsolidated joint ventures | 8,861 | 8,946 | ' | ' | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Company's share of net income (loss) | -2,589 | -3,081 | -1,117 | ' | |
Net cash distributions from/(contributions to) joint ventures | -2,503 | -3,268 | -2,646 | ' | |
Fees earned by the Company | 0 | 0 | 0 | ' | |
RioCan | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | |
Ownership interest of unconsolidated joint ventures (as a percent) | 0.00% | 20.00% | ' | ' | |
Investment in unconsolidated joint ventures | 0 | 39,468 | ' | 41,523 | |
Profits, Losses and Capital Activity | ' | ' | ' | ' | |
Company's share of net income (loss) | -176 | -2,467 | -1,412 | ' | |
Net cash distributions from/(contributions to) joint ventures | -2,394 | 10,958 | -32,344 | ' | |
Fees earned by the Company | $1,648 | $2,109 | $954 | ' | |
[1] | During the years ended DecemberB 31, 2013, 2012 and 2011, Hampton determined that the carrying value of certain of its assets was not recoverable and, accordingly, recorded property level impairment charges in the amounts of $298, $1,593 and $4,128, of which the Companybs share was $286, $1,527 and $3,956, respectively. The joint venturebs estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. | ||||
[2] | Included in bEquity in loss of unconsolidated joint ventures, netb in the accompanying consolidated statements of operations and other comprehensive income (loss), and represents the aggregate impairment charge recorded to write down the Companybs investment in its Hampton Retail Colorado, L.L.C. (Hampton) joint venture, which was dissolved during 2013. See Note 10 for further discussion. |
Investment_in_Unconsolidated_J3
Investment in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in unconsolidated joint ventures | ' | ' |
Real estate assets | $270,916 | $719,416 |
Less accumulated depreciation | -52,624 | -66,127 |
Real estate, net | 218,292 | 653,289 |
Other assets, net | 49,227 | 199,454 |
Total assets | 267,519 | 852,743 |
Mortgage debt | 142,537 | 471,122 |
Other liabilities, net | 22,725 | 73,336 |
Total liabilities | 165,262 | 544,458 |
Total equity (deficit) | 102,257 | 308,285 |
Total liabilities and equity | 267,519 | 852,743 |
RioCan | ' | ' |
Investment in unconsolidated joint ventures | ' | ' |
Real estate assets | 0 | 434,704 |
Less accumulated depreciation | 0 | -19,287 |
Real estate, net | 0 | 415,417 |
Other assets, net | 0 | 148,511 |
Total assets | 0 | 563,928 |
Mortgage debt | 0 | 312,844 |
Other liabilities, net | 0 | 50,076 |
Total liabilities | 0 | 362,920 |
Total equity (deficit) | 0 | 201,008 |
Total liabilities and equity | 0 | 563,928 |
Hampton | ' | ' |
Investment in unconsolidated joint ventures | ' | ' |
Real estate assets | 0 | 14,326 |
Less accumulated depreciation | 0 | -2,286 |
Real estate, net | 0 | 12,040 |
Other assets, net | 0 | 1,285 |
Total assets | 0 | 13,325 |
Mortgage debt | 0 | 14,828 |
Other liabilities, net | 0 | 300 |
Total liabilities | 0 | 15,128 |
Total equity (deficit) | 0 | -1,803 |
Total liabilities and equity | 0 | 13,325 |
Other Joint Ventures | ' | ' |
Investment in unconsolidated joint ventures | ' | ' |
Real estate assets | 270,916 | 270,386 |
Less accumulated depreciation | -52,624 | -44,554 |
Real estate, net | 218,292 | 225,832 |
Other assets, net | 49,227 | 49,658 |
Total assets | 267,519 | 275,490 |
Mortgage debt | 142,537 | 143,450 |
Other liabilities, net | 22,725 | 22,960 |
Total liabilities | 165,262 | 166,410 |
Total equity (deficit) | 102,257 | 109,080 |
Total liabilities and equity | $267,519 | $275,490 |
Investment_in_Unconsolidated_J4
Investment in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Investment in unconsolidated joint ventures | ' | ' | ' | |||
Property related income | $64,599 | $75,598 | $48,629 | |||
Other income | 8,174 | 7,884 | 4,904 | |||
Total revenues | 72,773 | 83,482 | 53,533 | |||
Property operating expenses | 8,523 | 11,754 | 6,613 | |||
Real estate taxes | 11,454 | 13,281 | 8,189 | |||
Depreciation and amortization | 30,864 | 42,280 | 26,104 | |||
Loss on lease terminations | 701 | 2,387 | 1,985 | |||
General and administrative expenses | 917 | 1,281 | 1,339 | |||
Interest expense, net | 12,404 | 17,601 | 13,784 | |||
Other (income) expense, net | 1,576 | 7,448 | 2,063 | |||
Total expenses | 66,439 | 96,032 | 60,077 | |||
Income (loss) from continuing operations | 6,334 | -12,550 | -6,544 | |||
(Loss) income from discontinued operations | -72 | [1] | -1,294 | [1] | -6,749 | [1] |
Net (loss) income | 6,262 | -13,844 | -13,293 | |||
RioCan | ' | ' | ' | |||
Investment in unconsolidated joint ventures | ' | ' | ' | |||
Property related income | 36,758 | 48,483 | 21,156 | |||
Other income | 0 | 0 | 0 | |||
Total revenues | 36,758 | 48,483 | 21,156 | |||
Property operating expenses | 5,001 | 7,315 | 2,830 | |||
Real estate taxes | 6,187 | 8,570 | 2,971 | |||
Depreciation and amortization | 21,128 | 31,886 | 15,657 | |||
Loss on lease terminations | 836 | 2,061 | 505 | |||
General and administrative expenses | 457 | 993 | 785 | |||
Interest expense, net | 7,033 | 10,067 | 5,098 | |||
Other (income) expense, net | -4,436 | 823 | -1 | |||
Total expenses | 36,206 | 61,715 | 27,845 | |||
Income (loss) from continuing operations | 552 | -13,232 | -6,689 | |||
(Loss) income from discontinued operations | -1,026 | -2,415 | -1,872 | |||
Net (loss) income | -474 | -15,647 | -8,561 | |||
Hampton | ' | ' | ' | |||
Investment in unconsolidated joint ventures | ' | ' | ' | |||
Property related income | 0 | 0 | 0 | |||
Other income | 0 | 0 | 0 | |||
Total revenues | 0 | 0 | 0 | |||
Property operating expenses | 0 | 0 | 0 | |||
Real estate taxes | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Loss on lease terminations | 0 | 0 | 0 | |||
General and administrative expenses | 6 | 40 | 116 | |||
Interest expense, net | -1,758 | -319 | -120 | |||
Other (income) expense, net | -13 | 0 | 0 | |||
Total expenses | -1,765 | -279 | -4 | |||
Income (loss) from continuing operations | 1,765 | 279 | 4 | |||
(Loss) income from discontinued operations | 902 | -1,278 | -3,892 | |||
Net (loss) income | 2,667 | -999 | -3,888 | |||
Other Joint Ventures | ' | ' | ' | |||
Investment in unconsolidated joint ventures | ' | ' | ' | |||
Property related income | 27,841 | 27,115 | 27,473 | |||
Other income | 8,174 | 7,884 | 4,904 | |||
Total revenues | 36,015 | 34,999 | 32,377 | |||
Property operating expenses | 3,522 | 4,439 | 3,783 | |||
Real estate taxes | 5,267 | 4,711 | 5,218 | |||
Depreciation and amortization | 9,736 | 10,394 | 10,447 | |||
Loss on lease terminations | -135 | 326 | 1,480 | |||
General and administrative expenses | 454 | 248 | 438 | |||
Interest expense, net | 7,129 | 7,853 | 8,806 | |||
Other (income) expense, net | 6,025 | 6,625 | 2,064 | |||
Total expenses | 31,998 | 34,596 | 32,236 | |||
Income (loss) from continuing operations | 4,017 | 403 | 141 | |||
(Loss) income from discontinued operations | 52 | 2,399 | -985 | |||
Net (loss) income | $4,069 | $2,802 | ($844) | |||
[1] | Included within b(Loss) income from discontinued operationsb are the following: property-level operating results attributable to the five properties the Company acquired from its RioCan unconsolidated joint venture on October 1, 2013; all property-level operating results attributable to the Hampton unconsolidated joint venture; and, the property-level operating results recognized by the Companybs MS Inland unconsolidated joint venture related to a property sold to the Companybs RioCan unconsolidated joint venture. The property-level operating results of the eight RioCan properties in which the Companybs partner acquired the Companybs 20% interest are presented within bIncome (loss) from continuing operationsb above given the continuity of the controlling financial interest before and after the dissolution transaction. |
Investment_in_Unconsolidated_J5
Investment in Unconsolidated Joint Ventures - Acquisitions and Dispositions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
property | property | property | Hampton Retail Colorado, L.L.C. | Hampton Retail Colorado, L.L.C. | Hampton Retail Colorado, L.L.C. | RioCan | RioCan | RioCan | RioCan | RioCan dispositions | RioCan dispositions | RioCan dispositions | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | RioCan acquisitions | ||
property | property | RioCan | RioCan | RioCan | RioCan joint venture partner | RioCan | RioCan | RioCan | RioCan | RioCan | ||||||||||
property | Ownership percentage - 100% | Ownership percentage - pro rata | property | Ownership percentage - 100% | Ownership percentage - 100% | Ownership percentage - pro rata | ||||||||||||||
Property Acquisitions and Dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of real estate properties sold | 20 | 31 | 11 | 1 | 2 | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales price | ' | ' | ' | ' | $13,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain on sale | 17,499 | 0 | 0 | ' | 1,019 | ' | ' | ' | ' | ' | 17,499 | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt repaid with proceeds from sales of properties | 395,000 | 530,000 | 174,111 | ' | 12,631 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ownership interest acquired by joint venture partner in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | |
Number of real estate properties acquired | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | |
Fair value of assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,900 | ' | ' | 124,800 | ' | ' | |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,500 | ' | ' | ' | ' | |
In-place mortgage financing assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,900 | ' | 67,900 | ' | ' | |
Weighted average interest rate (as a percent) | 4.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% | ' | ' | ' | 4.80% | ' | ' | ' | ' | |
Remeasurement gain | 5,435 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,435 | 5,435 | ' | ' | ' | |
Equity interest before acquisition (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | |
Ownership interest sold to joint venture partner in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair value of assets sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 477,500 | 95,500 | ' | ' | ' | ' | ' | ' | |
Ownership interest of unconsolidated joint ventures (as a percent) | ' | ' | ' | ' | 0.00% | 95.90% | ' | 0.00% | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Consideration received for interest in joint venture | ' | ' | ' | ' | ' | ' | 53,073 | ' | ' | ' | 53,700 | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgages payable | 2,299,439 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209,200 | ' | ' | ' | ' | ' | ' | ' |
Fair value of the net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,919 | 11,384 | |
Carrying value of investment in acquired properties | ' | ' | ' | ' | ' | ' | -35,574 | ' | ' | ' | 35,574 | ' | ' | ' | -5,949 | ' | ' | ' | ' | |
Investment in unconsolidated joint ventures | $15,776 | $56,872 | ' | ' | $0 | $124 | ' | $0 | $41,523 | $39,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The debt maturity table does not include mortgage premium of $1,175 and discount of $(981), net of accumulated amortization, which was outstanding as of DecemberB 31, 2013. | |||||||||||||||||||
[2] | As of DecemberB 31, 2013, the weighted average years to maturity of consolidated indebtedness was 4.7 years. |
Equity_Summary_of_Transactions
Equity - Summary of Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 02, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
IW JV 2009 LLC | IW JV 2009 LLC | IW JV 2009 LLC | Class B-1 common stock | Class B-2 common stock | Class B-3 common stock | 7.00% Series A cumulative redeemable preferred stock | 7.00% Series A cumulative redeemable preferred stock | |||||
Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock dividend declared per share | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400 | 5,400 |
Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $25 |
Aggregate net proceeds | ' | $0 | $130,747 | $0 | ' | ' | ' | ' | ' | ' | ' | $130,289 |
Annual dividend per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.75 | ' |
Redemption period from date of issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Redemption price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' |
IW JV senior and junior mezzanine notes | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' |
Prepayment premium | ' | ' | ' | ' | $6,250 | $6,250 | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | 4.97% | ' | ' | ' | 12.80% | 12.80% | ' | ' | ' | ' | ' |
Equity_ATM_Equity_Program_Deta
Equity - ATM Equity Program (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 07, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
2013 ATM Equity Program | 2013 ATM Equity Program | 2013 ATM Equity Program | 2013 ATM Equity Program | 2013 ATM Equity Program | 2013 ATM Equity Program | |||
Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate offering price | ' | ' | $200,000 | ' | ' | ' | ' | ' |
Number of common shares sold | ' | ' | ' | 0 | 0 | 5,491 | 56 | 5,547 |
Total net consideration | 83,496 | 266,491 | ' | 0 | 0 | 82,839 | 688 | 83,527 |
Average price per share | ' | ' | ' | $0 | $0 | $15.30 | $14.94 | $15.29 |
Aggregate offering price of remaining common shares available for sale | ' | ' | ' | $115,165 | ' | ' | ' | $115,165 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($42,855) | ($14,368) | ($71,492) | |||
Gain on sales of investment properties, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,806 | 7,843 | 5,906 | |||
Net income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -31 | |||
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -9,450 | -263 | 0 | |||
Loss from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -46,499 | -6,788 | -65,617 | |||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 50,675 | 6,078 | -6,992 | |||
Net income (loss) attributable to common shareholders | 34,724 | -39,914 | 13,608 | -4,242 | 13,854 | -15,952 | 17,676 | -16,288 | 4,176 | -710 | -72,609 | |||
Distributions paid on unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | -59 | -25 | -4 | |||
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | $4,117 | ($735) | ($72,613) | |||
Denominator for earnings (loss) per common share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average number of common shares outstanding | 236,151 | 236,151 | 233,624 | 230,611 | ' | ' | ' | ' | 234,134 | [1] | 220,464 | [2] | 192,456 | [3] |
Effect of dilutive securities - stock options | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] |
Denominator for earnings (loss) per common share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average number of common and common equivalent shares outstanding | 236,151 | 236,151 | 233,627 | 230,611 | ' | ' | ' | ' | 234,134 | 220,464 | 192,456 | |||
Shares excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares of restricted stock excluded from weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 46 | 14 | |||
Weighted average number of shares of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 106 | 40 | 10 | |||
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Outstanding options to purchase shares of common stock that have been excluded from diluted EPS calculation | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 83 | 69 | |||
Weighted average exercise price of outstanding options to purchase shares of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $19.10 | $19.31 | $20.83 | |||
[1] | Excluded from this weighted average amount are 152 shares of restricted common stock, which equate to 106 shares on a weighted average basis for the year ended DecemberB 31, 2013. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | |||||||||||||
[2] | Excluded from this weighted average amount are 46 shares of restricted common stock, which equate to 40 shares on a weighted average basis for the year ended DecemberB 31, 2012. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | |||||||||||||
[3] | Excluded from this weighted average amount are 14 shares of restricted common stock, which equate to 10 shares on a weighted average basis for the year ended DecemberB 31, 2011. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | |||||||||||||
[4] | There were outstanding options to purchase 78, 83 and 69 shares of common stock as of DecemberB 31, 2013, 2012 and 2011, respectively, at a weighted average exercise price of $19.10, $19.31 and $20.83, respectively, which have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
subsidiary | ||
Components of Deferred Tax Assets and Liabilities | ' | ' |
Annual distribution requirement to shareholders | 90.00% | ' |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | 1 | ' |
Income tax expense related to the TRS | $189 | $150 |
Deferred tax assets | ' | ' |
Basis difference in properties | 16,417 | 3,542 |
Net operating loss carryforward | 2,228 | 5,612 |
Other | 194 | 142 |
Gross deferred tax assets | 18,839 | 9,296 |
Less: valuation allowance | -18,631 | -7,852 |
Total deferred tax assets | 208 | 1,444 |
Deferred tax liabilities | ' | ' |
Other | -208 | -1,444 |
Net deferred tax assets | 0 | 0 |
Federal taxing authority | ' | ' |
Deferred tax liabilities | ' | ' |
Net operating loss carryforward | $5,950 | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Net Income (Loss) to Taxable Income Before Dividends Paid Deduction (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Net Income (Loss) to Taxable Income | ' | ' | ' |
Net income (loss) attributable to the Company | $13,626 | ($447) | ($72,609) |
Book/tax differences | 60,098 | 3,807 | 95,869 |
Taxable income subject to 90% dividend requirement | $73,724 | $3,360 | $23,260 |
Income_Taxes_Dividends_Paid_De
Income Taxes - Dividends Paid (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends Paid | ' | ' | ' | |
Cash distibutions paid | $164,391 | $140,017 | $116,050 | |
Less: non-dividend distributions | -90,667 | -136,657 | -92,782 | |
Total dividends paid deduction attributable to earnings and profits | $73,724 | $3,360 | $23,268 | |
Qualified dividend (per share) | ' | $0.02 | ' | |
7.00% Series A cumulative redeemable preferred stock | ' | ' | ' | |
Dividends Paid | ' | ' | ' | |
Ordinary dividends (per share) | $1.80 | $0 | $0 | |
Nontaxable distributions (per share) | $0 | $0 | $0 | |
Total distribution per share | $1.80 | $0 | $0 | |
Class A common stock | ' | ' | ' | |
Dividends Paid | ' | ' | ' | |
Ordinary dividends (per share) | $0.27 | $0.02 | [1] | $0.12 |
Nontaxable distributions (per share) | $0.39 | $0.64 | $0.48 | |
Total distribution per share | $0.66 | $0.66 | $0.60 | |
[1] | $0.02 included in ordinary dividends is considered a qualified dividend. |
Provision_for_Impairment_of_In2
Provision for Impairment of Investment Properties (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2009 | |||||||||||||||||||
property | property | property | Continuing operations | Continuing operations | Continuing operations | Continuing operations | Continuing operations | Continuing operations | Continuing operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | ||||||||||||||||||||
property | Aon Hewitt East Campus | Four Peaks Plaza | Lake Mead Crossing | Lake Mead Crossing | Towson Circle | Carrying value of land parcel greater than sales price | sqft | University Square | Raytheon Facility | Shops at 5 | Preston Trail Village | Rite Aid - Atlanta | 13 former Mervyns properties | 13 former Mervyns properties | 3 multi-tenant properties near Dallas, Texas | 3 multi-tenant properties near Dallas, Texas | Mervyns - McAllen | Mervyns - Bakersfield | Pro's Ranch Market | American Express - Phoenix | Mervyns - Fontana | Mervyns - Ridgecrest | Dick's Sporting Goods - Fresno | Mervyns - Highland | GMAC Insurance Building | Mesa Fiesta | Mesa Fiesta | Mesa Fiesta | North Ranch Pavilions | North Ranch Pavilions | |||||||||||||||||||||||||
sqft | sqft | sqft | sqft | Towson Circle | sqft | sqft | sqft | sqft | sqft | property | sqft | property | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||||||||||
sqft | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Impairment of Investment Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of properties with impairment indicators | 14 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of properties classified as held for sale | 1 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of properties with impairment charges | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of properties with impairment indicators whose undiscounted cash flows exceeded its carrying value | ' | 7 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Weighted average rate in which undiscounted cash flows exceeded carrying value | ' | 57.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of properties sold or classified as held for sale with impairment indicators | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Approximate square footage | ' | ' | ' | ' | 343,000 | 140,400 | 221,200 | 236,000 | ' | ' | 2,833,900 | ' | ' | 287,000 | 105,000 | 421,700 | 180,000 | 10,900 | ' | 1,000,400 | ' | 132,600 | 78,000 | 75,100 | 75,500 | 117,600 | 79,000 | 59,000 | 77,400 | 80,500 | 501,000 | 195,000 | ' | ' | 63,000 | ' | |||||||||||||||||||
Provision for impairment of investment properties | $92,033 | $25,842 | $39,981 | $59,486 | $27,183 | [1] | $7,717 | [2] | $24,586 | [3] | $7,650 | [4] | $1,323 | [5] | $1,323 | $32,547 | $24,519 | $32,331 | $6,694 | [6] | $2,518 | [7] | $21,128 | [7] | $1,941 | [7] | $266 | [7] | ' | $1,100 | [8] | ' | $5,528 | [9] | $2,950 | $37 | $2,749 | [10] | $4,902 | [10] | $352 | $1,622 | [10] | $2,982 | [10] | $2,297 | [10] | $30,373 | $1,322 | [11] | $3,400 | $20,400 | $636 | [12] | $2,700 |
Estimated fair value of impaired properties | $134,853 | $161,039 | $37,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Number of real estate properties sold | 20 | 31 | 11 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
[1] | The Company recorded an impairment charge driven by a change in the estimated holding period for the property. The amount of the impairment charge was based upon the terms and conditions of a bona fide purchase offer received from an unaffiliated third party. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company recorded an impairment charge upon identifying a change in the estimated holding period of the underlying investment property. An impairment charge of $7,650 was previously recorded during 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Impairment charge recorded based upon a bona fide purchase offer received for an outlot at the property. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company sold a parcel of land to an unaffiliated third party for which the allocated carrying value was $1,323 greater than the sales price. Such disposition did not qualify for discontinued operations accounting treatment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Impairment charges were recorded at various dates during the year ended December 31, 2013 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | During September 2012, the Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the sales price less transaction costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | During September 2012, the Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the sales price less transaction costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Impairment charges were recorded at various dates during the year ended December 31, 2012 initially based upon the terms of bona fide purchase offers, subsequent revisions pursuant to contract negotiations or final disposition price, as applicable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | During 2011, this asset was impaired upon execution of the purchase and sale agreement based upon the negotiated purchase price; such impairment charge was revised upon closing of the disposition. Impairment charges for this asset of $3,400 and $20,400 were previously recorded during the years ended December 31, 2010 and 2009, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | An impairment charge of $2,700 was previously recorded during the year ended December 31, 2009. |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial liabilities: | ' | ' |
Mortgages and notes payable, net | $1,684,633 | $2,212,089 |
Carrying Value | ' | ' |
Financial liabilities: | ' | ' |
Mortgages and notes payable, net | 1,684,633 | 2,212,089 |
Credit facility | 615,000 | 380,000 |
Derivative liability | 751 | 2,783 |
Fair Value | ' | ' |
Financial liabilities: | ' | ' |
Mortgages and notes payable, net | 1,827,638 | 2,401,883 |
Credit facility | 617,478 | 382,723 |
Derivative liability | $751 | $2,783 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring Fair Value Measurements (Details) (Recurring Fair Value Measurements, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 2 | ' | ' |
Fair Value Measurements | ' | ' |
Derivative liability | $751 | $2,783 |
Total | ' | ' |
Fair Value Measurements | ' | ' |
Derivative liability | $751 | $2,783 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Fair Value Measurements | ' | ' | ' | ||
Provision for impairment | $92,033 | $25,842 | $39,981 | ||
Investment in unconsolidated joint ventures | 15,776 | 56,872 | ' | ||
Minimum | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Operating expense growth rates | 3.27% | ' | ' | ||
Discount rates | 7.29% | ' | ' | ||
Terminal capitalization rates | 6.79% | ' | ' | ||
Maximum | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Operating expense growth rates | 3.56% | ' | ' | ||
Discount rates | 8.45% | ' | ' | ||
Terminal capitalization rates | 8.49% | ' | ' | ||
Hampton Retail Colorado, L.L.C. | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Investment in unconsolidated joint ventures | 0 | 124 | ' | ||
Aon Hewitt East Campus | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties | 18,000 | ' | ' | ||
Four Peaks Plaza | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties | 14,000 | ' | ' | ||
Lake Mead Crossing | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties | 43,000 | ' | ' | ||
Investment properties held for sale | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Transaction costs | ' | 197 | ' | ||
Nonrecurring Fair Value Measurements | Operating properties | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Provision for impairment | 59,486 | [1] | ' | ' | |
Nonrecurring Fair Value Measurements | Investment properties held for sale | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Provision for impairment | ' | 6,901 | [1] | ' | |
Number of properties held for sale with impairment charges | ' | 3 | ' | ||
Nonrecurring Fair Value Measurements | Level 2 | Investment properties held for sale | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties held for sale | ' | 9,133 | [2] | ' | |
Nonrecurring Fair Value Measurements | Level 3 | Operating properties | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties | 75,000 | [3] | ' | ' | |
Nonrecurring Fair Value Measurements | Total | Operating properties | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties | 75,000 | ' | ' | ||
Nonrecurring Fair Value Measurements | Total | Investment properties held for sale | ' | ' | ' | ||
Fair Value Measurements | ' | ' | ' | ||
Fair value of investment properties held for sale | ' | $9,133 | ' | ||
[1] | Excludes impairment charges recorded on investment properties sold prior to DecemberB 31, 2013 and 2012, respectively. Additionally, excludes joint venture investment impairment charges recorded on the Companybs Hampton joint venture because the December 31, 2013 investment balance is $0 following receipt of the final distribution from and dissolution of the venture. | ||||
[2] | Includes impairment charges recorded during 2012 for three investment properties classified as held for sale as of DecemberB 31, 2012; such charges, calculated as the expected sales prices from executed sales agreements less estimated transaction costs, were determined to be Level 2 inputs. The estimated transaction costs totaling $197 are not reflected as a reduction to the fair value disclosed in the table above. | ||||
[3] | Includes impairment charges to write down the carrying value of the Companybs Aon Hewitt East Campus, Four Peaks Plaza and Lake Mead Crossing investment properties to estimated fair value. The estimated fair value of Aon Hewitt East Campus of $18,000 was based upon a bona fide purchase offer received by the Company from an unaffiliated third party (a Level 3 measurement). A change in the Companybs estimated holding period was the primary driver of the impairment charges recorded to the Companybs investments in Four Peaks Plaza and Lake Mead Crossing. The estimated fair value of Four Peaks Plaza of $14,000 and Lake Mead Crossing of $43,000 were determined using the income approach. The income approach involves an estimate of the income stream for a property over a designated holding period; such income stream plus a reversion (presumed sale) value is discounted to a present value at a risk-adjusted rate. Discount rates and growth assumptions utilized in this approach are derived from property specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following are the key Level 3 inputs used in estimating the fair value of Four Peaks Plaza and Lake Mead Crossing as of December 31, 2013. 2013 LowB HighRental growth ratesB Varies (i)B Varies (i)Operating expense growth ratesB 3.27%B 3.56%Discount ratesB 7.29%B 8.45%Terminal capitalization ratesB 6.79%B 8.49%(i)Since cash flow models are established at the tenant level, projected rental revenue growth rates fluctuate over the course of the estimated holding period based upon the timing of lease rollover, amount of available space and other property and space-specific factors. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Disclosures (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements | ' | ' |
Mortgages and notes payable, net | 1,684,633 | 2,212,089 |
Minimum | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 7.29% | ' |
Maximum | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 8.45% | ' |
Mortgages payable | Minimum | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 2.40% | 2.50% |
Mortgages payable | Maximum | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 5.60% | 4.50% |
Unsecured term loan | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 1.35% | ' |
Unsecured revolving line of credit | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | 1.40% | ' |
Credit facility | ' | ' |
Fair Value Measurements | ' | ' |
Discount rate (as a percent) | ' | 2.00% |
Level 3 | ' | ' |
Fair Value Measurements | ' | ' |
Mortgages and notes payable, net | 1,827,638 | 2,401,883 |
Credit facility | 617,478 | 382,723 |
Total | ' | ' |
Fair Value Measurements | ' | ' |
Mortgages and notes payable, net | 1,827,638 | 2,401,883 |
Credit facility | 617,478 | 382,723 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Guarantees, Mortgage loans, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Guarantees | Mortgage loans | ' |
Commitments and Contingencies | ' |
Amount of mortgage and construction loans guaranteed | $6,628 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 19, 2014 | Feb. 19, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 11, 2014 | Feb. 11, 2014 |
Mortgages payable | Mortgages payable | Subsequent events | Subsequent events | 7.00% Series A cumulative redeemable preferred stock | 7.00% Series A cumulative redeemable preferred stock | 7.00% Series A cumulative redeemable preferred stock | Common stock | ||||
Mortgages payable | Unsecured revolving line of credit | Subsequent events | Subsequent events | ||||||||
Subsequent Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drawn on unsecured revolving line of credit | ' | ' | ' | ' | ' | ' | $63,000 | ' | ' | ' | ' |
Repayment of mortgages payable | 571,870 | 988,483 | 678,071 | ' | ' | 31,352 | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | 4.97% | ' | ' | 6.13% | 6.17% | 6.12% | ' | ' | ' | ' | ' |
Prepayment fee | ' | ' | ' | ' | ' | $1,578 | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | ' |
Distributions declared to preferred shareholders (in dollars per share) | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | $0.44 | ' |
Distributions declared to common shareholders (in dollars per share) | $0.66 | $0.66 | $0.63 | ' | ' | ' | ' | ' | ' | ' | $0.17 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Selected Quarterly Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total revenues | $150,716 | $136,126 | $132,320 | $132,061 | $134,959 | $132,491 | $130,422 | $133,787 | $551,223 | $531,659 | $530,168 | |||||||||||
Reclassified to discontinued operations | 0 | [1] | -6,165 | [1] | -8,143 | [1] | -8,405 | [1] | -8,574 | [1] | -6,359 | [1] | -8,565 | [1] | -9,099 | [1] | ' | ' | ' | |||
Net income (loss) | 37,087 | -37,552 | 15,971 | -1,880 | 14,117 | -15,952 | 17,676 | -16,288 | 13,626 | -447 | -72,578 | |||||||||||
Net income (loss) attributable to common shareholders | 34,724 | -39,914 | 13,608 | -4,242 | 13,854 | -15,952 | 17,676 | -16,288 | 4,176 | -710 | -72,609 | |||||||||||
Net income (loss) per common share attributable to common shareholders - basic and diluted (in dollars per share) | $0.15 | ($0.17) | $0.06 | ($0.02) | $0.06 | ($0.07) | $0.08 | ($0.08) | $0.02 | $0 | ($0.38) | |||||||||||
Weighted average number of common shares outstanding - basic | 236,151 | 236,151 | 233,624 | 230,611 | ' | ' | ' | ' | 234,134 | [2] | 220,464 | [3] | 192,456 | [4] | ||||||||
Weighted average number of common shares outstanding - diluted | 236,151 | 236,151 | 233,627 | 230,611 | ' | ' | ' | ' | 234,134 | 220,464 | 192,456 | |||||||||||
Weighted average number of common shares outstanding - basic and diluted | ' | ' | ' | ' | 230,597 | 230,597 | 226,543 | 194,119 | 234,134 | 220,464 | 192,456 | |||||||||||
Previously reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selected Quarterly Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total revenues | $150,716 | $142,291 | $140,463 | $140,466 | $143,533 | $138,850 | $138,987 | $142,886 | ' | ' | ' | |||||||||||
[1] | Represents revenue that has been reclassified to discontinued operations since previously reported amounts in FormB 10-Q or 10-K. | |||||||||||||||||||||
[2] | Excluded from this weighted average amount are 152 shares of restricted common stock, which equate to 106 shares on a weighted average basis for the year ended DecemberB 31, 2013. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | |||||||||||||||||||||
[3] | Excluded from this weighted average amount are 46 shares of restricted common stock, which equate to 40 shares on a weighted average basis for the year ended DecemberB 31, 2012. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. | |||||||||||||||||||||
[4] | Excluded from this weighted average amount are 14 shares of restricted common stock, which equate to 10 shares on a weighted average basis for the year ended DecemberB 31, 2011. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves | ' | ' | ' |
Balance at beginning of year | $6,452 | $8,231 | $9,138 |
Charged to costs and expenses | 4,600 | 969 | 6,527 |
Write-offs | -2,855 | -2,748 | -7,434 |
Balance at end of year | 8,197 | 6,452 | 8,231 |
Tax valuation allowance | ' | ' | ' |
Movement in Valuation Allowances and Reserves | ' | ' | ' |
Balance at beginning of year | 7,852 | 8,900 | 6,823 |
Charged to costs and expenses | 10,779 | -1,048 | 2,077 |
Write-offs | 0 | 0 | 0 |
Balance at end of year | $18,631 | $7,852 | $8,900 |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | $1,684,633 | ' | ' | ' | |
Initial cost of land | 1,240,215 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,440,895 | ' | ' | ' | |
Adjustments to basis | 123,408 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,216,431 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,588,087 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,804,518 | 5,962,878 | 6,441,555 | 6,721,242 | |
Accumulated depreciation | 1,330,474 | 1,275,787 | 1,180,767 | 1,034,769 | |
Aggregate cost of real estate, U.S. federal income tax purposes | 5,894,936 | ' | ' | ' | |
Total Operating Properties | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,673,274 | ' | ' | ' | |
Initial cost of land | 1,182,964 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,425,525 | ' | ' | ' | |
Adjustments to basis | 124,859 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,160,069 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,573,279 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,733,348 | ' | ' | ' | |
Accumulated depreciation | 1,328,778 | ' | ' | ' | |
Total Development Properties | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,359 | ' | ' | ' | |
Initial cost of land | 14,885 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,940 | ' | ' | ' | |
Adjustments to basis | -1,451 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,996 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,378 | ' | ' | ' | |
Gross amount carried at end of period, total | 27,374 | ' | ' | ' | |
Accumulated depreciation | 1,696 | ' | ' | ' | |
Developments in Progress | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | ' | ' | ' | |
Initial cost of land | 42,366 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,430 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 42,366 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,430 | ' | ' | ' | |
Gross amount carried at end of period, total | 43,796 | ' | ' | ' | |
Accumulated depreciation | 0 | ' | ' | ' | |
Panama City, FL | 23rd Street Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,100 | ' | ' | ' | |
Initial cost of land | 1,300 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,319 | ' | ' | ' | |
Adjustments to basis | 580 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,300 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,899 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,199 | ' | ' | ' | |
Accumulated depreciation | 1,791 | ' | ' | ' | |
Houma, LA | Academy Sports | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,156 | ' | ' | ' | |
Initial cost of land | 1,230 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,752 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,230 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,752 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,982 | ' | ' | ' | |
Accumulated depreciation | 1,295 | ' | ' | ' | |
Houma, LA | Magnolia Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 6,451 | ' | ' | ' | |
Initial cost of land | 2,635 | ' | ' | ' | |
Initial cost of buildings and improvements | 15,040 | ' | ' | ' | |
Adjustments to basis | -767 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,635 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 14,273 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,908 | ' | ' | ' | |
Accumulated depreciation | 4,686 | ' | ' | ' | |
Midland, TX | Academy Sports | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,585 | ' | ' | ' | |
Initial cost of land | 1,340 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,943 | ' | ' | ' | |
Adjustments to basis | 3 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,340 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,946 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,286 | ' | ' | ' | |
Accumulated depreciation | 989 | ' | ' | ' | |
Port Arthur, TX | Academy Sports | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,140 | ' | ' | ' | |
Initial cost of land | 1,050 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,954 | ' | ' | ' | |
Adjustments to basis | 6 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,050 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,960 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,010 | ' | ' | ' | |
Accumulated depreciation | 1,331 | ' | ' | ' | |
San Antonio, TX | Academy Sports | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,112 | ' | ' | ' | |
Initial cost of land | 3,215 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,963 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,215 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,963 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,178 | ' | ' | ' | |
Accumulated depreciation | 1,295 | ' | ' | ' | |
San Antonio, TX | Alison's Corner | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,565 | ' | ' | ' | |
Initial cost of land | 1,045 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,700 | ' | ' | ' | |
Adjustments to basis | 100 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,045 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,800 | ' | ' | ' | |
Gross amount carried at end of period, total | 6,845 | ' | ' | ' | |
Accumulated depreciation | 2,046 | ' | ' | ' | |
San Antonio, TX | HQ Building | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,190 | ' | ' | ' | |
Initial cost of land | 5,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,010 | ' | ' | ' | |
Adjustments to basis | 4,182 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 14,192 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,392 | ' | ' | ' | |
Accumulated depreciation | 3,942 | ' | ' | ' | |
San Antonio, TX | La Plaza Del Norte | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 16,005 | ' | ' | ' | |
Initial cost of buildings and improvements | 37,744 | ' | ' | ' | |
Adjustments to basis | 2,785 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 16,005 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 40,529 | ' | ' | ' | |
Gross amount carried at end of period, total | 56,534 | ' | ' | ' | |
Accumulated depreciation | 13,939 | ' | ' | ' | |
San Antonio, TX | Mission Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,710 | ' | ' | ' | |
Initial cost of land | 4,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,616 | ' | ' | ' | |
Adjustments to basis | 7,171 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,670 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,117 | ' | ' | ' | |
Gross amount carried at end of period, total | 23,787 | ' | ' | ' | |
Accumulated depreciation | 5,685 | ' | ' | ' | |
Lincolnshire, IL | Aon Hewitt East Campus | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 13,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 44,053 | ' | ' | ' | |
Adjustments to basis | -39,279 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,179 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,595 | ' | ' | ' | |
Gross amount carried at end of period, total | 17,774 | ' | ' | ' | |
Accumulated depreciation | 149 | ' | ' | ' | |
Arvada, CO | Arvada Connection and Arvada Marketplace | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 8,125 | ' | ' | ' | |
Initial cost of buildings and improvements | 39,366 | ' | ' | ' | |
Adjustments to basis | 1,219 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,125 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 40,585 | ' | ' | ' | |
Gross amount carried at end of period, total | 48,710 | ' | ' | ' | |
Accumulated depreciation | 14,488 | ' | ' | ' | |
Chicago, IL | Ashland & Roosevelt | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,354 | ' | ' | ' | |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 21,052 | ' | ' | ' | |
Adjustments to basis | 420 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 21,472 | ' | ' | ' | |
Gross amount carried at end of period, total | 21,472 | ' | ' | ' | |
Accumulated depreciation | 6,744 | ' | ' | ' | |
Chicago, IL | The Brickyard | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 45,300 | ' | ' | ' | |
Initial cost of buildings and improvements | 26,657 | ' | ' | ' | |
Adjustments to basis | 4,440 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 45,300 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 31,097 | ' | ' | ' | |
Gross amount carried at end of period, total | 76,397 | ' | ' | ' | |
Accumulated depreciation | 9,836 | ' | ' | ' | |
Summerville, SC | Azalea Square I | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 12,131 | ' | ' | ' | |
Initial cost of land | 6,375 | ' | ' | ' | |
Initial cost of buildings and improvements | 21,304 | ' | ' | ' | |
Adjustments to basis | 1,657 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,375 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 22,961 | ' | ' | ' | |
Gross amount carried at end of period, total | 29,336 | ' | ' | ' | |
Accumulated depreciation | 7,846 | ' | ' | ' | |
Summerville, SC | Azalea Square III | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,280 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,348 | ' | ' | ' | |
Adjustments to basis | 63 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,280 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,411 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,691 | ' | ' | ' | |
Accumulated depreciation | 2,384 | ' | ' | ' | |
Marietta, GA | Battle Ridge Pavilion | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,366 | ' | ' | ' | |
Adjustments to basis | 96 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,462 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,812 | ' | ' | ' | |
Accumulated depreciation | 3,218 | ' | ' | ' | |
Bradenton, FL | Beachway Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,460 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,397 | ' | ' | ' | |
Adjustments to basis | 410 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,460 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,807 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,267 | ' | ' | ' | |
Accumulated depreciation | 3,388 | ' | ' | ' | |
Miami, FL | Bed Bath & Beyond Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,147 | ' | ' | ' | |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 18,367 | ' | ' | ' | |
Adjustments to basis | 615 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,982 | ' | ' | ' | |
Gross amount carried at end of period, total | 18,982 | ' | ' | ' | |
Accumulated depreciation | 6,297 | ' | ' | ' | |
Westbury, NY | Bed Bath & Beyond Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,530 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,901 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,530 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,901 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,431 | ' | ' | ' | |
Accumulated depreciation | 3,669 | ' | ' | ' | |
Las Vegas, NV | Best on the Boulevard | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 17,619 | ' | ' | ' | |
Initial cost of land | 7,460 | ' | ' | ' | |
Initial cost of buildings and improvements | 25,583 | ' | ' | ' | |
Adjustments to basis | 2,132 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,460 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 27,715 | ' | ' | ' | |
Gross amount carried at end of period, total | 35,175 | ' | ' | ' | |
Accumulated depreciation | 9,262 | ' | ' | ' | |
Las Vegas, NV | Lake Mead Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 17,796 | ' | ' | ' | |
Initial cost of buildings and improvements | 50,272 | ' | ' | ' | |
Adjustments to basis | -36,669 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,830 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 22,569 | ' | ' | ' | |
Gross amount carried at end of period, total | 31,399 | [2],[3] | ' | ' | ' |
Accumulated depreciation | 0 | ' | ' | ' | |
Las Vegas, NV | Montecito Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 16,923 | ' | ' | ' | |
Initial cost of land | 9,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 25,414 | ' | ' | ' | |
Adjustments to basis | 9,273 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 11,300 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 33,087 | ' | ' | ' | |
Gross amount carried at end of period, total | 44,387 | ' | ' | ' | |
Accumulated depreciation | 9,711 | ' | ' | ' | |
Traverse City, MI | Bison Hollow | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 7,513 | ' | ' | ' | |
Initial cost of land | 5,550 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,324 | ' | ' | ' | |
Adjustments to basis | 57 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,550 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,381 | ' | ' | ' | |
Gross amount carried at end of period, total | 17,931 | ' | ' | ' | |
Accumulated depreciation | 3,921 | ' | ' | ' | |
Springfield, MA | Boston Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,425 | ' | ' | ' | |
Initial cost of land | 3,750 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,690 | ' | ' | ' | |
Adjustments to basis | 326 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,750 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,016 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,766 | ' | ' | ' | |
Accumulated depreciation | 3,139 | ' | ' | ' | |
Largo, MD | Boulevard at The Capital Ctr. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 114,703 | ' | ' | ' | |
Adjustments to basis | -30,144 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 84,559 | ' | ' | ' | |
Gross amount carried at end of period, total | 84,559 | ' | ' | ' | |
Accumulated depreciation | 17,003 | ' | ' | ' | |
Pawtucket, RI | Boulevard Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,407 | ' | ' | ' | |
Initial cost of land | 4,170 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,038 | ' | ' | ' | |
Adjustments to basis | 3,007 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,170 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,045 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,215 | ' | ' | ' | |
Accumulated depreciation | 4,682 | ' | ' | ' | |
Pawtucket, RI | Cottage Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,880 | ' | ' | ' | |
Initial cost of land | 3,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,158 | ' | ' | ' | |
Adjustments to basis | 195 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,353 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,353 | ' | ' | ' | |
Accumulated depreciation | 6,267 | ' | ' | ' | |
Bangor, ME | Broadway Shopping Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,137 | ' | ' | ' | |
Initial cost of land | 5,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 14,002 | ' | ' | ' | |
Adjustments to basis | 2,644 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,500 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 16,646 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,146 | ' | ' | ' | |
Accumulated depreciation | 4,915 | ' | ' | ' | |
Middletown, RI | Brown's Lane | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,007 | ' | ' | ' | |
Initial cost of land | 2,600 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,005 | ' | ' | ' | |
Adjustments to basis | 1,026 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,031 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,631 | ' | ' | ' | |
Accumulated depreciation | 4,096 | ' | ' | ' | |
Waco, TX | Central Texas Marketplace | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 45,386 | ' | ' | ' | |
Initial cost of land | 13,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 47,559 | ' | ' | ' | |
Adjustments to basis | 4,651 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 52,210 | ' | ' | ' | |
Gross amount carried at end of period, total | 65,210 | ' | ' | ' | |
Accumulated depreciation | 13,239 | ' | ' | ' | |
Laurel, MD | Centre at Laurel | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 19,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 8,406 | ' | ' | ' | |
Adjustments to basis | 16,822 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 19,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 25,228 | ' | ' | ' | |
Gross amount carried at end of period, total | 44,228 | ' | ' | ' | |
Accumulated depreciation | 7,058 | ' | ' | ' | |
West Mifflin, PA | Century III Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 7,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 33,212 | ' | ' | ' | |
Adjustments to basis | 1,700 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,100 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 34,912 | ' | ' | ' | |
Gross amount carried at end of period, total | 42,012 | ' | ' | ' | |
Accumulated depreciation | 10,634 | ' | ' | ' | |
Chantilly, VA | Chantilly Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 16,251 | ' | ' | ' | |
Initial cost of land | 8,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,060 | ' | ' | ' | |
Adjustments to basis | 2,113 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,500 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,173 | ' | ' | ' | |
Gross amount carried at end of period, total | 26,673 | ' | ' | ' | |
Accumulated depreciation | 5,570 | ' | ' | ' | |
Woodridge, IL | Cinemark Seven Bridges | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,007 | ' | ' | ' | |
Initial cost of land | 3,450 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,728 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,450 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,728 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,178 | ' | ' | ' | |
Accumulated depreciation | 3,591 | ' | ' | ' | |
Jacksonville, FL | Citizen's Property Insurance | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,150 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,601 | ' | ' | ' | |
Adjustments to basis | 6 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,150 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,607 | ' | ' | ' | |
Gross amount carried at end of period, total | 9,757 | ' | ' | ' | |
Accumulated depreciation | 2,219 | ' | ' | ' | |
Clear Lake, TX | Clearlake Shores | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 6,025 | ' | ' | ' | |
Initial cost of land | 1,775 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,026 | ' | ' | ' | |
Adjustments to basis | 1,159 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,775 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 8,185 | ' | ' | ' | |
Gross amount carried at end of period, total | 9,960 | ' | ' | ' | |
Accumulated depreciation | 2,565 | ' | ' | ' | |
Sugar Land, TX | Colony Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 16,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 22,775 | ' | ' | ' | |
Adjustments to basis | 635 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 16,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 23,410 | ' | ' | ' | |
Gross amount carried at end of period, total | 40,110 | ' | ' | ' | |
Accumulated depreciation | 6,424 | ' | ' | ' | |
Jackson, TN | The Columns | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 12,516 | ' | ' | ' | |
Initial cost of land | 5,830 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,439 | ' | ' | ' | |
Adjustments to basis | 91 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,830 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,530 | ' | ' | ' | |
Gross amount carried at end of period, total | 25,360 | ' | ' | ' | |
Accumulated depreciation | 6,683 | ' | ' | ' | |
Temecula, CA | The Commons at Temecula | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 25,665 | ' | ' | ' | |
Initial cost of land | 12,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 35,887 | ' | ' | ' | |
Adjustments to basis | 1,319 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 12,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 37,206 | ' | ' | ' | |
Gross amount carried at end of period, total | 49,206 | ' | ' | ' | |
Accumulated depreciation | 11,424 | ' | ' | ' | |
Temecula, CA | Vail Ranch Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,867 | ' | ' | ' | |
Initial cost of land | 6,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,275 | ' | ' | ' | |
Adjustments to basis | 77 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 16,352 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,552 | ' | ' | ' | |
Accumulated depreciation | 5,187 | ' | ' | ' | |
Coppell, TX | Coppell Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,730 | ' | ' | ' | |
Initial cost of land | 2,919 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,281 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,919 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,281 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,200 | ' | ' | ' | |
Accumulated depreciation | 133 | ' | ' | ' | |
Coram, NY | Coram Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 14,249 | ' | ' | ' | |
Initial cost of land | 10,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 26,178 | ' | ' | ' | |
Adjustments to basis | 2,725 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 10,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 28,903 | ' | ' | ' | |
Gross amount carried at end of period, total | 39,103 | ' | ' | ' | |
Accumulated depreciation | 9,365 | ' | ' | ' | |
Cocoa Beach, FL | Cornerstone Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,781 | ' | ' | ' | |
Initial cost of land | 2,920 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,359 | ' | ' | ' | |
Adjustments to basis | -152 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,920 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,207 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,127 | ' | ' | ' | |
Accumulated depreciation | 3,229 | ' | ' | ' | |
New Britain, CT | Corwest Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 14,697 | ' | ' | ' | |
Initial cost of land | 6,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 23,851 | ' | ' | ' | |
Adjustments to basis | 63 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 23,914 | ' | ' | ' | |
Gross amount carried at end of period, total | 30,814 | ' | ' | ' | |
Accumulated depreciation | 8,862 | ' | ' | ' | |
New Britain, CT | Shaws Supermarket | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,532 | ' | ' | ' | |
Adjustments to basis | -298 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,234 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,934 | ' | ' | ' | |
Accumulated depreciation | 4,243 | ' | ' | ' | |
Cranberry Township, PA | Cranberry Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,168 | ' | ' | ' | |
Initial cost of land | 3,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 18,736 | ' | ' | ' | |
Adjustments to basis | 713 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,449 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,449 | ' | ' | ' | |
Accumulated depreciation | 6,694 | ' | ' | ' | |
Morristown, TN | Crockett Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,140 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,534 | ' | ' | ' | |
Adjustments to basis | 55 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,139 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,590 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,729 | ' | ' | ' | |
Accumulated depreciation | 2,200 | ' | ' | ' | |
North Attelborough, MA | Crossroads Plaza CVS | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,282 | ' | ' | ' | |
Initial cost of land | 1,040 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,780 | ' | ' | ' | |
Adjustments to basis | 248 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,040 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,028 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,068 | ' | ' | ' | |
Accumulated depreciation | 1,218 | ' | ' | ' | |
Hartford, CT | Crown Theater | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 7,318 | ' | ' | ' | |
Initial cost of buildings and improvements | 954 | ' | ' | ' | |
Adjustments to basis | -60 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,258 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 954 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,212 | ' | ' | ' | |
Accumulated depreciation | 538 | ' | ' | ' | |
Cuyahoga Falls, OH | Cuyahoga Falls Market Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,707 | ' | ' | ' | |
Initial cost of land | 3,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,083 | ' | ' | ' | |
Adjustments to basis | 364 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,447 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,797 | ' | ' | ' | |
Accumulated depreciation | 3,572 | ' | ' | ' | |
Burleson, TX | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,677 | ' | ' | ' | |
Initial cost of land | 910 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,891 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 910 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,891 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,801 | ' | ' | ' | |
Accumulated depreciation | 901 | ' | ' | ' | |
Edmond, OK | CVS Pharmacy (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,263 | ' | ' | ' | |
Initial cost of land | 975 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,400 | ' | ' | ' | |
Adjustments to basis | 2 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 975 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,402 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,377 | ' | ' | ' | |
Accumulated depreciation | 890 | ' | ' | ' | |
Lawton, OK | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,179 | ' | ' | ' | |
Initial cost of land | 750 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,958 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 750 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,958 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,708 | ' | ' | ' | |
Accumulated depreciation | 616 | ' | ' | ' | |
Montevallo, AL | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,802 | ' | ' | ' | |
Initial cost of land | 250 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,777 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 250 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,777 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,027 | ' | ' | ' | |
Accumulated depreciation | 890 | ' | ' | ' | |
Moore, OK | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,945 | ' | ' | ' | |
Initial cost of land | 600 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,659 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,659 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,259 | ' | ' | ' | |
Accumulated depreciation | 845 | ' | ' | ' | |
Norman, OK | CVS Pharmacy (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,562 | ' | ' | ' | |
Initial cost of land | 932 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,370 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 932 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,370 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,302 | ' | ' | ' | |
Accumulated depreciation | 1,633 | ' | ' | ' | |
Oklahoma City, OK | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,878 | ' | ' | ' | |
Initial cost of land | 620 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,583 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 620 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,583 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,203 | ' | ' | ' | |
Accumulated depreciation | 1,116 | ' | ' | ' | |
Oklahoma City, OK | The Village at Quail Springs | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,295 | ' | ' | ' | |
Initial cost of land | 3,335 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,766 | ' | ' | ' | |
Adjustments to basis | 121 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,335 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,887 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,222 | ' | ' | ' | |
Accumulated depreciation | 2,547 | ' | ' | ' | |
Saginaw, TX | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,664 | ' | ' | ' | |
Initial cost of land | 1,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,254 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,100 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,254 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,354 | ' | ' | ' | |
Accumulated depreciation | 1,044 | ' | ' | ' | |
Sylacauga, AL | CVS Pharmacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,800 | ' | ' | ' | |
Initial cost of land | 600 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,469 | ' | ' | ' | |
Adjustments to basis | 3 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,472 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,072 | ' | ' | ' | |
Accumulated depreciation | 831 | ' | ' | ' | |
Cypress, TX | Cypress Mill Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,731 | ' | ' | ' | |
Initial cost of land | 4,962 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,976 | ' | ' | ' | |
Adjustments to basis | 14 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,962 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,990 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,952 | ' | ' | ' | |
Accumulated depreciation | 116 | ' | ' | ' | |
North Richland Hills, TX | Davis Towne Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,850 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,681 | ' | ' | ' | |
Adjustments to basis | 850 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,671 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 6,710 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,381 | ' | ' | ' | |
Accumulated depreciation | 2,256 | ' | ' | ' | |
Denton, TX | Denton Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 27,633 | ' | ' | ' | |
Initial cost of land | 6,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 43,434 | ' | ' | ' | |
Adjustments to basis | 11,416 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 54,850 | ' | ' | ' | |
Gross amount carried at end of period, total | 60,850 | ' | ' | ' | |
Accumulated depreciation | 18,004 | ' | ' | ' | |
Green, OH | Diebold Warehouse | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,190 | ' | ' | ' | |
Adjustments to basis | 2 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,192 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,192 | ' | ' | ' | |
Accumulated depreciation | 3,488 | ' | ' | ' | |
Spartanburg, SC | Dorman Center I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 20,852 | ' | ' | ' | |
Initial cost of land | 17,025 | ' | ' | ' | |
Initial cost of buildings and improvements | 29,478 | ' | ' | ' | |
Adjustments to basis | 815 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 17,025 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 30,293 | ' | ' | ' | |
Gross amount carried at end of period, total | 47,318 | ' | ' | ' | |
Accumulated depreciation | 11,081 | ' | ' | ' | |
Kingsport, TN | East Stone Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 28,714 | ' | ' | ' | |
Adjustments to basis | -789 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,826 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 27,999 | ' | ' | ' | |
Gross amount carried at end of period, total | 30,825 | ' | ' | ' | |
Accumulated depreciation | 7,563 | ' | ' | ' | |
Lansing, MI | Eastwood Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 22,274 | ' | ' | ' | |
Initial cost of land | 12,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 65,067 | ' | ' | ' | |
Adjustments to basis | 145 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 12,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 65,212 | ' | ' | ' | |
Gross amount carried at end of period, total | 77,212 | ' | ' | ' | |
Accumulated depreciation | 22,926 | ' | ' | ' | |
Homewood, AL | Edgemont Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 6,595 | ' | ' | ' | |
Initial cost of land | 3,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,956 | ' | ' | ' | |
Adjustments to basis | -91 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,500 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,865 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,365 | ' | ' | ' | |
Accumulated depreciation | 3,710 | ' | ' | ' | |
Fresno, CA | Edwards Multiplex | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,628 | ' | ' | ' | |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 35,421 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 35,421 | ' | ' | ' | |
Gross amount carried at end of period, total | 35,421 | ' | ' | ' | |
Accumulated depreciation | 11,255 | ' | ' | ' | |
Ontario, CA | Edwards Multiplex | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 13,912 | ' | ' | ' | |
Initial cost of land | 11,800 | ' | ' | ' | |
Initial cost of buildings and improvements | 33,098 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 11,800 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 33,098 | ' | ' | ' | |
Gross amount carried at end of period, total | 44,898 | ' | ' | ' | |
Accumulated depreciation | 10,517 | ' | ' | ' | |
Evans, GA | Evans Towne Centre | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,333 | ' | ' | ' | |
Initial cost of land | 1,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,425 | ' | ' | ' | |
Adjustments to basis | 476 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 6,901 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,601 | ' | ' | ' | |
Accumulated depreciation | 2,174 | ' | ' | ' | |
Middletown, NY | Fairgrounds Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,800 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,490 | ' | ' | ' | |
Adjustments to basis | 4,354 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,431 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,213 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,644 | ' | ' | ' | |
Accumulated depreciation | 5,433 | ' | ' | ' | |
Kalamazoo, MI | Fisher Scientific | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 510 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,768 | ' | ' | ' | |
Adjustments to basis | 133 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 510 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,901 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,411 | ' | ' | ' | |
Accumulated depreciation | 3,803 | ' | ' | ' | |
Simpsonville, SC | Five Forks | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,374 | ' | ' | ' | |
Adjustments to basis | 219 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,100 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,593 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,693 | ' | ' | ' | |
Accumulated depreciation | 1,820 | ' | ' | ' | |
Simpsonville, SC | Five Forks II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 440 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,018 | ' | ' | ' | |
Adjustments to basis | 169 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 440 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,187 | ' | ' | ' | |
Gross amount carried at end of period, total | 1,627 | ' | ' | ' | |
Accumulated depreciation | 328 | ' | ' | ' | |
Bronx, NY | Fordham Place | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 17,209 | ' | ' | ' | |
Initial cost of buildings and improvements | 96,547 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 17,209 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 96,547 | ' | ' | ' | |
Gross amount carried at end of period, total | 113,756 | ' | ' | ' | |
Accumulated depreciation | 586 | ' | ' | ' | |
Easton, PA | Forks Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,388 | ' | ' | ' | |
Initial cost of land | 2,430 | ' | ' | ' | |
Initial cost of buildings and improvements | 14,836 | ' | ' | ' | |
Adjustments to basis | 711 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,430 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,547 | ' | ' | ' | |
Gross amount carried at end of period, total | 17,977 | ' | ' | ' | |
Accumulated depreciation | 5,351 | ' | ' | ' | |
Fountain Hills, AZ | Four Peaks Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,803 | ' | ' | ' | |
Initial cost of land | 5,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 20,098 | ' | ' | ' | |
Adjustments to basis | -10,974 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,215 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,909 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,124 | ' | ' | ' | |
Accumulated depreciation | 0 | ' | ' | ' | |
Longmont, CO | Fox Creek Village | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,147 | ' | ' | ' | |
Initial cost of land | 3,755 | ' | ' | ' | |
Initial cost of buildings and improvements | 15,563 | ' | ' | ' | |
Adjustments to basis | -1,054 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,755 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 14,509 | ' | ' | ' | |
Gross amount carried at end of period, total | 18,264 | ' | ' | ' | |
Accumulated depreciation | 4,940 | ' | ' | ' | |
Fullerton, CA | Fullerton Metrocenter | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 28,403 | ' | ' | ' | |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 47,403 | ' | ' | ' | |
Adjustments to basis | 1,483 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 48,886 | ' | ' | ' | |
Gross amount carried at end of period, total | 48,886 | ' | ' | ' | |
Accumulated depreciation | 16,840 | ' | ' | ' | |
Galveston, TX | Galvez Shopping Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,140 | ' | ' | ' | |
Initial cost of land | 1,250 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,947 | ' | ' | ' | |
Adjustments to basis | 340 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,250 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,287 | ' | ' | ' | |
Gross amount carried at end of period, total | 6,537 | ' | ' | ' | |
Accumulated depreciation | 1,665 | ' | ' | ' | |
Salt Lake City, UT | The Gateway | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 97,154 | ' | ' | ' | |
Initial cost of land | 28,665 | ' | ' | ' | |
Initial cost of buildings and improvements | 110,945 | ' | ' | ' | |
Adjustments to basis | 23,789 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 28,665 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 134,734 | ' | ' | ' | |
Gross amount carried at end of period, total | 163,399 | ' | ' | ' | |
Accumulated depreciation | 40,102 | ' | ' | ' | |
Avondale, AZ | Gateway Pavilions | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 24,552 | ' | ' | ' | |
Initial cost of land | 9,880 | ' | ' | ' | |
Initial cost of buildings and improvements | 55,195 | ' | ' | ' | |
Adjustments to basis | 883 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 9,880 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 56,078 | ' | ' | ' | |
Gross amount carried at end of period, total | 65,958 | ' | ' | ' | |
Accumulated depreciation | 18,129 | ' | ' | ' | |
Southlake, TX | Gateway Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 26,371 | ' | ' | ' | |
Adjustments to basis | 3,112 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 29,483 | ' | ' | ' | |
Gross amount carried at end of period, total | 29,483 | ' | ' | ' | |
Accumulated depreciation | 9,862 | ' | ' | ' | |
Southlake, TX | Southlake Corners | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 21,186 | ' | ' | ' | |
Initial cost of land | 6,612 | ' | ' | ' | |
Initial cost of buildings and improvements | 23,605 | ' | ' | ' | |
Adjustments to basis | 5 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,612 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 23,610 | ' | ' | ' | |
Gross amount carried at end of period, total | 30,222 | ' | ' | ' | |
Accumulated depreciation | 234 | ' | ' | ' | |
Southlake, TX | Southlake Town Square I - VII | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 144,054 | [4] | ' | ' | ' |
Initial cost of land | 41,490 | ' | ' | ' | |
Initial cost of buildings and improvements | 187,353 | ' | ' | ' | |
Adjustments to basis | 20,052 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 41,490 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 207,405 | ' | ' | ' | |
Gross amount carried at end of period, total | 248,895 | ' | ' | ' | |
Accumulated depreciation | 59,065 | ' | ' | ' | |
College Station, TX | Gateway Station | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,992 | ' | ' | ' | |
Initial cost of land | 1,050 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,911 | ' | ' | ' | |
Adjustments to basis | 1,143 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,050 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,054 | ' | ' | ' | |
Gross amount carried at end of period, total | 6,104 | ' | ' | ' | |
Accumulated depreciation | 1,638 | ' | ' | ' | |
College Station, TX | Gateway Station II & III | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,280 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,557 | ' | ' | ' | |
Adjustments to basis | 28 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,280 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,585 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,865 | ' | ' | ' | |
Accumulated depreciation | 2,338 | ' | ' | ' | |
Annapolis, MD | Gateway Village | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 37,026 | ' | ' | ' | |
Initial cost of land | 8,550 | ' | ' | ' | |
Initial cost of buildings and improvements | 39,298 | ' | ' | ' | |
Adjustments to basis | 4,229 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,550 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 43,527 | ' | ' | ' | |
Gross amount carried at end of period, total | 52,077 | ' | ' | ' | |
Accumulated depreciation | 14,820 | ' | ' | ' | |
Oswego, IL | Gerry Centennial Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,370 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,968 | ' | ' | ' | |
Adjustments to basis | 9,020 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,370 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 21,988 | ' | ' | ' | |
Gross amount carried at end of period, total | 27,358 | ' | ' | ' | |
Accumulated depreciation | 4,909 | ' | ' | ' | |
Gloucester, NJ | Gloucester Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,909 | ' | ' | ' | |
Initial cost of land | 3,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 17,878 | ' | ' | ' | |
Adjustments to basis | 228 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,106 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,006 | ' | ' | ' | |
Accumulated depreciation | 5,679 | ' | ' | ' | |
Altamonte Springs, FL | Golfsmith | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,250 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,974 | ' | ' | ' | |
Adjustments to basis | 2 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,250 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,976 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,226 | ' | ' | ' | |
Accumulated depreciation | 850 | ' | ' | ' | |
Tallahassee, FL | Governor's Marketplace | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 30,377 | ' | ' | ' | |
Adjustments to basis | 2,846 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 33,223 | ' | ' | ' | |
Gross amount carried at end of period, total | 33,223 | ' | ' | ' | |
Accumulated depreciation | 11,172 | ' | ' | ' | |
Grapevine, TX | Grapevine Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,329 | ' | ' | ' | |
Initial cost of land | 4,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,938 | ' | ' | ' | |
Adjustments to basis | 45 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,894 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,189 | ' | ' | ' | |
Gross amount carried at end of period, total | 21,083 | ' | ' | ' | |
Accumulated depreciation | 5,429 | ' | ' | ' | |
Cumming, GA | Green's Corner | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,392 | ' | ' | ' | |
Initial cost of land | 3,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 8,663 | ' | ' | ' | |
Adjustments to basis | 219 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 8,882 | ' | ' | ' | |
Gross amount carried at end of period, total | 12,082 | ' | ' | ' | |
Accumulated depreciation | 2,896 | ' | ' | ' | |
Greensburg, IN | Greensburg Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,250 | ' | ' | ' | |
Initial cost of land | 2,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,080 | ' | ' | ' | |
Adjustments to basis | 288 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,368 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,068 | ' | ' | ' | |
Accumulated depreciation | 6,137 | ' | ' | ' | |
Phillipsburg, NJ | Greenwich Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 14,475 | ' | ' | ' | |
Initial cost of land | 5,439 | ' | ' | ' | |
Initial cost of buildings and improvements | 21,594 | ' | ' | ' | |
Adjustments to basis | -9,465 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,791 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,777 | ' | ' | ' | |
Gross amount carried at end of period, total | 17,568 | ' | ' | ' | |
Accumulated depreciation | 2,411 | ' | ' | ' | |
Gurnee, IL | Gurnee Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 15,309 | ' | ' | ' | |
Initial cost of land | 7,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 35,147 | ' | ' | ' | |
Adjustments to basis | 3,637 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 38,784 | ' | ' | ' | |
Gross amount carried at end of period, total | 45,784 | ' | ' | ' | |
Accumulated depreciation | 12,426 | ' | ' | ' | |
Maple Grove, MN | Hartford Insurance Building | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,709 | ' | ' | ' | |
Adjustments to basis | 6 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,715 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,415 | ' | ' | ' | |
Accumulated depreciation | 4,191 | ' | ' | ' | |
Knoxville, TN | Harvest Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,044 | ' | ' | ' | |
Initial cost of land | 3,155 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,085 | ' | ' | ' | |
Adjustments to basis | 245 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,155 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,330 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,485 | ' | ' | ' | |
Accumulated depreciation | 1,783 | ' | ' | ' | |
Knoxville, TN | Traveler's Office Building | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 650 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,001 | ' | ' | ' | |
Adjustments to basis | 822 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,079 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,394 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,473 | ' | ' | ' | |
Accumulated depreciation | 2,093 | ' | ' | ' | |
McDonough, GA | Henry Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 10,650 | ' | ' | ' | |
Initial cost of buildings and improvements | 46,814 | ' | ' | ' | |
Adjustments to basis | 1,223 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 10,650 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 48,037 | ' | ' | ' | |
Gross amount carried at end of period, total | 58,687 | ' | ' | ' | |
Accumulated depreciation | 15,611 | ' | ' | ' | |
Euless, TX | Heritage Towne Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,332 | ' | ' | ' | |
Initial cost of land | 3,065 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,729 | ' | ' | ' | |
Adjustments to basis | 1,407 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,065 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,136 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,201 | ' | ' | ' | |
Accumulated depreciation | 4,265 | ' | ' | ' | |
Hickory, NC | Hickory Ridge | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 19,545 | ' | ' | ' | |
Initial cost of land | 6,860 | ' | ' | ' | |
Initial cost of buildings and improvements | 33,323 | ' | ' | ' | |
Adjustments to basis | 536 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,860 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 33,859 | ' | ' | ' | |
Gross amount carried at end of period, total | 40,719 | ' | ' | ' | |
Accumulated depreciation | 11,158 | ' | ' | ' | |
High Ridge, MO | High Ridge Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,007 | ' | ' | ' | |
Initial cost of land | 3,075 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,148 | ' | ' | ' | |
Adjustments to basis | -283 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,075 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 8,865 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,940 | ' | ' | ' | |
Accumulated depreciation | 2,879 | ' | ' | ' | |
Duncansville, PA | Holliday Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 7,895 | ' | ' | ' | |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,609 | ' | ' | ' | |
Adjustments to basis | -365 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,244 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,444 | ' | ' | ' | |
Accumulated depreciation | 3,761 | ' | ' | ' | |
Pittsburgh, PA | Home Depot Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,758 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 16,758 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,758 | ' | ' | ' | |
Accumulated depreciation | 5,222 | ' | ' | ' | |
Orange, CT | Home Depot Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,750 | ' | ' | ' | |
Initial cost of land | 9,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 17,137 | ' | ' | ' | |
Adjustments to basis | 1,666 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 9,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,803 | ' | ' | ' | |
Gross amount carried at end of period, total | 28,503 | ' | ' | ' | |
Accumulated depreciation | 5,534 | ' | ' | ' | |
Orange, CT | Orange Plaza (Golfland Plaza) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,834 | ' | ' | ' | |
Adjustments to basis | 2,360 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,194 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,544 | ' | ' | ' | |
Accumulated depreciation | 1,866 | ' | ' | ' | |
Humble, TX | Humblewood Shopping Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 6,516 | ' | ' | ' | |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,823 | ' | ' | ' | |
Adjustments to basis | 23 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,846 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,046 | ' | ' | ' | |
Accumulated depreciation | 3,792 | ' | ' | ' | |
Irmo, SC | Irmo Station | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,103 | ' | ' | ' | |
Initial cost of land | 2,600 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,247 | ' | ' | ' | |
Adjustments to basis | 763 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,579 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,031 | ' | ' | ' | |
Gross amount carried at end of period, total | 12,610 | ' | ' | ' | |
Accumulated depreciation | 3,131 | ' | ' | ' | |
Newport News, VA | Jefferson Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 55,525 | ' | ' | ' | |
Initial cost of land | 23,097 | ' | ' | ' | |
Initial cost of buildings and improvements | 52,762 | ' | ' | ' | |
Adjustments to basis | 472 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 23,097 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 53,234 | ' | ' | ' | |
Gross amount carried at end of period, total | 76,331 | ' | ' | ' | |
Accumulated depreciation | 11,505 | ' | ' | ' | |
Seekonk, MA | King Philip's Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,438 | ' | ' | ' | |
Initial cost of land | 3,710 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,144 | ' | ' | ' | |
Adjustments to basis | -350 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,710 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,794 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,504 | ' | ' | ' | |
Accumulated depreciation | 5,604 | ' | ' | ' | |
Lake Mary, FL | Lake Mary Pointe | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,675 | ' | ' | ' | |
Initial cost of land | 2,075 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,009 | ' | ' | ' | |
Adjustments to basis | 92 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,065 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,111 | ' | ' | ' | |
Gross amount carried at end of period, total | 6,176 | ' | ' | ' | |
Accumulated depreciation | 1,380 | ' | ' | ' | |
Lake Worth, TX | Lake Worth Towne Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 6,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 30,910 | ' | ' | ' | |
Adjustments to basis | 4,305 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 35,215 | ' | ' | ' | |
Gross amount carried at end of period, total | 41,415 | ' | ' | ' | |
Accumulated depreciation | 9,540 | ' | ' | ' | |
Lewisville, TX | Lakepointe Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,750 | ' | ' | ' | |
Initial cost of buildings and improvements | 23,904 | ' | ' | ' | |
Adjustments to basis | 2,600 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,750 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 26,504 | ' | ' | ' | |
Gross amount carried at end of period, total | 31,254 | ' | ' | ' | |
Accumulated depreciation | 7,769 | ' | ' | ' | |
Lakewood, WA | Lakewood Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 11,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 70,796 | ' | ' | ' | |
Adjustments to basis | -14,862 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 11,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 55,934 | ' | ' | ' | |
Gross amount carried at end of period, total | 67,134 | ' | ' | ' | |
Accumulated depreciation | 19,958 | ' | ' | ' | |
Worcester, MA | Lincoln Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 39,329 | ' | ' | ' | |
Initial cost of land | 13,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 46,482 | ' | ' | ' | |
Adjustments to basis | 22,475 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,165 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 68,792 | ' | ' | ' | |
Gross amount carried at end of period, total | 81,957 | ' | ' | ' | |
Accumulated depreciation | 19,721 | ' | ' | ' | |
Bluffton, SC | Low Country Village I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,910 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,614 | ' | ' | ' | |
Adjustments to basis | -463 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,486 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 16,575 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,061 | ' | ' | ' | |
Accumulated depreciation | 5,601 | ' | ' | ' | |
Butler, NJ | Lowe's/Bed, Bath & Beyond | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 13,109 | ' | ' | ' | |
Initial cost of land | 7,423 | ' | ' | ' | |
Initial cost of buildings and improvements | 799 | ' | ' | ' | |
Adjustments to basis | -8 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,415 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 799 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,214 | ' | ' | ' | |
Accumulated depreciation | 444 | ' | ' | ' | |
Los Colinas, TX | MacArthur Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 6,950 | ' | ' | ' | |
Initial cost of land | 4,710 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,265 | ' | ' | ' | |
Adjustments to basis | 1,703 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,710 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,968 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,678 | ' | ' | ' | |
Accumulated depreciation | 6,312 | ' | ' | ' | |
Town and Country, MO | Manchester Meadows | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 14,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 39,738 | ' | ' | ' | |
Adjustments to basis | 251 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 14,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 39,989 | ' | ' | ' | |
Gross amount carried at end of period, total | 54,689 | ' | ' | ' | |
Accumulated depreciation | 13,706 | ' | ' | ' | |
Mansfield, TX | Mansfield Towne Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,300 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,195 | ' | ' | ' | |
Adjustments to basis | 3,594 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,300 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,789 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,089 | ' | ' | ' | |
Accumulated depreciation | 5,204 | ' | ' | ' | |
Williston, VT | Maple Tree Place | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 28,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 67,361 | ' | ' | ' | |
Adjustments to basis | 3,720 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 28,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 71,081 | ' | ' | ' | |
Gross amount carried at end of period, total | 99,081 | ' | ' | ' | |
Accumulated depreciation | 22,433 | ' | ' | ' | |
Columbus, IN | The Market at Clifty Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 13,130 | ' | ' | ' | |
Initial cost of land | 1,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,668 | ' | ' | ' | |
Adjustments to basis | 1,210 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,847 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,931 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,778 | ' | ' | ' | |
Accumulated depreciation | 5,313 | ' | ' | ' | |
Massillon, OH | Massillon Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 7,077 | ' | ' | ' | |
Initial cost of land | 4,090 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,521 | ' | ' | ' | |
Adjustments to basis | 451 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,090 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,972 | ' | ' | ' | |
Gross amount carried at end of period, total | 17,062 | ' | ' | ' | |
Accumulated depreciation | 4,128 | ' | ' | ' | |
McAllen, TX | McAllen Shopping Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,565 | ' | ' | ' | |
Initial cost of land | 850 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,958 | ' | ' | ' | |
Adjustments to basis | -112 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 850 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,846 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,696 | ' | ' | ' | |
Accumulated depreciation | 942 | ' | ' | ' | |
McAllen, TX | Trenton Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 16,464 | ' | ' | ' | |
Initial cost of land | 8,180 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,262 | ' | ' | ' | |
Adjustments to basis | 3,181 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,180 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 22,443 | ' | ' | ' | |
Gross amount carried at end of period, total | 30,623 | ' | ' | ' | |
Accumulated depreciation | 7,096 | ' | ' | ' | |
Poughkeepsie, NY | Mid-Hudson Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 9,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 29,160 | ' | ' | ' | |
Adjustments to basis | 1 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 9,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 29,161 | ' | ' | ' | |
Gross amount carried at end of period, total | 39,061 | ' | ' | ' | |
Accumulated depreciation | 9,007 | ' | ' | ' | |
Milwaukee, WI | Midtown Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 30,233 | ' | ' | ' | |
Initial cost of land | 13,220 | ' | ' | ' | |
Initial cost of buildings and improvements | 41,687 | ' | ' | ' | |
Adjustments to basis | 5,171 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,220 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 46,858 | ' | ' | ' | |
Gross amount carried at end of period, total | 60,078 | ' | ' | ' | |
Accumulated depreciation | 14,396 | ' | ' | ' | |
New Port Richey, FL | Mitchell Ranch Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,550 | ' | ' | ' | |
Initial cost of buildings and improvements | 26,213 | ' | ' | ' | |
Adjustments to basis | 369 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,550 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 26,582 | ' | ' | ' | |
Gross amount carried at end of period, total | 32,132 | ' | ' | ' | |
Accumulated depreciation | 9,076 | ' | ' | ' | |
Kalispell, MT | Mountain View Plaza I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,180 | ' | ' | ' | |
Initial cost of buildings and improvements | 18,212 | ' | ' | ' | |
Adjustments to basis | 674 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,120 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 18,946 | ' | ' | ' | |
Gross amount carried at end of period, total | 24,066 | ' | ' | ' | |
Accumulated depreciation | 5,370 | ' | ' | ' | |
Houston, TX | New Forest Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,434 | ' | ' | ' | |
Initial cost of land | 4,390 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,313 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,390 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,313 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,703 | ' | ' | ' | |
Accumulated depreciation | 130 | ' | ' | ' | |
Houston, TX | Rave Theater | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,440 | ' | ' | ' | |
Initial cost of buildings and improvements | 22,111 | ' | ' | ' | |
Adjustments to basis | 2,881 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,440 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 24,992 | ' | ' | ' | |
Gross amount carried at end of period, total | 28,432 | ' | ' | ' | |
Accumulated depreciation | 7,263 | ' | ' | ' | |
Houston, TX | Royal Oaks Village II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,859 | ' | ' | ' | |
Adjustments to basis | -168 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 11,691 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,891 | ' | ' | ' | |
Accumulated depreciation | 3,496 | ' | ' | ' | |
Houston, TX | Sawyer Heights Village | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 18,912 | ' | ' | ' | |
Initial cost of land | 24,214 | ' | ' | ' | |
Initial cost of buildings and improvements | 15,797 | ' | ' | ' | |
Adjustments to basis | 29 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 24,214 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,826 | ' | ' | ' | |
Gross amount carried at end of period, total | 40,040 | ' | ' | ' | |
Accumulated depreciation | 167 | ' | ' | ' | |
Newburgh, NY | Newburgh Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 4,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,246 | ' | ' | ' | |
Adjustments to basis | 33 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,279 | ' | ' | ' | |
Gross amount carried at end of period, total | 14,279 | ' | ' | ' | |
Accumulated depreciation | 3,101 | ' | ' | ' | |
Newnan, GA | Newnan Crossing I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 15,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 33,987 | ' | ' | ' | |
Adjustments to basis | 4,901 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 15,100 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 38,888 | ' | ' | ' | |
Gross amount carried at end of period, total | 53,988 | ' | ' | ' | |
Accumulated depreciation | 13,224 | ' | ' | ' | |
Covington, GA | Newton Crossroads | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,803 | ' | ' | ' | |
Initial cost of land | 3,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,927 | ' | ' | ' | |
Adjustments to basis | 78 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,005 | ' | ' | ' | |
Gross amount carried at end of period, total | 10,355 | ' | ' | ' | |
Accumulated depreciation | 2,278 | ' | ' | ' | |
Charleston, SC | North Rivers Towne Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 10,206 | ' | ' | ' | |
Initial cost of land | 3,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 15,720 | ' | ' | ' | |
Adjustments to basis | 252 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,972 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,322 | ' | ' | ' | |
Accumulated depreciation | 5,726 | ' | ' | ' | |
Seattle, WA | Northgate North | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 27,500 | ' | ' | ' | |
Initial cost of land | 7,540 | ' | ' | ' | |
Initial cost of buildings and improvements | 49,078 | ' | ' | ' | |
Adjustments to basis | -15,621 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,540 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 33,457 | ' | ' | ' | |
Gross amount carried at end of period, total | 40,997 | ' | ' | ' | |
Accumulated depreciation | 12,084 | ' | ' | ' | |
Spokane, WA | Northpointe Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 23,589 | ' | ' | ' | |
Initial cost of land | 13,800 | ' | ' | ' | |
Initial cost of buildings and improvements | 37,707 | ' | ' | ' | |
Adjustments to basis | 3,207 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,800 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 40,914 | ' | ' | ' | |
Gross amount carried at end of period, total | 54,714 | ' | ' | ' | |
Accumulated depreciation | 14,132 | ' | ' | ' | |
Northport, AL | Northwood Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,770 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,658 | ' | ' | ' | |
Adjustments to basis | 950 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,770 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 14,608 | ' | ' | ' | |
Gross amount carried at end of period, total | 18,378 | ' | ' | ' | |
Accumulated depreciation | 4,177 | ' | ' | ' | |
Wesley Chapel, FL | Northwoods Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,665 | ' | ' | ' | |
Initial cost of land | 3,415 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,475 | ' | ' | ' | |
Adjustments to basis | 6,386 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,415 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 15,861 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,276 | ' | ' | ' | |
Accumulated depreciation | 5,108 | ' | ' | ' | |
New Hartford, NY | The Orchard | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,826 | ' | ' | ' | |
Initial cost of land | 3,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 17,151 | ' | ' | ' | |
Adjustments to basis | 14 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,165 | ' | ' | ' | |
Gross amount carried at end of period, total | 20,365 | ' | ' | ' | |
Accumulated depreciation | 5,257 | ' | ' | ' | |
Gilroy, CA | Pacheco Pass Phase I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 13,420 | ' | ' | ' | |
Initial cost of buildings and improvements | 32,784 | ' | ' | ' | |
Adjustments to basis | -84 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 13,400 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 32,720 | ' | ' | ' | |
Gross amount carried at end of period, total | 46,120 | ' | ' | ' | |
Accumulated depreciation | 8,882 | ' | ' | ' | |
Fort Myers, FL | Page Field Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 43,355 | ' | ' | ' | |
Adjustments to basis | 1,269 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 44,624 | ' | ' | ' | |
Gross amount carried at end of period, total | 44,624 | ' | ' | ' | |
Accumulated depreciation | 12,543 | ' | ' | ' | |
Phoenix, AZ | Paradise Valley Marketplace | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,339 | ' | ' | ' | |
Initial cost of land | 6,590 | ' | ' | ' | |
Initial cost of buildings and improvements | 20,425 | ' | ' | ' | |
Adjustments to basis | 171 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,590 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 20,596 | ' | ' | ' | |
Gross amount carried at end of period, total | 27,186 | ' | ' | ' | |
Accumulated depreciation | 7,384 | ' | ' | ' | |
Frisco, TX | Parkway Towne Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 6,142 | ' | ' | ' | |
Initial cost of buildings and improvements | 20,423 | ' | ' | ' | |
Adjustments to basis | 4,106 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,142 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 24,529 | ' | ' | ' | |
Gross amount carried at end of period, total | 30,671 | ' | ' | ' | |
Accumulated depreciation | 6,647 | ' | ' | ' | |
Concord, NC | Pavillion at Kings Grant I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 10,274 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,392 | ' | ' | ' | |
Adjustments to basis | 11,774 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 10,274 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 24,166 | ' | ' | ' | |
Gross amount carried at end of period, total | 34,440 | ' | ' | ' | |
Accumulated depreciation | 6,482 | ' | ' | ' | |
Pelham Manor, NY | Pelham Manor Shopping Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 67,870 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 67,870 | ' | ' | ' | |
Gross amount carried at end of period, total | 67,870 | ' | ' | ' | |
Accumulated depreciation | 455 | ' | ' | ' | |
Peoria, AZ | Peoria Crossings I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 24,131 | ' | ' | ' | |
Initial cost of land | 6,995 | ' | ' | ' | |
Initial cost of buildings and improvements | 32,816 | ' | ' | ' | |
Adjustments to basis | 3,869 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,495 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 35,185 | ' | ' | ' | |
Gross amount carried at end of period, total | 43,680 | ' | ' | ' | |
Accumulated depreciation | 12,325 | ' | ' | ' | |
Phenix City, AL | Phenix Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,236 | ' | ' | ' | |
Initial cost of land | 2,600 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,776 | ' | ' | ' | |
Adjustments to basis | 287 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,063 | ' | ' | ' | |
Gross amount carried at end of period, total | 9,663 | ' | ' | ' | |
Accumulated depreciation | 2,338 | ' | ' | ' | |
Lawrence, KS | Pine Ridge Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 19,802 | ' | ' | ' | |
Adjustments to basis | 2,737 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 22,539 | ' | ' | ' | |
Gross amount carried at end of period, total | 27,539 | ' | ' | ' | |
Accumulated depreciation | 7,510 | ' | ' | ' | |
Placentia, CA | Placentia Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,265 | ' | ' | ' | |
Initial cost of land | 11,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,751 | ' | ' | ' | |
Adjustments to basis | 1,311 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 11,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,062 | ' | ' | ' | |
Gross amount carried at end of period, total | 24,262 | ' | ' | ' | |
Accumulated depreciation | 4,088 | ' | ' | ' | |
Marysville, WA | Plaza at Marysville | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 9,177 | ' | ' | ' | |
Initial cost of land | 6,600 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,728 | ' | ' | ' | |
Adjustments to basis | 743 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 14,471 | ' | ' | ' | |
Gross amount carried at end of period, total | 21,071 | ' | ' | ' | |
Accumulated depreciation | 4,799 | ' | ' | ' | |
Bakersfield, CA | Plaza at Riverlakes | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,603 | ' | ' | ' | |
Initial cost of land | 5,100 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,824 | ' | ' | ' | |
Adjustments to basis | 49 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,100 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,873 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,973 | ' | ' | ' | |
Accumulated depreciation | 3,649 | ' | ' | ' | |
Santa Fe, NM | Plaza Santa Fe II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 28,588 | ' | ' | ' | |
Adjustments to basis | 2,763 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 31,351 | ' | ' | ' | |
Gross amount carried at end of period, total | 31,351 | ' | ' | ' | |
Accumulated depreciation | 10,588 | ' | ' | ' | |
Cedar Hill, TX | Pleasant Run | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 13,961 | ' | ' | ' | |
Initial cost of land | 4,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 29,085 | ' | ' | ' | |
Adjustments to basis | 2,525 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 31,610 | ' | ' | ' | |
Gross amount carried at end of period, total | 35,810 | ' | ' | ' | |
Accumulated depreciation | 10,360 | ' | ' | ' | |
St. George, UT | Promenade at Red Cliff | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,184 | ' | ' | ' | |
Initial cost of land | 5,340 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,665 | ' | ' | ' | |
Adjustments to basis | 1,282 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,340 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,947 | ' | ' | ' | |
Gross amount carried at end of period, total | 19,287 | ' | ' | ' | |
Accumulated depreciation | 4,766 | ' | ' | ' | |
Quakertown, PA | Quakertown | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 7,885 | ' | ' | ' | |
Initial cost of land | 2,400 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,246 | ' | ' | ' | |
Adjustments to basis | 17 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,400 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,263 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,663 | ' | ' | ' | |
Accumulated depreciation | 2,828 | ' | ' | ' | |
Brooklyn Park, MN | Rasmussen College | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 850 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,049 | ' | ' | ' | |
Adjustments to basis | -85 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 759 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,055 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,814 | ' | ' | ' | |
Accumulated depreciation | 1,251 | ' | ' | ' | |
Winter Springs, FL | Red Bug Village | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,790 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,178 | ' | ' | ' | |
Adjustments to basis | 174 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,790 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 6,352 | ' | ' | ' | |
Gross amount carried at end of period, total | 8,142 | ' | ' | ' | |
Accumulated depreciation | 1,966 | ' | ' | ' | |
Baltimore, MD | Reisterstown Road Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 46,250 | ' | ' | ' | |
Initial cost of land | 15,800 | ' | ' | ' | |
Initial cost of buildings and improvements | 70,372 | ' | ' | ' | |
Adjustments to basis | 11,627 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 15,800 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 81,999 | ' | ' | ' | |
Gross amount carried at end of period, total | 97,799 | ' | ' | ' | |
Accumulated depreciation | 27,146 | ' | ' | ' | |
Amherst, NY | Rite Aid Store (Eckerd), Sheridan Dr. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,903 | ' | ' | ' | |
Initial cost of land | 2,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,722 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,722 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,722 | ' | ' | ' | |
Accumulated depreciation | 815 | ' | ' | ' | |
Amherst, NY | Rite Aid Store (Eckerd), Transit Rd. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,243 | ' | ' | ' | |
Initial cost of land | 2,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,764 | ' | ' | ' | |
Adjustments to basis | 2 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,500 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,766 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,266 | ' | ' | ' | |
Accumulated depreciation | 828 | ' | ' | ' | |
Batavia, NY | Rite Aid Store (Eckerd), E. Main St. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,855 | ' | ' | ' | |
Initial cost of land | 1,860 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,786 | ' | ' | ' | |
Adjustments to basis | 19 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,860 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,805 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,665 | ' | ' | ' | |
Accumulated depreciation | 836 | ' | ' | ' | |
Batavia, NY | Rite Aid Store (Eckerd), W. Main St. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,547 | ' | ' | ' | |
Initial cost of land | 1,510 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,627 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,510 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,627 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,137 | ' | ' | ' | |
Accumulated depreciation | 786 | ' | ' | ' | |
Buffalo, NY | Rite Aid Store (Eckerd), Ferry St. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,198 | ' | ' | ' | |
Initial cost of land | 900 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,677 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,677 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,577 | ' | ' | ' | |
Accumulated depreciation | 801 | ' | ' | ' | |
Buffalo, NY | Rite Aid Store (Eckerd), Main St. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,174 | ' | ' | ' | |
Initial cost of land | 1,340 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,192 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,340 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,192 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,532 | ' | ' | ' | |
Accumulated depreciation | 656 | ' | ' | ' | |
Canandaigua, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,091 | ' | ' | ' | |
Initial cost of land | 1,968 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,575 | ' | ' | ' | |
Adjustments to basis | 1 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,968 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,576 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,544 | ' | ' | ' | |
Accumulated depreciation | 771 | ' | ' | ' | |
Canandaigua, NY | Tim Horton Donut Shop | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | ' | ' | ' | |
Initial cost of land | 212 | ' | ' | ' | |
Initial cost of buildings and improvements | 30 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 212 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 30 | ' | ' | ' | |
Gross amount carried at end of period, total | 242 | ' | ' | ' | |
Accumulated depreciation | 17 | ' | ' | ' | |
Chattanooga, TN | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,696 | ' | ' | ' | |
Initial cost of land | 750 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,042 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 750 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,042 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,792 | ' | ' | ' | |
Accumulated depreciation | 636 | ' | ' | ' | |
Cheektowaga, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,117 | ' | ' | ' | |
Initial cost of land | 2,080 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,393 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,080 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,393 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,473 | ' | ' | ' | |
Accumulated depreciation | 417 | ' | ' | ' | |
Colesville, MD | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,129 | ' | ' | ' | |
Initial cost of land | 3,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,955 | ' | ' | ' | |
Adjustments to basis | 22 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,977 | ' | ' | ' | |
Gross amount carried at end of period, total | 6,977 | ' | ' | ' | |
Accumulated depreciation | 1,255 | ' | ' | ' | |
Columbia, SC | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,685 | ' | ' | ' | |
Initial cost of land | 900 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,377 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,377 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,277 | ' | ' | ' | |
Accumulated depreciation | 857 | ' | ' | ' | |
Crossville, TN | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,348 | ' | ' | ' | |
Initial cost of land | 600 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,033 | ' | ' | ' | |
Adjustments to basis | 1 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 600 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,034 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,634 | ' | ' | ' | |
Accumulated depreciation | 714 | ' | ' | ' | |
Grand Island, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,665 | ' | ' | ' | |
Initial cost of land | 900 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,475 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,475 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,375 | ' | ' | ' | |
Accumulated depreciation | 737 | ' | ' | ' | |
Greece, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,926 | ' | ' | ' | |
Initial cost of land | 470 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,657 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 470 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,657 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,127 | ' | ' | ' | |
Accumulated depreciation | 795 | ' | ' | ' | |
Greer, SC | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,617 | ' | ' | ' | |
Initial cost of land | 1,050 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,047 | ' | ' | ' | |
Adjustments to basis | 1 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,050 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,048 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,098 | ' | ' | ' | |
Accumulated depreciation | 719 | ' | ' | ' | |
Hellertown, PA | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,550 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,954 | ' | ' | ' | |
Adjustments to basis | 6 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,550 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,960 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,510 | ' | ' | ' | |
Accumulated depreciation | 1,221 | ' | ' | ' | |
Hudson, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,409 | ' | ' | ' | |
Initial cost of land | 2,060 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,873 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,060 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,873 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,933 | ' | ' | ' | |
Accumulated depreciation | 560 | ' | ' | ' | |
Irondequoit, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,850 | ' | ' | ' | |
Initial cost of land | 1,940 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,736 | ' | ' | ' | |
Adjustments to basis | -27 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,913 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,736 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,649 | ' | ' | ' | |
Accumulated depreciation | 819 | ' | ' | ' | |
Kill Devil Hills, NC | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,926 | ' | ' | ' | |
Initial cost of land | 700 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,960 | ' | ' | ' | |
Adjustments to basis | 1 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,961 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,661 | ' | ' | ' | |
Accumulated depreciation | 1,040 | ' | ' | ' | |
Lancaster, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,786 | ' | ' | ' | |
Initial cost of land | 1,710 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,207 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,710 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,207 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,917 | ' | ' | ' | |
Accumulated depreciation | 361 | ' | ' | ' | |
Lebanon, PA | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 975 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,369 | ' | ' | ' | |
Adjustments to basis | 6 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 975 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,375 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,350 | ' | ' | ' | |
Accumulated depreciation | 1,350 | ' | ' | ' | |
Lockport, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,716 | ' | ' | ' | |
Initial cost of land | 1,650 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,788 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,650 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,788 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,438 | ' | ' | ' | |
Accumulated depreciation | 834 | ' | ' | ' | |
North Chili, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,682 | ' | ' | ' | |
Initial cost of land | 820 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,935 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 820 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,935 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,755 | ' | ' | ' | |
Accumulated depreciation | 579 | ' | ' | ' | |
Olean, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,452 | ' | ' | ' | |
Initial cost of land | 1,190 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,809 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,190 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,809 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,999 | ' | ' | ' | |
Accumulated depreciation | 841 | ' | ' | ' | |
Punxsutawney, PA | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,328 | ' | ' | ' | |
Adjustments to basis | 5 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 4,333 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,333 | ' | ' | ' | |
Accumulated depreciation | 1,337 | ' | ' | ' | |
Rochester, NY | Rite Aid Store (Eckerd), Culver Rd. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,376 | ' | ' | ' | |
Initial cost of land | 1,590 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,279 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,590 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,279 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,869 | ' | ' | ' | |
Accumulated depreciation | 682 | ' | ' | ' | |
Rochester, NY | Rite Aid Store (Eckerd), Lake Ave. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,210 | ' | ' | ' | |
Initial cost of land | 2,220 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,025 | ' | ' | ' | |
Adjustments to basis | 2 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,220 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,027 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,247 | ' | ' | ' | |
Accumulated depreciation | 906 | ' | ' | ' | |
Tonawanda, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,370 | ' | ' | ' | |
Initial cost of land | 800 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,075 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 800 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,075 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,875 | ' | ' | ' | |
Accumulated depreciation | 920 | ' | ' | ' | |
West Seneca, NY | Rite Aid Store (Eckerd), Harlem Rd. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,770 | ' | ' | ' | |
Initial cost of land | 2,830 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,683 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,830 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,683 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,513 | ' | ' | ' | |
Accumulated depreciation | 504 | ' | ' | ' | |
West Seneca, NY | Rite Aid Store (Eckerd), Union Rd. | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,394 | ' | ' | ' | |
Initial cost of land | 1,610 | ' | ' | ' | |
Initial cost of buildings and improvements | 2,300 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,610 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,300 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,910 | ' | ' | ' | |
Accumulated depreciation | 689 | ' | ' | ' | |
Yorkshire, NY | Rite Aid Store (Eckerd) | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 1,372 | ' | ' | ' | |
Initial cost of land | 810 | ' | ' | ' | |
Initial cost of buildings and improvements | 1,434 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 810 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 1,434 | ' | ' | ' | |
Gross amount carried at end of period, total | 2,244 | ' | ' | ' | |
Accumulated depreciation | 429 | ' | ' | ' | |
Georgetown, TX | Rivery Town Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,018 | ' | ' | ' | |
Initial cost of land | 2,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,814 | ' | ' | ' | |
Adjustments to basis | 376 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,190 | ' | ' | ' | |
Gross amount carried at end of period, total | 10,090 | ' | ' | ' | |
Accumulated depreciation | 1,904 | ' | ' | ' | |
Bethlehem, PA | Saucon Valley Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,665 | ' | ' | ' | |
Initial cost of land | 3,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,642 | ' | ' | ' | |
Adjustments to basis | -2,022 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,620 | ' | ' | ' | |
Gross amount carried at end of period, total | 13,820 | ' | ' | ' | |
Accumulated depreciation | 3,693 | ' | ' | ' | |
Mt. Pleasant, SC | Shoppes at Park West | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,392 | ' | ' | ' | |
Initial cost of land | 2,240 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,357 | ' | ' | ' | |
Adjustments to basis | -56 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,240 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,301 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,541 | ' | ' | ' | |
Accumulated depreciation | 3,171 | ' | ' | ' | |
Severn, MD | The Shoppes at Quarterfield | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,837 | ' | ' | ' | |
Initial cost of land | 2,190 | ' | ' | ' | |
Initial cost of buildings and improvements | 8,840 | ' | ' | ' | |
Adjustments to basis | 98 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,190 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 8,938 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,128 | ' | ' | ' | |
Accumulated depreciation | 3,239 | ' | ' | ' | |
Stroudsburg, PA | Shoppes at Stroud | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,711 | ' | ' | ' | |
Initial cost of buildings and improvements | 27,878 | ' | ' | ' | |
Adjustments to basis | -2,398 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,111 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 26,080 | ' | ' | ' | |
Gross amount carried at end of period, total | 31,191 | ' | ' | ' | |
Accumulated depreciation | 5,245 | ' | ' | ' | |
Dallas, GA | Shoppes of New Hope | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,625 | ' | ' | ' | |
Initial cost of land | 1,350 | ' | ' | ' | |
Initial cost of buildings and improvements | 11,045 | ' | ' | ' | |
Adjustments to basis | -97 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,350 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,948 | ' | ' | ' | |
Gross amount carried at end of period, total | 12,298 | ' | ' | ' | |
Accumulated depreciation | 3,791 | ' | ' | ' | |
Canton, GA | Shoppes of Prominence Point I & II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,650 | ' | ' | ' | |
Initial cost of buildings and improvements | 12,652 | ' | ' | ' | |
Adjustments to basis | 355 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,650 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,007 | ' | ' | ' | |
Gross amount carried at end of period, total | 16,657 | ' | ' | ' | |
Accumulated depreciation | 4,415 | ' | ' | ' | |
Kansas City, MO | The Shops at Boardwalk | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 30,540 | ' | ' | ' | |
Adjustments to basis | -413 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 30,127 | ' | ' | ' | |
Gross amount carried at end of period, total | 35,127 | ' | ' | ' | |
Accumulated depreciation | 10,330 | ' | ' | ' | |
Kansas City, MO | Stateline Station | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 6,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 23,780 | ' | ' | ' | |
Adjustments to basis | -14,368 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,829 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 12,083 | ' | ' | ' | |
Gross amount carried at end of period, total | 15,912 | ' | ' | ' | |
Accumulated depreciation | 2,542 | ' | ' | ' | |
Round Rock, TX | Shops at Forest Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,050 | ' | ' | ' | |
Initial cost of buildings and improvements | 6,133 | ' | ' | ' | |
Adjustments to basis | 261 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,050 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 6,394 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,444 | ' | ' | ' | |
Accumulated depreciation | 2,001 | ' | ' | ' | |
Plano, TX | The Shops at Legacy | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 8,800 | ' | ' | ' | |
Initial cost of buildings and improvements | 108,940 | ' | ' | ' | |
Adjustments to basis | 12,463 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,800 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 121,403 | ' | ' | ' | |
Gross amount carried at end of period, total | 130,203 | ' | ' | ' | |
Accumulated depreciation | 28,898 | ' | ' | ' | |
Plano, TX | Shops at Park Place | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 7,896 | ' | ' | ' | |
Initial cost of land | 9,096 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,175 | ' | ' | ' | |
Adjustments to basis | 521 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 9,096 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,696 | ' | ' | ' | |
Gross amount carried at end of period, total | 22,792 | ' | ' | ' | |
Accumulated depreciation | 5,355 | ' | ' | ' | |
Heath, OH | Southgate Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,982 | ' | ' | ' | |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,229 | ' | ' | ' | |
Adjustments to basis | 98 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,161 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,366 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,527 | ' | ' | ' | |
Accumulated depreciation | 3,005 | ' | ' | ' | |
Westerville, OH | Stanley Works / Mac Tools | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,624 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,624 | ' | ' | ' | |
Gross amount carried at end of period, total | 9,524 | ' | ' | ' | |
Accumulated depreciation | 2,379 | ' | ' | ' | |
Acworth, GA | Stilesboro Oaks | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,161 | ' | ' | ' | |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,426 | ' | ' | ' | |
Adjustments to basis | 94 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,520 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,720 | ' | ' | ' | |
Accumulated depreciation | 3,103 | ' | ' | ' | |
McKinney, TX | Stonebridge Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,000 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,783 | ' | ' | ' | |
Adjustments to basis | 248 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,000 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 6,031 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,031 | ' | ' | ' | |
Accumulated depreciation | 1,824 | ' | ' | ' | |
Noblesville, IN | Stony Creek I | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 8,665 | ' | ' | ' | |
Initial cost of land | 6,735 | ' | ' | ' | |
Initial cost of buildings and improvements | 17,564 | ' | ' | ' | |
Adjustments to basis | 81 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,735 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,645 | ' | ' | ' | |
Gross amount carried at end of period, total | 24,380 | ' | ' | ' | |
Accumulated depreciation | 6,818 | ' | ' | ' | |
Noblesville, IN | Stony Creek II | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,106 | ' | ' | ' | |
Adjustments to basis | 46 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,152 | ' | ' | ' | |
Gross amount carried at end of period, total | 7,052 | ' | ' | ' | |
Accumulated depreciation | 1,537 | ' | ' | ' | |
Austin, TX | Target South Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,503 | ' | ' | ' | |
Initial cost of land | 2,300 | ' | ' | ' | |
Initial cost of buildings and improvements | 8,760 | ' | ' | ' | |
Adjustments to basis | 660 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,300 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,420 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,720 | ' | ' | ' | |
Accumulated depreciation | 2,876 | ' | ' | ' | |
Bel Air, MD | Tollgate Marketplace | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 35,000 | ' | ' | ' | |
Initial cost of land | 8,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 61,247 | ' | ' | ' | |
Adjustments to basis | 2,179 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 63,426 | ' | ' | ' | |
Gross amount carried at end of period, total | 72,126 | ' | ' | ' | |
Accumulated depreciation | 21,578 | ' | ' | ' | |
Pottstown, PA | Town Square Plaza | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 16,815 | ' | ' | ' | |
Initial cost of land | 9,700 | ' | ' | ' | |
Initial cost of buildings and improvements | 18,264 | ' | ' | ' | |
Adjustments to basis | 1,628 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 9,700 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,892 | ' | ' | ' | |
Gross amount carried at end of period, total | 29,592 | ' | ' | ' | |
Accumulated depreciation | 5,786 | ' | ' | ' | |
Towson, MD | Towson Circle | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 9,050 | ' | ' | ' | |
Initial cost of buildings and improvements | 17,840 | ' | ' | ' | |
Adjustments to basis | -685 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 6,874 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 19,331 | ' | ' | ' | |
Gross amount carried at end of period, total | 26,205 | ' | ' | ' | |
Accumulated depreciation | 6,323 | ' | ' | ' | |
Tuscaloosa, AL | University Town Center | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 4,525 | ' | ' | ' | |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 9,557 | ' | ' | ' | |
Adjustments to basis | 183 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 9,740 | ' | ' | ' | |
Gross amount carried at end of period, total | 9,740 | ' | ' | ' | |
Accumulated depreciation | 3,265 | ' | ' | ' | |
Gainesville, GA | Village Shoppes at Gainesville | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 20,000 | ' | ' | ' | |
Initial cost of land | 4,450 | ' | ' | ' | |
Initial cost of buildings and improvements | 36,592 | ' | ' | ' | |
Adjustments to basis | 1,309 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,450 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 37,901 | ' | ' | ' | |
Gross amount carried at end of period, total | 42,351 | ' | ' | ' | |
Accumulated depreciation | 11,553 | ' | ' | ' | |
Lawrenceville, GA | Village Shoppes at Simonton | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,346 | ' | ' | ' | |
Initial cost of land | 2,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,874 | ' | ' | ' | |
Adjustments to basis | -204 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 2,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,670 | ' | ' | ' | |
Gross amount carried at end of period, total | 12,870 | ' | ' | ' | |
Accumulated depreciation | 3,704 | ' | ' | ' | |
Northwoods, MO | Walgreens | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 3,018 | ' | ' | ' | |
Initial cost of land | 450 | ' | ' | ' | |
Initial cost of buildings and improvements | 5,074 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 450 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 5,074 | ' | ' | ' | |
Gross amount carried at end of period, total | 5,524 | ' | ' | ' | |
Accumulated depreciation | 1,554 | ' | ' | ' | |
West Allis, WI | Walgreens | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 2,214 | ' | ' | ' | |
Initial cost of land | 550 | ' | ' | ' | |
Initial cost of buildings and improvements | 3,580 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 550 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 3,580 | ' | ' | ' | |
Gross amount carried at end of period, total | 4,130 | ' | ' | ' | |
Accumulated depreciation | 1,148 | ' | ' | ' | |
Turlock, CA | Wal-Mart | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 1,925 | ' | ' | ' | |
Initial cost of buildings and improvements | 4,294 | ' | ' | ' | |
Adjustments to basis | -2,918 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 975 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 2,326 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,301 | [5] | ' | ' | ' |
Accumulated depreciation | 416 | ' | ' | ' | |
Tampa, FL | Walter's Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 14,500 | ' | ' | ' | |
Initial cost of buildings and improvements | 16,914 | ' | ' | ' | |
Adjustments to basis | 260 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 14,500 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 17,174 | ' | ' | ' | |
Gross amount carried at end of period, total | 31,674 | ' | ' | ' | |
Accumulated depreciation | 4,659 | ' | ' | ' | |
Watauga, TX | Watauga Pavillion | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 5,185 | ' | ' | ' | |
Initial cost of buildings and improvements | 27,504 | ' | ' | ' | |
Adjustments to basis | 108 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 5,185 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 27,612 | ' | ' | ' | |
Gross amount carried at end of period, total | 32,797 | ' | ' | ' | |
Accumulated depreciation | 9,825 | ' | ' | ' | |
Fort Hill, SC | West Town Market | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,260 | ' | ' | ' | |
Initial cost of land | 1,170 | ' | ' | ' | |
Initial cost of buildings and improvements | 10,488 | ' | ' | ' | |
Adjustments to basis | 83 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 1,170 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 10,571 | ' | ' | ' | |
Gross amount carried at end of period, total | 11,741 | ' | ' | ' | |
Accumulated depreciation | 3,270 | ' | ' | ' | |
Saratoga Springs, NY | Wilton Square | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 8,200 | ' | ' | ' | |
Initial cost of buildings and improvements | 35,538 | ' | ' | ' | |
Adjustments to basis | 174 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 8,200 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 35,712 | ' | ' | ' | |
Gross amount carried at end of period, total | 43,912 | ' | ' | ' | |
Accumulated depreciation | 10,982 | ' | ' | ' | |
Memphis, TN | Winchester Commons | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 5,777 | ' | ' | ' | |
Initial cost of land | 4,400 | ' | ' | ' | |
Initial cost of buildings and improvements | 7,471 | ' | ' | ' | |
Adjustments to basis | 204 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 4,400 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 7,675 | ' | ' | ' | |
Gross amount carried at end of period, total | 12,075 | ' | ' | ' | |
Accumulated depreciation | 2,514 | ' | ' | ' | |
Schaumburg, IL | Zurich Towers | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 7,900 | ' | ' | ' | |
Initial cost of buildings and improvements | 137,096 | ' | ' | ' | |
Adjustments to basis | 13 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 7,900 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 137,109 | ' | ' | ' | |
Gross amount carried at end of period, total | 145,009 | ' | ' | ' | |
Accumulated depreciation | 43,494 | ' | ' | ' | |
Nashville, TN | Bellevue Mall | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 3,056 | ' | ' | ' | |
Initial cost of buildings and improvements | 0 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 3,056 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, total | 3,056 | [2] | ' | ' | ' |
Accumulated depreciation | 0 | ' | ' | ' | |
Henderson, NV | Green Valley Crossing | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 11,359 | [6] | ' | ' | ' |
Initial cost of land | 11,829 | ' | ' | ' | |
Initial cost of buildings and improvements | 13,940 | ' | ' | ' | |
Adjustments to basis | -1,451 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 10,940 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 13,378 | ' | ' | ' | |
Gross amount carried at end of period, total | 24,318 | ' | ' | ' | |
Accumulated depreciation | 1,696 | ' | ' | ' | |
Billings, MT | South Billings | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrance | 0 | [1] | ' | ' | ' |
Initial cost of land | 0 | ' | ' | ' | |
Initial cost of buildings and improvements | 0 | ' | ' | ' | |
Adjustments to basis | 0 | ' | ' | ' | |
Gross amount carried at end of period, land and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, buildings and improvements | 0 | ' | ' | ' | |
Gross amount carried at end of period, total | 0 | [2],[3] | ' | ' | ' |
Accumulated depreciation | $0 | ' | ' | ' | |
[1] | This property is included in the pool of unencumbered assets under the Companybs unsecured credit facility. | ||||
[2] | is included in Developments in Progress. | ||||
[3] | A portion (exterior pads) of this property was sold in 2013. | ||||
[4] | A portion of this property is included in the pool of unencumbered assets under the Companybs unsecured credit facility. | ||||
[5] | This property was a former Mervyns. The property name was changed when a new tenant took occupancy in 2013. | ||||
[6] | This property is encumbered by a construction loan and a portion of the basis is included in Developments in Progress. |
Schedule_III_Reconciliation_of
Schedule III - Reconciliation of Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Carrying Amount of Real Estate Investments | ' | ' | ' |
Balance at January 1, | $5,962,878 | $6,441,555 | $6,721,242 |
Purchase of investment property | 339,955 | 31,486 | 25,194 |
Sale of investment property | -341,750 | -501,369 | -269,214 |
Property held for sale | -10,995 | -8,746 | 0 |
Provision for asset impairment | -150,373 | -23,819 | -54,848 |
Payments received under master leases | 0 | -21 | -259 |
Acquired lease intangible assets | -11,331 | 27,454 | 25,726 |
Acquired lease intangible liabilities | 16,134 | -3,662 | -6,286 |
Balance at December 31, | $5,804,518 | $5,962,878 | $6,441,555 |
Schedule_III_Reconciliation_of1
Schedule III - Reconciliation of Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Real Estate Accumulated Depreciation | ' | ' | ' |
Balance at January 1, | $1,275,787 | $1,180,767 | $1,034,769 |
Depreciation expense | 197,725 | 195,994 | 202,970 |
Sale of investment property | -62,009 | -87,218 | -35,604 |
Property held for sale | -2,206 | -17 | 0 |
Provision for asset impairment | -56,969 | -7,423 | -13,856 |
Write-offs due to early lease termination | -3,056 | -6,316 | -7,512 |
Other disposals | -18,798 | 0 | 0 |
Balance at December 31, | $1,330,474 | $1,275,787 | $1,180,767 |