Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 |
Entity Information | |||
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | ||
Entity Central Index Key | 1222840 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $3.60 | ||
Entity Common Stock, Shares Outstanding | 236,601,886 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment properties: | ||
Land | $1,195,369 | $1,174,065 |
Building and other improvements | 4,442,446 | 4,586,657 |
Developments in progress | 42,561 | 43,796 |
Gross investment properties | 5,680,376 | 5,804,518 |
Less accumulated depreciation | -1,365,471 | -1,330,474 |
Net investment properties | 4,314,905 | 4,474,044 |
Cash and cash equivalents | 112,292 | 58,190 |
Investment in unconsolidated joint ventures | 0 | 15,776 |
Accounts and notes receivable (net of allowances of $7,497 and $8,197, respectively) | 86,013 | 80,818 |
Acquired lease intangible assets, net | 125,490 | 129,561 |
Assets associated with investment properties held for sale | 33,640 | 8,616 |
Other assets, net | 131,520 | 110,571 |
Total assets | 4,803,860 | 4,877,576 |
Liabilities: | ||
Mortgages payable, net | 1,634,465 | 1,684,633 |
Unsecured notes payable | 250,000 | 0 |
Unsecured term loan | 450,000 | 450,000 |
Unsecured revolving line of credit | 0 | 165,000 |
Accounts payable and accrued expenses | 61,129 | 54,457 |
Distributions payable | 39,187 | 39,138 |
Acquired lease intangible liabilities, net | 100,641 | 91,881 |
Liabilities associated with investment properties held for sale | 8,203 | 6,603 |
Other liabilities | 70,860 | 77,030 |
Total liabilities | 2,614,485 | 2,568,742 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Additional paid-in capital | 4,922,864 | 4,919,633 |
Accumulated distributions in excess of earnings | -2,734,688 | -2,611,796 |
Accumulated other comprehensive loss | -537 | -738 |
Total shareholders' equity | 2,187,881 | 2,307,340 |
Noncontrolling interests | 1,494 | 1,494 |
Total equity | 2,189,375 | 2,308,834 |
Total liabilities and equity | 4,803,860 | 4,877,576 |
7.00% Series A cumulative redeemable preferred stock | ||
Equity: | ||
Preferred stock | 5 | 5 |
Class A common stock | ||
Equity: | ||
Common stock | $237 | $236 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts and notes receivable, allowances | $7,497 | $8,197 |
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 | 236,602 | 236,302 |
Common stock, shares outstanding | 236,602 | 236,302 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||
Rental income | $474,684 | $433,591 | $422,133 | |||
Tenant recovery income | 115,719 | 101,962 | 100,520 | |||
Other property income | 10,211 | 15,955 | 8,518 | |||
Total revenues | 600,614 | 551,508 | 531,171 | |||
Expenses: | ||||||
Property operating expenses | 96,798 | 89,067 | 90,516 | |||
Real estate taxes | 78,773 | 71,191 | 69,232 | |||
Depreciation and amortization | 215,966 | 222,710 | 208,658 | |||
Provision for impairment of investment properties | 72,203 | 59,486 | 1,323 | |||
General and administrative expenses | 34,229 | 31,533 | 26,878 | |||
Total expenses | 497,969 | 473,987 | 396,607 | |||
Operating income | 102,645 | 77,521 | 134,564 | |||
Gain on extinguishment of debt | 0 | 0 | 3,879 | |||
Gain on extinguishment of other liabilities | 4,258 | 0 | 0 | |||
Equity in loss of unconsolidated joint ventures, net | -2,088 | -1,246 | -6,307 | |||
Gain on sale of joint venture interest | 0 | 17,499 | 0 | |||
Gain on change in control of investment properties | 24,158 | 5,435 | 0 | |||
Interest expense (Note 10) | -133,835 | -146,805 | -171,295 | |||
Co-venture obligation expense | 0 | 0 | -3,300 | |||
Recognized gain on marketable securities, net | 0 | 0 | 25,840 | |||
Other income, net | 5,459 | 4,741 | 2,251 | |||
Income (loss) from continuing operations | 597 | -42,855 | -14,368 | |||
Discontinued operations: | ||||||
(Loss) income, net | -148 | 9,396 | -24,063 | |||
Gain on sales of investment properties, net | 655 | 41,279 | 30,141 | |||
Income from discontinued operations | 507 | 50,675 | 6,078 | |||
Gain on sales of investment properties, net | 42,196 | 5,806 | 7,843 | |||
Net income (loss) | 43,300 | 13,626 | -447 | |||
Net income (loss) attributable to the Company | 43,300 | 13,626 | -447 | |||
Preferred stock dividends | -9,450 | -9,450 | -263 | |||
Net income (loss) attributable to common shareholders | 33,850 | 4,176 | -710 | |||
Earnings (loss) per common share b basic and diluted: | ||||||
Continuing operations | $0.14 | ($0.20) | ($0.03) | |||
Discontinued operations | $0 | $0.22 | $0.03 | |||
Net income per common share attributable to common shareholders | $0.14 | $0.02 | $0 | |||
Net income (loss) | 43,300 | 13,626 | -447 | |||
Other comprehensive income (loss): | ||||||
Net unrealized gain on derivative instruments (Note 10) | 201 | 516 | 108 | |||
Net unrealized gain on marketable securities | 0 | 0 | 4,748 | |||
Reversal of unrealized gain to recognized gain on marketable securities | 0 | 0 | -25,840 | |||
Comprehensive income (loss) | 43,501 | 14,142 | -21,431 | |||
Comprehensive income (loss) attributable to the Company | $43,501 | $14,142 | ($21,431) | |||
Weighted average number of common shares outstanding b basic | 236,184 | [1] | 234,134 | [2] | 220,464 | [3] |
Weighted average number of common shares outstanding b diluted | 236,187 | 234,134 | 220,464 | |||
[1] | Excluded from this weighted average amount are 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended DecemberB 31, 2014. 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 152 shares of unvested 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 unvested 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. |
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, 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 | 0 | ||||||||
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 | 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 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Net income (loss) | 43,300 | 43,300 | 43,300 | ||||||
Other comprehensive income (loss) | 201 | 201 | 201 | ||||||
Distributions declared to preferred shareholders | -9,450 | -9,450 | -9,450 | ||||||
Distributions declared to common shareholders | -156,742 | -156,742 | -156,742 | ||||||
Issuance of common stock, net of offering costs | -145 | -145 | -145 | ||||||
Distribution reinvestment program (DRP) | 0 | ||||||||
Issuance of restricted common stock | 1 | 1 | 1 | ||||||
Issuance of restricted common stock (in shares) | 303 | ||||||||
Exercise of stock options | 23 | 23 | 23 | ||||||
Exercise of stock options (in shares) | 2 | ||||||||
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 | 3,353 | 3,353 | 3,353 | ||||||
Stock based compensation expense, net of shares withheld for employee taxes and forfeitures (in shares) | -5 | ||||||||
Balance at Dec. 31, 2014 | $2,189,375 | $5 | $237 | $0 | $4,922,864 | ($2,734,688) | ($537) | $2,187,881 | $1,494 |
Balance (in shares) at Dec. 31, 2014 | 5,400 | 236,602 | 0 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distributions declared to preferred shareholders (in dollars per share) | $1.75 | $1.80 | |
Distributions declared to common shareholders (in dollars per share) | $0.66 | $0.66 | $0.66 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $43,300 | $13,626 | ($447) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities (including discontinued operations): | |||
Depreciation and amortization | 215,966 | 233,785 | 236,126 |
Provision for impairment of investment properties | 72,203 | 92,033 | 25,842 |
Gain on sales of investment properties, net | -42,851 | -47,085 | -37,984 |
Gain on extinguishment of debt | 0 | -26,331 | -3,879 |
Gain on extinguishment of other liabilities | -4,258 | -3,511 | 0 |
Gain on sale of joint venture interest | 0 | -17,499 | 0 |
Gain on change in control of investment properties | -24,158 | -5,435 | 0 |
Amortization of loan fees, mortgage debt premium and discount on debt assumed, net | 4,926 | 10,032 | -5 |
Premium paid in connection with the defeasance of mortgages payable | 1,322 | 0 | 0 |
Equity in loss of unconsolidated joint ventures, net | 2,088 | 1,246 | 6,307 |
Distributions on investments in unconsolidated joint ventures | 1,360 | 7,105 | 6,168 |
Recognized gain on sale of marketable securities | 0 | 0 | -25,840 |
Payment of leasing fees and inducements | -8,523 | -12,930 | -43,132 |
Changes in accounts receivable, net | -5,762 | -2,574 | 3,378 |
Changes in accounts payable and accrued expenses, net | 3,220 | -6,043 | -9,037 |
Changes in other operating assets and liabilities, net | -7,499 | -4,836 | 8,701 |
Other, net | 2,680 | 8,049 | 887 |
Net cash provided by operating activities | 254,014 | 239,632 | 167,085 |
Cash flows from investing activities: | |||
Proceeds from sale of marketable securities | 0 | 0 | 35,133 |
Changes in restricted escrows, net | -16,757 | 22,360 | 23,916 |
Purchase of investment properties | -172,989 | -237,520 | -2,806 |
Capital expenditures and tenant improvements | -44,442 | -51,221 | -40,772 |
Proceeds from sales of investment properties | 315,400 | 326,766 | 453,320 |
Investment in developments in progress | -2,992 | -1,468 | -565 |
Proceeds from sale of joint venture interest | 0 | 53,073 | 0 |
Investment in unconsolidated joint ventures | -25 | -9,640 | -13,821 |
Distributions of investments in unconsolidated joint ventures | 0 | 862 | 17,403 |
Other, net | -295 | 0 | 21 |
Net cash provided by investing activities | 77,900 | 103,212 | 471,829 |
Cash flows from financing activities: | |||
Repayments of margin debt related to marketable securities | 0 | 0 | -7,541 |
Proceeds from mortgages and notes payable | 3,541 | 940 | 319,691 |
Principal payments on mortgages and notes payable | -192,244 | -571,870 | -988,483 |
Proceeds from unsecured notes payable | 250,000 | 0 | 0 |
Proceeds from credit facility | 375,500 | 630,000 | 355,000 |
Repayments of credit facility | -540,500 | -395,000 | -530,000 |
Payment of loan fees and deposits, net | -1,615 | -5,454 | -6,482 |
Purchase of Treasury securities in connection with defeasance of mortgages payable | -6,152 | 0 | 0 |
Settlement of co-venture obligation | 0 | 0 | -50,000 |
Proceeds from issuance of common stock | 0 | 84,835 | 272,081 |
Redemption of fractional shares of common stock | 0 | 0 | -1,253 |
Proceeds from issuance of preferred stock | 0 | 0 | 130,747 |
Distributions paid, net of DRP | -166,143 | -164,391 | -128,391 |
Other, net | -199 | -1,783 | -2,223 |
Net cash used in financing activities | -277,812 | -422,723 | -636,854 |
Net increase (decrease) in cash and cash equivalents | 54,102 | -79,879 | 2,060 |
Cash and cash equivalents, at beginning of year | 58,190 | 138,069 | 136,009 |
Cash and cash equivalents, at end of year | 112,292 | 58,190 | 138,069 |
Supplemental cash flow disclosure, including non-cash activities: | |||
Cash paid for interest | 127,645 | 144,975 | 205,124 |
Distributions payable | 39,187 | 39,138 | 38,200 |
Distributions reinvested | 0 | 0 | 11,626 |
Accrued capital expenditures and tenant improvements | 6,731 | 6,662 | 6,399 |
Developments in progress placed in service | 4,047 | 523 | 929 |
Treasury securities transferred in connection with defeasance of mortgages payable | 6,152 | 0 | 0 |
Defeasance of mortgages payable | 4,830 | 0 | 0 |
Forgiveness of mortgage debt | 0 | 19,615 | 27,449 |
Forgiveness of accrued interest, net of escrows held by the lender | 0 | 6,716 | 0 |
Shares of Class B common stock converted to Class A common stock | 0 | 97,036 | 48,518 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests): | |||
Land, building and other improvements, net | -337,906 | -298,695 | -2,806 |
Accounts receivable, acquired lease intangible and other assets | -31,116 | -41,597 | 0 |
Acquired ground lease intangibles | 0 | 14,791 | 0 |
Accounts payable, acquired lease intangible and other liabilities | 25,390 | 13,369 | 0 |
Mortgages payable assumed, net | 146,485 | 69,177 | 0 |
Gain on change in control of investment properties | 24,158 | 5,435 | 0 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests) | -172,989 | -237,520 | -2,806 |
Proceeds from sales of investment properties: | |||
Land, building and other improvements, net | 265,127 | 275,749 | 389,465 |
Accounts receivable, acquired lease intangible and other assets | 12,053 | 15,928 | 52,064 |
Accounts payable, acquired lease intangible and other liabilities | -4,631 | -14,368 | -2,305 |
Mortgages payable | 0 | -26 | 0 |
Forgiveness of mortgage debt | 0 | 0 | -23,570 |
Deferred gains | 0 | -1,113 | -318 |
Gain on extinguishment of other liabilities | 0 | 3,511 | 0 |
Gain on sales of investment properties, net | 42,851 | 47,085 | 37,984 |
Proceeds from sales of investment properties | 315,400 | 326,766 | 453,320 |
Proceeds from sale of joint venture ownership interest: | |||
Investment in unconsolidated joint venture | 0 | 35,574 | 0 |
Other assets and other liabilities | 0 | -447 | 0 |
Deferred gain | 0 | 447 | 0 |
Gain on sale of joint venture interest | 0 | 17,499 | 0 |
Proceeds from sale of joint venture interest | $0 | $53,073 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
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 on March 5, 2003 to own and operate high quality, strategically located shopping centers in the United States. | ||||||
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 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. | ||||||
During 2014, the Company eliminated the “Loss on lease terminations” financial statement caption in the consolidated statements of operations and other comprehensive income (loss) and reclassified the 2013 and 2012 amounts to “Rental income” or “Depreciation and amortization,” as appropriate. Loss on lease terminations, as previously reported for the year ended December 31, 2013, totaled $2,819, of which $285 was reclassified as an increase in rental income and $3,104 was reclassified as an increase in depreciation and amortization. Loss on lease terminations, as previously reported for the year ended December 31, 2012, totaled $6,102, of which $488 was reclassified as a decrease in rental income and $5,614 was reclassified as an increase in depreciation and amortization. | ||||||
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, 2014 is summarized below: | ||||||
Wholly-owned | Consolidated | |||||
Joint Ventures (a) | ||||||
Operating properties (b) | 213 | — | ||||
Development properties | 2 | 1 | ||||
(a) | The Company has a 50% ownership interest in one LLC. | |||||
(b) | Excludes two wholly-owned properties classified as held for sale as of December 31, 2014. | |||||
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 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 11 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. The Company evaluates the classification and presentation of noncontrolling interests associated with its consolidated joint venture investment on an ongoing basis as facts and circumstances necessitate. | ||||||
As of December 31, 2014, the Company is the controlling member in one less-than-wholly-owned consolidated entity. The Company is entitled to a preferred return on its capital contributions to the entity. No adjustment to the carrying value of the noncontrolling interests for contributions, distributions or allocation of net income or loss were made during the years ended December 31, 2014, 2013 and 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
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 intangibles 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. Acquisition accounting fair value estimates, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the acquired investment property and tenant profile. | |||||||||||||||||||||||||||||
The portion of the purchase price allocated to acquired in-place lease value intangibles 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 intangibles of $28,977, $32,241 and $36,524 (including $0, $1,717 and $3,575, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 intangibles of $4,170, $3,053 and $4,026 (including $0, $25 and $150, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease value intangibles of $6,246, $4,187 and $5,339 (including $0, $183 and $409, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 intangibles of $560 and $93 for the years ended December 31, 2014 and 2013, respectively, was recorded as a reduction to property operating expenses. No amortization pertaining to above or below market lease value intangibles was recorded for the year ended December 31, 2012. | |||||||||||||||||||||||||||||
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 as of December 31, 2014: | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 4,145 | $ | 3,614 | $ | 3,138 | $ | 2,626 | $ | 1,580 | $ | 3,546 | $ | 18,649 | |||||||||||||||
Acquired in-place lease value intangibles (a) | 21,261 | 17,563 | 14,211 | 11,190 | 8,468 | 34,148 | 106,841 | ||||||||||||||||||||||
Acquired lease intangible assets, net (b) | $ | 25,406 | $ | 21,177 | $ | 17,349 | $ | 13,816 | $ | 10,048 | $ | 37,694 | $ | 125,490 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (5,191 | ) | $ | (4,753 | ) | $ | (4,612 | ) | $ | (4,445 | ) | $ | (4,248 | ) | $ | (63,254 | ) | $ | (86,503 | ) | ||||||||
Acquired ground lease intangibles (c) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,338 | ) | (14,138 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (b) | $ | (5,751 | ) | $ | (5,313 | ) | $ | (5,172 | ) | $ | (5,005 | ) | $ | (4,808 | ) | $ | (74,592 | ) | $ | (100,641 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(b) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $302,110 and $45,479 of accumulated amortization, respectively, as of December 31, 2014. | ||||||||||||||||||||||||||||
(c) | 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. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building 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 of Long-Lived Assets and Unconsolidated Joint Ventures: 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; | ||||||||||||||||||||||||||||
• | expected significant declines in occupancy in the near future; | ||||||||||||||||||||||||||||
• | continued difficulty in leasing space; | ||||||||||||||||||||||||||||
• | a significant concentration of financially troubled tenants; | ||||||||||||||||||||||||||||
• | a change in anticipated holding period; | ||||||||||||||||||||||||||||
• | a cost accumulation or delay in project completion date significantly above and beyond the original 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 at the end of a reporting period or at any point throughout the year 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 | ||||||||||||||||||||||||||||
• | a property-specific discount rate. | ||||||||||||||||||||||||||||
The Company did not have any unconsolidated joint ventures as of December 31, 2014. When the Company holds investments in unconsolidated joint ventures, they 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. | |||||||||||||||||||||||||||||
Below is a summary of impairment charges recorded during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 72,203 | $ | 92,033 | $ | 25,842 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | — | $ | 1,834 | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | — | $ | 286 | $ | 1,527 | |||||||||||||||||||||||
(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 and $24,519, which is included in discontinued operations in 2013 and 2012, 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 11 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 as of December 31, 2014 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 period 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 will not occur in 2015 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 their 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 15 for further discussion. | |||||||||||||||||||||||||||||
Development and Redevelopment Projects: The Company capitalizes direct and certain indirect project costs incurred during the development or redevelopment period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development or redevelopment 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 $91 and $271 as of December 31, 2014 and 2013, respectively, consist of costs incurred and not yet paid pertaining to such development or redevelopment projects and are included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The Company did not capitalize interest costs or real estate taxes during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||
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, subject only to terms that are usual and customary; (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 intangibles and any above or below market lease intangibles and the Company records the investment property held for sale at the lower of cost or net realizable value. 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. There were two properties classified as held for sale as of December 31, 2014 and one property classified as held for sale as of December 31, 2013. | |||||||||||||||||||||||||||||
Prior to the Company’s early adoption of the revised discontinued operations pronouncement in 2014, if the operations and cash flow of the property had been, or were upon consummation of such sale, eliminated from ongoing operations and the Company did not have significant continuing involvement in the operations of the property, then the operations for the periods presented were classified in the consolidated statements of operations and other comprehensive income (loss) as discontinued operations for all periods presented. However, the Company elected to early adopt the revised discontinued operations pronouncement effective January 1, 2014, which limits what qualifies for discontinued operations presentation. As a result, the investment properties that were sold or classified as held for sale during 2014, except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, did not qualify for discontinued operations presentation and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income (loss). 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, non-variable interest 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 11 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. During the year ended December 31, 2012, the Company recognized a gain on sales of marketable securities of $25,840 and an unrealized OCI gain of $4,748. | |||||||||||||||||||||||||||||
Restricted Cash and Escrows: Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2014 and 2013, the Company had $58,469 and $40,198, respectively, in restricted cash and escrows. | |||||||||||||||||||||||||||||
Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other liabilities.” The Company uses interest rate 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. 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 reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2014, the balance in accumulated other comprehensive loss relating to derivatives was $537. 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 accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
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. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
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 that the lessee is the owner, for accounting purposes, of the tenant improvements, 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, for only those leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such rental income earned and the cash rent due under the provisions of a 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. The Company recorded lease termination income of $2,667, $15,787 and $2,331 (including $0, $7,182 and $1,106, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
The Company recorded percentage rental income in lieu of base rent and other contingent percentage rental income of $5,229, $4,744 and $5,356 (including $0, $55 and $52, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 until the following criteria are met: 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. The Company sold 24, 20 and 31 consolidated investment properties during the years ended December 31, 2014, 2013 and 2012, respectively. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Accounts and Notes Receivable and Allowance for Doubtful Accounts: Accounts and notes receivable balances outstanding include base rents, tenant reimbursements and deferred rent receivables. An allowance for the uncollectible portion of accounts and notes 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. Management’s estimate of the collectibility of accounts 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, for only those leases that have fixed and measurable rent escalations, 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 rental 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. | |||||||||||||||||||||||||||||
The Company records a benefit, based on the GAAP measurement criteria, for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Tax returns for the calendar years 2011 through 2014 remain subject to examination by federal and various state tax jurisdictions. | |||||||||||||||||||||||||||||
Segment Reporting: The Company’s chief operating decision maker, which is comprised of its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, assesses and measures the operating results of the Company’s 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, 2014, companies are 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 of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2015, with early adoption permitted effective January 1, 2014, the definition of discontinued operations has been revised to limit what qualifies for this classification and presentation to disposals of components of a company that represent strategic shifts that have, or will have, a major effect on a company’s operations and financial results. Required expanded disclosures for disposals or disposal groups that qualify for discontinued operations treatment are intended to provide users of financial statements with enhanced information about the assets, liabilities, revenues and expenses of such discontinued operations. In addition, in accordance with this pronouncement, companies are required to disclose the pretax profit or loss of an individually significant component that does not qualify for discontinued operations treatment. While the threshold for a disposal or disposal group to qualify for discontinued operations treatment has been revised, this pronouncement retains the held for sale classification and presentation concepts of previous authoritative literature. Accordingly, under this pronouncement, a disposal or disposal group may qualify for held for sale classification but not meet the threshold for discontinued operations treatment. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption, which is applied prospectively, is anticipated to substantially reduce the number of the Company’s transactions, going forward, that qualify for discontinued operations as compared to historical results. Except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, the investment properties that were sold or held for sale during 2014 did not qualify for discontinued operations treatment and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Effective January 1, 2016, with early adoption permitted effective January 1, 2014, companies that grant their employees share-based payments in which the terms of the award provide that a performance target which affects vesting could be achieved after the requisite service period will be required to treat that feature as a performance condition. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, with early adoption permitted effective January 1, 2014, companies that issue hybrid financial instruments in the form of a share will be required to consider all stated and implied substantive terms and features in evaluating whether the host contract within the hybrid financial instrument is more akin to debt or to equity. The effects of initially adopting this pronouncement should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, a company’s management will be required to assess the entity’s ability to continue as a going concern every reporting period including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued) and provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The Company does not expect the adoption of this pronouncement will have a material effect on its consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, the concept of extraordinary items will be eliminated from GAAP and entities will no longer be required to consider whether an underlying event or transaction is extraordinary. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. The Company has elected to early adopt this pronouncement effective January 1, 2015. The adoption of this pronouncement is not expected to have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2017, companies will be required to apply a five-step model in accounting for revenue arising from contracts with customers. The core principle of this revised revenue model is that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. The Company does not expect the adoption of this pronouncement will have a material effect on its consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||||
The Company closed on the following acquisitions during the year ended December 31, 2014: | ||||||||||||||||||
Date | Property Name | Metropolitan Statistical | Property Type | Square | Acquisition | Pro Rata | ||||||||||||
Area (MSA) | Footage | Price | Acquisition | |||||||||||||||
Price | ||||||||||||||||||
30-Dec-14 | Lakewood Towne Center - Parcel | Seattle | Multi-tenant parcel | 44,000 | $ | 5,750 | $ | 5,750 | ||||||||||
20-Nov-14 | Avondale Plaza | Seattle | Multi-tenant retail | 39,000 | 15,070 | 15,070 | ||||||||||||
23-Jun-14 | Southlake Town Square - Outparcel (a) | Dallas | Single-user outparcel | 8,500 | 6,369 | 6,369 | ||||||||||||
5-Jun-14 | MS Inland Portfolio (b) | Various | Multi-tenant retail | 1,194,800 | 292,500 | 234,000 | ||||||||||||
27-Feb-14 | Bed Bath & Beyond Plaza - Fee Interest (c) | Miami | Ground lease interest | — | 10,350 | 10,350 | ||||||||||||
27-Feb-14 | Heritage Square | Seattle | Multi-tenant retail | 53,100 | 18,022 | 18,022 | ||||||||||||
1,339,400 | $ | 348,061 | $ | 289,561 | ||||||||||||||
(a) | The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company prior to the transaction. | |||||||||||||||||
(b) | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
(c) | The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Miami, Florida, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed a straight-line ground rent liability of $4,258, which is presented in “Gain on extinguishment of other liabilities” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
The Company closed on the following acquisitions during the year ended December 31, 2013: | ||||||||||||||||||
Date | Property Name | MSA | Property Type | Square | Acquisition | Pro Rata | ||||||||||||
Footage | Price | Acquisition | ||||||||||||||||
Price | ||||||||||||||||||
13-Nov-13 | Fordham Place | New York City | Multi-tenant retail | 262,000 | $ | 133,900 | $ | 133,900 | ||||||||||
6-Nov-13 | Pelham Manor Shopping Plaza | New York City | Multi-tenant retail | 228,000 | 58,530 | 58,530 | ||||||||||||
1-Oct-13 | RioCan Portfolio (a) | Various | Multi-tenant retail | 598,100 | 124,783 | 99,826 | ||||||||||||
1,088,100 | $ | 317,213 | $ | 292,256 | ||||||||||||||
(a) | As discussed in Note 11, 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 owned by the joint venture (collectively, the RioCan acquisitions). The Company paid total cash consideration of 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 Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $5,435 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Land | $ | 118,732 | $ | 60,307 | ||||||||||||||
Building and other improvements | 219,174 | 238,388 | ||||||||||||||||
Acquired lease intangible assets (a) | 35,520 | 46,357 | ||||||||||||||||
Acquired lease intangible liabilities (b) | (20,578 | ) | (26,525 | ) | ||||||||||||||
Mortgages payable (c) | (146,485 | ) | (69,177 | ) | ||||||||||||||
Net assets acquired (d) | $ | 206,363 | $ | 249,350 | ||||||||||||||
(a) | The weighted average amortization period for acquired lease intangible assets is eight years and 12 years for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(b) | The weighted average amortization period for acquired lease intangible liabilities is 16 years and 23 years for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(c) | Includes mortgage premium of $4,787 and $1,313 for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(d) | Net assets attributable to the MS Inland and RioCan acquisitions are presented at 100%. | |||||||||||||||||
The above acquisitions were funded using a combination of available cash on hand and proceeds from the Company’s unsecured revolving line of credit. Transaction costs totaling $2,271, $937 and $0 for the years ended December 31, 2014, 2013 and 2012, respectively, were expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). | ||||||||||||||||||
Included in the Company’s consolidated statements of operations and other comprehensive income (loss) from the properties acquired are $55,303, $6,390 and $0 in total revenues, and $6,733, $597 and $0 in net income attributable to common shareholders from the date of acquisition through December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
Subsequent to December 31, 2014, the Company acquired the following properties: | ||||||||||||||||||
• | the retail portion of Downtown Crown, a Class A mixed-use property located in Gaithersburg, Maryland, from a third party for a gross purchase price of $162,785. The property was acquired on January 8, 2015 and contains approximately 258,000 square feet of retail space; | |||||||||||||||||
• | Merrifield Town Center, a Class A mixed-use property located in Merrifield, Virginia, from a third party for a gross purchase price of $56,500. The property was acquired on January 23, 2015 and contains approximately 85,000 square feet of retail space; and | |||||||||||||||||
• | Fort Evans Plaza II, a Class A multi-tenant retail property located in Leesburg, Virginia, from a third party for a gross purchase price of $65,000. The property was acquired on January 23, 2015 and contains approximately 229,000 square feet. | |||||||||||||||||
The Company has not completed the allocation of the acquisition date fair values for the properties acquired subsequent to December 31, 2014. However, it expects that the purchase price of these properties will primarily be allocated to building, land and acquired lease intangibles. | ||||||||||||||||||
Condensed Pro Forma Financial Information | ||||||||||||||||||
The results of operations of the acquisitions accounted for as business combinations are included in the following unaudited condensed pro forma financial information as if these acquisitions had been completed as of the beginning of the year prior to the acquisition date. The results of operations of the Downtown Crown, Merrifield Town Center, and Fort Evans Plaza II acquisitions will be 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 the 2015 acquisitions were completed as of January 1, 2014, the 2014 acquisitions were completed as of January 1, 2013, and the 2013 acquisitions were completed as of January 1, 2012. The results of operations associated with the 2014 Bed Bath & Beyond Plaza acquisition have not been included in the pro forma presentation as it has been accounted for as an asset acquisition. The Company did not have any significant business combinations in 2012. These pro forma results are for comparative purposes only and are 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, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Total revenues | $ | 630,067 | $ | 605,708 | $ | 565,053 | ||||||||||||
Net income | $ | 15,583 | $ | 24,964 | $ | 6,902 | ||||||||||||
Net income attributable to common shareholders | $ | 6,133 | $ | 15,514 | $ | 6,639 | ||||||||||||
Earnings per common share — basic and diluted | ||||||||||||||||||
Net income per common share attributable to common shareholders | $ | 0.03 | $ | 0.07 | $ | 0.03 | ||||||||||||
Weighted average number of common shares outstanding — basic | 236,184 | 234,134 | 220,464 | |||||||||||||||
Dispositions
Dispositions | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Dispositions | Dispositions | |||||||||||||||||||
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-strategic and non-core assets that no longer meet the Company’s investment criteria. | ||||||||||||||||||||
The Company closed on the following property dispositions during the year ended December 31, 2014: | ||||||||||||||||||||
Date | Property Name | Property Type | Square | Consideration | Aggregate Proceeds, Net (a) | Gain (a) | ||||||||||||||
Footage | ||||||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
22-Dec-14 | Newburgh Crossing | Multi-tenant retail | 62,900 | $ | 10,000 | $ | 9,770 | $ | — | |||||||||||
16-Dec-14 | Diebold Warehouse | Single-user industrial | 158,700 | 11,500 | 10,752 | 2,879 | ||||||||||||||
4-Dec-14 | Plaza at Riverlakes | Multi-tenant retail | 102,800 | 17,350 | 17,021 | 4,127 | ||||||||||||||
24-Nov-14 | Mission Crossing (b) | Multi-tenant retail | 178,200 | 24,250 | 23,545 | 5,936 | ||||||||||||||
5-Nov-14 | Crockett Square | Multi-tenant retail | 107,100 | 9,750 | 9,565 | 822 | ||||||||||||||
31-Oct-14 | The Market at Clifty Crossing | Multi-tenant retail | 175,900 | 19,150 | 18,883 | 5,292 | ||||||||||||||
29-Oct-14 | Shoppes at Stroud | Multi-tenant retail | 136,400 | 26,850 | 26,466 | 485 | ||||||||||||||
20-Oct-14 | Various (c) | Single-user retail | 65,400 | 24,400 | 23,846 | 6,362 | ||||||||||||||
2-Oct-14 | Gloucester Town Center | Multi-tenant retail | 107,200 | 10,350 | 9,722 | — | ||||||||||||||
27-Aug-14 | Four Peaks Plaza | Multi-tenant retail | 140,400 | 9,900 | 9,381 | — | ||||||||||||||
26-Aug-14 | Crossroads Plaza CVS | Single-user retail | 16,000 | 7,650 | 7,411 | 2,863 | ||||||||||||||
19-Aug-14 | Greenwich Center | Multi-tenant retail | 182,600 | 22,700 | 21,977 | 5,871 | ||||||||||||||
19-Aug-14 | Boston Commons | Multi-tenant retail | 103,400 | 9,820 | 9,586 | — | ||||||||||||||
15-Aug-14 | Fisher Scientific | Single-user office | 114,700 | 14,000 | 13,715 | 3,732 | ||||||||||||||
15-Aug-14 | Stanley Works/Mac Tools | Single-user office | 72,500 | 10,350 | 10,184 | 1,375 | ||||||||||||||
1-Aug-14 | Battle Ridge Pavilion | Multi-tenant retail | 103,500 | 14,100 | 13,722 | 1,327 | ||||||||||||||
16-May-14 | Beachway Plaza & Cornerstone Plaza (d) | Multi-tenant retail | 189,600 | 24,450 | 23,584 | 819 | ||||||||||||||
1-Apr-14 | Midtown Center | Multi-tenant retail | 408,500 | 47,150 | 46,043 | — | ||||||||||||||
2,425,800 | 313,720 | 305,173 | 41,890 | |||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
11-Mar-14 | Riverpark Phase IIA | Single-user retail | 64,300 | 9,269 | 9,204 | 655 | ||||||||||||||
2,490,100 | $ | 322,989 | $ | 314,377 | $ | 42,545 | ||||||||||||||
(a) | Aggregate proceeds are net of transaction costs and exclude $324 of condemnation proceeds, which did not result in any additional gain recognition. | |||||||||||||||||||
(b) | The disposition of Mission Crossing was executed in two separate transactions for a total sales price of $24,250. The 163,400 square foot multi-tenant retail property, excluding the Walgreens outparcel, was sold for $17,250 to a third party and the 14,800 square foot Walgreens outparcel was sold for $7,000 to a different third party. | |||||||||||||||||||
(c) | The Company sold a portfolio of five drug stores located in Pennsylvania, Wisconsin and Alabama in a single transaction. | |||||||||||||||||||
(d) | The terms of the disposition of Beachway Plaza and Cornerstone Plaza were negotiated as a single transaction. The Company recognized a gain on sale of $527 during the second quarter of 2014 and an additional gain of $292 during the fourth quarter of 2014 that was deferred at disposition. | |||||||||||||||||||
The Company also received consideration of $700, net proceeds of $699 and recorded a gain of $306 from the sale of an outparcel at one of its properties. The aggregate proceeds, net of closing costs, from the property sales and additional transactions during the year ended December 31, 2014 totaled $315,400 with aggregate gains of $42,851. During the year ended December 31, 2014, the Company repaid or defeased $128,947 in mortgages payable prior to or in connection with the 2014 dispositions. | ||||||||||||||||||||
During 2013, the Company sold 20 properties. The dispositions and certain additional transactions, including earnouts, pad sales and condemnations, resulted in aggregate proceeds, net of transaction costs, of $326,766 with aggregate gains of $47,085. | ||||||||||||||||||||
During 2012, the Company sold 31 properties. The dispositions and certain additional transactions, including earnouts and condemnations, resulted in aggregate proceeds, net of transaction costs, of $453,320 with aggregate gains of $37,984. | ||||||||||||||||||||
As of December 31, 2014, the Company had entered into contracts to sell Promenade at Red Cliff, a 94,500 square foot multi-tenant retail property located in St. George, Utah, and Aon Hewitt East Campus, a 343,000 square foot single-user office property located in Lincolnshire, Illinois. These properties qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on or prior to December 31, 2014, at which time depreciation and amortization were ceased. As such, the assets and liabilities associated with these properties are separately classified as held for sale in the consolidated balance sheets as of December 31, 2014. Riverpark Phase IIA, which was sold on March 11, 2014, was classified as held for sale as of December 31, 2013. | ||||||||||||||||||||
The following table presents the assets and liabilities associated with the investment properties classified as held for sale: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Land, building and other improvements | $ | 36,020 | $ | 10,285 | ||||||||||||||||
Accumulated depreciation | (5,358 | ) | (2,206 | ) | ||||||||||||||||
Net investment properties | 30,662 | 8,079 | ||||||||||||||||||
Other assets | 2,978 | 537 | ||||||||||||||||||
Assets associated with investment properties held for sale | $ | 33,640 | $ | 8,616 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Mortgages payable | $ | 8,075 | $ | 6,435 | ||||||||||||||||
Other liabilities | 128 | 168 | ||||||||||||||||||
Liabilities associated with investment properties held for sale | $ | 8,203 | $ | 6,603 | ||||||||||||||||
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, which consists of investment properties sold and classified as held for sale on or prior to December 31, 2013, including Riverpark Phase IIA, are presented in the table below: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | (123 | ) | $ | 24,448 | $ | 55,507 | |||||||||||||
Tenant recovery income | 144 | 5,142 | 7,284 | |||||||||||||||||
Other property income | 23 | 7,571 | 1,544 | |||||||||||||||||
Total revenues | 44 | 37,161 | 64,335 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating expenses | 121 | 4,802 | 7,941 | |||||||||||||||||
Real estate taxes | 3 | 5,664 | 8,209 | |||||||||||||||||
Depreciation and amortization | — | 11,075 | 27,468 | |||||||||||||||||
Provision for impairment of investment properties | — | 32,547 | 24,519 | |||||||||||||||||
Gain on extinguishment of debt | — | (26,331 | ) | — | ||||||||||||||||
Gain on extinguishment of other liabilities | — | (3,511 | ) | — | ||||||||||||||||
Interest expense | 68 | 3,632 | 20,256 | |||||||||||||||||
Other (income) expense, net | — | (113 | ) | 5 | ||||||||||||||||
Total expenses | 192 | 27,765 | 88,398 | |||||||||||||||||
(Loss) income from discontinued operations, net | $ | (148 | ) | $ | 9,396 | $ | (24,063 | ) | ||||||||||||
Compensation_Plans
Compensation Plans | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Compensation Plans | Compensation Plans | ||||||
On May 22, 2014, the Company’s shareholders approved the Company’s 2014 Long-Term Equity Compensation Plan (the 2014 Plan), which replaces the Company’s 2008 Long-Term Equity Compensation Plan and Third Amended and Restated Independent Director Stock Option and Incentive Plan (Director Plan). The 2014 Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance shares, dividend equivalent rights and cash-based awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management. | |||||||
The following table represents a summary of the Company’s unvested restricted shares as of and for the years ended December 31, 2014, 2013 and 2012: | |||||||
Unvested | Weighted Average | ||||||
Restricted | Grant Date Fair | ||||||
Shares | Value per | ||||||
Restricted Share | |||||||
Balance as of January 1, 2012 | 14 | $ | 17.13 | ||||
Shares granted (a) | 32 | $ | 17.38 | ||||
Shares vested | — | $ | — | ||||
Shares forfeited | — | $ | — | ||||
Balance as of December 31, 2012 | 46 | $ | 17.3 | ||||
Shares granted (a) | 116 | $ | 14.27 | ||||
Shares vested | (9 | ) | $ | 15.53 | |||
Shares forfeited | (1 | ) | $ | 15.61 | |||
Balance as of December 31, 2013 | 152 | $ | 15.11 | ||||
Shares granted (b) | 303 | $ | 13.89 | ||||
Shares vested | (58 | ) | $ | 14.5 | |||
Shares forfeited | (1 | ) | $ | 15.61 | |||
Balance as of December 31, 2014 | 396 | $ | 14.26 | ||||
(a) | Of the shares granted to the Company’s executives in 2012 and 2013, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees in 2013 vest ratably over three years and shares granted to the Company’s non-employee directors vested on May 22, 2014, the date of the annual stockholder meeting. | ||||||
(b) | Shares granted in 2014 vest ratably over periods ranging from one to three years in accordance with the terms of applicable award documents. | ||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recorded compensation expense of $3,417, $455 and $211, respectively, related to unvested restricted shares. As of December 31, 2014, total unrecognized compensation expense related to unvested restricted shares was $2,126, which is expected to be amortized over a weighted average term of 1.0 year. The total fair value of shares vested during the year ended December 31, 2014 was $840. 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. | |||||||
Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Director Plan. As of December 31, 2014, options to purchase 84 shares of common stock had been granted, of which options to purchase three shares had been exercised, options to purchase six shares had expired and options to purchase 11 shares had been forfeited. 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. | |||||||
The Company did not grant any options in 2013 or 2014. During 2012, the Company calculated the per share weighted average grant date fair value of options using the Black-Scholes option pricing model utilizing the following assumptions: expected dividend yield of 5.66%; expected volatility rate of 21.65%; expected life of five years and a risk-free interest rate of 0.67%. The grant date fair value per share for 2012 was $0.92. | |||||||
Compensation expense of $3, $24 and $49 related to stock options was recorded during the years ended December 31, 2014, 2013 and 2012, respectively. |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 are reimbursed by the tenant to the Company depending upon the terms of the applicable tenant lease. 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 $1,985, $1,791 and $1,794 for the years ended December 31, 2014, 2013 and 2012, 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 exercise of renewal options or early termination rights, are as follows: | ||||||||||||
Minimum Lease Payments (a) | ||||||||||||
2015 | $ | 447,535 | ||||||||||
2016 | 408,877 | |||||||||||
2017 | 357,000 | |||||||||||
2018 | 310,505 | |||||||||||
2019 | 242,518 | |||||||||||
Thereafter | 821,430 | |||||||||||
Total | $ | 2,587,865 | ||||||||||
(a) | Excludes minimum lease payments related to two investment properties classified as held for sale as of December 31, 2014. | |||||||||||
The remaining lease terms range from less than one year to more than 45 years. | ||||||||||||
Many of the leases at the Company’s retail properties contain provisions that condition a tenant’s obligation to remain open, the amount of rent payable by the tenant or potentially the tenant’s obligation to remain in the lease, upon certain factors, including: (i) the presence and continued operation of a certain anchor tenant or tenants, (ii) minimum occupancy levels at the applicable property or (iii) tenant sales amounts. If such a provision is triggered by a failure of any of these or other applicable conditions, a tenant could have the right to cease operations at the applicable property, have its rent reduced or terminate its lease early. 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. In addition, the Company leases office space for certain management offices and its corporate office. The following table summarizes rent expense included in the accompanying consolidated statements of operations and other comprehensive income (loss), including straight-line rent expense: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ground lease rent expense (a) | $ | 11,676 | $ | 9,758 | $ | 9,217 | ||||||
Office rent expense (b) | $ | 1,210 | $ | 962 | $ | 846 | ||||||
(a) | Included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). Excludes amounts attributable to discontinued operations, but includes straight-line ground rent expense of $3,889, $3,486 and $3,251 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(b) | 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” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||
Minimum future rental obligations to be paid under the ground and office leases, including fixed rental increases, are as follows: | ||||||||||||
Minimum Lease Obligations | ||||||||||||
2015 | $ | 8,440 | ||||||||||
2016 | 8,293 | |||||||||||
2017 | 8,362 | |||||||||||
2018 | 8,428 | |||||||||||
2019 | 8,773 | |||||||||||
Thereafter | 519,964 | |||||||||||
Total | $ | 562,260 | ||||||||||
Mortgages_Payable
Mortgages Payable | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Mortgages Payable | Mortgages Payable | |||||||||||||||||||||||||||
The following table summarizes the Company’s mortgages payable: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
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) | $ | 1,616,063 | 6.03 | % | 4 | $ | 1,673,080 | 6.15 | % | 4.9 | ||||||||||||||||||
Variable rate construction loan (b) | 14,900 | 2.44 | % | 0.8 | 11,359 | 2.44 | % | 0.8 | ||||||||||||||||||||
Mortgages payable | 1,630,963 | 5.99 | % | 3.9 | 1,684,439 | 6.13 | % | 4.9 | ||||||||||||||||||||
Premium, net of accumulated amortization | 3,972 | 1,175 | ||||||||||||||||||||||||||
Discount, net of accumulated amortization | (470 | ) | (981 | ) | ||||||||||||||||||||||||
Mortgages payable, net | $ | 1,634,465 | $ | 1,684,633 | ||||||||||||||||||||||||
(a) | Includes $8,124 and $8,337 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014 and 2013, respectively, and excludes mortgages payable of $8,075 and $6,435 associated with investment properties classified as held for sale as of December 31, 2014 and 2013, respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% and 3.50% to 8.00% as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
(b) | The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.25%. | |||||||||||||||||||||||||||
Mortgages Payable | ||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company repaid and defeased mortgages payable in the total amount of $179,465 (excluding $55 from condemnation proceeds which were paid to the lender and scheduled principal payments of $17,554 related to amortizing loans). The loans repaid and defeased during the year ended December 31, 2014 had a weighted average fixed interest rate of 6.08%. In addition, during the year ended December 31, 2014, as part of the MS Inland acquisitions, the Company assumed the in-place mortgage financing on the acquired properties of $141,698 at a weighted average interest rate of 4.79%. | ||||||||||||||||||||||||||||
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 consolidated joint venture property and the related tenant leases are pledged as collateral for the variable rate 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, 2014, the Company had guaranteed $7,991 of the outstanding mortgage and construction loans with maturity dates ranging from November 2, 2015 through September 30, 2016 (see Note 17). 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, 2014, the most significant cross-collateralized mortgage loan was the IW JV 2009, LLC (IW JV) mortgage in the amount of $462,896, excluding $8,075 associated with one of the 54 properties securing the mortgage that is classified as held for sale. | ||||||||||||||||||||||||||||
Debt Maturities | ||||||||||||||||||||||||||||
The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2014, for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2015 debt activity. | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Fixed rate debt: | ||||||||||||||||||||||||||||
Mortgages payable (a) | $ | 376,659 | $ | 67,736 | $ | 321,126 | $ | 12,414 | $ | 502,882 | $ | 335,246 | $ | 1,616,063 | ||||||||||||||
Unsecured credit facility - fixed rate portion of term loan (b) | — | — | — | 300,000 | — | — | 300,000 | |||||||||||||||||||||
Unsecured notes payable | — | — | — | — | — | 250,000 | 250,000 | |||||||||||||||||||||
Total fixed rate debt | 376,659 | 67,736 | 321,126 | 312,414 | 502,882 | 585,246 | 2,166,063 | |||||||||||||||||||||
Variable rate debt: | ||||||||||||||||||||||||||||
Construction loan | 14,900 | — | — | — | — | — | 14,900 | |||||||||||||||||||||
Unsecured credit facility | — | — | — | 150,000 | — | — | 150,000 | |||||||||||||||||||||
Total variable rate debt | 14,900 | — | — | 150,000 | — | — | 164,900 | |||||||||||||||||||||
Total debt (c) | $ | 391,559 | $ | 67,736 | $ | 321,126 | $ | 462,414 | $ | 502,882 | $ | 585,246 | $ | 2,330,963 | ||||||||||||||
Weighted average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate debt | 5.59 | % | 5.06 | % | 5.53 | % | 2.18 | % | 7.5 | % | 4.72 | % | 5.28 | % | ||||||||||||||
Variable rate debt | 2.44 | % | — | — | 1.62 | % | — | — | 1.69 | % | ||||||||||||||||||
Total | 5.47 | % | 5.06 | % | 5.53 | % | 2 | % | 7.5 | % | 4.72 | % | 5.03 | % | ||||||||||||||
(a) | Includes $8,124 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014. Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, which was outstanding as of December 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||||
(b) | $300,000 of LIBOR-based variable rate debt has been swapped 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. | |||||||||||||||||||||||||||
(c) | As of December 31, 2014, the weighted average years to maturity of consolidated indebtedness was 4.3 years. | |||||||||||||||||||||||||||
The Company plans on addressing its debt maturities through a combination of proceeds from asset dispositions, capital markets transactions and its unsecured revolving line of credit. | ||||||||||||||||||||||||||||
Unsecured Notes Payable | ||||||||||||||||||||||||||||
On June 30, 2014, the Company issued $250,000 of unsecured notes in a private placement transaction pursuant to a note purchase agreement the Company entered into on May 16, 2014 with various institutional investors. The proceeds were used to pay down a portion of the Company’s unsecured revolving line of credit in anticipation of the repayment of future secured debt maturities. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s unsecured notes payable as of December 31, 2014: | ||||||||||||||||||||||||||||
Unsecured Notes Payable | Maturity Date | Principal | Interest Rate/ | |||||||||||||||||||||||||
Balance | Weighted Average | |||||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||
Series A senior notes | 30-Jun-21 | $ | 100,000 | 4.12 | % | |||||||||||||||||||||||
Series B senior notes | 30-Jun-24 | 150,000 | 4.58 | % | ||||||||||||||||||||||||
Total | $ | 250,000 | 4.4 | % | ||||||||||||||||||||||||
The note purchase agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the note purchase agreement, the Company is subject to various financial covenants, some of which are based upon the financial covenants in effect in the Company’s primary credit facility, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of December 31, 2014, management believes the Company was in compliance with the financial covenants and default provisions under the note purchase agreement. |
Unsecured_Notes_Payable
Unsecured Notes Payable | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Unsecured Notes Payable | Mortgages Payable | |||||||||||||||||||||||||||
The following table summarizes the Company’s mortgages payable: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
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) | $ | 1,616,063 | 6.03 | % | 4 | $ | 1,673,080 | 6.15 | % | 4.9 | ||||||||||||||||||
Variable rate construction loan (b) | 14,900 | 2.44 | % | 0.8 | 11,359 | 2.44 | % | 0.8 | ||||||||||||||||||||
Mortgages payable | 1,630,963 | 5.99 | % | 3.9 | 1,684,439 | 6.13 | % | 4.9 | ||||||||||||||||||||
Premium, net of accumulated amortization | 3,972 | 1,175 | ||||||||||||||||||||||||||
Discount, net of accumulated amortization | (470 | ) | (981 | ) | ||||||||||||||||||||||||
Mortgages payable, net | $ | 1,634,465 | $ | 1,684,633 | ||||||||||||||||||||||||
(a) | Includes $8,124 and $8,337 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014 and 2013, respectively, and excludes mortgages payable of $8,075 and $6,435 associated with investment properties classified as held for sale as of December 31, 2014 and 2013, respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% and 3.50% to 8.00% as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
(b) | The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.25%. | |||||||||||||||||||||||||||
Mortgages Payable | ||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company repaid and defeased mortgages payable in the total amount of $179,465 (excluding $55 from condemnation proceeds which were paid to the lender and scheduled principal payments of $17,554 related to amortizing loans). The loans repaid and defeased during the year ended December 31, 2014 had a weighted average fixed interest rate of 6.08%. In addition, during the year ended December 31, 2014, as part of the MS Inland acquisitions, the Company assumed the in-place mortgage financing on the acquired properties of $141,698 at a weighted average interest rate of 4.79%. | ||||||||||||||||||||||||||||
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 consolidated joint venture property and the related tenant leases are pledged as collateral for the variable rate 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, 2014, the Company had guaranteed $7,991 of the outstanding mortgage and construction loans with maturity dates ranging from November 2, 2015 through September 30, 2016 (see Note 17). 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, 2014, the most significant cross-collateralized mortgage loan was the IW JV 2009, LLC (IW JV) mortgage in the amount of $462,896, excluding $8,075 associated with one of the 54 properties securing the mortgage that is classified as held for sale. | ||||||||||||||||||||||||||||
Debt Maturities | ||||||||||||||||||||||||||||
The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2014, for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2015 debt activity. | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Fixed rate debt: | ||||||||||||||||||||||||||||
Mortgages payable (a) | $ | 376,659 | $ | 67,736 | $ | 321,126 | $ | 12,414 | $ | 502,882 | $ | 335,246 | $ | 1,616,063 | ||||||||||||||
Unsecured credit facility - fixed rate portion of term loan (b) | — | — | — | 300,000 | — | — | 300,000 | |||||||||||||||||||||
Unsecured notes payable | — | — | — | — | — | 250,000 | 250,000 | |||||||||||||||||||||
Total fixed rate debt | 376,659 | 67,736 | 321,126 | 312,414 | 502,882 | 585,246 | 2,166,063 | |||||||||||||||||||||
Variable rate debt: | ||||||||||||||||||||||||||||
Construction loan | 14,900 | — | — | — | — | — | 14,900 | |||||||||||||||||||||
Unsecured credit facility | — | — | — | 150,000 | — | — | 150,000 | |||||||||||||||||||||
Total variable rate debt | 14,900 | — | — | 150,000 | — | — | 164,900 | |||||||||||||||||||||
Total debt (c) | $ | 391,559 | $ | 67,736 | $ | 321,126 | $ | 462,414 | $ | 502,882 | $ | 585,246 | $ | 2,330,963 | ||||||||||||||
Weighted average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate debt | 5.59 | % | 5.06 | % | 5.53 | % | 2.18 | % | 7.5 | % | 4.72 | % | 5.28 | % | ||||||||||||||
Variable rate debt | 2.44 | % | — | — | 1.62 | % | — | — | 1.69 | % | ||||||||||||||||||
Total | 5.47 | % | 5.06 | % | 5.53 | % | 2 | % | 7.5 | % | 4.72 | % | 5.03 | % | ||||||||||||||
(a) | Includes $8,124 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014. Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, which was outstanding as of December 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||||
(b) | $300,000 of LIBOR-based variable rate debt has been swapped 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. | |||||||||||||||||||||||||||
(c) | As of December 31, 2014, the weighted average years to maturity of consolidated indebtedness was 4.3 years. | |||||||||||||||||||||||||||
The Company plans on addressing its debt maturities through a combination of proceeds from asset dispositions, capital markets transactions and its unsecured revolving line of credit. | ||||||||||||||||||||||||||||
Unsecured Notes Payable | ||||||||||||||||||||||||||||
On June 30, 2014, the Company issued $250,000 of unsecured notes in a private placement transaction pursuant to a note purchase agreement the Company entered into on May 16, 2014 with various institutional investors. The proceeds were used to pay down a portion of the Company’s unsecured revolving line of credit in anticipation of the repayment of future secured debt maturities. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s unsecured notes payable as of December 31, 2014: | ||||||||||||||||||||||||||||
Unsecured Notes Payable | Maturity Date | Principal | Interest Rate/ | |||||||||||||||||||||||||
Balance | Weighted Average | |||||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||
Series A senior notes | 30-Jun-21 | $ | 100,000 | 4.12 | % | |||||||||||||||||||||||
Series B senior notes | 30-Jun-24 | 150,000 | 4.58 | % | ||||||||||||||||||||||||
Total | $ | 250,000 | 4.4 | % | ||||||||||||||||||||||||
The note purchase agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the note purchase agreement, the Company is subject to various financial covenants, some of which are based upon the financial covenants in effect in the Company’s primary credit facility, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of December 31, 2014, management believes the Company was in compliance with the financial covenants and default provisions under the note purchase agreement. |
Credit_Facility
Credit Facility | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 unsecured credit facility). The Company has the ability to increase available borrowings up to $1,450,000 in certain circumstances. | |||||||||||||||||
The unsecured credit facility is currently priced on a leverage grid at a rate of LIBOR plus a margin ranging from 1.50% to 2.05%, plus a quarterly unused fee ranging from 0.25% to 0.30% depending on the undrawn amount, for the unsecured revolving line of credit and LIBOR plus a margin ranging from 1.45% to 2.00% for the unsecured term loan. On January 27, 2014, the Company received its first of two investment grade credit ratings. In accordance with the unsecured credit agreement, the Company may elect to convert to an investment grade pricing grid. Upon making such an election and depending on the Company’s credit rating, the interest rate for the unsecured revolving line of credit would equal LIBOR plus a margin ranging from 0.90% to 1.70%, plus a facility fee ranging from 0.15% to 0.35%, and for the unsecured term loan, LIBOR plus a margin ranging from 1.05% to 2.05%. As of December 31, 2014, making such an election would have resulted in a higher interest rate and, as such, the Company has not made the election to convert to an investment grade pricing grid. | |||||||||||||||||
The following table summarizes the Company’s unsecured credit facility: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Credit Facility | Maturity Date | Balance | Interest Rate/ | Balance | Interest Rate/ | ||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Term loan - fixed rate portion (a) | 11-May-18 | $ | 300,000 | 1.99 | % | $ | 300,000 | 1.99 | % | ||||||||
Term loan - variable rate portion | 11-May-18 | 150,000 | 1.62 | % | 150,000 | 1.62 | % | ||||||||||
Revolving line of credit - variable rate | May 12, 2017 (b) | — | 1.67 | % | 165,000 | 1.67 | % | ||||||||||
Total | $ | 450,000 | 1.87 | % | $ | 615,000 | 1.81 | % | |||||||||
(a) | $300,000 of the term loan has been swapped to a fixed rate of 0.53875% plus a margin based on a leverage grid ranging from 1.45% to 2.00% through February 24, 2016. The applicable margin was 1.45% as of December 31, 2014 and 2013. | ||||||||||||||||
(b) | 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 unsecured credit agreement and it pays an extension fee equal to 0.15% of the commitment amount being extended. | ||||||||||||||||
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 unencumbered, secured and consolidated leverage ratios; (ii) minimum fixed charge and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of December 31, 2014, management believes the Company was in compliance with the financial covenants and default provisions under the unsecured credit agreement. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||||||||||||||
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 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 $631 will be reclassified as an increase to interest expense. The ineffective portion of the change in fair value of derivatives is recognized directly in earnings. | |||||||||||||||||||||||||||||
The following table summarizes the Company’s 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, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Interest rate swaps | 2 | 2 | $ | 308,124 | $ | 308,337 | |||||||||||||||||||||||
The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 562 | $ | 751 | |||||||||||||||||||||||||
The following table presents the effect of the Company’s derivative financial instruments on 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 Loss (Gain) | ||||||||||||||||||||||||
Cash Flow | Recognized in Other Comprehensive Income | Reclassified from | Reclassified from | Loss (Gain) | Recognized in Income | ||||||||||||||||||||||||
Hedging | on Derivative | Accumulated Other Comprehensive Income (AOCI) into Income | AOCI into Income | Recognized In | on 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) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate swaps | $ | 981 | $ | 1,444 | Interest Expense | $ | 1,182 | $ | 1,960 | Other income, net | $ | 12 | $ | (912 | ) | ||||||||||||||
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, 2014, 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 $581. As of December 31, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2014, it could have been required to settle its obligations under the agreements at their termination value of $581. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
MS Inland (a) | 4/27/07 | — | % | 20 | % | $ | — | $ | 6,915 | ||||||||||||||||||||||||||||||||||||||||
Oak Property and Casualty LLC (b) | 10/1/06 | — | % | 20 | % | — | 8,861 | ||||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 15,776 | ||||||||||||||||||||||||||||||||||||||||||||||
(a) | The MS Inland unconsolidated joint venture was formed with a large state pension fund; the Company was the managing member of the venture and earned fees for providing property management and leasing services. However, the Company had the ability to exercise significant influence, but did not have financial or operating control over this joint venture, and as a result, the Company accounted for its investment pursuant to the equity method of accounting. On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland through the acquisition of the six properties owned by the joint venture. | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Through December 1, 2014, Oak Property & Casualty LLC (the Captive) was an insurance association owned by the Company and three other unaffiliated parties (four other unaffiliated parties as of December 31, 2013). 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. It had been determined that the Captive was a VIE, but because the Company did not hold the power to most significantly impact the Captive’s performance, the Company was not considered the primary beneficiary. Accordingly, the Company’s investment in the Captive was accounted for pursuant to the equity method of accounting. The Company’s risk of loss was limited to its investment and the Company was not required to fund additional capital to the Captive. Effective December 1, 2014, the Company terminated its participation in the Captive and established a new wholly-owned captive insurance company. See Note 17 for further details. | ||||||||||||||||||||||||||||||||||||||||||||||||
Under the equity method of accounting, the Company’s net equity investment in each unconsolidated joint venture is reflected in the accompanying consolidated balance sheets and the Company’s share of net income or loss from each unconsolidated joint venture is reflected in the accompanying consolidated statements of operations and other comprehensive income (loss). 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 as investing activities in the accompanying consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined condensed financial information of the Company’s joint ventures (at 100%) for the periods attributable to the Company’s ownership is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate assets | $ | — | $ | 270,916 | |||||||||||||||||||||||||||||||||||||||||||||
Less accumulated depreciation | — | (52,624 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate, net | — | 218,292 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | — | 49,227 | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | 267,519 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage debt | $ | — | $ | 142,537 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities, net | — | 22,725 | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 165,262 | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity | — | 102,257 | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | — | $ | 267,519 | |||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
RioCan (a) | Hampton (b) | Other Joint Ventures (c) | Combined Condensed Total | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Property related income | $ | — | $ | 36,758 | $ | 48,483 | $ | — | $ | — | $ | — | $ | 11,853 | $ | 27,841 | $ | 27,115 | $ | 11,853 | $ | 64,599 | $ | 75,598 | |||||||||||||||||||||||||
Other income | — | — | — | — | — | — | 6,679 | 8,174 | 7,884 | 6,679 | 8,174 | 7,884 | |||||||||||||||||||||||||||||||||||||
Total revenues | — | 36,758 | 48,483 | — | — | — | 18,532 | 36,015 | 34,999 | 18,532 | 72,773 | 83,482 | |||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | — | 5,001 | 7,315 | — | — | — | 1,660 | 3,522 | 4,439 | 1,660 | 8,523 | 11,754 | |||||||||||||||||||||||||||||||||||||
Real estate taxes | — | 6,187 | 8,570 | — | — | — | 2,339 | 5,267 | 4,711 | 2,339 | 11,454 | 13,281 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,964 | 33,947 | — | — | — | 3,948 | 9,601 | 10,720 | 3,948 | 31,565 | 44,667 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses | — | 457 | 993 | — | 6 | 40 | 268 | 454 | 248 | 268 | 917 | 1,281 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | — | 7,033 | 10,067 | — | (1,758 | ) | (319 | ) | 3,028 | 7,129 | 7,853 | 3,028 | 12,404 | 17,601 | |||||||||||||||||||||||||||||||||||
Other (income) expense, net | — | (4,436 | ) | 823 | — | (13 | ) | — | 11,921 | 6,025 | 6,625 | 11,921 | 1,576 | 7,448 | |||||||||||||||||||||||||||||||||||
Total expenses | — | 36,206 | 61,715 | — | (1,765 | ) | (279 | ) | 23,164 | 31,998 | 34,596 | 23,164 | 66,439 | 96,032 | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | — | 552 | (13,232 | ) | — | 1,765 | 279 | (4,632 | ) | 4,017 | 403 | (4,632 | ) | 6,334 | (12,550 | ) | |||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (d) | — | (1,026 | ) | (2,415 | ) | — | (117 | ) | (1,278 | ) | — | 52 | 2,399 | — | (1,091 | ) | (1,294 | ) | |||||||||||||||||||||||||||||||
Gain on sales of investment properties - discontinued operations | — | — | — | — | 1,019 | — | — | — | — | — | 1,019 | — | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | — | $ | (474 | ) | $ | (15,647 | ) | $ | — | $ | 2,667 | $ | (999 | ) | $ | (4,632 | ) | $ | 4,069 | $ | 2,802 | $ | (4,632 | ) | $ | 6,262 | $ | (13,844 | ) | |||||||||||||||||||
(a) | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan). | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton Retail Colorado, L.L.C. (Hampton). | ||||||||||||||||||||||||||||||||||||||||||||||||
(c) | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. In addition, effective December 1, 2014, the Company terminated its investment in the Captive. | ||||||||||||||||||||||||||||||||||||||||||||||||
(d) | 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 for the portfolio of properties held by the Company’s MS Inland unconsolidated joint venture are presented within “Income (loss) from continuing operations” above given that the Company’s acquisition of its partner’s 80% interest in all of the properties was a transaction among partners. 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/ | Fees Earned by the Company for the | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) for the | (Contributions to) Joint Ventures for | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint Venture | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
MS Inland (a) | $ | 241 | $ | 661 | $ | 18 | $ | 1,360 | $ | 2,369 | $ | 1,992 | $ | 338 | $ | 859 | $ | 851 | |||||||||||||||||||||||||||||||
Hampton (b) | — | 2,576 | (890 | ) | — | 855 | 68 | — | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
RioCan (c) | — | (176 | ) | (2,467 | ) | — | (2,394 | ) | 10,958 | — | 1,648 | 2,109 | |||||||||||||||||||||||||||||||||||||
Captive (d) | (2,444 | ) | (2,589 | ) | (3,081 | ) | (25 | ) | (2,503 | ) | (3,268 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
$ | (2,203 | ) | $ | 472 | $ | (6,420 | ) | $ | 1,335 | $ | (1,673 | ) | $ | 9,750 | $ | 338 | $ | 2,508 | $ | 2,963 | |||||||||||||||||||||||||||||
(a) | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | During the years ended December 31, 2013 and 2012, 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 and $1,593, of which the Company’s share was $286 and $1,527, respectively. The joint venture’s estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton. | ||||||||||||||||||||||||||||||||||||||||||||||||
(c) | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. | ||||||||||||||||||||||||||||||||||||||||||||||||
(d) | Effective December 1, 2014, the Company terminated its participation in the Captive. | ||||||||||||||||||||||||||||||||||||||||||||||||
In addition to the Company’s share of net income (loss) for each unconsolidated joint venture, amortization of basis differences 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 Company’s net book values based on historical cost and the fair values of investment properties contributed to its unconsolidated joint ventures and are amortized over the depreciable lives of the joint ventures’ real estate assets and liabilities. The Company recorded amortization of $115, $116 and $113, which was accretive to net income, related to these differences during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company did not have any unconsolidated joint ventures as of December 31, 2014. When the Company holds investments in unconsolidated joint ventures, they 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 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 of $1,834 were recorded during the year ended December 31, 2013 to write down the carrying value of the Company’s investment in Hampton. The Company’s Hampton joint venture arrangement was dissolved during the year ended December 31, 2013. No impairment charges to the Company’s investments in unconsolidated joint venture’s were recorded during the years ended December 31, 2014 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||
On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (see Note 3). The six properties had, at acquisition, a combined fair value of $292,500, with the Company’s partner’s interest valued at $234,000. The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 at a weighted average interest rate of 4.79%. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 in the second quarter of 2014 as a result of remeasuring the carrying value of its 20% interest in the six 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% | $ | 150,802 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 20% | $ | 30,160 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Carrying value of the Company’s previous investment in the six properties acquired on June 5, 2014 | 6,002 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ | 24,158 | |||||||||||||||||||||||||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: 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 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Carrying value of the Company’s previous investment in the five properties | 5,949 | ||||||||||||||||||||||||||||||||||||||||||||||||
acquired on October 1, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Also 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 had been dissolved. |
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Equity | Equity | |||||||||||
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 unsecured revolving line of credit, and funding acquisitions. | ||||||||||||
The Company did not sell any shares under its ATM equity program during the year ended December 31, 2014. | ||||||||||||
The following table presents activity under the Company’s ATM equity program: | ||||||||||||
Number of | Total net | Average price | ||||||||||
common | consideration | per share | ||||||||||
shares sold | ||||||||||||
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 | |||||||
First quarter 2014 | — | $ | — | $ | — | |||||||
Second quarter 2014 | — | $ | — | $ | — | |||||||
Third quarter 2014 | — | $ | — | $ | — | |||||||
Fourth quarter 2014 | — | $ | — | $ | — | |||||||
Year to date December 31, 2014 | — | $ | — | $ | — | |||||||
As of December 31, 2014, the Company had Class A common shares 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, 2014 | |||||||||||||
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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income (loss) from continuing operations | $ | 597 | $ | (42,855 | ) | $ | (14,368 | ) | |||||
Gain on sales of investment properties, net | 42,196 | 5,806 | 7,843 | ||||||||||
Preferred stock dividends | (9,450 | ) | (9,450 | ) | (263 | ) | |||||||
Income (loss) from continuing operations attributable to common shareholders | 33,343 | (46,499 | ) | (6,788 | ) | ||||||||
Income from discontinued operations | 507 | 50,675 | 6,078 | ||||||||||
Net income (loss) attributable to common shareholders | 33,850 | 4,176 | (710 | ) | |||||||||
Distributions paid on unvested restricted shares | (225 | ) | (59 | ) | (25 | ) | |||||||
Net income (loss) attributable to common shareholders excluding amounts | $ | 33,625 | $ | 4,117 | $ | (735 | ) | ||||||
attributable to unvested restricted shares | |||||||||||||
Denominator: | |||||||||||||
Denominator for earnings (loss) per common share — basic: | |||||||||||||
Weighted average number of common shares outstanding | 236,184 | (a) | 234,134 | (b) | 220,464 | (c) | |||||||
Effect of dilutive securities — stock options | 3 | (d) | — | (d) | — | (d) | |||||||
Denominator for earnings (loss) per common share — diluted: | |||||||||||||
Weighted average number of common and common equivalent | 236,187 | 234,134 | 220,464 | ||||||||||
shares outstanding | |||||||||||||
(a) | Excluded from this weighted average amount are 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended December 31, 2014. 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 152 shares of unvested 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. | ||||||||||||
(c) | Excluded from this weighted average amount are 46 shares of unvested 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. | ||||||||||||
(d) | There were outstanding options to purchase 64, 78 and 83 shares of common stock as of December 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $19.32, $19.10 and $19.31, respectively. Of these totals, outstanding options to purchase 54, 78 and 83 shares of common stock as of December 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $20.72, $19.10 and $19.31, respectively, 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, 2014 | ||||||||||||||
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 to its shareholders at least 90% of its REIT taxable income, prior to the deduction for dividends paid and excluding 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 did not record any income tax expense related to the TRS for the year ended December 31, 2014. The Company recorded $189 and $150 of income tax expense related to the TRS for the years ended December 31, 2013 and 2012, respectively. 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, 2014 and 2013 were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Basis difference in properties | $ | 14,211 | $ | 16,417 | ||||||||||
Capital loss carryforward | 3,225 | — | ||||||||||||
Net operating loss carryforward | 2,995 | 2,228 | ||||||||||||
Other | 140 | 194 | ||||||||||||
Gross deferred tax assets | 20,571 | 18,839 | ||||||||||||
Less: valuation allowance | (20,355 | ) | (18,631 | ) | ||||||||||
Total deferred tax assets | 216 | 208 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Other | (216 | ) | (208 | ) | ||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||||
The Company’s deferred tax assets and liabilities result from the activities of the TRS. As of December 31, 2014, the TRS had a capital loss carryforward and a federal net operating loss carryforward of $8,753 and $8,131, respectively, which if not utilized, will begin to expire in 2018 and 2031, respectively. | ||||||||||||||
Differences between net income (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 and the timing of both revenue recognition and investment property depreciation and amortization. | ||||||||||||||
The following table reconciles the Company’s net income (loss) to REIT taxable income before the dividends paid deduction for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income (loss) attributable to the Company | $ | 43,300 | $ | 13,626 | $ | (447 | ) | |||||||
Book/tax differences | 71,910 | 60,098 | 3,807 | |||||||||||
REIT taxable income subject to 90% dividend requirement | $ | 115,210 | $ | 73,724 | $ | 3,360 | ||||||||
The Company’s dividends paid deduction for the years ended December 31, 2014, 2013 and 2012 is summarized below: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cash distributions paid | $ | 166,025 | $ | 164,391 | $ | 140,017 | ||||||||
Less: non-dividend distributions | (50,815 | ) | (90,667 | ) | (136,657 | ) | ||||||||
Total dividends paid deduction attributable to earnings and profits | $ | 115,210 | $ | 73,724 | $ | 3,360 | ||||||||
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, 2014, 2013 and 2012 follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Preferred stock | ||||||||||||||
Ordinary dividends | $ | 1.75 | $ | 1.8 | $ | — | ||||||||
Non-dividend distributions | — | — | — | |||||||||||
Total distributions per share | $ | 1.75 | $ | 1.8 | $ | — | ||||||||
Common stock | ||||||||||||||
Ordinary dividends | $ | 0.45 | $ | 0.27 | $ | 0.02 | (a) | |||||||
Non-dividend distributions | 0.21 | 0.39 | 0.64 | |||||||||||
Total distributions per share | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
(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, 2014 or 2013 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, 2014. Returns for the calendar years 2011 through 2014 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, 2014 | ||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ||||||||||||
Provision for Impairment of Investment Properties | Provision for Impairment of Investment Properties | |||||||||||
As of December 31, 2014, the Company identified certain indicators of impairment at eight of its properties, two of which were classified as held for sale as of December 31, 2014. 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 individual cash flow analyses for this population and determined it was necessary to record impairment charges to write down the carrying value of its investment in three properties to each property’s estimated fair value. One property, Promenade at Red Cliff, which is classified as held for sale as of December 31, 2014, was considered to have an impairment indicator, however was not considered impaired based upon the anticipated sales price of the property. For the remaining four properties, 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 48%. | ||||||||||||
The investment property impairment charges recorded by the Company during the year ended December 31, 2014 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
Investment | ||||||||||||
Properties | ||||||||||||
Midtown Center (a) | Multi-tenant retail | 31-Mar-14 | 408,500 | $ | 394 | |||||||
Gloucester Town Center | Multi-tenant retail | Various (b) | 107,200 | 6,148 | ||||||||
Boston Commons (a) | Multi-tenant retail | 19-Aug-14 | 103,400 | 453 | ||||||||
Four Peaks Plaza (a) | Multi-tenant retail | 27-Aug-14 | 140,400 | 4,154 | ||||||||
Shaw’s Supermarket (c) | Single-user retail | 30-Sep-14 | 65,700 | 6,230 | ||||||||
The Gateway (d) | Multi-tenant retail | 30-Sep-14 | 623,200 | 42,999 | ||||||||
Newburgh Crossing (a) | Multi-tenant retail | 22-Dec-14 | 62,900 | 1,139 | ||||||||
Hartford Insurance Building (e) | Single-user office | 31-Dec-14 | 97,400 | 5,782 | ||||||||
Citizen’s Property Insurance Building (e) | Single-user office | 31-Dec-14 | 59,800 | 4,341 | ||||||||
Aon Hewitt East Campus (f) | Single-user office | 31-Dec-14 | 343,000 | 563 | ||||||||
Total | $ | 72,203 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 190,953 | ||||||||||
(a) | The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for each of the respective properties, which were sold during 2014 and are included in continuing operations. | |||||||||||
(b) | An impairment charge was recorded on June 30, 2014 based upon the terms of a bona fide purchase offer and additional impairment was recognized on September 30, 2014 pursuant to the terms and conditions of an executed sales contract. | |||||||||||
(c) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. | |||||||||||
(d) | The Company recorded an impairment charge as a result of a combination of factors including the expected impact on future operating results stemming from a re-evaluation of the anticipated positioning of, and tenant population at, the property and a re-evaluation of other potential strategic alternatives for the property. | |||||||||||
(e) | The Company recorded impairment charges driven by changes in the estimated holding periods for the properties. | |||||||||||
(f) | The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2014 and was sold on January 20, 2015. | |||||||||||
As part of its analyses performed as of December 31, 2013, the Company identified certain indicators of impairment at 14 of its properties, nine of which were either sold or held for sale as of December 31, 2014. 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 individual cash flow analyses for this population and determined it was necessary to record impairment charges to write down the carrying value of its investment in three properties to each property’s estimated fair value. One property, Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013, was considered to have an impairment indicator, however was not considered to be impaired based upon the terms and conditions of the executed sales contract in place as of December 31, 2013. For the remaining 10 properties, 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 20%. | ||||||||||||
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 | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
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 (b) | Multi-tenant retail | 31-Dec-13 | 221,200 | 24,586 | ||||||||
59,486 | ||||||||||||
Discontinued Operations: | ||||||||||||
University Square (c) | Multi-tenant retail | 30-Jun-13 | 287,000 | 6,694 | ||||||||
Raytheon Facility | Single-user office | Various (d) | 105,000 | 2,518 | ||||||||
Shops at 5 | Multi-tenant retail | Various (d) | 421,700 | 21,128 | ||||||||
Preston Trail Village | Multi-tenant retail | Various (d) | 180,000 | 1,941 | ||||||||
Rite Aid - Atlanta | Single-user retail | Various (d) | 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 impairment charges driven by changes in the estimated holding periods for the properties. | |||||||||||
(c) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | |||||||||||
(d) | 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. | |||||||||||
As part of its analyses performed as of 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, 2014. 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 individual cash flow analyses for this population and determined it was necessary to record impairment charges to write down the carrying value of its investment in three properties to each property’s estimated fair value. For the remaining seven properties, 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, 2012 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
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) | The Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the terms and conditions of the executed sales contract. | |||||||||||
(c) | The Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the terms and conditions of the executed sales contract. | |||||||||||
(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 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, 2014 | ||||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Mortgages payable, net | $ | 1,634,465 | $ | 1,749,671 | $ | 1,684,633 | $ | 1,827,638 | ||||||||||||
Unsecured notes payable | $ | 250,000 | $ | 258,360 | $ | — | $ | — | ||||||||||||
Credit facility | $ | 450,000 | $ | 451,502 | $ | 615,000 | $ | 617,478 | ||||||||||||
Derivative liability | $ | 562 | $ | 562 | $ | 751 | $ | 751 | ||||||||||||
The carrying values of mortgages payable, net and unsecured notes payable in the table are included in the consolidated balance sheets under the indicated captions. The carrying value of the credit facility is comprised of the “Unsecured term loan” and the “Unsecured revolving line of credit” and the carrying value of the derivative liability is included in “Other liabilities” in the consolidated balance sheets. | ||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: | ||||||||||||||||||||
• | Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||
• | Level 2 Inputs — Observable inputs other than quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||||
• | Level 3 Inputs — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||
When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||||||
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. | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 562 | $ | — | $ | 562 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 751 | $ | — | $ | 751 | ||||||||||||
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, 2014 and 2013, 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 appropriately 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 10. | ||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
The following table presents the Company’s assets measured on a nonrecurring basis as of December 31, 2014 and 2013, aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to properties remeasured to fair value during the years ended December 31, 2014 and 2013, except for those properties sold prior to December 31, 2014 and 2013, respectively. Methods and assumptions used to estimate the fair value of these assets are described after the table. | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Provision for | ||||||||||||||||
Impairment (a) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Investment properties | $ | — | $ | — | $ | 86,500 | (b) | $ | 86,500 | $ | 59,352 | |||||||||
Investment properties - held for sale (c) | $ | — | $ | 17,233 | $ | — | $ | 17,233 | $ | 563 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Investment properties (d) | $ | — | $ | — | $ | 75,000 | $ | 75,000 | $ | 59,486 | ||||||||||
(a) | Excludes impairment charges recorded on investment properties sold prior to December 31, 2014 and 2013, respectively. | |||||||||||||||||||
(b) | Represents the fair values of the Company’s Shaw’s Supermarket, The Gateway, Hartford Insurance Building and Citizen’s Property Insurance Building investment properties. The estimated fair values of Shaw’s Supermarket and The Gateway of $3,100 and $75,400, respectively, were determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates, growth assumptions and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following were the key Level 3 inputs used in estimating the fair value of Shaw’s Supermarket and The Gateway as of September 30, 2014. | |||||||||||||||||||
2014 | ||||||||||||||||||||
Low | High | |||||||||||||||||||
Rental growth rates | Varies (i) | Varies (i) | ||||||||||||||||||
Operating expense growth rates | 1.39% | 3.70% | ||||||||||||||||||
Discount rates | 8.25% | 9.50% | ||||||||||||||||||
Terminal capitalization rates | 7.50% | 8.50% | ||||||||||||||||||
(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. | |||||||||||||||||||
The estimated fair values of Hartford Insurance Building and Citizen’s Property Insurance Building of $5,000 and $3,000, respectively, were based upon third party comparable sales prices, which contain unobservable inputs used by these third parties to determine the estimated fair values. | ||||||||||||||||||||
(c) | Represents an impairment charge recorded during the the three months ended December 31, 2014 for Aon Hewitt East Campus, which was classified as held for sale as of December 31, 2014. Such charge, calculated as the expected sales price from the executed sales contract less estimated transaction costs as compared to the Company’s carrying value of its investment, was determined to be a Level 2 input. The estimated transaction costs totaling $738 are not reflected as a reduction to the fair value disclosed in the table above. | |||||||||||||||||||
(d) | 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 input). The estimated fair value of Four Peaks Plaza and Lake Mead Crossing of $14,000 and $43,000, respectively, were determined using the income approach. See footnote (b) above for a full description of the income approach. The following were 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. | |||||||||||||||||||
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 those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | 1,749,671 | $ | 1,749,671 | ||||||||||||
Unsecured notes payable | $ | — | $ | — | $ | 258,360 | $ | 258,360 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 451,502 | $ | 451,502 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | 1,827,638 | $ | 1,827,638 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 617,478 | $ | 617,478 | ||||||||||||
Mortgages payable, net: The Company estimates the fair value of its mortgages payable by discounting the future cash flows of each instrument at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. 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 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 2.2% to 4.0% and 2.4% to 5.6% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Unsecured notes payable: The Company estimates the fair value of its unsecured notes payable by discounting the future cash flows at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The weighted average rate used was 3.97% as of December 31, 2014. | ||||||||||||||||||||
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 by its lenders for similar facilities of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The rates used to discount the credit spreads were 1.35% for the unsecured term loan as of both December 31, 2014 and 2013 and 1.40% for the unsecured revolving line of credit as of December 31, 2013. | ||||||||||||||||||||
There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2014 and 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Insurance Captive | |
On December 1, 2014, the Company formed a wholly-owned captive insurance company, Birch Property and Casualty LLC (Birch), which insures the Company’s first layer of property and general liability insurance claims subject to certain limitations. The Company capitalized Birch in accordance with the applicable regulatory requirements and Birch established annual premiums based on projections derived from the past loss experience of the Company’s properties. | |
Guarantees | |
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, 2014, the Company has guaranteed $7,991 of its outstanding mortgage and construction loans, with maturity dates ranging from November 2, 2015 through September 30, 2016. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Matters and Contingencies | Litigation |
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, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | Subsequent Events | |
Subsequent to December 31, 2014, the Company: | ||
• | drew $225,000, net of repayments, on its unsecured revolving line of credit and used the proceeds and available cash on hand to acquire the following properties: | |
• | the retail portion of Downtown Crown, a Class A mixed-use property located in Gaithersburg, Maryland, from a third party for a gross purchase price of $162,785. The property contains approximately 258,000 square feet of retail space; | |
• | Merrifield Town Center, a Class A mixed-use property located in Merrifield, Virginia, from a third party for a gross purchase price of $56,500. The property contains approximately 85,000 square feet of retail space; and | |
• | Fort Evans Plaza II, a Class A multi-tenant retail property located in Leesburg, Virginia, from a third party for a gross purchase price of $65,000. The property contains approximately 229,000 square feet. | |
• | closed on the disposition of Aon Hewitt East Campus, a 343,000 square foot single-user office property located in Lincolnshire, Illinois, for a sales price of $17,233 with no significant gain or loss on sale due to impairment charges previously recognized; and | |
• | repaid a pool of mortgages payable with an aggregate principal balance of $18,504 and an interest rate of 6.39%. | |
On February 10, 2015, the Company’s board of directors declared the cash dividend for the first quarter of 2015 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, 2015 to preferred shareholders of record at the close of business on March 20, 2015. | ||
On February 10, 2015, the Company’s board of directors declared the distribution for the first quarter of 2015 of $0.165625 per share on the Company’s outstanding Class A common stock, which will be paid on April 10, 2015 to Class A common shareholders of record at the close of business on March 27, 2015. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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: | |||||||||||||||||
2014 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenues (a) | $ | 153,531 | $ | 151,446 | $ | 146,446 | $ | 149,191 | |||||||||
Net income (loss) | $ | 25,865 | $ | (26,736 | ) | $ | 30,043 | $ | 14,128 | ||||||||
Net income (loss) attributable to common shareholders | $ | 23,502 | $ | (29,098 | ) | $ | 27,680 | $ | 11,766 | ||||||||
Net income (loss) per common share attributable to common | $ | 0.1 | $ | (0.12 | ) | $ | 0.12 | $ | 0.05 | ||||||||
shareholders — basic and diluted | |||||||||||||||||
Weighted average number of common shares outstanding — basic | 236,204 | 236,203 | 236,176 | 236,151 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 236,207 | 236,203 | 236,179 | 236,153 | |||||||||||||
2013 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenues (a) | $ | 150,689 | $ | 136,198 | $ | 132,418 | $ | 132,203 | |||||||||
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 | $ | 0.15 | $ | (0.17 | ) | $ | 0.06 | $ | (0.02 | ) | |||||||
shareholders — basic and diluted | |||||||||||||||||
Weighted average number of common shares outstanding — basic | 236,151 | 236,151 | 233,624 | 230,611 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 236,151 | 236,151 | 233,627 | 230,611 | |||||||||||||
(a) | Unaudited quarterly “Total revenues” reflects the reclassification of a portion of amounts previously included in “Loss on lease terminations” on the Company’s accompanying consolidated statements of operations and other comprehensive income (loss). The portion of loss on lease terminations reclassified as an increase to rental income was $44, $140 and $403 for the quarterly periods ended September 30, June 30 and March 31, 2014, respectively. The portion of loss on lease terminations reclassified as a (decrease) or increase to rental income was $(27), $72, $98 and $142 for the quarterly periods ended December 31, September 30, June 30 and March 31, 2013, respectively. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||
Schedule II Valuation and Qualifying Accounts | Schedule II | ||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||
(in thousands) | |||||||||||||||
Balance at | Charged to | Write-offs | Balance at | ||||||||||||
beginning | costs and | end of year | |||||||||||||
of year | expenses | ||||||||||||||
Year ended December 31, 2014 | |||||||||||||||
Allowance for doubtful accounts | $ | 8,197 | 2,689 | (3,389 | ) | $ | 7,497 | ||||||||
Tax valuation allowance | $ | 18,631 | 1,724 | — | $ | 20,355 | |||||||||
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 | ||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | $ | 3,059 | $ | 1,300 | $ | 5,319 | $ | 871 | $ | 1,300 | $ | 6,190 | $ | 7,490 | $ | 2,045 | 2003 | 4-Dec | |||||||||||||||||||
Panama City, FL | |||||||||||||||||||||||||||||||||||||
Academy Sports | — | 1,230 | 3,752 | — | 1,230 | 3,752 | 4,982 | 1,432 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Houma, LA | |||||||||||||||||||||||||||||||||||||
Academy Sports | 2,549 | 1,340 | 2,943 | 3 | 1,340 | 2,946 | 4,286 | 1,097 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Midland, TX | |||||||||||||||||||||||||||||||||||||
Academy Sports | 3,096 | 1,050 | 3,954 | 6 | 1,050 | 3,960 | 5,010 | 1,476 | 2004 | 4-Jul | |||||||||||||||||||||||||||
Port Arthur, TX | |||||||||||||||||||||||||||||||||||||
Academy Sports | — | 3,215 | 3,963 | — | 3,215 | 3,963 | 7,178 | 1,440 | 2004 | 4-Jul | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Alison's Corner | 2,530 | 1,045 | 5,700 | 281 | 1,045 | 5,981 | 7,026 | 2,263 | 2003 | 4-Apr | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Arvada Connection and Arvada Marketplace | — | 8,125 | 39,366 | 1,882 | 8,125 | 41,248 | 49,373 | 16,057 | 1987-1990 | 4-Apr | |||||||||||||||||||||||||||
Arvada, CO | |||||||||||||||||||||||||||||||||||||
Ashland & Roosevelt | 9,134 | — | 21,052 | 454 | — | 21,506 | 21,506 | 7,503 | 2002 | 5-May | |||||||||||||||||||||||||||
Chicago, IL | |||||||||||||||||||||||||||||||||||||
Avondale Plaza | — | 4,573 | 9,497 | — | 4,573 | 9,497 | 14,070 | 31 | 2005 | 14-Nov | |||||||||||||||||||||||||||
Redmond, WA | |||||||||||||||||||||||||||||||||||||
Azalea Square I | 11,971 | 6,375 | 21,304 | 1,669 | 6,375 | 22,973 | 29,348 | 8,814 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Summerville, SC | |||||||||||||||||||||||||||||||||||||
Azalea Square III | — | 3,280 | 10,348 | 63 | 3,280 | 10,411 | 13,691 | 2,766 | 2007 | 7-Oct | |||||||||||||||||||||||||||
Summerville, SC | |||||||||||||||||||||||||||||||||||||
Beachway Plaza outparcel (a) | — | 318 | — | 375 | 318 | 375 | 693 | 4 | n/a | 6-May | |||||||||||||||||||||||||||
Bradenton, FL | |||||||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | 9,026 | 10,350 | 18,367 | 646 | 10,350 | 19,013 | 29,363 | 7,055 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Miami, FL | |||||||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | — | 4,530 | 11,901 | — | 4,530 | 11,901 | 16,431 | 4,105 | 2000-2002 | 5-Jul | |||||||||||||||||||||||||||
Westbury, NY | |||||||||||||||||||||||||||||||||||||
Best on the Boulevard | 17,386 | 7,460 | 25,583 | 2,316 | 7,460 | 27,899 | 35,359 | 10,396 | 1996-1999 | 4-Apr | |||||||||||||||||||||||||||
Las Vegas, NV | |||||||||||||||||||||||||||||||||||||
Bison Hollow | 7,408 | 5,550 | 12,324 | 57 | 5,550 | 12,381 | 17,931 | 4,377 | 2004 | 5-Apr | |||||||||||||||||||||||||||
Traverse City, MI | |||||||||||||||||||||||||||||||||||||
Boulevard at The Capital Centre | — | — | 114,703 | (29,779 | ) | — | 84,924 | 84,924 | 20,913 | 2004 | 4-Sep | ||||||||||||||||||||||||||
Largo, MD | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Boulevard Plaza | 2,375 | 4,170 | 12,038 | 3,107 | 4,170 | 15,145 | 19,315 | 5,337 | 1994 | 5-Apr | |||||||||||||||||||||||||||
Pawtucket, RI | |||||||||||||||||||||||||||||||||||||
The Brickyard | — | 45,300 | 26,657 | 4,561 | 45,300 | 31,218 | 76,518 | 11,039 | 1977/2004 | 5-Apr | |||||||||||||||||||||||||||
Chicago, IL | |||||||||||||||||||||||||||||||||||||
Broadway Shopping Center | 10,002 | 5,500 | 14,002 | 2,888 | 5,500 | 16,890 | 22,390 | 5,597 | 1960/1999- | 5-Sep | |||||||||||||||||||||||||||
Bangor, ME | 2000 | ||||||||||||||||||||||||||||||||||||
Brown's Lane | 4,940 | 2,600 | 12,005 | 1,213 | 2,600 | 13,218 | 15,818 | 4,599 | 1985 | 5-Apr | |||||||||||||||||||||||||||
Middletown, RI | |||||||||||||||||||||||||||||||||||||
Central Texas Marketplace | 45,386 | 13,000 | 47,559 | 6,463 | 13,000 | 54,022 | 67,022 | 15,258 | 2004 | 6-Dec | |||||||||||||||||||||||||||
Waco, TX | |||||||||||||||||||||||||||||||||||||
Centre at Laurel | — | 19,000 | 8,406 | 16,948 | 19,000 | 25,354 | 44,354 | 8,012 | 2005 | 6-Feb | |||||||||||||||||||||||||||
Laurel, MD | |||||||||||||||||||||||||||||||||||||
Century III Plaza | — | 7,100 | 33,212 | 1,711 | 7,100 | 34,923 | 42,023 | 12,029 | 1996 | 5-Jun | |||||||||||||||||||||||||||
West Mifflin, PA | |||||||||||||||||||||||||||||||||||||
Chantilly Crossing | — | 8,500 | 16,060 | 2,131 | 8,500 | 18,191 | 26,691 | 6,249 | 2004 | 5-May | |||||||||||||||||||||||||||
Chantilly, VA | |||||||||||||||||||||||||||||||||||||
Cinemark Seven Bridges | 4,940 | 3,450 | 11,728 | — | 3,450 | 11,728 | 15,178 | 4,002 | 2000 | 5-Mar | |||||||||||||||||||||||||||
Woodridge, IL | |||||||||||||||||||||||||||||||||||||
Citizen's Property Insurance Building | — | 2,150 | 7,601 | (6,802 | ) | 872 | 2,077 | 2,949 | — | 2005 | 5-Aug | ||||||||||||||||||||||||||
Jacksonville, FL | |||||||||||||||||||||||||||||||||||||
Clearlake Shores | — | 1,775 | 7,026 | 1,159 | 1,775 | 8,185 | 9,960 | 2,866 | 2003-2004 | 5-Apr | |||||||||||||||||||||||||||
Clear Lake, TX | |||||||||||||||||||||||||||||||||||||
Colony Square | — | 16,700 | 22,775 | 797 | 16,700 | 23,572 | 40,272 | 7,367 | 1997 | 6-May | |||||||||||||||||||||||||||
Sugar Land, TX | |||||||||||||||||||||||||||||||||||||
The Columns | 12,351 | 5,830 | 19,439 | 91 | 5,830 | 19,530 | 25,360 | 7,410 | 2004 | 8/04 & | |||||||||||||||||||||||||||
Jackson, TN | 4-Oct | ||||||||||||||||||||||||||||||||||||
Commons at Royal Palm | — | 6,413 | 9,802 | — | 6,413 | 9,802 | 16,215 | 261 | 2001 | 14-Jun | |||||||||||||||||||||||||||
Royal Palm Beach, FL | |||||||||||||||||||||||||||||||||||||
The Commons at Temecula | 25,665 | 12,000 | 35,887 | 1,572 | 12,000 | 37,459 | 49,459 | 13,013 | 1999 | 5-Apr | |||||||||||||||||||||||||||
Temecula, CA | |||||||||||||||||||||||||||||||||||||
Coppell Town Center | 10,730 | 2,919 | 13,281 | 38 | 2,919 | 13,319 | 16,238 | 669 | 1999 | 13-Oct | |||||||||||||||||||||||||||
Coppell, TX | |||||||||||||||||||||||||||||||||||||
Coram Plaza | 14,061 | 10,200 | 26,178 | 2,871 | 10,200 | 29,049 | 39,249 | 10,523 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Coram, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Corwest Plaza | 14,487 | 6,900 | 23,851 | 63 | 6,900 | 23,914 | 30,814 | 9,746 | 1999-2003 | 4-Jan | |||||||||||||||||||||||||||
New Britain, CT | |||||||||||||||||||||||||||||||||||||
Cottage Plaza | 10,736 | 3,000 | 19,158 | 197 | 3,000 | 19,355 | 22,355 | 6,993 | 2004-2005 | 5-Feb | |||||||||||||||||||||||||||
Pawtucket, RI | |||||||||||||||||||||||||||||||||||||
Cranberry Square | 11,021 | 3,000 | 18,736 | 1,209 | 3,000 | 19,945 | 22,945 | 7,455 | 1996-1997 | 4-Jul | |||||||||||||||||||||||||||
Cranberry Township, PA | |||||||||||||||||||||||||||||||||||||
Crown Theater | — | 7,318 | 954 | (60 | ) | 7,258 | 954 | 8,212 | 602 | 2000 | 5-Jul | ||||||||||||||||||||||||||
Hartford, CT | |||||||||||||||||||||||||||||||||||||
Cuyahoga Falls Market Center | 3,658 | 3,350 | 11,083 | 517 | 3,350 | 11,600 | 14,950 | 4,045 | 1998 | 5-Apr | |||||||||||||||||||||||||||
Cuyahoga Falls, OH | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,654 | 910 | 2,891 | — | 910 | 2,891 | 3,801 | 1,007 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Burleson, TX | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy (Eckerd) | 2,233 | 975 | 2,400 | 2 | 975 | 2,402 | 3,377 | 979 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Edmond, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,162 | 750 | 1,958 | — | 750 | 1,958 | 2,708 | 688 | 1999 | 5-May | |||||||||||||||||||||||||||
Lawton, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,918 | 600 | 2,659 | — | 600 | 2,659 | 3,259 | 942 | 2004 | 5-May | |||||||||||||||||||||||||||
Moore, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy (Eckerd) | 3,515 | 932 | 4,370 | — | 932 | 4,370 | 5,302 | 1,796 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Norman, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,852 | 620 | 3,583 | — | 620 | 3,583 | 4,203 | 1,248 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Oklahoma City, OK | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 2,627 | 1,100 | 3,254 | — | 1,100 | 3,254 | 4,354 | 1,163 | 2004 | 5-Mar | |||||||||||||||||||||||||||
Saginaw, TX | |||||||||||||||||||||||||||||||||||||
CVS Pharmacy | 1,775 | 600 | 2,469 | 3 | 600 | 2,472 | 3,072 | 922 | 2004 | 4-Oct | |||||||||||||||||||||||||||
Sylacauga, AL | |||||||||||||||||||||||||||||||||||||
Cypress Mill Plaza | 8,444 | 4,962 | 9,976 | 81 | 4,962 | 10,057 | 15,019 | 575 | 2004 | 13-Oct | |||||||||||||||||||||||||||
Cypress, TX | |||||||||||||||||||||||||||||||||||||
Davis Towne Crossing | — | 1,850 | 5,681 | 1,154 | 1,671 | 7,014 | 8,685 | 2,507 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
North Richland Hills, TX | |||||||||||||||||||||||||||||||||||||
Denton Crossing | 27,267 | 6,000 | 43,434 | 11,563 | 6,000 | 54,997 | 60,997 | 20,152 | 2003-2004 | 4-Oct | |||||||||||||||||||||||||||
Denton, TX | |||||||||||||||||||||||||||||||||||||
Dorman Center I & II | 20,574 | 17,025 | 29,478 | 1,003 | 17,025 | 30,481 | 47,506 | 12,298 | 2003-2004 | 3/04 & 7/04 | |||||||||||||||||||||||||||
Spartanburg, SC | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
East Stone Commons | — | 2,900 | 28,714 | (765 | ) | 2,826 | 28,023 | 30,849 | 8,644 | 2005 | 6-Jun | ||||||||||||||||||||||||||
Kingsport, TN | |||||||||||||||||||||||||||||||||||||
Eastwood Towne Center | 21,865 | 12,000 | 65,067 | 3,126 | 12,000 | 68,193 | 80,193 | 25,512 | 2002 | 4-May | |||||||||||||||||||||||||||
Lansing, MI | |||||||||||||||||||||||||||||||||||||
Edgemont Town Center | 6,508 | 3,500 | 10,956 | 268 | 3,500 | 11,224 | 14,724 | 4,131 | 2003 | 4-Nov | |||||||||||||||||||||||||||
Homewood, AL | |||||||||||||||||||||||||||||||||||||
Edwards Multiplex | 9,501 | — | 35,421 | — | — | 35,421 | 35,421 | 12,554 | 1988 | 5-May | |||||||||||||||||||||||||||
Fresno, CA | |||||||||||||||||||||||||||||||||||||
Edwards Multiplex | 13,728 | 11,800 | 33,098 | — | 11,800 | 33,098 | 44,898 | 11,730 | 1997 | 5-May | |||||||||||||||||||||||||||
Ontario, CA | |||||||||||||||||||||||||||||||||||||
Evans Towne Centre | 4,275 | 1,700 | 6,425 | 632 | 1,700 | 7,057 | 8,757 | 2,459 | 1995 | 4-Dec | |||||||||||||||||||||||||||
Evans, GA | |||||||||||||||||||||||||||||||||||||
Fairgrounds Plaza | — | 4,800 | 13,490 | 4,391 | 5,431 | 17,250 | 22,681 | 6,070 | 2002-2004 | 5-Jan | |||||||||||||||||||||||||||
Middletown, NY | |||||||||||||||||||||||||||||||||||||
Five Forks (b) | — | 2,540 | 6,393 | 458 | 2,540 | 6,851 | 9,391 | 2,433 | 1999/2004- | 12/04 & | |||||||||||||||||||||||||||
Simpsonville, SC | 2005 | 5-Mar | |||||||||||||||||||||||||||||||||||
Fordham Place | — | 17,209 | 96,547 | 31 | 17,209 | 96,578 | 113,787 | 4,102 | Redev: 2009 | 13-Nov | |||||||||||||||||||||||||||
Bronx, NY | |||||||||||||||||||||||||||||||||||||
Forks Town Center | 8,219 | 2,430 | 14,836 | 711 | 2,430 | 15,547 | 17,977 | 5,924 | 2002 | 4-Jul | |||||||||||||||||||||||||||
Easton, PA | |||||||||||||||||||||||||||||||||||||
Fox Creek Village | 9,025 | 3,755 | 15,563 | (1,013 | ) | 3,755 | 14,550 | 18,305 | 5,498 | 2003-2004 | 4-Nov | ||||||||||||||||||||||||||
Longmont, CO | |||||||||||||||||||||||||||||||||||||
Fullerton Metrocenter | 28,027 | — | 47,403 | 2,019 | — | 49,422 | 49,422 | 18,708 | 1988 | 4-Jun | |||||||||||||||||||||||||||
Fullerton, CA | |||||||||||||||||||||||||||||||||||||
Galvez Shopping Center | 4,082 | 1,250 | 4,947 | 347 | 1,250 | 5,294 | 6,544 | 1,858 | 2004 | 5-Jun | |||||||||||||||||||||||||||
Galveston, TX | |||||||||||||||||||||||||||||||||||||
Gardiner Manor Mall | 37,276 | 12,348 | 56,199 | 16 | 12,348 | 56,215 | 68,563 | 1,229 | 2000 | 14-Jun | |||||||||||||||||||||||||||
Bay Shore, NY | |||||||||||||||||||||||||||||||||||||
The Gateway | 95,853 | 28,665 | 110,945 | (63,200 | ) | 18,163 | 58,247 | 76,410 | 885 | 2001-2003 | 5-May | ||||||||||||||||||||||||||
Salt Lake City, UT | |||||||||||||||||||||||||||||||||||||
Gateway Pavilions | 24,226 | 9,880 | 55,195 | 1,005 | 9,880 | 56,200 | 66,080 | 20,363 | 2003-2004 | 4-Dec | |||||||||||||||||||||||||||
Avondale, AZ | |||||||||||||||||||||||||||||||||||||
Gateway Plaza | — | — | 26,371 | 3,693 | — | 30,064 | 30,064 | 10,957 | 2000 | 4-Jul | |||||||||||||||||||||||||||
Southlake, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Gateway Station | 2,950 | 1,050 | 3,911 | 1,043 | 1,050 | 4,954 | 6,004 | 1,803 | 2003-2004 | 4-Dec | |||||||||||||||||||||||||||
College Station, TX | |||||||||||||||||||||||||||||||||||||
Gateway Station II & III | — | 3,280 | 11,557 | 44 | 3,280 | 11,601 | 14,881 | 2,826 | 2006-2007 | 7-May | |||||||||||||||||||||||||||
College Station, TX | |||||||||||||||||||||||||||||||||||||
Gateway Village | 36,377 | 8,550 | 39,298 | 4,283 | 8,550 | 43,581 | 52,131 | 16,431 | 1996 | 4-Jul | |||||||||||||||||||||||||||
Annapolis, MD | |||||||||||||||||||||||||||||||||||||
Gerry Centennial Plaza | — | 5,370 | 12,968 | 9,060 | 5,370 | 22,028 | 27,398 | 5,762 | 2006 | 7-Jun | |||||||||||||||||||||||||||
Oswego, IL | |||||||||||||||||||||||||||||||||||||
Golfsmith | — | 1,250 | 2,974 | 2 | 1,250 | 2,976 | 4,226 | 954 | 1992/2004 | 5-Nov | |||||||||||||||||||||||||||
Altamonte Springs, FL | |||||||||||||||||||||||||||||||||||||
Governor's Marketplace | — | — | 30,377 | 3,020 | — | 33,397 | 33,397 | 12,549 | 2001 | 4-Aug | |||||||||||||||||||||||||||
Tallahassee, FL | |||||||||||||||||||||||||||||||||||||
Grapevine Crossing | 11,119 | 4,100 | 16,938 | 153 | 3,894 | 17,297 | 21,191 | 6,073 | 2001 | 5-Apr | |||||||||||||||||||||||||||
Grapevine, TX | |||||||||||||||||||||||||||||||||||||
Green's Corner | 5,320 | 3,200 | 8,663 | 236 | 3,200 | 8,899 | 12,099 | 3,244 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Cumming, GA | |||||||||||||||||||||||||||||||||||||
Greensburg Commons | 10,250 | 2,700 | 19,080 | 575 | 2,700 | 19,655 | 22,355 | 6,840 | 1999 | 5-Apr | |||||||||||||||||||||||||||
Greensburg, IN | |||||||||||||||||||||||||||||||||||||
Gurnee Town Center | 15,106 | 7,000 | 35,147 | 4,090 | 7,000 | 39,237 | 46,237 | 14,082 | 2000 | 4-Oct | |||||||||||||||||||||||||||
Gurnee, IL | |||||||||||||||||||||||||||||||||||||
Hartford Insurance Building | — | 1,700 | 13,709 | (10,437 | ) | 788 | 4,184 | 4,972 | — | 2005 | 5-Aug | ||||||||||||||||||||||||||
Maple Grove, MN | |||||||||||||||||||||||||||||||||||||
Harvest Towne Center | — | 3,155 | 5,085 | (137 | ) | 2,963 | 5,140 | 8,103 | 1,871 | 1996-1999 | 4-Sep | ||||||||||||||||||||||||||
Knoxville, TN | |||||||||||||||||||||||||||||||||||||
Henry Town Center | — | 10,650 | 46,814 | 6,637 | 10,650 | 53,451 | 64,101 | 17,590 | 2002 | 4-Dec | |||||||||||||||||||||||||||
McDonough, GA | |||||||||||||||||||||||||||||||||||||
Heritage Square | — | 6,377 | 11,385 | 191 | 6,377 | 11,576 | 17,953 | 381 | 1985 | 14-Feb | |||||||||||||||||||||||||||
Issaquah, WA | |||||||||||||||||||||||||||||||||||||
Heritage Towne Crossing | 8,120 | 3,065 | 10,729 | 1,413 | 3,065 | 12,142 | 15,207 | 4,744 | 2002 | 4-Mar | |||||||||||||||||||||||||||
Euless, TX | |||||||||||||||||||||||||||||||||||||
Hickory Ridge | 19,286 | 6,860 | 33,323 | 542 | 6,860 | 33,865 | 40,725 | 12,485 | 1999 | 4-Jan | |||||||||||||||||||||||||||
Hickory, NC | |||||||||||||||||||||||||||||||||||||
High Ridge Crossing | 4,940 | 3,075 | 9,148 | (213 | ) | 3,075 | 8,935 | 12,010 | 3,215 | 2004 | 5-Mar | ||||||||||||||||||||||||||
High Ridge, MO | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Holliday Towne Center | 7,790 | 2,200 | 11,609 | (333 | ) | 2,200 | 11,276 | 13,476 | 4,173 | 2003 | 5-Feb | ||||||||||||||||||||||||||
Duncansville, PA | |||||||||||||||||||||||||||||||||||||
Home Depot Center | — | — | 16,758 | — | — | 16,758 | 16,758 | 5,836 | 1996 | 5-Jun | |||||||||||||||||||||||||||
Pittsburgh, PA | |||||||||||||||||||||||||||||||||||||
Home Depot Plaza | 10,750 | 9,700 | 17,137 | 1,666 | 9,700 | 18,803 | 28,503 | 6,291 | 1992 | 5-Jun | |||||||||||||||||||||||||||
Orange, CT | |||||||||||||||||||||||||||||||||||||
HQ Building | 9,070 | 5,200 | 10,010 | 4,192 | 5,200 | 14,202 | 19,402 | 4,580 | Redev: 2004 | 5-Dec | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Huebner Oaks Center | 37,588 | 18,087 | 64,731 | 96 | 18,087 | 64,827 | 82,914 | 1,390 | 1996 | 14-Jun | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Humblewood Shopping Center | 6,430 | 2,200 | 12,823 | 28 | 2,200 | 12,851 | 15,051 | 4,281 | Renov: 2005 | 5-Nov | |||||||||||||||||||||||||||
Humble, TX | |||||||||||||||||||||||||||||||||||||
Irmo Station | 5,035 | 2,600 | 9,247 | 1,090 | 2,579 | 10,358 | 12,937 | 3,569 | 1980 & 1985 | 4-Dec | |||||||||||||||||||||||||||
Irmo, SC | |||||||||||||||||||||||||||||||||||||
Jefferson Commons | 56,033 | 23,097 | 52,762 | 1,131 | 23,097 | 53,893 | 76,990 | 13,514 | 2005 | 8-Feb | |||||||||||||||||||||||||||
Newport News, VA | |||||||||||||||||||||||||||||||||||||
John's Creek Village | 21,637 | 14,446 | 23,932 | (19 | ) | 14,446 | 23,913 | 38,359 | 574 | 2004 | 14-Jun | ||||||||||||||||||||||||||
John's Creek, GA | |||||||||||||||||||||||||||||||||||||
King Philip's Crossing | 10,301 | 3,710 | 19,144 | (150 | ) | 3,710 | 18,994 | 22,704 | 6,328 | 2005 | 5-Nov | ||||||||||||||||||||||||||
Seekonk, MA | |||||||||||||||||||||||||||||||||||||
La Plaza Del Norte | — | 16,005 | 37,744 | 2,834 | 16,005 | 40,578 | 56,583 | 15,595 | 1996/1999 | 4-Jan | |||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||||
Lake Mary Pointe | 1,650 | 2,075 | 4,009 | 92 | 2,065 | 4,111 | 6,176 | 1,532 | 1999 | 4-Oct | |||||||||||||||||||||||||||
Lake Mary, FL | |||||||||||||||||||||||||||||||||||||
Lake Mead Crossing (c) | — | 17,796 | 50,272 | (35,902 | ) | 8,830 | 23,336 | 32,166 | 1,427 | 2011 | 6-Oct | ||||||||||||||||||||||||||
Las Vegas, NV | |||||||||||||||||||||||||||||||||||||
Lake Worth Towne Crossing | — | 6,200 | 30,910 | 4,913 | 6,200 | 35,823 | 42,023 | 10,874 | 2005 | 6-Jun | |||||||||||||||||||||||||||
Lake Worth, TX | |||||||||||||||||||||||||||||||||||||
Lakepointe Towne Center | — | 4,750 | 23,904 | 2,718 | 4,750 | 26,622 | 31,372 | 8,867 | 2004 | 5-May | |||||||||||||||||||||||||||
Lewisville, TX | |||||||||||||||||||||||||||||||||||||
Lakewood Towne Center (d) | — | 12,555 | 74,612 | (14,276 | ) | 12,555 | 60,336 | 72,891 | 22,221 | 1998/2002- | 4-Jun | ||||||||||||||||||||||||||
Lakewood, WA | 2003 | ||||||||||||||||||||||||||||||||||||
Lincoln Park | 26,556 | 38,329 | 17,772 | 56 | 38,329 | 17,828 | 56,157 | 404 | 1997 | 14-Jun | |||||||||||||||||||||||||||
Dallas, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Lincoln Plaza | 38,533 | 13,000 | 46,482 | 22,548 | 13,110 | 68,920 | 82,030 | 22,377 | 2001-2004 | 5-Sep | |||||||||||||||||||||||||||
Worcester, MA | |||||||||||||||||||||||||||||||||||||
Low Country Village I & II | — | 2,910 | 16,614 | (376 | ) | 2,486 | 16,662 | 19,148 | 6,282 | 2004 & 2005 | 06/04 & | ||||||||||||||||||||||||||
Bluffton, SC | 5-Sep | ||||||||||||||||||||||||||||||||||||
Lowe's/Bed, Bath & Beyond | 12,863 | 7,423 | 799 | (8 | ) | 7,415 | 799 | 8,214 | 497 | 2005 | 5-Aug | ||||||||||||||||||||||||||
Butler, NJ | |||||||||||||||||||||||||||||||||||||
MacArthur Crossing | 6,799 | 4,710 | 16,265 | 1,857 | 4,710 | 18,122 | 22,832 | 7,071 | 1995-1996 | 4-Feb | |||||||||||||||||||||||||||
Los Colinas, TX | |||||||||||||||||||||||||||||||||||||
Magnolia Square | 6,365 | 2,635 | 15,040 | (767 | ) | 2,635 | 14,273 | 16,908 | 5,232 | 2004 | 5-Feb | ||||||||||||||||||||||||||
Houma, LA | |||||||||||||||||||||||||||||||||||||
Manchester Meadows | — | 14,700 | 39,738 | 1,257 | 14,700 | 40,995 | 55,695 | 15,220 | 1994-1995 | 4-Aug | |||||||||||||||||||||||||||
Town and Country, MO | |||||||||||||||||||||||||||||||||||||
Mansfield Towne Crossing | — | 3,300 | 12,195 | 3,623 | 3,300 | 15,818 | 19,118 | 5,809 | 2003-2004 | 4-Nov | |||||||||||||||||||||||||||
Mansfield, TX | |||||||||||||||||||||||||||||||||||||
Maple Tree Place | — | 28,000 | 67,361 | 4,748 | 28,000 | 72,109 | 100,109 | 25,278 | 2004-2005 | 5-May | |||||||||||||||||||||||||||
Williston, VT | |||||||||||||||||||||||||||||||||||||
Massillon Commons | 6,983 | 4,090 | 12,521 | 473 | 4,090 | 12,994 | 17,084 | 4,637 | 1986/2000 | 5-Apr | |||||||||||||||||||||||||||
Massillon, OH | |||||||||||||||||||||||||||||||||||||
McAllen Shopping Center | 1,543 | 850 | 2,958 | (112 | ) | 850 | 2,846 | 3,696 | 1,047 | 2004 | 4-Dec | ||||||||||||||||||||||||||
McAllen, TX | |||||||||||||||||||||||||||||||||||||
Mid-Hudson Center | — | 9,900 | 29,160 | 21 | 9,900 | 29,181 | 39,081 | 10,078 | 2000 | 5-Jul | |||||||||||||||||||||||||||
Poughkeepsie, NY | |||||||||||||||||||||||||||||||||||||
Mitchell Ranch Plaza | — | 5,550 | 26,213 | 505 | 5,550 | 26,718 | 32,268 | 10,086 | 2003 | 4-Aug | |||||||||||||||||||||||||||
New Port Richey, FL | |||||||||||||||||||||||||||||||||||||
Montecito Crossing | 16,546 | 9,700 | 25,414 | 9,510 | 11,300 | 33,324 | 44,624 | 10,955 | 2004-2005 | 10/05 & | |||||||||||||||||||||||||||
Las Vegas, NV | & 2007 | 8-Jan | |||||||||||||||||||||||||||||||||||
Mountain View Plaza I & II | — | 5,180 | 18,212 | 674 | 5,120 | 18,946 | 24,066 | 6,105 | 2003 & | 10/05 & | |||||||||||||||||||||||||||
Kalispell, MT | 2006 | 6-Nov | |||||||||||||||||||||||||||||||||||
New Forest Crossing | 8,938 | 4,390 | 11,313 | (6 | ) | 4,390 | 11,307 | 15,697 | 647 | 2003 | 13-Oct | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Newnan Crossing I & II | — | 15,100 | 33,987 | 5,139 | 15,100 | 39,126 | 54,226 | 14,804 | 1999 & | 12/03 & | |||||||||||||||||||||||||||
Newnan, GA | 2004 | 4-Feb | |||||||||||||||||||||||||||||||||||
Newton Crossroads | 3,753 | 3,350 | 6,927 | 162 | 3,350 | 7,089 | 10,439 | 2,543 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Covington, GA | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
North Rivers Towne Center | 10,071 | 3,350 | 15,720 | 320 | 3,350 | 16,040 | 19,390 | 6,244 | 2003-2004 | 4-Apr | |||||||||||||||||||||||||||
Charleston, SC | |||||||||||||||||||||||||||||||||||||
Northgate North | 27,281 | 7,540 | 49,078 | (14,642 | ) | 7,540 | 34,436 | 41,976 | 13,481 | 1999-2003 | 4-Jun | ||||||||||||||||||||||||||
Seattle, WA | |||||||||||||||||||||||||||||||||||||
Northpointe Plaza | 23,276 | 13,800 | 37,707 | 4,264 | 13,800 | 41,971 | 55,771 | 15,782 | 1991-1993 | 4-May | |||||||||||||||||||||||||||
Spokane, WA | |||||||||||||||||||||||||||||||||||||
Northwood Crossing | — | 3,770 | 13,658 | 1,159 | 3,770 | 14,817 | 18,587 | 4,759 | 1979/2004 | 6-Jan | |||||||||||||||||||||||||||
Northport, AL | |||||||||||||||||||||||||||||||||||||
Northwoods Center | 8,550 | 3,415 | 9,475 | 6,396 | 3,415 | 15,871 | 19,286 | 5,732 | 2002-2004 | 4-Dec | |||||||||||||||||||||||||||
Wesley Chapel, FL | |||||||||||||||||||||||||||||||||||||
Orange Plaza (Golfland Plaza) | — | 4,350 | 4,834 | 2,386 | 4,350 | 7,220 | 11,570 | 2,199 | 1995 | 5-May | |||||||||||||||||||||||||||
Orange, CT | |||||||||||||||||||||||||||||||||||||
The Orchard | 11,669 | 3,200 | 17,151 | 102 | 3,200 | 17,253 | 20,453 | 5,887 | 2004-2005 | 07/05 & | |||||||||||||||||||||||||||
New Hartford, NY | 5-Sep | ||||||||||||||||||||||||||||||||||||
Oswego Commons | 21,000 | 6,454 | 16,004 | 24 | 6,454 | 16,028 | 22,482 | 434 | 2002-2004 | 14-Jun | |||||||||||||||||||||||||||
Oswego, IL | |||||||||||||||||||||||||||||||||||||
Pacheco Pass Phase I & II | — | 13,420 | 32,784 | (25 | ) | 13,400 | 32,779 | 46,179 | 10,146 | 2004 & 2006 | 07/05 & | ||||||||||||||||||||||||||
Gilroy, CA | 7-Jun | ||||||||||||||||||||||||||||||||||||
Page Field Commons | — | — | 43,355 | 1,111 | — | 44,466 | 44,466 | 14,507 | 1999 | 5-May | |||||||||||||||||||||||||||
Fort Myers, FL | |||||||||||||||||||||||||||||||||||||
Paradise Valley Marketplace | 9,216 | 6,590 | 20,425 | 528 | 6,590 | 20,953 | 27,543 | 8,233 | 2002 | 4-Apr | |||||||||||||||||||||||||||
Phoenix, AZ | |||||||||||||||||||||||||||||||||||||
Parkway Towne Crossing | — | 6,142 | 20,423 | 5,036 | 6,142 | 25,459 | 31,601 | 8,010 | 2010 | 6-Aug | |||||||||||||||||||||||||||
Frisco, TX | |||||||||||||||||||||||||||||||||||||
Pavillion at Kings Grant I & II | — | 10,274 | 12,392 | 11,872 | 10,274 | 24,264 | 34,538 | 7,461 | 2002-2003 | 12/03 & | |||||||||||||||||||||||||||
Concord, NC | & 2005 | 6-Jun | |||||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza | — | — | 67,870 | 76 | — | 67,946 | 67,946 | 3,175 | 2008 | 13-Nov | |||||||||||||||||||||||||||
Pelham Manor, NY | |||||||||||||||||||||||||||||||||||||
Peoria Crossings I & II | 24,131 | 6,995 | 32,816 | 3,869 | 8,495 | 35,185 | 43,680 | 13,624 | 2002-2003 | 03/04 & | |||||||||||||||||||||||||||
Peoria, AZ | & 2005 | 5-May | |||||||||||||||||||||||||||||||||||
Phenix Crossing | 4,180 | 2,600 | 6,776 | 321 | 2,600 | 7,097 | 9,697 | 2,615 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Phenix City, AL | |||||||||||||||||||||||||||||||||||||
Pine Ridge Plaza | — | 5,000 | 19,802 | 2,897 | 5,000 | 22,699 | 27,699 | 8,389 | 1998/2004 | 4-Jun | |||||||||||||||||||||||||||
Lawrence, KS | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Placentia Town Center | 11,116 | 11,200 | 11,751 | 1,674 | 11,200 | 13,425 | 24,625 | 4,664 | 1973/2000 | 4-Dec | |||||||||||||||||||||||||||
Placentia, CA | |||||||||||||||||||||||||||||||||||||
Plaza at Marysville | 8,996 | 6,600 | 13,728 | 845 | 6,600 | 14,573 | 21,173 | 5,373 | 1995 | 4-Jul | |||||||||||||||||||||||||||
Marysville, WA | |||||||||||||||||||||||||||||||||||||
Plaza Santa Fe II | — | — | 28,588 | 3,199 | — | 31,787 | 31,787 | 12,005 | 2000-2002 | 4-Jun | |||||||||||||||||||||||||||
Santa Fe, NM | |||||||||||||||||||||||||||||||||||||
Pleasant Run | 13,776 | 4,200 | 29,085 | 3,244 | 4,200 | 32,329 | 36,529 | 11,552 | 2004 | 4-Dec | |||||||||||||||||||||||||||
Cedar Hill, TX | |||||||||||||||||||||||||||||||||||||
Quakertown | 7,737 | 2,400 | 9,246 | 15 | 2,400 | 9,261 | 11,661 | 3,168 | 2004-2005 | 5-Sep | |||||||||||||||||||||||||||
Quakertown, PA | |||||||||||||||||||||||||||||||||||||
Rasmussen College | — | 850 | 4,049 | (344 | ) | 500 | 4,055 | 4,555 | 1,399 | 2005 | 5-Aug | ||||||||||||||||||||||||||
Brooklyn Park, MN | |||||||||||||||||||||||||||||||||||||
Red Bug Village | — | 1,790 | 6,178 | 174 | 1,790 | 6,352 | 8,142 | 2,211 | 2004 | 5-Dec | |||||||||||||||||||||||||||
Winter Springs, FL | |||||||||||||||||||||||||||||||||||||
Reisterstown Road Plaza | 46,250 | 15,800 | 70,372 | 13,046 | 15,791 | 83,427 | 99,218 | 30,426 | 1986/2004 | 4-Aug | |||||||||||||||||||||||||||
Baltimore, MD | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Sheridan Dr. | 2,903 | 2,000 | 2,722 | — | 2,000 | 2,722 | 4,722 | 915 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Amherst, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Transit Rd. | 3,243 | 2,500 | 2,764 | 2 | 2,500 | 2,766 | 5,266 | 929 | 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 | 939 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Batavia, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), W. Main St. | 2,547 | 1,510 | 2,627 | — | 1,510 | 2,627 | 4,137 | 883 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Batavia, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Ferry St. | 2,198 | 900 | 2,677 | — | 900 | 2,677 | 3,577 | 899 | 2000 | 5-Nov | |||||||||||||||||||||||||||
Buffalo, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Main St. | 2,174 | 1,340 | 2,192 | — | 1,340 | 2,192 | 3,532 | 736 | 1998 | 5-Nov | |||||||||||||||||||||||||||
Buffalo, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 3,091 | 1,968 | 2,575 | 1 | 1,968 | 2,576 | 4,544 | 866 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Canandaigua, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,673 | 750 | 2,042 | — | 750 | 2,042 | 2,792 | 711 | 1999 | 5-Jun | |||||||||||||||||||||||||||
Chattanooga, TN | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,117 | 2,080 | 1,393 | — | 2,080 | 1,393 | 3,473 | 468 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Cheektowaga, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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) | 3,088 | 3,000 | 3,955 | 22 | 3,000 | 3,977 | 6,977 | 1,402 | 2005 | 5-May | |||||||||||||||||||||||||||
Colesville, MD | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,663 | 900 | 2,377 | — | 900 | 2,377 | 3,277 | 947 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Columbia, SC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,330 | 600 | 2,033 | 1 | 600 | 2,034 | 2,634 | 789 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Crossville, TN | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,665 | 900 | 2,475 | — | 900 | 2,475 | 3,375 | 827 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Grand Island, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,926 | 470 | 2,657 | — | 470 | 2,657 | 3,127 | 893 | 1998 | 5-Nov | |||||||||||||||||||||||||||
Greece, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,596 | 1,050 | 2,047 | 1 | 1,050 | 2,048 | 3,098 | 794 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Greer, SC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,409 | 2,060 | 1,873 | — | 2,060 | 1,873 | 3,933 | 629 | 2002 | 5-Nov | |||||||||||||||||||||||||||
Hudson, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,850 | 1,940 | 2,736 | (27 | ) | 1,913 | 2,736 | 4,649 | 919 | 2002 | 5-Nov | ||||||||||||||||||||||||||
Irondequoit, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,900 | 700 | 2,960 | 1 | 700 | 2,961 | 3,661 | 1,149 | 2003-2004 | 4-Jun | |||||||||||||||||||||||||||
Kill Devil Hills, NC | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,786 | 1,710 | 1,207 | — | 1,710 | 1,207 | 2,917 | 405 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Lancaster, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,716 | 1,650 | 2,788 | — | 1,650 | 2,788 | 4,438 | 937 | 2002 | 5-Nov | |||||||||||||||||||||||||||
Lockport, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,682 | 820 | 1,935 | — | 820 | 1,935 | 2,755 | 650 | 2000 | 5-Nov | |||||||||||||||||||||||||||
North Chili, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,452 | 1,190 | 2,809 | — | 1,190 | 2,809 | 3,999 | 944 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Olean, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Culver Rd. | 2,376 | 1,590 | 2,279 | — | 1,590 | 2,279 | 3,869 | 766 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Rochester, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Lake Ave. | 3,210 | 2,220 | 3,025 | 2 | 2,220 | 3,027 | 5,247 | 1,017 | 2001 | 5-Nov | |||||||||||||||||||||||||||
Rochester, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 2,370 | 800 | 3,075 | — | 800 | 3,075 | 3,875 | 1,033 | 2000 | 5-Nov | |||||||||||||||||||||||||||
Tonawanda, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Harlem Rd. | 2,770 | 2,830 | 1,683 | — | 2,830 | 1,683 | 4,513 | 566 | 2003 | 5-Nov | |||||||||||||||||||||||||||
West Seneca, NY | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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), Union Rd. | 2,394 | 1,610 | 2,300 | — | 1,610 | 2,300 | 3,910 | 773 | 2000 | 5-Nov | |||||||||||||||||||||||||||
West Seneca, NY | |||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) | 1,372 | 810 | 1,434 | — | 810 | 1,434 | 2,244 | 482 | 1997 | 5-Nov | |||||||||||||||||||||||||||
Yorkshire, NY | |||||||||||||||||||||||||||||||||||||
Rivery Town Crossing | — | 2,900 | 6,814 | 376 | 2,900 | 7,190 | 10,090 | 2,196 | 2005 | 6-Oct | |||||||||||||||||||||||||||
Georgetown, TX | |||||||||||||||||||||||||||||||||||||
Royal Oaks Village II | — | 2,200 | 11,859 | (190 | ) | 2,200 | 11,669 | 13,869 | 3,928 | 2004-2005 | 5-Nov | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Saucon Valley Square | 8,550 | 3,200 | 12,642 | (554 | ) | 3,200 | 12,088 | 15,288 | 4,117 | 1999 | 4-Sep | ||||||||||||||||||||||||||
Bethlehem, PA | |||||||||||||||||||||||||||||||||||||
Sawyer Heights Village | 18,884 | 24,214 | 15,797 | 263 | 24,214 | 16,060 | 40,274 | 827 | 2007 | 13-Oct | |||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Shaws Supermarket | — | 2,700 | 11,532 | (11,198 | ) | 874 | 2,160 | 3,034 | 34 | 1995 | 3-Dec | ||||||||||||||||||||||||||
New Britain, CT | |||||||||||||||||||||||||||||||||||||
Shoppes at Park West | 5,320 | 2,240 | 9,357 | (51 | ) | 2,240 | 9,306 | 11,546 | 3,511 | 2004 | 4-Nov | ||||||||||||||||||||||||||
Mt. Pleasant, SC | |||||||||||||||||||||||||||||||||||||
The Shoppes at Quarterfield | — | 2,190 | 8,840 | 98 | 2,190 | 8,938 | 11,128 | 3,568 | 1999 | 4-Jan | |||||||||||||||||||||||||||
Severn, MD | |||||||||||||||||||||||||||||||||||||
Shoppes of New Hope | 3,550 | 1,350 | 11,045 | (4 | ) | 1,350 | 11,041 | 12,391 | 4,212 | 2004 | 4-Jul | ||||||||||||||||||||||||||
Dallas, GA | |||||||||||||||||||||||||||||||||||||
Shoppes of Prominence Point I&II | — | 3,650 | 12,652 | 488 | 3,650 | 13,140 | 16,790 | 4,946 | 2004 & 2005 | 06/04 & | |||||||||||||||||||||||||||
Canton, GA | 5-Sep | ||||||||||||||||||||||||||||||||||||
The Shops at Boardwalk | — | 5,000 | 30,540 | 140 | 5,000 | 30,680 | 35,680 | 11,597 | 2003-2004 | 4-Jul | |||||||||||||||||||||||||||
Kansas City, MO | |||||||||||||||||||||||||||||||||||||
Shops at Forest Commons | — | 1,050 | 6,133 | 261 | 1,050 | 6,394 | 7,444 | 2,270 | 2002 | 4-Dec | |||||||||||||||||||||||||||
Round Rock, TX | |||||||||||||||||||||||||||||||||||||
The Shops at Legacy | — | 8,800 | 108,940 | 12,982 | 8,800 | 121,922 | 130,722 | 33,683 | 2002 | 7-Jun | |||||||||||||||||||||||||||
Plano, TX | |||||||||||||||||||||||||||||||||||||
Shops at Park Place | 7,788 | 9,096 | 13,175 | 521 | 9,096 | 13,696 | 22,792 | 5,889 | 2001 | 3-Oct | |||||||||||||||||||||||||||
Plano, TX | |||||||||||||||||||||||||||||||||||||
Southgate Plaza | 3,929 | 2,200 | 9,229 | 950 | 2,161 | 10,218 | 12,379 | 3,374 | 1998-2002 | 5-Mar | |||||||||||||||||||||||||||
Heath, OH | |||||||||||||||||||||||||||||||||||||
Southlake Corners | 21,156 | 6,612 | 23,605 | 25 | 6,612 | 23,630 | 30,242 | 1,173 | 2004 | 13-Oct | |||||||||||||||||||||||||||
Southlake, TX | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Southlake Town Square I - VII | 141,519 | 41,490 | 193,391 | 21,054 | 41,490 | 214,445 | 255,935 | 67,367 | 1998-2007 | 12/04, 5/07, | |||||||||||||||||||||||||||
Southlake, TX | 9/08 & 3/09 | ||||||||||||||||||||||||||||||||||||
Stateline Station | — | 6,500 | 23,780 | (14,226 | ) | 3,829 | 12,225 | 16,054 | 3,104 | 2003-2004 | 5-Mar | ||||||||||||||||||||||||||
Kansas City, MO | |||||||||||||||||||||||||||||||||||||
Stilesboro Oaks | 5,092 | 2,200 | 9,426 | 232 | 2,200 | 9,658 | 11,858 | 3,457 | 1997 | 4-Dec | |||||||||||||||||||||||||||
Acworth, GA | |||||||||||||||||||||||||||||||||||||
Stonebridge Plaza | — | 1,000 | 5,783 | 295 | 1,000 | 6,078 | 7,078 | 2,083 | 1997 | 5-Aug | |||||||||||||||||||||||||||
McKinney, TX | |||||||||||||||||||||||||||||||||||||
Stony Creek I | 8,550 | 6,735 | 17,564 | 1,012 | 6,735 | 18,576 | 25,311 | 7,547 | 2003 | 3-Dec | |||||||||||||||||||||||||||
Noblesville, IN | |||||||||||||||||||||||||||||||||||||
Stony Creek II | — | 1,900 | 5,106 | 54 | 1,900 | 5,160 | 7,060 | 1,727 | 2005 | 5-Nov | |||||||||||||||||||||||||||
Noblesville, IN | |||||||||||||||||||||||||||||||||||||
Streets of Yorktown (e) | — | 3,440 | 22,111 | 2,881 | 3,440 | 24,992 | 28,432 | 8,181 | 2005 | 5-Dec | |||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||
Target South Center | 5,430 | 2,300 | 8,760 | 660 | 2,300 | 9,420 | 11,720 | 3,241 | 1999 | 5-Nov | |||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||
Tim Horton Donut Shop | — | 212 | 30 | — | 212 | 30 | 242 | 19 | 2004 | 5-Nov | |||||||||||||||||||||||||||
Canandaigua, NY | |||||||||||||||||||||||||||||||||||||
Tollgate Marketplace | 35,000 | 8,700 | 61,247 | 2,458 | 8,700 | 63,705 | 72,405 | 24,074 | 1979/1994 | 4-Jul | |||||||||||||||||||||||||||
Bel Air, MD | |||||||||||||||||||||||||||||||||||||
Town Square Plaza | 16,815 | 9,700 | 18,264 | 1,639 | 9,700 | 19,903 | 29,603 | 6,526 | 2004 | 5-Dec | |||||||||||||||||||||||||||
Pottstown, PA | |||||||||||||||||||||||||||||||||||||
Towson Circle | — | 9,050 | 17,840 | (820 | ) | 6,874 | 19,196 | 26,070 | 7,044 | 1998 | 4-Jul | ||||||||||||||||||||||||||
Towson, MD | |||||||||||||||||||||||||||||||||||||
Traveler's Office Building | — | 650 | 7,001 | 822 | 1,079 | 7,394 | 8,473 | 2,362 | 2005 | 6-Jan | |||||||||||||||||||||||||||
Knoxville, TN | |||||||||||||||||||||||||||||||||||||
Trenton Crossing | 16,246 | 8,180 | 19,262 | 3,181 | 8,180 | 22,443 | 30,623 | 7,933 | 2003 | 5-Feb | |||||||||||||||||||||||||||
McAllen, TX | |||||||||||||||||||||||||||||||||||||
University Town Center | 4,465 | — | 9,557 | 183 | — | 9,740 | 9,740 | 3,640 | 2002 | 4-Nov | |||||||||||||||||||||||||||
Tuscaloosa, AL | |||||||||||||||||||||||||||||||||||||
Vail Ranch Plaza | 10,716 | 6,200 | 16,275 | 100 | 6,200 | 16,375 | 22,575 | 5,795 | 2004-2005 | 5-Apr | |||||||||||||||||||||||||||
Temecula, CA | |||||||||||||||||||||||||||||||||||||
The Village at Quail Springs | 5,225 | 3,335 | 7,766 | 245 | 3,335 | 8,011 | 11,346 | 2,839 | 2003-2004 | 5-Feb | |||||||||||||||||||||||||||
Oklahoma City, OK | |||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(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 Gainesville | 20,000 | 4,450 | 36,592 | 1,271 | 4,450 | 37,863 | 42,313 | 12,859 | 2004 | 5-Sep | |||||||||||||||||||||||||||
Gainesville, GA | |||||||||||||||||||||||||||||||||||||
Village Shoppes at Simonton | 3,277 | 2,200 | 10,874 | (16 | ) | 2,200 | 10,858 | 13,058 | 4,106 | 2004 | 4-Aug | ||||||||||||||||||||||||||
Lawrenceville, GA | |||||||||||||||||||||||||||||||||||||
Walgreens | — | 450 | 5,074 | — | 450 | 5,074 | 5,524 | 1,731 | 2000 | 5-Apr | |||||||||||||||||||||||||||
Northwoods, MO | |||||||||||||||||||||||||||||||||||||
Wal-Mart | — | 1,925 | 4,294 | (2,918 | ) | 975 | 2,326 | 3,301 | 524 | 1987 | 5-Sep | ||||||||||||||||||||||||||
Turlock, CA | |||||||||||||||||||||||||||||||||||||
Walter's Crossing | — | 14,500 | 16,914 | 510 | 14,500 | 17,424 | 31,924 | 5,370 | 2005 | 6-Jul | |||||||||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||||||||||||||||||
Watauga Pavillion | — | 5,185 | 27,504 | 108 | 5,185 | 27,612 | 32,797 | 10,854 | 2003-2004 | 4-May | |||||||||||||||||||||||||||
Watauga, TX | |||||||||||||||||||||||||||||||||||||
West Town Market | — | 1,170 | 10,488 | 163 | 1,170 | 10,651 | 11,821 | 3,680 | 2004 | 5-Jun | |||||||||||||||||||||||||||
Fort Mill, SC | |||||||||||||||||||||||||||||||||||||
Wilton Square | — | 8,200 | 35,538 | 247 | 8,200 | 35,785 | 43,985 | 12,299 | 2000 | 5-Jul | |||||||||||||||||||||||||||
Saratoga Springs, NY | |||||||||||||||||||||||||||||||||||||
Winchester Commons | 5,700 | 4,400 | 7,471 | 316 | 4,400 | 7,787 | 12,187 | 2,807 | 1999 | 4-Nov | |||||||||||||||||||||||||||
Memphis, TN | |||||||||||||||||||||||||||||||||||||
Zurich Towers | — | 7,900 | 137,096 | 13 | 7,900 | 137,109 | 145,009 | 48,511 | 1986 & 1990 | 4-Nov | |||||||||||||||||||||||||||
Schaumburg, IL | |||||||||||||||||||||||||||||||||||||
Total Operating Properties | 1,619,565 | 1,207,009 | 4,304,779 | 94,069 | 1,180,319 | 4,425,538 | 5,605,857 | 1,362,903 | |||||||||||||||||||||||||||||
Development Properties | |||||||||||||||||||||||||||||||||||||
Bellevue Mall (c) | — | 3,056 | — | — | 3,056 | — | 3,056 | — | |||||||||||||||||||||||||||||
Nashville, TN | |||||||||||||||||||||||||||||||||||||
Green Valley Crossing (f) | 14,900 | 12,884 | 16,932 | (914 | ) | 11,994 | 16,908 | 28,902 | 2,568 | ||||||||||||||||||||||||||||
Henderson, NV | |||||||||||||||||||||||||||||||||||||
South Billings Center (c) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Billings, MT | |||||||||||||||||||||||||||||||||||||
Total Development Properties | 14,900 | 15,940 | 16,932 | (914 | ) | 15,050 | 16,908 | 31,958 | 2,568 | ||||||||||||||||||||||||||||
Developments in Progress | — | 41,293 | 1,268 | — | 41,293 | 1,268 | 42,561 | — | |||||||||||||||||||||||||||||
Total Investment Properties | $ | 1,634,465 | $ | 1,264,242 | $ | 4,322,979 | $ | 93,155 | $ | 1,236,662 | $ | 4,443,714 | $ | 5,680,376 | $ | 1,365,471 | |||||||||||||||||||||
RETAIL PROPERTIES OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
(a) | This outparcel was retained after the sale of the property in 2014. | ||||||||||||||||||||||||||||||||||||
(b) | In 2014, the Company combined Five Forks and Five Forks II into one property. | ||||||||||||||||||||||||||||||||||||
(c) | The cost basis associated with this property or a portion of this property is included in Developments in Progress. | ||||||||||||||||||||||||||||||||||||
(d) | The Company acquired a parcel at this property during 2014. | ||||||||||||||||||||||||||||||||||||
(e) | This property was formerly called Rave Theater. Its lease was assigned to another entity in 2014. Therefore, the name of the property was changed. | ||||||||||||||||||||||||||||||||||||
(f) | This property is encumbered by a construction loan and the basis 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 as of December 31, 2014 for U.S. federal income tax purposes was approximately $5,874,366 (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: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance as of January 1, | $ | 5,804,518 | $ | 5,962,878 | $ | 6,441,555 | |||||||||||||||||||||||||||||||
Purchase of investment property | 397,993 | 339,955 | 31,486 | ||||||||||||||||||||||||||||||||||
Sale of investment property | (338,938 | ) | (341,750 | ) | (501,369 | ) | |||||||||||||||||||||||||||||||
Property held for sale | (36,914 | ) | (10,995 | ) | (8,746 | ) | |||||||||||||||||||||||||||||||
Provision for asset impairment | (159,447 | ) | (150,373 | ) | (23,819 | ) | |||||||||||||||||||||||||||||||
Payments received under master leases | — | — | (21 | ) | |||||||||||||||||||||||||||||||||
Acquired lease intangible assets | 5,579 | (11,331 | ) | 27,454 | |||||||||||||||||||||||||||||||||
Acquired lease intangible liabilities | 7,585 | 16,134 | (3,662 | ) | |||||||||||||||||||||||||||||||||
Balance as of December 31, | $ | 5,680,376 | $ | 5,804,518 | $ | 5,962,878 | |||||||||||||||||||||||||||||||
(E) | Reconciliation of accumulated depreciation: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance as of January 1, | $ | 1,330,474 | $ | 1,275,787 | $ | 1,180,767 | |||||||||||||||||||||||||||||||
Depreciation expense | 183,142 | 197,725 | 195,994 | ||||||||||||||||||||||||||||||||||
Sale of investment property | (63,460 | ) | (62,009 | ) | (87,218 | ) | |||||||||||||||||||||||||||||||
Property held for sale | (5,358 | ) | (2,206 | ) | (17 | ) | |||||||||||||||||||||||||||||||
Provision for asset impairment | (77,390 | ) | (56,969 | ) | (7,423 | ) | |||||||||||||||||||||||||||||||
Write-offs due to early lease termination | (1,937 | ) | (3,056 | ) | (6,316 | ) | |||||||||||||||||||||||||||||||
Other disposals | — | (18,798 | ) | — | |||||||||||||||||||||||||||||||||
Balance as of December 31, | $ | 1,365,471 | $ | 1,330,474 | $ | 1,275,787 | |||||||||||||||||||||||||||||||
Depreciation is computed based upon the following estimated useful lives in the consolidated statements of operations and other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||||||
Building and improvements | 30 | ||||||||||||||||||||||||||||||||||||
Site improvements | 15 | ||||||||||||||||||||||||||||||||||||
Tenant improvements | Life of related lease |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
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 intangibles 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. Acquisition accounting fair value estimates, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the acquired investment property and tenant profile. | |||||||||||||||||||||||||||||
The portion of the purchase price allocated to acquired in-place lease value intangibles 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 intangibles of $28,977, $32,241 and $36,524 (including $0, $1,717 and $3,575, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 intangibles of $4,170, $3,053 and $4,026 (including $0, $25 and $150, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease value intangibles of $6,246, $4,187 and $5,339 (including $0, $183 and $409, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 intangibles of $560 and $93 for the years ended December 31, 2014 and 2013, respectively, was recorded as a reduction to property operating expenses. No amortization pertaining to above or below market lease value intangibles was recorded for the year ended December 31, 2012. | |||||||||||||||||||||||||||||
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 as of December 31, 2014: | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 4,145 | $ | 3,614 | $ | 3,138 | $ | 2,626 | $ | 1,580 | $ | 3,546 | $ | 18,649 | |||||||||||||||
Acquired in-place lease value intangibles (a) | 21,261 | 17,563 | 14,211 | 11,190 | 8,468 | 34,148 | 106,841 | ||||||||||||||||||||||
Acquired lease intangible assets, net (b) | $ | 25,406 | $ | 21,177 | $ | 17,349 | $ | 13,816 | $ | 10,048 | $ | 37,694 | $ | 125,490 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (5,191 | ) | $ | (4,753 | ) | $ | (4,612 | ) | $ | (4,445 | ) | $ | (4,248 | ) | $ | (63,254 | ) | $ | (86,503 | ) | ||||||||
Acquired ground lease intangibles (c) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,338 | ) | (14,138 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (b) | $ | (5,751 | ) | $ | (5,313 | ) | $ | (5,172 | ) | $ | (5,005 | ) | $ | (4,808 | ) | $ | (74,592 | ) | $ | (100,641 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(b) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $302,110 and $45,479 of accumulated amortization, respectively, as of December 31, 2014. | ||||||||||||||||||||||||||||
(c) | 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. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building 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 of Long-Lived Assets and Unconsolidated Joint Ventures | Impairment of Long-Lived Assets and Unconsolidated Joint Ventures: 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; | ||||||||||||||||||||||||||||
• | expected significant declines in occupancy in the near future; | ||||||||||||||||||||||||||||
• | continued difficulty in leasing space; | ||||||||||||||||||||||||||||
• | a significant concentration of financially troubled tenants; | ||||||||||||||||||||||||||||
• | a change in anticipated holding period; | ||||||||||||||||||||||||||||
• | a cost accumulation or delay in project completion date significantly above and beyond the original 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 at the end of a reporting period or at any point throughout the year 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 | ||||||||||||||||||||||||||||
• | a property-specific discount rate. | ||||||||||||||||||||||||||||
The Company did not have any unconsolidated joint ventures as of December 31, 2014. When the Company holds investments in unconsolidated joint ventures, they 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. | |||||||||||||||||||||||||||||
Below is a summary of impairment charges recorded during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 72,203 | $ | 92,033 | $ | 25,842 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | — | $ | 1,834 | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | — | $ | 286 | $ | 1,527 | |||||||||||||||||||||||
(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 and $24,519, which is included in discontinued operations in 2013 and 2012, 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 11 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 as of December 31, 2014 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 period 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 will not occur in 2015 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 their 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 15 for further discussion. | |||||||||||||||||||||||||||||
Development and Redevelopment Projects | Development and Redevelopment Projects: The Company capitalizes direct and certain indirect project costs incurred during the development or redevelopment period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development or redevelopment 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 $91 and $271 as of December 31, 2014 and 2013, respectively, consist of costs incurred and not yet paid pertaining to such development or redevelopment projects and are included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The Company did not capitalize interest costs or real estate taxes during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
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, subject only to terms that are usual and customary; (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 intangibles and any above or below market lease intangibles and the Company records the investment property held for sale at the lower of cost or net realizable value. 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. There were two properties classified as held for sale as of December 31, 2014 and one property classified as held for sale as of December 31, 2013. | |||||||||||||||||||||||||||||
Prior to the Company’s early adoption of the revised discontinued operations pronouncement in 2014, if the operations and cash flow of the property had been, or were upon consummation of such sale, eliminated from ongoing operations and the Company did not have significant continuing involvement in the operations of the property, then the operations for the periods presented were classified in the consolidated statements of operations and other comprehensive income (loss) as discontinued operations for all periods presented. However, the Company elected to early adopt the revised discontinued operations pronouncement effective January 1, 2014, which limits what qualifies for discontinued operations presentation. As a result, the investment properties that were sold or classified as held for sale during 2014, except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, did not qualify for discontinued operations presentation and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income (loss). 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, non-variable interest 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 11 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. During the year ended December 31, 2012, the Company recognized a gain on sales of marketable securities of $25,840 and an unrealized OCI gain of $4,748. | ||||||||||||||||||||||||||||
Restricted Cash and Escrows | Restricted Cash and Escrows: Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2014 and 2013, the Company had $58,469 and $40,198, respectively, in restricted cash and escrows. | ||||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other liabilities.” The Company uses interest rate 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. 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 reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2014, the balance in accumulated other comprehensive loss relating to derivatives was $537. 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 accompanying consolidated statements of operations and other comprehensive income (loss). | ||||||||||||||||||||||||||||
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. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
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 that the lessee is the owner, for accounting purposes, of the tenant improvements, 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, for only those leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such rental income earned and the cash rent due under the provisions of a 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. The Company recorded lease termination income of $2,667, $15,787 and $2,331 (including $0, $7,182 and $1,106, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
The Company recorded percentage rental income in lieu of base rent and other contingent percentage rental income of $5,229, $4,744 and $5,356 (including $0, $55 and $52, respectively, reflected as discontinued operations) for the years ended December 31, 2014, 2013 and 2012, 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 until the following criteria are met: 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. The Company sold 24, 20 and 31 consolidated investment properties during the years ended December 31, 2014, 2013 and 2012, respectively. Refer to Note 4 for further discussion. | |||||||||||||||||||||||||||||
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts: Accounts and notes receivable balances outstanding include base rents, tenant reimbursements and deferred rent receivables. An allowance for the uncollectible portion of accounts and notes 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. Management’s estimate of the collectibility of accounts 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, for only those leases that have fixed and measurable rent escalations, 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 rental 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. | ||||||||||||||||||||||||||||
The Company records a benefit, based on the GAAP measurement criteria, for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Tax returns for the calendar years 2011 through 2014 remain subject to examination by federal and various state tax jurisdictions. | |||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting: The Company’s chief operating decision maker, which is comprised of its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, assesses and measures the operating results of the Company’s 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, 2014, companies are 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 of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2015, with early adoption permitted effective January 1, 2014, the definition of discontinued operations has been revised to limit what qualifies for this classification and presentation to disposals of components of a company that represent strategic shifts that have, or will have, a major effect on a company’s operations and financial results. Required expanded disclosures for disposals or disposal groups that qualify for discontinued operations treatment are intended to provide users of financial statements with enhanced information about the assets, liabilities, revenues and expenses of such discontinued operations. In addition, in accordance with this pronouncement, companies are required to disclose the pretax profit or loss of an individually significant component that does not qualify for discontinued operations treatment. While the threshold for a disposal or disposal group to qualify for discontinued operations treatment has been revised, this pronouncement retains the held for sale classification and presentation concepts of previous authoritative literature. Accordingly, under this pronouncement, a disposal or disposal group may qualify for held for sale classification but not meet the threshold for discontinued operations treatment. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption, which is applied prospectively, is anticipated to substantially reduce the number of the Company’s transactions, going forward, that qualify for discontinued operations as compared to historical results. Except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, the investment properties that were sold or held for sale during 2014 did not qualify for discontinued operations treatment and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||
Effective January 1, 2016, with early adoption permitted effective January 1, 2014, companies that grant their employees share-based payments in which the terms of the award provide that a performance target which affects vesting could be achieved after the requisite service period will be required to treat that feature as a performance condition. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, with early adoption permitted effective January 1, 2014, companies that issue hybrid financial instruments in the form of a share will be required to consider all stated and implied substantive terms and features in evaluating whether the host contract within the hybrid financial instrument is more akin to debt or to equity. The effects of initially adopting this pronouncement should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share. The Company elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, a company’s management will be required to assess the entity’s ability to continue as a going concern every reporting period including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued) and provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The Company does not expect the adoption of this pronouncement will have a material effect on its consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2016, the concept of extraordinary items will be eliminated from GAAP and entities will no longer be required to consider whether an underlying event or transaction is extraordinary. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. The Company has elected to early adopt this pronouncement effective January 1, 2015. The adoption of this pronouncement is not expected to have any effect on the Company’s consolidated financial statements. | |||||||||||||||||||||||||||||
Effective January 1, 2017, companies will be required to apply a five-step model in accounting for revenue arising from contracts with customers. The core principle of this revised revenue model is that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. The Company does not expect the adoption of this pronouncement will have a material effect on its consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Summary of property ownership | The Company’s property ownership as of December 31, 2014 is summarized below: | |||||
Wholly-owned | Consolidated | |||||
Joint Ventures (a) | ||||||
Operating properties (b) | 213 | — | ||||
Development properties | 2 | 1 | ||||
(a) | The Company has a 50% ownership interest in one LLC. | |||||
(b) | Excludes two wholly-owned properties classified as held for sale as of December 31, 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
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 as of December 31, 2014: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||
Acquired above market lease intangibles (a) | $ | 4,145 | $ | 3,614 | $ | 3,138 | $ | 2,626 | $ | 1,580 | $ | 3,546 | $ | 18,649 | |||||||||||||||
Acquired in-place lease value intangibles (a) | 21,261 | 17,563 | 14,211 | 11,190 | 8,468 | 34,148 | 106,841 | ||||||||||||||||||||||
Acquired lease intangible assets, net (b) | $ | 25,406 | $ | 21,177 | $ | 17,349 | $ | 13,816 | $ | 10,048 | $ | 37,694 | $ | 125,490 | |||||||||||||||
Acquired below market lease intangibles (a) | $ | (5,191 | ) | $ | (4,753 | ) | $ | (4,612 | ) | $ | (4,445 | ) | $ | (4,248 | ) | $ | (63,254 | ) | $ | (86,503 | ) | ||||||||
Acquired ground lease intangibles (c) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (560 | ) | (11,338 | ) | (14,138 | ) | |||||||||||||||
Acquired lease intangible liabilities, net (b) | $ | (5,751 | ) | $ | (5,313 | ) | $ | (5,172 | ) | $ | (5,005 | ) | $ | (4,808 | ) | $ | (74,592 | ) | $ | (100,641 | ) | ||||||||
(a) | Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. | ||||||||||||||||||||||||||||
(b) | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $302,110 and $45,479 of accumulated amortization, respectively, as of December 31, 2014. | ||||||||||||||||||||||||||||
(c) | 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, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Impairment of consolidated properties (a) | $ | 72,203 | $ | 92,033 | $ | 25,842 | |||||||||||||||||||||||
Impairment of investment in unconsolidated joint ventures (b) | $ | — | $ | 1,834 | $ | — | |||||||||||||||||||||||
Impairment of properties recorded at unconsolidated joint ventures (c) | $ | — | $ | 286 | $ | 1,527 | |||||||||||||||||||||||
(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 and $24,519, which is included in discontinued operations in 2013 and 2012, 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 11 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, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||
Schedule of property acquisitions | The Company closed on the following acquisitions during the year ended December 31, 2014: | |||||||||||||||||
Date | Property Name | Metropolitan Statistical | Property Type | Square | Acquisition | Pro Rata | ||||||||||||
Area (MSA) | Footage | Price | Acquisition | |||||||||||||||
Price | ||||||||||||||||||
30-Dec-14 | Lakewood Towne Center - Parcel | Seattle | Multi-tenant parcel | 44,000 | $ | 5,750 | $ | 5,750 | ||||||||||
20-Nov-14 | Avondale Plaza | Seattle | Multi-tenant retail | 39,000 | 15,070 | 15,070 | ||||||||||||
23-Jun-14 | Southlake Town Square - Outparcel (a) | Dallas | Single-user outparcel | 8,500 | 6,369 | 6,369 | ||||||||||||
5-Jun-14 | MS Inland Portfolio (b) | Various | Multi-tenant retail | 1,194,800 | 292,500 | 234,000 | ||||||||||||
27-Feb-14 | Bed Bath & Beyond Plaza - Fee Interest (c) | Miami | Ground lease interest | — | 10,350 | 10,350 | ||||||||||||
27-Feb-14 | Heritage Square | Seattle | Multi-tenant retail | 53,100 | 18,022 | 18,022 | ||||||||||||
1,339,400 | $ | 348,061 | $ | 289,561 | ||||||||||||||
(a) | The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company prior to the transaction. | |||||||||||||||||
(b) | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
(c) | The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Miami, Florida, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed a straight-line ground rent liability of $4,258, which is presented in “Gain on extinguishment of other liabilities” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
The Company closed on the following acquisitions during the year ended December 31, 2013: | ||||||||||||||||||
Date | Property Name | MSA | Property Type | Square | Acquisition | Pro Rata | ||||||||||||
Footage | Price | Acquisition | ||||||||||||||||
Price | ||||||||||||||||||
13-Nov-13 | Fordham Place | New York City | Multi-tenant retail | 262,000 | $ | 133,900 | $ | 133,900 | ||||||||||
6-Nov-13 | Pelham Manor Shopping Plaza | New York City | Multi-tenant retail | 228,000 | 58,530 | 58,530 | ||||||||||||
1-Oct-13 | RioCan Portfolio (a) | Various | Multi-tenant retail | 598,100 | 124,783 | 99,826 | ||||||||||||
1,088,100 | $ | 317,213 | $ | 292,256 | ||||||||||||||
(a) | As discussed in Note 11, 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 owned by the joint venture (collectively, the RioCan acquisitions). The Company paid total cash consideration of 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 Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $5,435 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||
Schedule of acquisition date fair values of assets acquired and liabilities assumed | The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Land | $ | 118,732 | $ | 60,307 | ||||||||||||||
Building and other improvements | 219,174 | 238,388 | ||||||||||||||||
Acquired lease intangible assets (a) | 35,520 | 46,357 | ||||||||||||||||
Acquired lease intangible liabilities (b) | (20,578 | ) | (26,525 | ) | ||||||||||||||
Mortgages payable (c) | (146,485 | ) | (69,177 | ) | ||||||||||||||
Net assets acquired (d) | $ | 206,363 | $ | 249,350 | ||||||||||||||
(a) | The weighted average amortization period for acquired lease intangible assets is eight years and 12 years for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(b) | The weighted average amortization period for acquired lease intangible liabilities is 16 years and 23 years for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(c) | Includes mortgage premium of $4,787 and $1,313 for acquisitions completed during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
(d) | Net assets attributable to the MS Inland and RioCan acquisitions are presented at 100%. | |||||||||||||||||
Schedule of condensed pro forma financial information | The unaudited condensed pro forma financial information is as follows: | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Total revenues | $ | 630,067 | $ | 605,708 | $ | 565,053 | ||||||||||||
Net income | $ | 15,583 | $ | 24,964 | $ | 6,902 | ||||||||||||
Net income attributable to common shareholders | $ | 6,133 | $ | 15,514 | $ | 6,639 | ||||||||||||
Earnings per common share — basic and diluted | ||||||||||||||||||
Net income per common share attributable to common shareholders | $ | 0.03 | $ | 0.07 | $ | 0.03 | ||||||||||||
Weighted average number of common shares outstanding — basic | 236,184 | 234,134 | 220,464 | |||||||||||||||
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Schedule of property dispositions | The Company closed on the following property dispositions during the year ended December 31, 2014: | |||||||||||||||||||
Date | Property Name | Property Type | Square | Consideration | Aggregate Proceeds, Net (a) | Gain (a) | ||||||||||||||
Footage | ||||||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
22-Dec-14 | Newburgh Crossing | Multi-tenant retail | 62,900 | $ | 10,000 | $ | 9,770 | $ | — | |||||||||||
16-Dec-14 | Diebold Warehouse | Single-user industrial | 158,700 | 11,500 | 10,752 | 2,879 | ||||||||||||||
4-Dec-14 | Plaza at Riverlakes | Multi-tenant retail | 102,800 | 17,350 | 17,021 | 4,127 | ||||||||||||||
24-Nov-14 | Mission Crossing (b) | Multi-tenant retail | 178,200 | 24,250 | 23,545 | 5,936 | ||||||||||||||
5-Nov-14 | Crockett Square | Multi-tenant retail | 107,100 | 9,750 | 9,565 | 822 | ||||||||||||||
31-Oct-14 | The Market at Clifty Crossing | Multi-tenant retail | 175,900 | 19,150 | 18,883 | 5,292 | ||||||||||||||
29-Oct-14 | Shoppes at Stroud | Multi-tenant retail | 136,400 | 26,850 | 26,466 | 485 | ||||||||||||||
20-Oct-14 | Various (c) | Single-user retail | 65,400 | 24,400 | 23,846 | 6,362 | ||||||||||||||
2-Oct-14 | Gloucester Town Center | Multi-tenant retail | 107,200 | 10,350 | 9,722 | — | ||||||||||||||
27-Aug-14 | Four Peaks Plaza | Multi-tenant retail | 140,400 | 9,900 | 9,381 | — | ||||||||||||||
26-Aug-14 | Crossroads Plaza CVS | Single-user retail | 16,000 | 7,650 | 7,411 | 2,863 | ||||||||||||||
19-Aug-14 | Greenwich Center | Multi-tenant retail | 182,600 | 22,700 | 21,977 | 5,871 | ||||||||||||||
19-Aug-14 | Boston Commons | Multi-tenant retail | 103,400 | 9,820 | 9,586 | — | ||||||||||||||
15-Aug-14 | Fisher Scientific | Single-user office | 114,700 | 14,000 | 13,715 | 3,732 | ||||||||||||||
15-Aug-14 | Stanley Works/Mac Tools | Single-user office | 72,500 | 10,350 | 10,184 | 1,375 | ||||||||||||||
1-Aug-14 | Battle Ridge Pavilion | Multi-tenant retail | 103,500 | 14,100 | 13,722 | 1,327 | ||||||||||||||
16-May-14 | Beachway Plaza & Cornerstone Plaza (d) | Multi-tenant retail | 189,600 | 24,450 | 23,584 | 819 | ||||||||||||||
1-Apr-14 | Midtown Center | Multi-tenant retail | 408,500 | 47,150 | 46,043 | — | ||||||||||||||
2,425,800 | 313,720 | 305,173 | 41,890 | |||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
11-Mar-14 | Riverpark Phase IIA | Single-user retail | 64,300 | 9,269 | 9,204 | 655 | ||||||||||||||
2,490,100 | $ | 322,989 | $ | 314,377 | $ | 42,545 | ||||||||||||||
(a) | Aggregate proceeds are net of transaction costs and exclude $324 of condemnation proceeds, which did not result in any additional gain recognition. | |||||||||||||||||||
(b) | The disposition of Mission Crossing was executed in two separate transactions for a total sales price of $24,250. The 163,400 square foot multi-tenant retail property, excluding the Walgreens outparcel, was sold for $17,250 to a third party and the 14,800 square foot Walgreens outparcel was sold for $7,000 to a different third party. | |||||||||||||||||||
(c) | The Company sold a portfolio of five drug stores located in Pennsylvania, Wisconsin and Alabama in a single transaction. | |||||||||||||||||||
(d) | The terms of the disposition of Beachway Plaza and Cornerstone Plaza were negotiated as a single transaction. The Company recognized a gain on sale of $527 during the second quarter of 2014 and an additional gain of $292 during the fourth quarter of 2014 that was deferred at disposition. | |||||||||||||||||||
Schedule of assets and liabilities associated with investment properties classified as held for sale | The following table presents the assets and liabilities associated with the investment properties classified as held for sale: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Land, building and other improvements | $ | 36,020 | $ | 10,285 | ||||||||||||||||
Accumulated depreciation | (5,358 | ) | (2,206 | ) | ||||||||||||||||
Net investment properties | 30,662 | 8,079 | ||||||||||||||||||
Other assets | 2,978 | 537 | ||||||||||||||||||
Assets associated with investment properties held for sale | $ | 33,640 | $ | 8,616 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Mortgages payable | $ | 8,075 | $ | 6,435 | ||||||||||||||||
Other liabilities | 128 | 168 | ||||||||||||||||||
Liabilities associated with investment properties held for sale | $ | 8,203 | $ | 6,603 | ||||||||||||||||
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, which consists of investment properties sold and classified as held for sale on or prior to December 31, 2013, including Riverpark Phase IIA, are presented in the table below: | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | (123 | ) | $ | 24,448 | $ | 55,507 | |||||||||||||
Tenant recovery income | 144 | 5,142 | 7,284 | |||||||||||||||||
Other property income | 23 | 7,571 | 1,544 | |||||||||||||||||
Total revenues | 44 | 37,161 | 64,335 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating expenses | 121 | 4,802 | 7,941 | |||||||||||||||||
Real estate taxes | 3 | 5,664 | 8,209 | |||||||||||||||||
Depreciation and amortization | — | 11,075 | 27,468 | |||||||||||||||||
Provision for impairment of investment properties | — | 32,547 | 24,519 | |||||||||||||||||
Gain on extinguishment of debt | — | (26,331 | ) | — | ||||||||||||||||
Gain on extinguishment of other liabilities | — | (3,511 | ) | — | ||||||||||||||||
Interest expense | 68 | 3,632 | 20,256 | |||||||||||||||||
Other (income) expense, net | — | (113 | ) | 5 | ||||||||||||||||
Total expenses | 192 | 27,765 | 88,398 | |||||||||||||||||
(Loss) income from discontinued operations, net | $ | (148 | ) | $ | 9,396 | $ | (24,063 | ) | ||||||||||||
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Summary of unvested restricted shares | The following table represents a summary of the Company’s unvested restricted shares as of and for the years ended December 31, 2014, 2013 and 2012: | ||||||
Unvested | Weighted Average | ||||||
Restricted | Grant Date Fair | ||||||
Shares | Value per | ||||||
Restricted Share | |||||||
Balance as of January 1, 2012 | 14 | $ | 17.13 | ||||
Shares granted (a) | 32 | $ | 17.38 | ||||
Shares vested | — | $ | — | ||||
Shares forfeited | — | $ | — | ||||
Balance as of December 31, 2012 | 46 | $ | 17.3 | ||||
Shares granted (a) | 116 | $ | 14.27 | ||||
Shares vested | (9 | ) | $ | 15.53 | |||
Shares forfeited | (1 | ) | $ | 15.61 | |||
Balance as of December 31, 2013 | 152 | $ | 15.11 | ||||
Shares granted (b) | 303 | $ | 13.89 | ||||
Shares vested | (58 | ) | $ | 14.5 | |||
Shares forfeited | (1 | ) | $ | 15.61 | |||
Balance as of December 31, 2014 | 396 | $ | 14.26 | ||||
(a) | Of the shares granted to the Company’s executives in 2012 and 2013, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees in 2013 vest ratably over three years and shares granted to the Company’s non-employee directors vested on May 22, 2014, the date of the annual stockholder meeting. | ||||||
(b) | Shares granted in 2014 vest ratably over periods ranging from one to three years in accordance with the terms of applicable award documents. |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 exercise of renewal options or early termination rights, are as follows: | |||||||||||
Minimum Lease Payments (a) | ||||||||||||
2015 | $ | 447,535 | ||||||||||
2016 | 408,877 | |||||||||||
2017 | 357,000 | |||||||||||
2018 | 310,505 | |||||||||||
2019 | 242,518 | |||||||||||
Thereafter | 821,430 | |||||||||||
Total | $ | 2,587,865 | ||||||||||
(a) | Excludes minimum lease payments related to two investment properties classified as held for sale as of December 31, 2014. | |||||||||||
Schedule of rent expense | 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. In addition, the Company leases office space for certain management offices and its corporate office. The following table summarizes rent expense included in the accompanying consolidated statements of operations and other comprehensive income (loss), including straight-line rent expense: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ground lease rent expense (a) | $ | 11,676 | $ | 9,758 | $ | 9,217 | ||||||
Office rent expense (b) | $ | 1,210 | $ | 962 | $ | 846 | ||||||
(a) | Included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income (loss). Excludes amounts attributable to discontinued operations, but includes straight-line ground rent expense of $3,889, $3,486 and $3,251 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(b) | 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” in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||
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, including fixed rental increases, are as follows: | |||||||||||
Minimum Lease Obligations | ||||||||||||
2015 | $ | 8,440 | ||||||||||
2016 | 8,293 | |||||||||||
2017 | 8,362 | |||||||||||
2018 | 8,428 | |||||||||||
2019 | 8,773 | |||||||||||
Thereafter | 519,964 | |||||||||||
Total | $ | 562,260 | ||||||||||
Mortgages_Payable_Tables
Mortgages Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
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) | $ | 1,616,063 | 6.03 | % | 4 | $ | 1,673,080 | 6.15 | % | 4.9 | ||||||||||||||||||
Variable rate construction loan (b) | 14,900 | 2.44 | % | 0.8 | 11,359 | 2.44 | % | 0.8 | ||||||||||||||||||||
Mortgages payable | 1,630,963 | 5.99 | % | 3.9 | 1,684,439 | 6.13 | % | 4.9 | ||||||||||||||||||||
Premium, net of accumulated amortization | 3,972 | 1,175 | ||||||||||||||||||||||||||
Discount, net of accumulated amortization | (470 | ) | (981 | ) | ||||||||||||||||||||||||
Mortgages payable, net | $ | 1,634,465 | $ | 1,684,633 | ||||||||||||||||||||||||
(a) | Includes $8,124 and $8,337 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014 and 2013, respectively, and excludes mortgages payable of $8,075 and $6,435 associated with investment properties classified as held for sale as of December 31, 2014 and 2013, respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% and 3.50% to 8.00% as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
(b) | The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.25%. | |||||||||||||||||||||||||||
Scheduled maturities and principal amortization of indebtedness | The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2014, for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2015 debt activity. | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Fixed rate debt: | ||||||||||||||||||||||||||||
Mortgages payable (a) | $ | 376,659 | $ | 67,736 | $ | 321,126 | $ | 12,414 | $ | 502,882 | $ | 335,246 | $ | 1,616,063 | ||||||||||||||
Unsecured credit facility - fixed rate portion of term loan (b) | — | — | — | 300,000 | — | — | 300,000 | |||||||||||||||||||||
Unsecured notes payable | — | — | — | — | — | 250,000 | 250,000 | |||||||||||||||||||||
Total fixed rate debt | 376,659 | 67,736 | 321,126 | 312,414 | 502,882 | 585,246 | 2,166,063 | |||||||||||||||||||||
Variable rate debt: | ||||||||||||||||||||||||||||
Construction loan | 14,900 | — | — | — | — | — | 14,900 | |||||||||||||||||||||
Unsecured credit facility | — | — | — | 150,000 | — | — | 150,000 | |||||||||||||||||||||
Total variable rate debt | 14,900 | — | — | 150,000 | — | — | 164,900 | |||||||||||||||||||||
Total debt (c) | $ | 391,559 | $ | 67,736 | $ | 321,126 | $ | 462,414 | $ | 502,882 | $ | 585,246 | $ | 2,330,963 | ||||||||||||||
Weighted average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate debt | 5.59 | % | 5.06 | % | 5.53 | % | 2.18 | % | 7.5 | % | 4.72 | % | 5.28 | % | ||||||||||||||
Variable rate debt | 2.44 | % | — | — | 1.62 | % | — | — | 1.69 | % | ||||||||||||||||||
Total | 5.47 | % | 5.06 | % | 5.53 | % | 2 | % | 7.5 | % | 4.72 | % | 5.03 | % | ||||||||||||||
(a) | Includes $8,124 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2014. Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, which was outstanding as of December 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||||
(b) | $300,000 of LIBOR-based variable rate debt has been swapped 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. | |||||||||||||||||||||||||||
(c) | As of December 31, 2014, the weighted average years to maturity of consolidated indebtedness was 4.3 years. |
Unsecured_Notes_Payable_Tables
Unsecured Notes Payable (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable as of December 31, 2014: | |||||||||
Unsecured Notes Payable | Maturity Date | Principal | Interest Rate/ | |||||||
Balance | Weighted Average | |||||||||
Interest Rate | ||||||||||
Series A senior notes | 30-Jun-21 | $ | 100,000 | 4.12 | % | |||||
Series B senior notes | 30-Jun-24 | 150,000 | 4.58 | % | ||||||
Total | $ | 250,000 | 4.4 | % | ||||||
Credit_Facility_Tables
Credit Facility (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||
Summary of unsecured credit facility | The following table summarizes the Company’s unsecured credit facility: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Credit Facility | Maturity Date | Balance | Interest Rate/ | Balance | Interest Rate/ | ||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Term loan - fixed rate portion (a) | 11-May-18 | $ | 300,000 | 1.99 | % | $ | 300,000 | 1.99 | % | ||||||||
Term loan - variable rate portion | 11-May-18 | 150,000 | 1.62 | % | 150,000 | 1.62 | % | ||||||||||
Revolving line of credit - variable rate | May 12, 2017 (b) | — | 1.67 | % | 165,000 | 1.67 | % | ||||||||||
Total | $ | 450,000 | 1.87 | % | $ | 615,000 | 1.81 | % | |||||||||
(a) | $300,000 of the term loan has been swapped to a fixed rate of 0.53875% plus a margin based on a leverage grid ranging from 1.45% to 2.00% through February 24, 2016. The applicable margin was 1.45% as of December 31, 2014 and 2013. | ||||||||||||||||
(b) | 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 unsecured credit agreement and it pays an extension fee equal to 0.15% of the commitment amount being extended. |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of interest rate swaps designated as cash flow hedges | The following table summarizes the Company’s 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, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Interest rate swaps | 2 | 2 | $ | 308,124 | $ | 308,337 | |||||||||||||||||||||||
Schedule of estimated fair value of derivative instruments | The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 562 | $ | 751 | |||||||||||||||||||||||||
Schedule of effect of derivative instruments on the consolidated statements of operations | The following table presents the effect of the Company’s derivative financial instruments on 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 Loss (Gain) | ||||||||||||||||||||||||
Cash Flow | Recognized in Other Comprehensive Income | Reclassified from | Reclassified from | Loss (Gain) | Recognized in Income | ||||||||||||||||||||||||
Hedging | on Derivative | Accumulated Other Comprehensive Income (AOCI) into Income | AOCI into Income | Recognized In | on 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) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate swaps | $ | 981 | $ | 1,444 | Interest Expense | $ | 1,182 | $ | 1,960 | Other income, net | $ | 12 | $ | (912 | ) | ||||||||||||||
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of 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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
MS Inland (a) | 4/27/07 | — | % | 20 | % | $ | — | $ | 6,915 | ||||||||||||||||||||||||||||||||||||||||
Oak Property and Casualty LLC (b) | 10/1/06 | — | % | 20 | % | — | 8,861 | ||||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 15,776 | ||||||||||||||||||||||||||||||||||||||||||||||
(a) | The MS Inland unconsolidated joint venture was formed with a large state pension fund; the Company was the managing member of the venture and earned fees for providing property management and leasing services. However, the Company had the ability to exercise significant influence, but did not have financial or operating control over this joint venture, and as a result, the Company accounted for its investment pursuant to the equity method of accounting. On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland through the acquisition of the six properties owned by the joint venture. | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Through December 1, 2014, Oak Property & Casualty LLC (the Captive) was an insurance association owned by the Company and three other unaffiliated parties (four other unaffiliated parties as of December 31, 2013). 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. It had been determined that the Captive was a VIE, but because the Company did not hold the power to most significantly impact the Captive’s performance, the Company was not considered the primary beneficiary. Accordingly, the Company’s investment in the Captive was accounted for pursuant to the equity method of accounting. The Company’s risk of loss was limited to its investment and the Company was not required to fund additional capital to the Captive. Effective December 1, 2014, the Company terminated its participation in the Captive and established a new wholly-owned captive insurance company. See Note 17 for further details. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of condensed balance sheets of unconsolidated joint ventures | Combined condensed financial information of the Company’s joint ventures (at 100%) for the periods attributable to the Company’s ownership is summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate assets | $ | — | $ | 270,916 | |||||||||||||||||||||||||||||||||||||||||||||
Less accumulated depreciation | — | (52,624 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate, net | — | 218,292 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | — | 49,227 | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | 267,519 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage debt | $ | — | $ | 142,537 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities, net | — | 22,725 | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 165,262 | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity | — | 102,257 | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | — | $ | 267,519 | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of condensed income statements of unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
RioCan (a) | Hampton (b) | Other Joint Ventures (c) | Combined Condensed Total | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Property related income | $ | — | $ | 36,758 | $ | 48,483 | $ | — | $ | — | $ | — | $ | 11,853 | $ | 27,841 | $ | 27,115 | $ | 11,853 | $ | 64,599 | $ | 75,598 | |||||||||||||||||||||||||
Other income | — | — | — | — | — | — | 6,679 | 8,174 | 7,884 | 6,679 | 8,174 | 7,884 | |||||||||||||||||||||||||||||||||||||
Total revenues | — | 36,758 | 48,483 | — | — | — | 18,532 | 36,015 | 34,999 | 18,532 | 72,773 | 83,482 | |||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | — | 5,001 | 7,315 | — | — | — | 1,660 | 3,522 | 4,439 | 1,660 | 8,523 | 11,754 | |||||||||||||||||||||||||||||||||||||
Real estate taxes | — | 6,187 | 8,570 | — | — | — | 2,339 | 5,267 | 4,711 | 2,339 | 11,454 | 13,281 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,964 | 33,947 | — | — | — | 3,948 | 9,601 | 10,720 | 3,948 | 31,565 | 44,667 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses | — | 457 | 993 | — | 6 | 40 | 268 | 454 | 248 | 268 | 917 | 1,281 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | — | 7,033 | 10,067 | — | (1,758 | ) | (319 | ) | 3,028 | 7,129 | 7,853 | 3,028 | 12,404 | 17,601 | |||||||||||||||||||||||||||||||||||
Other (income) expense, net | — | (4,436 | ) | 823 | — | (13 | ) | — | 11,921 | 6,025 | 6,625 | 11,921 | 1,576 | 7,448 | |||||||||||||||||||||||||||||||||||
Total expenses | — | 36,206 | 61,715 | — | (1,765 | ) | (279 | ) | 23,164 | 31,998 | 34,596 | 23,164 | 66,439 | 96,032 | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | — | 552 | (13,232 | ) | — | 1,765 | 279 | (4,632 | ) | 4,017 | 403 | (4,632 | ) | 6,334 | (12,550 | ) | |||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations (d) | — | (1,026 | ) | (2,415 | ) | — | (117 | ) | (1,278 | ) | — | 52 | 2,399 | — | (1,091 | ) | (1,294 | ) | |||||||||||||||||||||||||||||||
Gain on sales of investment properties - discontinued operations | — | — | — | — | 1,019 | — | — | — | — | — | 1,019 | — | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | — | $ | (474 | ) | $ | (15,647 | ) | $ | — | $ | 2,667 | $ | (999 | ) | $ | (4,632 | ) | $ | 4,069 | $ | 2,802 | $ | (4,632 | ) | $ | 6,262 | $ | (13,844 | ) | |||||||||||||||||||
(a) | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan). | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton Retail Colorado, L.L.C. (Hampton). | ||||||||||||||||||||||||||||||||||||||||||||||||
(c) | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. In addition, effective December 1, 2014, the Company terminated its investment in the Captive. | ||||||||||||||||||||||||||||||||||||||||||||||||
(d) | 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 for the portfolio of properties held by the Company’s MS Inland unconsolidated joint venture are presented within “Income (loss) from continuing operations” above given that the Company’s acquisition of its partner’s 80% interest in all of the properties was a transaction among partners. 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. | ||||||||||||||||||||||||||||||||||||||||||||||||
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/ | Fees Earned by the Company for the | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) for the | (Contributions to) Joint Ventures for | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint Venture | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
MS Inland (a) | $ | 241 | $ | 661 | $ | 18 | $ | 1,360 | $ | 2,369 | $ | 1,992 | $ | 338 | $ | 859 | $ | 851 | |||||||||||||||||||||||||||||||
Hampton (b) | — | 2,576 | (890 | ) | — | 855 | 68 | — | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
RioCan (c) | — | (176 | ) | (2,467 | ) | — | (2,394 | ) | 10,958 | — | 1,648 | 2,109 | |||||||||||||||||||||||||||||||||||||
Captive (d) | (2,444 | ) | (2,589 | ) | (3,081 | ) | (25 | ) | (2,503 | ) | (3,268 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
$ | (2,203 | ) | $ | 472 | $ | (6,420 | ) | $ | 1,335 | $ | (1,673 | ) | $ | 9,750 | $ | 338 | $ | 2,508 | $ | 2,963 | |||||||||||||||||||||||||||||
(a) | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. | ||||||||||||||||||||||||||||||||||||||||||||||||
(b) | During the years ended December 31, 2013 and 2012, 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 and $1,593, of which the Company’s share was $286 and $1,527, respectively. The joint venture’s estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton. | ||||||||||||||||||||||||||||||||||||||||||||||||
(c) | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. | ||||||||||||||||||||||||||||||||||||||||||||||||
(d) | Effective December 1, 2014, the Company terminated its participation in the Captive. | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of acquisition and disposition activity for unconsolidated joint ventures | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (see Note 3). The six properties had, at acquisition, a combined fair value of $292,500, with the Company’s partner’s interest valued at $234,000. The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 at a weighted average interest rate of 4.79%. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 in the second quarter of 2014 as a result of remeasuring the carrying value of its 20% interest in the six 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% | $ | 150,802 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the net assets acquired at 20% | $ | 30,160 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Carrying value of the Company’s previous investment in the six properties acquired on June 5, 2014 | 6,002 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ | 24,158 | |||||||||||||||||||||||||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: 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 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Carrying value of the Company’s previous investment in the five properties | 5,949 | ||||||||||||||||||||||||||||||||||||||||||||||||
acquired on October 1, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Also 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 had been dissolved. |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Summary of activity under ATM equity program | The following table presents activity under the Company’s ATM equity program: | |||||||||||
Number of | Total net | Average price | ||||||||||
common | consideration | per share | ||||||||||
shares sold | ||||||||||||
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 | |||||||
First quarter 2014 | — | $ | — | $ | — | |||||||
Second quarter 2014 | — | $ | — | $ | — | |||||||
Third quarter 2014 | — | $ | — | $ | — | |||||||
Fourth quarter 2014 | — | $ | — | $ | — | |||||||
Year to date December 31, 2014 | — | $ | — | $ | — | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income (loss) from continuing operations | $ | 597 | $ | (42,855 | ) | $ | (14,368 | ) | |||||
Gain on sales of investment properties, net | 42,196 | 5,806 | 7,843 | ||||||||||
Preferred stock dividends | (9,450 | ) | (9,450 | ) | (263 | ) | |||||||
Income (loss) from continuing operations attributable to common shareholders | 33,343 | (46,499 | ) | (6,788 | ) | ||||||||
Income from discontinued operations | 507 | 50,675 | 6,078 | ||||||||||
Net income (loss) attributable to common shareholders | 33,850 | 4,176 | (710 | ) | |||||||||
Distributions paid on unvested restricted shares | (225 | ) | (59 | ) | (25 | ) | |||||||
Net income (loss) attributable to common shareholders excluding amounts | $ | 33,625 | $ | 4,117 | $ | (735 | ) | ||||||
attributable to unvested restricted shares | |||||||||||||
Denominator: | |||||||||||||
Denominator for earnings (loss) per common share — basic: | |||||||||||||
Weighted average number of common shares outstanding | 236,184 | (a) | 234,134 | (b) | 220,464 | (c) | |||||||
Effect of dilutive securities — stock options | 3 | (d) | — | (d) | — | (d) | |||||||
Denominator for earnings (loss) per common share — diluted: | |||||||||||||
Weighted average number of common and common equivalent | 236,187 | 234,134 | 220,464 | ||||||||||
shares outstanding | |||||||||||||
(a) | Excluded from this weighted average amount are 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended December 31, 2014. 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 152 shares of unvested 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. | ||||||||||||
(c) | Excluded from this weighted average amount are 46 shares of unvested 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. | ||||||||||||
(d) | There were outstanding options to purchase 64, 78 and 83 shares of common stock as of December 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $19.32, $19.10 and $19.31, respectively. Of these totals, outstanding options to purchase 54, 78 and 83 shares of common stock as of December 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $20.72, $19.10 and $19.31, respectively, 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, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of deferred tax assets and liabilities | The Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Basis difference in properties | $ | 14,211 | $ | 16,417 | ||||||||||
Capital loss carryforward | 3,225 | — | ||||||||||||
Net operating loss carryforward | 2,995 | 2,228 | ||||||||||||
Other | 140 | 194 | ||||||||||||
Gross deferred tax assets | 20,571 | 18,839 | ||||||||||||
Less: valuation allowance | (20,355 | ) | (18,631 | ) | ||||||||||
Total deferred tax assets | 216 | 208 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Other | (216 | ) | (208 | ) | ||||||||||
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 REIT taxable income before the dividends paid deduction for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income (loss) attributable to the Company | $ | 43,300 | $ | 13,626 | $ | (447 | ) | |||||||
Book/tax differences | 71,910 | 60,098 | 3,807 | |||||||||||
REIT taxable income subject to 90% dividend requirement | $ | 115,210 | $ | 73,724 | $ | 3,360 | ||||||||
Schedule of dividends paid deduction | The Company’s dividends paid deduction for the years ended December 31, 2014, 2013 and 2012 is summarized below: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cash distributions paid | $ | 166,025 | $ | 164,391 | $ | 140,017 | ||||||||
Less: non-dividend distributions | (50,815 | ) | (90,667 | ) | (136,657 | ) | ||||||||
Total dividends paid deduction attributable to earnings and profits | $ | 115,210 | $ | 73,724 | $ | 3,360 | ||||||||
Schedule of 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, 2014, 2013 and 2012 follows: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Preferred stock | ||||||||||||||
Ordinary dividends | $ | 1.75 | $ | 1.8 | $ | — | ||||||||
Non-dividend distributions | — | — | — | |||||||||||
Total distributions per share | $ | 1.75 | $ | 1.8 | $ | — | ||||||||
Common stock | ||||||||||||||
Ordinary dividends | $ | 0.45 | $ | 0.27 | $ | 0.02 | (a) | |||||||
Non-dividend distributions | 0.21 | 0.39 | 0.64 | |||||||||||
Total distributions per share | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
(a) | $0.02 included in ordinary dividends is considered a qualified dividend. |
Provision_for_Impairment_of_In1
Provision for Impairment of Investment Properties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
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) | The Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the terms and conditions of the executed sales contract. | |||||||||||
(c) | The Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the terms and conditions of the executed sales contract. | |||||||||||
(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, 2013 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
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 (b) | Multi-tenant retail | 31-Dec-13 | 221,200 | 24,586 | ||||||||
59,486 | ||||||||||||
Discontinued Operations: | ||||||||||||
University Square (c) | Multi-tenant retail | 30-Jun-13 | 287,000 | 6,694 | ||||||||
Raytheon Facility | Single-user office | Various (d) | 105,000 | 2,518 | ||||||||
Shops at 5 | Multi-tenant retail | Various (d) | 421,700 | 21,128 | ||||||||
Preston Trail Village | Multi-tenant retail | Various (d) | 180,000 | 1,941 | ||||||||
Rite Aid - Atlanta | Single-user retail | Various (d) | 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 impairment charges driven by changes in the estimated holding periods for the properties. | |||||||||||
(c) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | |||||||||||
(d) | 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, 2014 are summarized below: | ||||||||||||
Property Name | Property Type | Impairment Date | Square | Provision for | ||||||||
Footage | Impairment of | |||||||||||
Investment | ||||||||||||
Properties | ||||||||||||
Midtown Center (a) | Multi-tenant retail | 31-Mar-14 | 408,500 | $ | 394 | |||||||
Gloucester Town Center | Multi-tenant retail | Various (b) | 107,200 | 6,148 | ||||||||
Boston Commons (a) | Multi-tenant retail | 19-Aug-14 | 103,400 | 453 | ||||||||
Four Peaks Plaza (a) | Multi-tenant retail | 27-Aug-14 | 140,400 | 4,154 | ||||||||
Shaw’s Supermarket (c) | Single-user retail | 30-Sep-14 | 65,700 | 6,230 | ||||||||
The Gateway (d) | Multi-tenant retail | 30-Sep-14 | 623,200 | 42,999 | ||||||||
Newburgh Crossing (a) | Multi-tenant retail | 22-Dec-14 | 62,900 | 1,139 | ||||||||
Hartford Insurance Building (e) | Single-user office | 31-Dec-14 | 97,400 | 5,782 | ||||||||
Citizen’s Property Insurance Building (e) | Single-user office | 31-Dec-14 | 59,800 | 4,341 | ||||||||
Aon Hewitt East Campus (f) | Single-user office | 31-Dec-14 | 343,000 | 563 | ||||||||
Total | $ | 72,203 | ||||||||||
Estimated fair value of impaired properties as of impairment date | $ | 190,953 | ||||||||||
(a) | The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for each of the respective properties, which were sold during 2014 and are included in continuing operations. | |||||||||||
(b) | An impairment charge was recorded on June 30, 2014 based upon the terms of a bona fide purchase offer and additional impairment was recognized on September 30, 2014 pursuant to the terms and conditions of an executed sales contract. | |||||||||||
(c) | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. | |||||||||||
(d) | The Company recorded an impairment charge as a result of a combination of factors including the expected impact on future operating results stemming from a re-evaluation of the anticipated positioning of, and tenant population at, the property and a re-evaluation of other potential strategic alternatives for the property. | |||||||||||
(e) | The Company recorded impairment charges driven by changes in the estimated holding periods for the properties. | |||||||||||
(f) | The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2014 and was sold on January 20, 2015. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Mortgages payable, net | $ | 1,634,465 | $ | 1,749,671 | $ | 1,684,633 | $ | 1,827,638 | ||||||||||||
Unsecured notes payable | $ | 250,000 | $ | 258,360 | $ | — | $ | — | ||||||||||||
Credit facility | $ | 450,000 | $ | 451,502 | $ | 615,000 | $ | 617,478 | ||||||||||||
Derivative liability | $ | 562 | $ | 562 | $ | 751 | $ | 751 | ||||||||||||
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. | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 562 | $ | — | $ | 562 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative liability | $ | — | $ | 751 | $ | — | $ | 751 | ||||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | The following table presents the Company’s assets measured on a nonrecurring basis as of December 31, 2014 and 2013, aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to properties remeasured to fair value during the years ended December 31, 2014 and 2013, except for those properties sold prior to December 31, 2014 and 2013, respectively. Methods and assumptions used to estimate the fair value of these assets are described after the table. | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Provision for | ||||||||||||||||
Impairment (a) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Investment properties | $ | — | $ | — | $ | 86,500 | (b) | $ | 86,500 | $ | 59,352 | |||||||||
Investment properties - held for sale (c) | $ | — | $ | 17,233 | $ | — | $ | 17,233 | $ | 563 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Investment properties (d) | $ | — | $ | — | $ | 75,000 | $ | 75,000 | $ | 59,486 | ||||||||||
(a) | Excludes impairment charges recorded on investment properties sold prior to December 31, 2014 and 2013, respectively. | |||||||||||||||||||
(b) | Represents the fair values of the Company’s Shaw’s Supermarket, The Gateway, Hartford Insurance Building and Citizen’s Property Insurance Building investment properties. The estimated fair values of Shaw’s Supermarket and The Gateway of $3,100 and $75,400, respectively, were determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates, growth assumptions and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following were the key Level 3 inputs used in estimating the fair value of Shaw’s Supermarket and The Gateway as of September 30, 2014. | |||||||||||||||||||
2014 | ||||||||||||||||||||
Low | High | |||||||||||||||||||
Rental growth rates | Varies (i) | Varies (i) | ||||||||||||||||||
Operating expense growth rates | 1.39% | 3.70% | ||||||||||||||||||
Discount rates | 8.25% | 9.50% | ||||||||||||||||||
Terminal capitalization rates | 7.50% | 8.50% | ||||||||||||||||||
(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. | |||||||||||||||||||
The estimated fair values of Hartford Insurance Building and Citizen’s Property Insurance Building of $5,000 and $3,000, respectively, were based upon third party comparable sales prices, which contain unobservable inputs used by these third parties to determine the estimated fair values. | ||||||||||||||||||||
(c) | Represents an impairment charge recorded during the the three months ended December 31, 2014 for Aon Hewitt East Campus, which was classified as held for sale as of December 31, 2014. Such charge, calculated as the expected sales price from the executed sales contract less estimated transaction costs as compared to the Company’s carrying value of its investment, was determined to be a Level 2 input. The estimated transaction costs totaling $738 are not reflected as a reduction to the fair value disclosed in the table above. | |||||||||||||||||||
(d) | 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 input). The estimated fair value of Four Peaks Plaza and Lake Mead Crossing of $14,000 and $43,000, respectively, were determined using the income approach. See footnote (b) above for a full description of the income approach. The following were 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. | |||||||||||||||||||
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 those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | 1,749,671 | $ | 1,749,671 | ||||||||||||
Unsecured notes payable | $ | — | $ | — | $ | 258,360 | $ | 258,360 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 451,502 | $ | 451,502 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | 1,827,638 | $ | 1,827,638 | ||||||||||||
Credit facility | $ | — | $ | — | $ | 617,478 | $ | 617,478 | ||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of quarterly financial information (unaudited) | |||||||||||||||||
2014 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenues (a) | $ | 153,531 | $ | 151,446 | $ | 146,446 | $ | 149,191 | |||||||||
Net income (loss) | $ | 25,865 | $ | (26,736 | ) | $ | 30,043 | $ | 14,128 | ||||||||
Net income (loss) attributable to common shareholders | $ | 23,502 | $ | (29,098 | ) | $ | 27,680 | $ | 11,766 | ||||||||
Net income (loss) per common share attributable to common | $ | 0.1 | $ | (0.12 | ) | $ | 0.12 | $ | 0.05 | ||||||||
shareholders — basic and diluted | |||||||||||||||||
Weighted average number of common shares outstanding — basic | 236,204 | 236,203 | 236,176 | 236,151 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 236,207 | 236,203 | 236,179 | 236,153 | |||||||||||||
2013 | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
Total revenues (a) | $ | 150,689 | $ | 136,198 | $ | 132,418 | $ | 132,203 | |||||||||
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 | $ | 0.15 | $ | (0.17 | ) | $ | 0.06 | $ | (0.02 | ) | |||||||
shareholders — basic and diluted | |||||||||||||||||
Weighted average number of common shares outstanding — basic | 236,151 | 236,151 | 233,624 | 230,611 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 236,151 | 236,151 | 233,627 | 230,611 | |||||||||||||
(a) | Unaudited quarterly “Total revenues” reflects the reclassification of a portion of amounts previously included in “Loss on lease terminations” on the Company’s accompanying consolidated statements of operations and other comprehensive income (loss). The portion of loss on lease terminations reclassified as an increase to rental income was $44, $140 and $403 for the quarterly periods ended September 30, June 30 and March 31, 2014, respectively. The portion of loss on lease terminations reclassified as a (decrease) or increase to rental income was $(27), $72, $98 and $142 for the quarterly periods ended December 31, September 30, June 30 and March 31, 2013, respectively. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
property | |||||||||||
Organization and Basis of Presentation | |||||||||||
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | 1 | ||||||||||
Loss on lease terminations | $2,819 | $6,102 | |||||||||
Number of wholly-owned properties classified as held for sale | 1 | 2 | 1 | ||||||||
Wholly-owned | Operating properties | |||||||||||
Organization and Basis of Presentation | |||||||||||
Number of real estate properties | 213 | [1] | |||||||||
Number of wholly-owned properties classified as held for sale | 2 | ||||||||||
Wholly-owned | Development properties | |||||||||||
Organization and Basis of Presentation | |||||||||||
Number of real estate properties | 2 | ||||||||||
Consolidated joint ventures | |||||||||||
Organization and Basis of Presentation | |||||||||||
Number of less-than-wholly-owned consolidated entities in which Company is the controlling member | 1 | ||||||||||
Consolidated joint ventures | Maximum | |||||||||||
Organization and Basis of Presentation | |||||||||||
Percentage of interest in a variable interest entity required for consolidation | 100.00% | ||||||||||
Consolidated joint ventures | Development properties | |||||||||||
Organization and Basis of Presentation | |||||||||||
Number of real estate properties | 1 | [2] | |||||||||
Ownership interest in consolidated joint venture (as a percent) | 50.00% | ||||||||||
Number of consolidated LLCs in which Company has ownership interest | 1 | ||||||||||
Rental income | |||||||||||
Organization and Basis of Presentation | |||||||||||
Reclassification of loss on lease terminations | 285 | 488 | 44 | 140 | 403 | -27 | 72 | 98 | 142 | ||
Depreciation and amortization | |||||||||||
Organization and Basis of Presentation | |||||||||||
Reclassification of loss on lease terminations | $3,104 | $5,614 | |||||||||
[1] | Excludes two wholly-owned properties classified as held for sale as of DecemberB 31, 2014. | ||||||||||
[2] | The Company has a 50% ownership interest in one LLC. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |||
property | property | property | property | ||||
Segments | |||||||
Impairment charges | $72,203 | $92,033 | $25,842 | ||||
Number of properties classified as held for sale | 2 | 1 | |||||
Recognized gain on marketable securities, net | 0 | 0 | 25,840 | ||||
Unrealized OCI gain | 0 | 0 | 4,748 | ||||
Restricted cash and escrows | 58,469 | 40,198 | |||||
Balance in accumulated other comprehensive loss relating to derivatives | 537 | ||||||
Lease termination income | 2,667 | 15,787 | 2,331 | ||||
Percentage rental income | 5,229 | 4,744 | 5,356 | ||||
Number of real estate properties sold | 24 | 20 | 31 | ||||
Number of reportable segments | 1 | ||||||
Amortization of: | |||||||
Total | 125,490 | 129,561 | |||||
Total | -100,641 | -91,881 | |||||
Hampton Retail Colorado, L.L.C. | |||||||
Impairment of investment in unconsolidated joint ventures | 1,834 | ||||||
Number of real estate properties sold | 2 | 1 | |||||
Consolidated properties | |||||||
Impairment charges | 72,203 | [1] | 92,033 | [1] | 25,842 | [1] | |
Unconsolidated properties | |||||||
Impairment charges | 0 | 286 | [2] | 1,527 | [2] | ||
Impairment of investment in unconsolidated joint ventures | 0 | 1,834 | [3] | 0 | |||
Buildings and associated improvements | |||||||
Estimated useful life | 30 years | ||||||
Site improvements and most other capital improvements | |||||||
Estimated useful life | 15 years | ||||||
Capitalized construction, insurance, architechtural, legal, interest and other financing costs, and real estate taxes | |||||||
Development payables | 91 | 271 | |||||
Discontinued operations | |||||||
Impairment charges | 32,547 | 24,519 | |||||
Lease termination income | 0 | 7,182 | 1,106 | ||||
Percentage rental income | 0 | 55 | 52 | ||||
Acquired in-place lease value intangibles | |||||||
Amortization expense | 28,977 | 32,241 | 36,524 | ||||
Amortization of: | |||||||
2015 | 21,261 | ||||||
2016 | 17,563 | ||||||
2017 | 14,211 | ||||||
2018 | 11,190 | ||||||
2019 | 8,468 | ||||||
Thereafter | 34,148 | ||||||
Total | 106,841 | [4] | |||||
Acquired in-place lease value intangibles | Discontinued operations | |||||||
Amortization expense | 0 | 1,717 | 3,575 | ||||
Acquired above market lease intangibles | |||||||
Amortization expense | 4,170 | 3,053 | 4,026 | ||||
Amortization of: | |||||||
2015 | 4,145 | ||||||
2016 | 3,614 | ||||||
2017 | 3,138 | ||||||
2018 | 2,626 | ||||||
2019 | 1,580 | ||||||
Thereafter | 3,546 | ||||||
Total | 18,649 | [4] | |||||
Acquired above market lease intangibles | Discontinued operations | |||||||
Amortization expense | 0 | 25 | 150 | ||||
Acquired lease intangible assets, net | |||||||
Accumulated amortization of acquired lease intangible assets | 302,110 | ||||||
Amortization of: | |||||||
2015 | 25,406 | ||||||
2016 | 21,177 | ||||||
2017 | 17,349 | ||||||
2018 | 13,816 | ||||||
2019 | 10,048 | ||||||
Thereafter | 37,694 | ||||||
Total | 125,490 | [5] | |||||
Acquired below market lease intangibles | |||||||
Amortization expense | 6,246 | 4,187 | 5,339 | ||||
Amortization of: | |||||||
2015 | -5,191 | ||||||
2016 | -4,753 | ||||||
2017 | -4,612 | ||||||
2018 | -4,445 | ||||||
2019 | -4,248 | ||||||
Thereafter | -63,254 | ||||||
Total | -86,503 | [4] | |||||
Acquired below market lease intangibles | Discontinued operations | |||||||
Amortization expense | 0 | 183 | 409 | ||||
Acquired ground lease intangibles | |||||||
Amortization expense | 560 | 93 | |||||
Amortization of: | |||||||
2015 | -560 | ||||||
2016 | -560 | ||||||
2017 | -560 | ||||||
2018 | -560 | ||||||
2019 | -560 | ||||||
Thereafter | -11,338 | ||||||
Total | -14,138 | [6] | |||||
Acquired lease intangible liabilities, net | |||||||
Accumulated amortization of acquired lease intangible liabilities | 45,479 | ||||||
Amortization of: | |||||||
2015 | -5,751 | ||||||
2016 | -5,313 | ||||||
2017 | -5,172 | ||||||
2018 | -5,005 | ||||||
2019 | -4,808 | ||||||
Thereafter | -74,592 | ||||||
Total | ($100,641) | [5] | |||||
[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 and $24,519, which is included in discontinued operations in 2013 and 2012, 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 11 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 of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. | ||||||
[5] | Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $302,110 and $45,479 of accumulated amortization, respectively, as of DecemberB 31, 2014. | ||||||
[6] | 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 $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2014 | Nov. 20, 2014 | Jun. 23, 2014 | Jun. 05, 2014 | Feb. 27, 2014 | Nov. 13, 2013 | Nov. 06, 2013 | Oct. 01, 2013 | Feb. 18, 2015 | ||||||||||||||
sqft | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $24,158 | $5,435 | $0 | |||||||||||||||||||||||||||||||
Total revenues | 153,531 | [1] | 151,446 | [1] | 146,446 | [1] | 149,191 | [1] | 150,689 | [1] | 136,198 | [1] | 132,418 | [1] | 132,203 | [1] | 600,614 | 551,508 | 531,171 | |||||||||||||||
Net income attributable to common shareholders | 23,502 | -29,098 | 27,680 | 11,766 | 34,724 | -39,914 | 13,608 | -4,242 | 33,850 | 4,176 | -710 | |||||||||||||||||||||||
Parcel at Lakewood Towne Center | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 44,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 5,750 | |||||||||||||||||||||||||||||||||
Parcel at Lakewood Towne Center | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 5,750 | |||||||||||||||||||||||||||||||||
Avondale Plaza | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 39,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 15,070 | |||||||||||||||||||||||||||||||||
Avondale Plaza | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 15,070 | |||||||||||||||||||||||||||||||||
Outparcel at Southlake Town Square | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 8,500 | |||||||||||||||||||||||||||||||||
Acquisition price | 6,369 | [2] | ||||||||||||||||||||||||||||||||
Outparcel at Southlake Town Square | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 6,369 | |||||||||||||||||||||||||||||||||
MS Inland acquisitions | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 1,194,800 | |||||||||||||||||||||||||||||||||
Acquisition price | 292,500 | [3] | ||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Percentage of net assets | 100.00% | |||||||||||||||||||||||||||||||||
MS Inland acquisitions | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 234,000 | |||||||||||||||||||||||||||||||||
MS Inland acquisitions | MS Inland joint venture partner | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 234,000 | |||||||||||||||||||||||||||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | |||||||||||||||||||||||||||||||||
MS Inland acquisitions | MS Inland | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Number of real estate properties acquired | 6 | |||||||||||||||||||||||||||||||||
Cash consideration | 120,600 | |||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | 24,158 | |||||||||||||||||||||||||||||||||
Equity interest before acquisition (as a percent) | 20.00% | |||||||||||||||||||||||||||||||||
MS Inland acquisitions | MS Inland | Ownership percentage - 100% | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 292,500 | |||||||||||||||||||||||||||||||||
In-place mortgage financing assumed | 141,698 | |||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Mortgages payable | -141,698 | |||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 0 | |||||||||||||||||||||||||||||||||
Acquisition price | 10,350 | [4] | ||||||||||||||||||||||||||||||||
Write-off of straight line ground rent liability | 4,258 | |||||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 10,350 | |||||||||||||||||||||||||||||||||
Heritage Square | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 53,100 | |||||||||||||||||||||||||||||||||
Acquisition price | 18,022 | |||||||||||||||||||||||||||||||||
Heritage Square | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 18,022 | |||||||||||||||||||||||||||||||||
2014 acquisitions | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 1,339,400 | 1,339,400 | ||||||||||||||||||||||||||||||||
Acquisition price | 348,061 | |||||||||||||||||||||||||||||||||
In-place mortgage financing assumed | 146,485 | [5] | 146,485 | [5] | ||||||||||||||||||||||||||||||
Transaction costs | 2,271 | |||||||||||||||||||||||||||||||||
Total revenues | 55,303 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | 6,733 | |||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Land | 118,732 | 118,732 | ||||||||||||||||||||||||||||||||
Building and other improvements | 219,174 | 219,174 | ||||||||||||||||||||||||||||||||
Acquired lease intangible assets | 35,520 | [6] | 35,520 | [6] | ||||||||||||||||||||||||||||||
Acquired lease intangible liabilities | -20,578 | [7] | -20,578 | [7] | ||||||||||||||||||||||||||||||
Mortgages payable | -146,485 | [5] | -146,485 | [5] | ||||||||||||||||||||||||||||||
Net assets acquired | 206,363 | [8] | 206,363 | [8] | ||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible assets | 8 years | |||||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible liabilities | 16 years | |||||||||||||||||||||||||||||||||
Mortgage premium | 4,787 | 4,787 | ||||||||||||||||||||||||||||||||
2014 acquisitions | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 289,561 | |||||||||||||||||||||||||||||||||
Fordham Place | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 262,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 133,900 | |||||||||||||||||||||||||||||||||
Fordham Place | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 133,900 | |||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 228,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 58,530 | |||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 58,530 | |||||||||||||||||||||||||||||||||
RioCan acquisitions | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 598,100 | |||||||||||||||||||||||||||||||||
Acquisition price | 124,783 | [9] | ||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Percentage of net assets | 100.00% | |||||||||||||||||||||||||||||||||
RioCan acquisitions | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 99,826 | |||||||||||||||||||||||||||||||||
RioCan acquisitions | RioCan joint venture partner | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 99,900 | |||||||||||||||||||||||||||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | |||||||||||||||||||||||||||||||||
RioCan acquisitions | RioCan | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Number of real estate properties acquired | 5 | |||||||||||||||||||||||||||||||||
Cash consideration | 45,500 | |||||||||||||||||||||||||||||||||
Gain on change in control of investment properties | 5,435 | |||||||||||||||||||||||||||||||||
Equity interest before acquisition (as a percent) | 20.00% | |||||||||||||||||||||||||||||||||
RioCan acquisitions | RioCan | Ownership percentage - 100% | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 124,800 | |||||||||||||||||||||||||||||||||
In-place mortgage financing assumed | 67,900 | |||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Mortgages payable | -67,900 | |||||||||||||||||||||||||||||||||
2013 acquisitions | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 1,088,100 | 1,088,100 | ||||||||||||||||||||||||||||||||
Acquisition price | 317,213 | |||||||||||||||||||||||||||||||||
In-place mortgage financing assumed | 69,177 | [5] | 69,177 | [5] | ||||||||||||||||||||||||||||||
Transaction costs | 937 | |||||||||||||||||||||||||||||||||
Total revenues | 6,390 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | 597 | |||||||||||||||||||||||||||||||||
Acquisition date fair values: | ||||||||||||||||||||||||||||||||||
Land | 60,307 | 60,307 | ||||||||||||||||||||||||||||||||
Building and other improvements | 238,388 | 238,388 | ||||||||||||||||||||||||||||||||
Acquired lease intangible assets | 46,357 | [6] | 46,357 | [6] | ||||||||||||||||||||||||||||||
Acquired lease intangible liabilities | -26,525 | [7] | -26,525 | [7] | ||||||||||||||||||||||||||||||
Mortgages payable | -69,177 | [5] | -69,177 | [5] | ||||||||||||||||||||||||||||||
Net assets acquired | 249,350 | [8] | 249,350 | [8] | ||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible assets | 12 years | |||||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible liabilities | 23 years | |||||||||||||||||||||||||||||||||
Mortgage premium | 1,313 | 1,313 | ||||||||||||||||||||||||||||||||
2013 acquisitions | Ownership percentage - pro rata | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Acquisition price | 292,256 | |||||||||||||||||||||||||||||||||
2012 acquisitions | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Transaction costs | 0 | |||||||||||||||||||||||||||||||||
Total revenues | 0 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | 0 | |||||||||||||||||||||||||||||||||
Downtown Crown | Subsequent events | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 258,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 162,785 | |||||||||||||||||||||||||||||||||
Merrifield Town Center | Subsequent events | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 85,000 | |||||||||||||||||||||||||||||||||
Acquisition price | 56,500 | |||||||||||||||||||||||||||||||||
Fort Evans Plaza II | Subsequent events | ||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||
Square footage | 229,000 | |||||||||||||||||||||||||||||||||
Acquisition price | $65,000 | |||||||||||||||||||||||||||||||||
[1] | Unaudited quarterly bTotal revenuesb reflects the reclassification of a portion of amounts previously included in bLoss on lease terminationsb on the Companybs accompanying consolidated statements of operations and other comprehensive income (loss). The portion of loss on lease terminations reclassified as an increase to rental income was $44, $140 and $403 for the quarterly periods ended September 30, June 30 and March 31, 2014, respectively. The portion of loss on lease terminations reclassified as a (decrease) or increase to rental income was $(27), $72, $98 and $142 for the quarterly periods ended December 31, September 30, June 30 and March 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
[2] | The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company prior to the transaction. | |||||||||||||||||||||||||||||||||
[3] | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partnerbs 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venturebs in-place mortgage financing on those properties of $141,698. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as bGain on change in control of investment propertiesb in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||||||
[4] | The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Miami, Florida, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed a straight-line ground rent liability of $4,258, which is presented in bGain on extinguishment of other liabilitiesb in the accompanying consolidated statements of operations and other comprehensive income (loss). | |||||||||||||||||||||||||||||||||
[5] | Includes mortgage premium of $4,787 and $1,313 for acquisitions completed during the years ended DecemberB 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
[6] | The weighted average amortization period for acquired lease intangible assets is eight years and 12 years for acquisitions completed during the years ended DecemberB 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
[7] | The weighted average amortization period for acquired lease intangible liabilities is 16 years and 23 years for acquisitions completed during the years ended DecemberB 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
[8] | Net assets attributable to the MS Inland and RioCan acquisitions are presented at 100%. | |||||||||||||||||||||||||||||||||
[9] | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan) and acquired its partnerbs 80% ownership interest in five multi-tenant retail properties owned by the joint venture (collectively, the RioCan acquisitions). The Company paid total cash consideration of approximately $45,500 before transaction costs and prorations and after assumption of its partnerbs 80% interest of the joint venturebs $67,900 in-place mortgage financing on those properties. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $5,435 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. Such gain is presented as bGain on change in control of investment propertiesb in the accompanying consolidated statements of operations and other comprehensive income (loss). |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unaudited Condensed Pro Forma Financial Information | |||
Total revenues | $630,067 | $605,708 | $565,053 |
Net income | 15,583 | 24,964 | 6,902 |
Net income attributable to common shareholders | $6,133 | $15,514 | $6,639 |
Earnings per common share b basic and diluted | |||
Net income per common share attributable to common shareholders | $0.03 | $0.07 | $0.03 |
Weighted average number of common shares outstanding b basic | 236,184 | 234,134 | 220,464 |
Dispositions_Summary_of_Dispos
Dispositions - Summary of Dispositions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 22, 2014 | Dec. 16, 2014 | Dec. 04, 2014 | Nov. 24, 2014 | Nov. 05, 2014 | Oct. 31, 2014 | Oct. 29, 2014 | Oct. 20, 2014 | Oct. 02, 2014 | Aug. 27, 2014 | Aug. 26, 2014 | Aug. 19, 2014 | Aug. 15, 2014 | Aug. 01, 2014 | 16-May-14 | Dec. 31, 2014 | Jun. 30, 2014 | Apr. 01, 2014 | Mar. 11, 2014 | Dec. 05, 2014 | ||||
property | property | property | third_party | property | |||||||||||||||||||||||
sqft | sqft | ||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Aggregate proceeds, net | $315,400 | $326,766 | $453,320 | ||||||||||||||||||||||||
Gain | 42,851 | 47,085 | 37,984 | ||||||||||||||||||||||||
Number of real estate properties sold | 24 | 20 | 31 | ||||||||||||||||||||||||
Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 2,490,100 | 2,490,100 | |||||||||||||||||||||||||
Consideration | 322,989 | 322,989 | |||||||||||||||||||||||||
Aggregate proceeds, net | 314,377 | [1] | |||||||||||||||||||||||||
Gain | 42,545 | [1] | |||||||||||||||||||||||||
Mortgages payable repaid or defeased | 128,947 | ||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Condemnation proceeds | 324 | ||||||||||||||||||||||||||
Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 2,425,800 | 2,425,800 | |||||||||||||||||||||||||
Consideration | 313,720 | 313,720 | |||||||||||||||||||||||||
Aggregate proceeds, net | 305,173 | ||||||||||||||||||||||||||
Gain | 41,890 | ||||||||||||||||||||||||||
Newburgh Crossing | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 62,900 | ||||||||||||||||||||||||||
Consideration | 10,000 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,770 | ||||||||||||||||||||||||||
Gain | 0 | ||||||||||||||||||||||||||
Diebold Warehouse | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 158,700 | ||||||||||||||||||||||||||
Consideration | 11,500 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 10,752 | ||||||||||||||||||||||||||
Gain | 2,879 | ||||||||||||||||||||||||||
Plaza at Riverlakes | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 102,800 | ||||||||||||||||||||||||||
Consideration | 17,350 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 17,021 | ||||||||||||||||||||||||||
Gain | 4,127 | ||||||||||||||||||||||||||
Mission Crossing | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 178,200 | ||||||||||||||||||||||||||
Consideration | 24,250 | [2] | |||||||||||||||||||||||||
Aggregate proceeds, net | 23,545 | ||||||||||||||||||||||||||
Gain | 5,936 | ||||||||||||||||||||||||||
Number of transactions with third parties | 2 | ||||||||||||||||||||||||||
Crockett Square | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 107,100 | ||||||||||||||||||||||||||
Consideration | 9,750 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,565 | ||||||||||||||||||||||||||
Gain | 822 | ||||||||||||||||||||||||||
The Market at Clifty Crossing | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 175,900 | ||||||||||||||||||||||||||
Consideration | 19,150 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 18,883 | ||||||||||||||||||||||||||
Gain | 5,292 | ||||||||||||||||||||||||||
Shoppes at Stroud | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 136,400 | ||||||||||||||||||||||||||
Consideration | 26,850 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 26,466 | ||||||||||||||||||||||||||
Gain | 485 | ||||||||||||||||||||||||||
Drug Store Portfolio | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 65,400 | ||||||||||||||||||||||||||
Consideration | 24,400 | [3] | |||||||||||||||||||||||||
Aggregate proceeds, net | 23,846 | ||||||||||||||||||||||||||
Gain | 6,362 | ||||||||||||||||||||||||||
Number of real estate properties sold | 5 | ||||||||||||||||||||||||||
Gloucester Town Center | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 107,200 | ||||||||||||||||||||||||||
Consideration | 10,350 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,722 | ||||||||||||||||||||||||||
Gain | 0 | ||||||||||||||||||||||||||
Four Peaks Plaza | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 140,400 | ||||||||||||||||||||||||||
Consideration | 9,900 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,381 | ||||||||||||||||||||||||||
Gain | 0 | ||||||||||||||||||||||||||
Crossroads Plaza CVS | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 16,000 | ||||||||||||||||||||||||||
Consideration | 7,650 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 7,411 | ||||||||||||||||||||||||||
Gain | 2,863 | ||||||||||||||||||||||||||
Greenwich Center | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 182,600 | ||||||||||||||||||||||||||
Consideration | 22,700 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 21,977 | ||||||||||||||||||||||||||
Gain | 5,871 | ||||||||||||||||||||||||||
Boston Commons | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 103,400 | ||||||||||||||||||||||||||
Consideration | 9,820 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,586 | ||||||||||||||||||||||||||
Gain | 0 | ||||||||||||||||||||||||||
Fisher Scientific | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 114,700 | ||||||||||||||||||||||||||
Consideration | 14,000 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 13,715 | ||||||||||||||||||||||||||
Gain | 3,732 | ||||||||||||||||||||||||||
Stanley Works/Mac Tools | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 72,500 | ||||||||||||||||||||||||||
Consideration | 10,350 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 10,184 | ||||||||||||||||||||||||||
Gain | 1,375 | ||||||||||||||||||||||||||
Battle Ridge Pavilion | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 103,500 | ||||||||||||||||||||||||||
Consideration | 14,100 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 13,722 | ||||||||||||||||||||||||||
Gain | 1,327 | ||||||||||||||||||||||||||
Beachway Plaza and Cornerstone Plaza | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 189,600 | ||||||||||||||||||||||||||
Consideration | 24,450 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 23,584 | ||||||||||||||||||||||||||
Gain | 819 | [4] | 292 | 527 | |||||||||||||||||||||||
Midtown Center | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 408,500 | ||||||||||||||||||||||||||
Consideration | 47,150 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 46,043 | ||||||||||||||||||||||||||
Gain | 0 | ||||||||||||||||||||||||||
Riverpark Phase IIA | Discontinued operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 64,300 | ||||||||||||||||||||||||||
Consideration | 9,269 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 9,204 | ||||||||||||||||||||||||||
Gain | 655 | ||||||||||||||||||||||||||
Mission Crossing - multi-tenant retail portion | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 163,400 | ||||||||||||||||||||||||||
Consideration | 17,250 | ||||||||||||||||||||||||||
Mission Crossing - Walgreens | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Square footage | 14,800 | ||||||||||||||||||||||||||
Consideration | 7,000 | ||||||||||||||||||||||||||
Harvest Towne Center - Taco Bell outparcel | Continuing operations | Sold properties | |||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Consideration | 700 | ||||||||||||||||||||||||||
Aggregate proceeds, net | 699 | ||||||||||||||||||||||||||
Gain | $306 | ||||||||||||||||||||||||||
Number of real estate properties | 1 | ||||||||||||||||||||||||||
[1] | Aggregate proceeds are net of transaction costs and exclude $324 of condemnation proceeds, which did not result in any additional gain recognition. | ||||||||||||||||||||||||||
[2] | The disposition of Mission Crossing was executed in two separate transactions for a total sales price of $24,250. The 163,400 square foot multi-tenant retail property, excluding the Walgreens outparcel, was sold for $17,250 to a third party and the 14,800 square foot Walgreens outparcel was sold for $7,000 to a different third party. | ||||||||||||||||||||||||||
[3] | The Company sold a portfolio of five drug stores located in Pennsylvania, Wisconsin and Alabama in a single transaction. | ||||||||||||||||||||||||||
[4] | The terms of the disposition of Beachway Plaza and Cornerstone Plaza were negotiated as a single transaction. The Company recognized a gain on sale of $527 during the second quarter of 2014 and an additional gain of $292 during the fourth quarter of 2014 that was deferred at disposition. |
Dispositions_Assets_and_Liabil
Dispositions - Assets and Liabilities of Properties Classified as Held for Sale (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Assets associated with investment properties held for sale | $33,640 | $8,616 |
Liabilities | ||
Liabilities associated with investment properties held for sale | 8,203 | 6,603 |
Investment properties held for sale | ||
Assets | ||
Land, building and other improvements | 36,020 | 10,285 |
Accumulated depreciation | -5,358 | -2,206 |
Net investment properties | 30,662 | 8,079 |
Other assets | 2,978 | 537 |
Assets associated with investment properties held for sale | 33,640 | 8,616 |
Liabilities | ||
Mortgages payable | 8,075 | 6,435 |
Other liabilities | 128 | 168 |
Liabilities associated with investment properties held for sale | $8,203 | $6,603 |
Promenade at Red Cliff | Investment properties held for sale | ||
Investment Properties Held for Sale | ||
Square footage | 94,500 | |
Aon Hewitt East Campus | Investment properties held for sale | ||
Investment Properties Held for Sale | ||
Square footage | 343,000 |
Dispositions_Results_of_Operat
Dispositions - Results of Operations of Properties Accounted for as Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental income | ($123) | $24,448 | $55,507 |
Tenant recovery income | 144 | 5,142 | 7,284 |
Other property income | 23 | 7,571 | 1,544 |
Total revenues | 44 | 37,161 | 64,335 |
Expenses: | |||
Property operating expenses | 121 | 4,802 | 7,941 |
Real estate taxes | 3 | 5,664 | 8,209 |
Depreciation and amortization | 0 | 11,075 | 27,468 |
Provision for impairment of investment properties | 0 | 32,547 | 24,519 |
Gain on extinguishment of debt | 0 | -26,331 | 0 |
Gain on extinguishment of other liabilities | 0 | -3,511 | 0 |
Interest expense | 68 | 3,632 | 20,256 |
Other (income) expense, net | 0 | -113 | 5 |
Total expenses | 192 | 27,765 | 88,398 |
(Loss) income from discontinued operations, net | ($148) | $9,396 | ($24,063) |
Compensation_Plans_Unvested_Re
Compensation Plans - Unvested Restricted Shares (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Unvested Restricted Shares | ||||||
Balance at the end of the period (in shares) | 396 | 152 | 46 | |||
Restricted shares | ||||||
Compensation Plans | ||||||
Serial vesting on each of the third and fifth anniversaries from the grant date (as a percent) | 50.00% | 50.00% | ||||
Serial vesting, first vesting year from anniversary of grant date | 3 years | 3 years | ||||
Serial vesting, second vesting year from anniversary of grant date | 5 years | 5 years | ||||
Vesting period for shares granted | 3 years | |||||
Compensation expense | $3,417 | $455 | $211 | |||
Additional compensation expense | 113 | |||||
Number of restricted shares in which vesting was accelerated | 9 | |||||
Fair value of shares vested | 840 | 139 | ||||
Unvested Restricted Shares | ||||||
Balance at the beginning of the period (in shares) | 152 | 46 | 14 | |||
Shares granted (in shares) | 303 | [1] | 116 | [2] | 32 | [2] |
Shares vested (in shares) | -58 | -9 | 0 | |||
Shares forfeited (in shares) | -1 | -1 | 0 | |||
Balance at the end of the period (in shares) | 396 | 152 | 46 | |||
Weighted Average Grant Date Fair Value per Restricted Share | ||||||
Balance at the beginning of the period (in dollars per share) | $15.11 | $17.30 | $17.13 | |||
Shares granted (in dollars per share) | $13.89 | $14.27 | $17.38 | |||
Shares vested (in dollars per share) | $14.50 | $15.53 | $0 | |||
Shares forfeited (in dollars per share) | $15.61 | $15.61 | $0 | |||
Balance at the end of the period (in dollars per share) | $14.26 | $15.11 | $17.30 | |||
Compensation Cost Not Yet Recognized | ||||||
Total unrecognized compensation expense | $2,126 | |||||
Unrecognized compensation expense, period for recognition (in years) | 1 year | |||||
Restricted shares | Minimum | ||||||
Compensation Plans | ||||||
Vesting period for shares granted | 1 year | |||||
Restricted shares | Maximum | ||||||
Compensation Plans | ||||||
Vesting period for shares granted | 3 years | |||||
[1] | Shares granted in 2014 vest ratably over periods ranging from one to three years in accordance with the terms of applicable award documents. | |||||
[2] | Of the shares granted to the Companybs executives in 2012 and 2013, 50% vest on each of the third and fifth anniversaries of the grant date. Shares granted to Company employees in 2013 vest ratably over three years and shares granted to the Companybs non-employee directors vested on May 22, 2014, the date of the annual stockholder meeting. |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options | |||
Compensation Plans | |||
Compensation expense | $3 | $24 | $49 |
Options, Additional Disclosures | |||
Options granted (in shares) | 84 | 84 | |
Options exercised (in shares) | 3 | 1 | |
Options expired (in shares) | 6 | 5 | |
Options forfeited (in shares) | 11 | ||
Black-Scholes option pricing model | |||
Expected dividend yield | 5.66% | ||
Expected volatility rate | 21.65% | ||
Expected life (in years) | 5 years | ||
Risk-free interest rate | 0.67% | ||
Grant date fair value per share | $0.92 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
property | ||||||
Leases [Abstract] | ||||||
Taxes remitted to governmental authorities and reimbursed by tenants | $1,985 | $1,791 | $1,794 | |||
Number of properties classified as held for sale | 2 | |||||
Remaining lease term, low end of range | 1 year | |||||
Remaining lease term, high end of range | 45 years | |||||
Minimum lease payments to be received under operating leases | ||||||
Minimum lease payments, 2015 | 447,535 | |||||
Minimum lease payments, 2016 | 408,877 | |||||
Minimum lease payments, 2017 | 357,000 | |||||
Minimum lease payments, 2018 | 310,505 | |||||
Minimum lease payments, 2019 | 242,518 | |||||
Minimum lease payments, thereafter | 821,430 | |||||
Total minimum lease payments | 2,587,865 | [1] | ||||
Rent expenses | ||||||
Ground lease rent expense | 11,676 | [2] | 9,758 | [2] | 9,217 | [2] |
Office rent expense | 1,210 | [3] | 962 | [3] | 846 | [3] |
Straight-line ground rent expense | 3,889 | 3,486 | 3,251 | |||
Minimum future rental obligations to be paid under ground and office leases | ||||||
Minimum lease obligations, 2015 | 8,440 | |||||
Minimum lease obligations, 2016 | 8,293 | |||||
Minimum lease obligations, 2017 | 8,362 | |||||
Minimum lease obligations, 2018 | 8,428 | |||||
Minimum lease obligations, 2019 | 8,773 | |||||
Minimum lease obligations, thereafter | 519,964 | |||||
Total minimum lease obligations | $562,260 | |||||
[1] | Excludes minimum lease payments related to two investment properties classified as held for sale as of DecemberB 31, 2014. | |||||
[2] | Included in bProperty operating expensesb in the accompanying consolidated statements of operations and other comprehensive income (loss). Excludes amounts attributable to discontinued operations, but includes straight-line ground rent expense of $3,889, $3,486 and $3,251 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
[3] | Office rent expense related to property management operations is included in bProperty operating expensesb and office rent expense related to corporate office operations is included in bGeneral and administrative expensesb in the accompanying consolidated statements of operations and other comprehensive income (loss). |
Mortgages_Payable_Summary_Deta
Mortgages Payable - Summary (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 05, 2014 | |||
property | |||||||
Mortgages Payable | |||||||
Total debt | $2,330,963 | [1] | $2,330,963 | [1] | |||
Weighted average interest rate (as a percent) | 5.03% | 5.03% | |||||
MS Inland | MS Inland acquisitions | |||||||
Mortgages Payable | |||||||
Weighted average interest rate (as a percent) | 4.79% | ||||||
MS Inland | MS Inland acquisitions | Ownership percentage - 100% | |||||||
Mortgages Payable | |||||||
Weighted average interest rate (as a percent) | 4.79% | ||||||
In-place mortgage financing assumed | 141,698 | ||||||
Weighted average | Debt repaid | |||||||
Mortgages Payable | |||||||
Fixed interest rate (as a percent) | 6.08% | 6.08% | |||||
Fixed rate debt | |||||||
Mortgages Payable | |||||||
Total debt | 2,166,063 | 2,166,063 | |||||
Weighted average interest rate (as a percent) | 5.28% | 5.28% | |||||
Variable rate debt | |||||||
Mortgages Payable | |||||||
Total debt | 164,900 | 164,900 | |||||
Weighted average interest rate (as a percent) | 1.69% | 1.69% | |||||
Mortgages payable | |||||||
Mortgages Payable | |||||||
Variable rate debt swapped to fixed rate debt | 8,124 | 8,124 | 8,337 | ||||
Mortgages payable repaid and defeased | 179,465 | ||||||
Repayment of mortgages payable from condemnation proceeds | 55 | ||||||
Scheduled principal payments related to amortizing loans | 17,554 | 17,554 | |||||
Number of properties held for sale with mortgages payable | 1 | 1 | |||||
Mortgages payable | Fixed rate debt | |||||||
Mortgages Payable | |||||||
Total debt | 1,616,063 | [2],[3] | 1,616,063 | [2],[3] | 1,673,080 | [2] | |
Weighted average interest rate (as a percent) | 6.03% | 6.03% | 6.15% | ||||
Weighted average years to maturity | 4 years | 4 years 11 months | |||||
Mortgages payable associated with investment properties held for sale | 8,075 | 8,075 | 6,435 | ||||
Mortgages payable | Fixed rate debt | Minimum | |||||||
Mortgages Payable | |||||||
Fixed interest rate (as a percent) | 3.35% | 3.35% | 3.50% | ||||
Mortgages payable | Fixed rate debt | Maximum | |||||||
Mortgages Payable | |||||||
Fixed interest rate (as a percent) | 8.00% | 8.00% | 8.00% | ||||
Construction loan | Variable rate debt | |||||||
Mortgages Payable | |||||||
Total debt | 14,900 | 14,900 | 11,359 | ||||
Variable interest rate (as a percent) | 2.44% | [4] | 2.44% | [4] | 2.44% | [4] | |
Weighted average years to maturity | 10 months | 10 months | |||||
Variable interest rate spread (as a percent) | 2.25% | ||||||
Secured debt | |||||||
Mortgages Payable | |||||||
Total debt | 1,630,963 | 1,630,963 | 1,684,439 | ||||
Premium, net of accumulated amortization | 3,972 | 3,972 | 1,175 | ||||
Discount, net of accumulated amortization | -470 | -470 | -981 | ||||
Mortgages payable, net | 1,634,465 | 1,634,465 | 1,684,633 | ||||
Weighted average interest rate (as a percent) | 5.99% | 5.99% | 6.13% | ||||
Weighted average years to maturity | 3 years 10 months 24 days | 4 years 11 months | |||||
Amount of mortgage and construction loans guaranteed | 7,991 | 7,991 | |||||
IW JV 2009 LLC | |||||||
Mortgages Payable | |||||||
Mortgages payable associated with investment properties held for sale | 8,075 | 8,075 | |||||
Cross-collateralized mortgage loan balance | $462,896 | $462,896 | |||||
Number of properties held for sale with mortgages payable | 1 | 1 | |||||
Number of properties in cross-collateralized mortgage | 54 | 54 | |||||
[1] | As of DecemberB 31, 2014, the weighted average years to maturity of consolidated indebtedness was 4.3 years. | ||||||
[2] | Includes $8,124 and $8,337 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2014 and 2013, respectively, and excludes mortgages payable of $8,075 and $6,435 associated with investment properties classified as held for sale as of DecemberB 31, 2014 and 2013, respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% and 3.50% to 8.00% as of DecemberB 31, 2014 and 2013, respectively. | ||||||
[3] | Includes $8,124 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2014. Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, which was outstanding as of DecemberB 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of DecemberB 31, 2014. | ||||||
[4] | The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.25%. |
Mortgages_Payable_Scheduled_De
Mortgages Payable - Scheduled Debt Maturities (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |||
Debt Maturities | ||||||
2015 | $391,559 | 391,559 | ||||
2016 | 67,736 | 67,736 | ||||
2017 | 321,126 | 321,126 | ||||
2018 | 462,414 | 462,414 | ||||
2019 | 502,882 | 502,882 | ||||
Thereafter | 585,246 | 585,246 | ||||
Total | 2,330,963 | [1] | 2,330,963 | [1] | ||
Weighted average interest rate on debt (as a percent) | ||||||
2015 | 5.47% | 5.47% | ||||
2016 | 5.06% | 5.06% | ||||
2017 | 5.53% | 5.53% | ||||
2018 | 2.00% | 2.00% | ||||
2019 | 7.50% | 7.50% | ||||
Thereafter | 4.72% | 4.72% | ||||
Total | 5.03% | 5.03% | ||||
Fixed rate debt | ||||||
Debt Maturities | ||||||
2015 | 376,659 | 376,659 | ||||
2016 | 67,736 | 67,736 | ||||
2017 | 321,126 | 321,126 | ||||
2018 | 312,414 | 312,414 | ||||
2019 | 502,882 | 502,882 | ||||
Thereafter | 585,246 | 585,246 | ||||
Total | 2,166,063 | 2,166,063 | ||||
Weighted average interest rate on debt (as a percent) | ||||||
2015 | 5.59% | 5.59% | ||||
2016 | 5.06% | 5.06% | ||||
2017 | 5.53% | 5.53% | ||||
2018 | 2.18% | 2.18% | ||||
2019 | 7.50% | 7.50% | ||||
Thereafter | 4.72% | 4.72% | ||||
Total | 5.28% | 5.28% | ||||
Variable rate debt | ||||||
Debt Maturities | ||||||
2015 | 14,900 | 14,900 | ||||
2016 | 0 | 0 | ||||
2017 | 0 | 0 | ||||
2018 | 150,000 | 150,000 | ||||
2019 | 0 | 0 | ||||
Thereafter | 0 | 0 | ||||
Total | 164,900 | 164,900 | ||||
Weighted average interest rate on debt (as a percent) | ||||||
2015 | 2.44% | 2.44% | ||||
2016 | 0.00% | 0.00% | ||||
2017 | 0.00% | 0.00% | ||||
2018 | 1.62% | 1.62% | ||||
2019 | 0.00% | 0.00% | ||||
Thereafter | 0.00% | 0.00% | ||||
Total | 1.69% | 1.69% | ||||
Mortgages payable | ||||||
Weighted average interest rate on debt (as a percent) | ||||||
Variable rate debt swapped to fixed rate debt | 8,124 | 8,337 | 8,124 | |||
Number of properties held for sale with mortgages payable | 1 | 1 | ||||
Mortgages payable | Fixed rate debt | ||||||
Debt Maturities | ||||||
2015 | 376,659 | 376,659 | ||||
2016 | 67,736 | 67,736 | ||||
2017 | 321,126 | 321,126 | ||||
2018 | 12,414 | 12,414 | ||||
2019 | 502,882 | 502,882 | ||||
Thereafter | 335,246 | 335,246 | ||||
Total | 1,616,063 | [2],[3] | 1,673,080 | [3] | 1,616,063 | [2],[3] |
Weighted average interest rate on debt (as a percent) | ||||||
Total | 6.03% | 6.15% | 6.03% | |||
Mortgages payable associated with investment properties held for sale | 8,075 | 6,435 | 8,075 | |||
Weighted average years to maturity | 4 years | 4 years 11 months | ||||
Unsecured credit facility | ||||||
Weighted average interest rate on debt (as a percent) | ||||||
Variable rate debt swapped to fixed rate debt | 300,000 | 300,000 | ||||
Fixed interest rate (as a percent) | 0.54% | 0.54% | ||||
Unsecured credit facility | LIBOR | ||||||
Weighted average interest rate on debt (as a percent) | ||||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||||
Unsecured credit facility | Fixed rate debt | ||||||
Debt Maturities | ||||||
2015 | 0 | 0 | ||||
2016 | 0 | 0 | ||||
2017 | 0 | 0 | ||||
2018 | 300,000 | 300,000 | ||||
2019 | 0 | 0 | ||||
Thereafter | 0 | 0 | ||||
Total | 300,000 | [4] | 300,000 | [4] | ||
Unsecured credit facility | Variable rate debt | ||||||
Debt Maturities | ||||||
2015 | 0 | 0 | ||||
2016 | 0 | 0 | ||||
2017 | 0 | 0 | ||||
2018 | 150,000 | 150,000 | ||||
2019 | 0 | 0 | ||||
Thereafter | 0 | 0 | ||||
Total | 150,000 | 150,000 | ||||
Unsecured notes payable | Fixed rate debt | ||||||
Debt Maturities | ||||||
2015 | 0 | 0 | ||||
2016 | 0 | 0 | ||||
2017 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
Thereafter | 250,000 | 250,000 | ||||
Total | 250,000 | 250,000 | ||||
Construction loan | Variable rate debt | ||||||
Debt Maturities | ||||||
2015 | 14,900 | 14,900 | ||||
2016 | 0 | 0 | ||||
2017 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
Thereafter | 0 | 0 | ||||
Total | 14,900 | 11,359 | 14,900 | |||
Weighted average interest rate on debt (as a percent) | ||||||
Weighted average years to maturity | 10 months | 10 months | ||||
Secured debt | ||||||
Debt Maturities | ||||||
Total | 1,630,963 | 1,684,439 | 1,630,963 | |||
Weighted average interest rate on debt (as a percent) | ||||||
Total | 5.99% | 6.13% | 5.99% | |||
Premium, net of accumulated amortization | 3,972 | 1,175 | 3,972 | |||
Discount, net of accumulated amortization | ($470) | ($981) | -470 | |||
Weighted average years to maturity | 3 years 10 months 24 days | 4 years 11 months | ||||
Consolidated indebtedness | ||||||
Weighted average interest rate on debt (as a percent) | ||||||
Weighted average years to maturity | 4 years 4 months | |||||
[1] | As of DecemberB 31, 2014, the weighted average years to maturity of consolidated indebtedness was 4.3 years. | |||||
[2] | Includes $8,124 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2014. Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, which was outstanding as of DecemberB 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of DecemberB 31, 2014. | |||||
[3] | Includes $8,124 and $8,337 of variable rate mortgage debt that was swapped to a fixed rate as of DecemberB 31, 2014 and 2013, respectively, and excludes mortgages payable of $8,075 and $6,435 associated with investment properties classified as held for sale as of DecemberB 31, 2014 and 2013, respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% and 3.50% to 8.00% as of DecemberB 31, 2014 and 2013, respectively. | |||||
[4] | $300,000 of LIBOR-based variable rate debt has been swapped 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. |
Unsecured_Notes_Payable_Detail
Unsecured Notes Payable (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Unsecured Notes Payable | |||
Principal balance | $250,000 | $250,000 | $0 |
Senior Notes Due 2021 | |||
Unsecured Notes Payable | |||
Principal balance | 100,000 | ||
Stated interest rate (as a percent) | 4.12% | ||
Senior Notes Due 2024 | |||
Unsecured Notes Payable | |||
Principal balance | 150,000 | ||
Stated interest rate (as a percent) | 4.58% | ||
Senior Notes | |||
Unsecured Notes Payable | |||
Principal balance | $250,000 | ||
Weighted average interest rate (as a percent) | 4.40% |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 13-May-13 | ||
credit_rating | |||||
Line of Credit Facility | |||||
Amount borrowed | 0 | 165,000 | |||
Investment grade rated | |||||
Line of Credit Facility | |||||
Number of investment grade credit ratings | 2 | ||||
Unsecured credit facility | |||||
Line of Credit Facility | |||||
Amount borrowed | 450,000 | 615,000 | |||
Unsecured credit facility | Weighted average | |||||
Line of Credit Facility | |||||
Interest rate (as a percent) | 1.87% | 1.81% | |||
Unsecured revolving line of credit | Minimum | |||||
Line of Credit Facility | |||||
Quarterly unused fees (as a percent) | 0.25% | ||||
Unsecured revolving line of credit | Maximum | |||||
Line of Credit Facility | |||||
Quarterly unused fees (as a percent) | 0.30% | ||||
Unsecured revolving line of credit | Variable rate debt | |||||
Line of Credit Facility | |||||
Amount borrowed | 0 | [1] | 165,000 | [1] | |
Interest rate (as a percent) | 1.67% | 1.67% | |||
Unsecured revolving line of credit | LIBOR | |||||
Line of Credit Facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
Unsecured revolving line of credit | LIBOR | Minimum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.50% | ||||
Unsecured revolving line of credit | LIBOR | Maximum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
Unsecured revolving line of credit | Investment grade rated | Minimum | |||||
Line of Credit Facility | |||||
Facility fee (as a percent) | 0.15% | ||||
Unsecured revolving line of credit | Investment grade rated | Maximum | |||||
Line of Credit Facility | |||||
Facility fee (as a percent) | 0.35% | ||||
Unsecured revolving line of credit | Investment grade rated | LIBOR | |||||
Line of Credit Facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
Unsecured revolving line of credit | Investment grade rated | LIBOR | Minimum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 0.90% | ||||
Unsecured revolving line of credit | Investment grade rated | LIBOR | Maximum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.70% | ||||
Unsecured term loan | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.45% | 1.45% | |||
Variable rate debt swapped to fixed rate debt | 300,000 | ||||
Fixed interest rate (as a percent) | 0.54% | ||||
Unsecured term loan | Minimum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Unsecured term loan | Maximum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 2.00% | ||||
Unsecured term loan | Fixed rate debt | |||||
Line of Credit Facility | |||||
Amount borrowed | 300,000 | [2] | 300,000 | [2] | |
Interest rate (as a percent) | 1.99% | 1.99% | |||
Unsecured term loan | Variable rate debt | |||||
Line of Credit Facility | |||||
Amount borrowed | 150,000 | 150,000 | |||
Interest rate (as a percent) | 1.62% | 1.62% | |||
Unsecured term loan | LIBOR | |||||
Line of Credit Facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
Unsecured term loan | LIBOR | Minimum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Unsecured term loan | LIBOR | Maximum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 2.00% | ||||
Unsecured term loan | Investment grade rated | LIBOR | |||||
Line of Credit Facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
Unsecured term loan | Investment grade rated | LIBOR | Minimum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 1.05% | ||||
Unsecured term loan | Investment grade rated | LIBOR | Maximum | |||||
Line of Credit Facility | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
KeyBank and Wells Fargo Syndicate | Unsecured credit facility | |||||
Line of Credit Facility | |||||
Aggregate borrowing capacity | 1,000,000 | ||||
Maximum borrowing capacity | 1,450,000 | ||||
KeyBank and Wells Fargo Syndicate | Unsecured revolving line of credit | |||||
Line of Credit Facility | |||||
Aggregate borrowing capacity | 550,000 | ||||
Period of extension of maturity (in years) | 1 year | ||||
Extension fee as a percentage of commitment amount | 0.15% | ||||
KeyBank and Wells Fargo Syndicate | Unsecured term loan | |||||
Line of Credit Facility | |||||
Principal amount | $450,000 | ||||
[1] | 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 unsecured credit agreement and it pays an extension fee equal to 0.15% of the commitment amount being extended. | ||||
[2] | $300,000 of the term loan has been swapped to a fixed rate of 0.53875% plus a margin based on a leverage grid ranging from 1.45% to 2.00% through February 24, 2016. The applicable margin was 1.45% as of DecemberB 31, 2014 and 2013. |
Derivatives_Interest_Rate_Swap
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) (Interest rate swaps, Cash flow hedges, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
instrument | instrument | |
Interest rate swaps | Cash flow hedges | ||
Interest Rate Derivatives | ||
Number of instruments | 2 | 2 |
Notional | $308,124 | $308,337 |
Derivatives | ||
Number of interest rate swaps utilized to hedge variable cash flows | 2 | 2 |
Amount of gain (loss) on cash flow hedges expected to be reclassified to interest expense in next 12 months | $631 |
Derivatives_Estimated_Fair_Val
Derivatives - Estimated Fair Value (Details) (Interest rate swaps, Cash flow hedges, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest rate swaps | Cash flow hedges | ||
Fair Value of Derivative Financial Instruments | ||
Fair value of derivatives | $562 | $751 |
Derivatives_Effect_on_Statemen
Derivatives - Effect on Statements of Operations (Details) (Interest rate swaps, Cash flow hedges, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest rate swaps | Cash flow hedges | ||
(Gain) Loss on Derivative Instruments | ||
Amount of loss recognized in other comprehensive income on derivative (effective portion) | $981 | $1,444 |
Amount of loss reclassified from AOCI into income (effective portion) | 1,182 | 1,960 |
Amount of loss (gain) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 12 | -912 |
Credit-risk-related Contingent Features | ||
Termination value of derivative in liability position | 581 | |
Termination value of derivative agreements | $581 |
Investment_in_Unconsolidated_J2
Investment in Unconsolidated Joint Ventures - Summary (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 05, 2014 | Dec. 01, 2014 | Sep. 30, 2013 | ||
property | third_party | |||||||
Equity Method Investments | ||||||||
Investment in unconsolidated joint ventures | $0 | $15,776 | ||||||
Percent of combined condensed financial information | 100.00% | |||||||
Profits, Losses and Capital Activity | ||||||||
Company's share of net income (loss) | -2,203 | 472 | -6,420 | |||||
Net cash distributions from/(contributions to) joint ventures | 1,335 | -1,673 | 9,750 | |||||
Fees earned by the Company | 338 | 2,508 | 2,963 | |||||
Amortization of basis differences in joint venture properties | 115 | 116 | 113 | |||||
MS Inland Fund, LLC | ||||||||
Equity Method Investments | ||||||||
Ownership interest of unconsolidated joint ventures (as a percent) | 0.00% | 20.00% | ||||||
Investment in unconsolidated joint ventures | 0 | [1] | 6,915 | |||||
Profits, Losses and Capital Activity | ||||||||
Company's share of net income (loss) | 241 | [2] | 661 | 18 | ||||
Net cash distributions from/(contributions to) joint ventures | 1,360 | 2,369 | 1,992 | |||||
Fees earned by the Company | 338 | 859 | 851 | |||||
MS Inland Fund, LLC | MS Inland acquisitions | ||||||||
Equity Method Investments | ||||||||
Number of real estate properties acquired | 6 | |||||||
Oak Property and Casualty LLC | ||||||||
Equity Method Investments | ||||||||
Ownership interest of unconsolidated joint ventures (as a percent) | 0.00% | 20.00% | ||||||
Investment in unconsolidated joint ventures | 0 | [3] | 8,861 | |||||
Number of unaffiliated parties that are co-owners in Captive | 4 | 3 | ||||||
Profits, Losses and Capital Activity | ||||||||
Company's share of net income (loss) | -2,444 | [4] | -2,589 | -3,081 | ||||
Net cash distributions from/(contributions to) joint ventures | -25 | -2,503 | -3,268 | |||||
Fees earned by the Company | 0 | 0 | 0 | |||||
Hampton Retail Colorado, L.L.C. | ||||||||
Profits, Losses and Capital Activity | ||||||||
Company's share of net income (loss) | 0 | 2,576 | [5] | -890 | ||||
Net cash distributions from/(contributions to) joint ventures | 0 | 855 | 68 | |||||
Fees earned by the Company | 0 | 1 | 3 | |||||
Impairment of investment in unconsolidated joint ventures | 1,834 | |||||||
Hampton Retail Colorado, L.L.C. | Ownership percentage - 100% | ||||||||
Profits, Losses and Capital Activity | ||||||||
Impairment charges | 298 | 1,593 | ||||||
Hampton Retail Colorado, L.L.C. | Ownership percentage - pro rata | ||||||||
Profits, Losses and Capital Activity | ||||||||
Impairment charges | 286 | 1,527 | ||||||
RioCan | ||||||||
Equity Method Investments | ||||||||
Investment in unconsolidated joint ventures | 41,523 | |||||||
Profits, Losses and Capital Activity | ||||||||
Company's share of net income (loss) | 0 | -176 | [6] | -2,467 | ||||
Net cash distributions from/(contributions to) joint ventures | 0 | -2,394 | 10,958 | |||||
Fees earned by the Company | $0 | $1,648 | $2,109 | |||||
[1] | The MS Inland unconsolidated joint venture was formed with a large state pension fund; the Company was the managing member of the venture and earned fees for providing property management and leasing services. However, the Company had the ability to exercise significant influence, but did not have financial or operating control over this joint venture, and as a result, the Company accounted for its investment pursuant to the equity method of accounting. On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland through the acquisition of the six properties owned by the joint venture. | |||||||
[2] | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. | |||||||
[3] | Through December 1, 2014, Oak PropertyB & CasualtyB LLC (the Captive) was an insurance association owned by the Company and three other unaffiliated parties (four other unaffiliated parties as of December 31, 2013). The Captive was formed to insure/reimburse the membersb 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. It had been determined that the Captive was a VIE, but because the Company did not hold the power to most significantly impact the Captivebs performance, the Company was not considered the primary beneficiary. Accordingly, the Companybs investment in the Captive was accounted for pursuant to the equity method of accounting. The Companybs risk of loss was limited to its investment and the Company was not required to fund additional capital to the Captive. Effective December 1, 2014, the Company terminated its participation in the Captive and established a new wholly-owned captive insurance company. See Note 17 for further details. | |||||||
[4] | Effective December 1, 2014, the Company terminated its participation in the Captive. | |||||||
[5] | During the years ended DecemberB 31, 2013 and 2012, 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 and $1,593, of which the Companybs share was $286 and $1,527, respectively. The joint venturebs estimates of fair value relating to these impairment assessments were based upon bona fide purchase offers. During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton. | |||||||
[6] | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. |
Investment_in_Unconsolidated_J3
Investment in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Real estate assets | $0 | $270,916 |
Less accumulated depreciation | 0 | -52,624 |
Real estate, net | 0 | 218,292 |
Other assets, net | 0 | 49,227 |
Total assets | 0 | 267,519 |
Liabilities | ||
Mortgage debt | 0 | 142,537 |
Other liabilities, net | 0 | 22,725 |
Total liabilities | 0 | 165,262 |
Total equity | 0 | 102,257 |
Total liabilities and equity | $0 | $267,519 |
Investment_in_Unconsolidated_J4
Investment in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2013 | Jun. 05, 2014 | ||
property | property | property | property | ||||
Expenses: | |||||||
Gain on sales of investment properties | $0 | $17,499 | $0 | ||||
Number of real estate properties sold | 24 | 20 | 31 | ||||
RioCan | |||||||
Revenues: | |||||||
Property related income | 0 | 36,758 | 48,483 | ||||
Other income | 0 | 0 | 0 | ||||
Total revenues | 0 | 36,758 | 48,483 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 5,001 | 7,315 | ||||
Real estate taxes | 0 | 6,187 | 8,570 | ||||
Depreciation and amortization | 21,964 | 33,947 | |||||
General and administrative expenses | 0 | 457 | 993 | ||||
Interest expense, net | 0 | 7,033 | 10,067 | ||||
Other (income) expense, net | 0 | -4,436 | 823 | ||||
Total expenses | 0 | 36,206 | 61,715 | ||||
Income (loss) from continuing operations | 0 | 552 | -13,232 | ||||
(Loss) income from discontinued operations | 0 | -1,026 | -2,415 | ||||
Gain on sales of investment properties | 0 | 0 | 0 | ||||
Net (loss) income | 0 | -474 | [1] | -15,647 | |||
RioCan | RioCan dispositions | |||||||
Expenses: | |||||||
Gain on sales of investment properties | 17,499 | ||||||
Number of real estate properties sold | 8 | ||||||
Ownership interest sold to joint venture partner in joint venture | 20.00% | ||||||
RioCan | RioCan acquisitions | |||||||
Expenses: | |||||||
Number of real estate properties acquired | 5 | ||||||
Hampton | |||||||
Revenues: | |||||||
Property related income | 0 | 0 | 0 | ||||
Other income | 0 | 0 | 0 | ||||
Total revenues | 0 | 0 | 0 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 0 | 0 | ||||
Real estate taxes | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | ||||
General and administrative expenses | 0 | 6 | 40 | ||||
Interest expense, net | 0 | -1,758 | -319 | ||||
Other (income) expense, net | 0 | -13 | 0 | ||||
Total expenses | 0 | -1,765 | -279 | ||||
Income (loss) from continuing operations | 0 | 1,765 | 279 | ||||
(Loss) income from discontinued operations | 0 | -117 | -1,278 | ||||
Gain on sales of investment properties | 0 | 1,019 | 0 | ||||
Net (loss) income | 0 | 2,667 | [2] | -999 | |||
Other Joint Ventures | |||||||
Revenues: | |||||||
Property related income | 11,853 | 27,841 | 27,115 | ||||
Other income | 6,679 | 8,174 | 7,884 | ||||
Total revenues | 18,532 | 36,015 | 34,999 | ||||
Expenses: | |||||||
Property operating expenses | 1,660 | 3,522 | 4,439 | ||||
Real estate taxes | 2,339 | 5,267 | 4,711 | ||||
Depreciation and amortization | 3,948 | 9,601 | 10,720 | ||||
General and administrative expenses | 268 | 454 | 248 | ||||
Interest expense, net | 3,028 | 7,129 | 7,853 | ||||
Other (income) expense, net | 11,921 | 6,025 | 6,625 | ||||
Total expenses | 23,164 | 31,998 | 34,596 | ||||
Income (loss) from continuing operations | -4,632 | 4,017 | 403 | ||||
(Loss) income from discontinued operations | 0 | 52 | 2,399 | ||||
Gain on sales of investment properties | 0 | 0 | 0 | ||||
Net (loss) income | -4,632 | [3] | 4,069 | 2,802 | |||
Unconsolidated joint ventures | |||||||
Revenues: | |||||||
Property related income | 11,853 | 64,599 | 75,598 | ||||
Other income | 6,679 | 8,174 | 7,884 | ||||
Total revenues | 18,532 | 72,773 | 83,482 | ||||
Expenses: | |||||||
Property operating expenses | 1,660 | 8,523 | 11,754 | ||||
Real estate taxes | 2,339 | 11,454 | 13,281 | ||||
Depreciation and amortization | 3,948 | 31,565 | 44,667 | ||||
General and administrative expenses | 268 | 917 | 1,281 | ||||
Interest expense, net | 3,028 | 12,404 | 17,601 | ||||
Other (income) expense, net | 11,921 | 1,576 | 7,448 | ||||
Total expenses | 23,164 | 66,439 | 96,032 | ||||
Income (loss) from continuing operations | -4,632 | 6,334 | -12,550 | ||||
(Loss) income from discontinued operations | 0 | -1,091 | [4] | -1,294 | |||
Gain on sales of investment properties | 0 | 1,019 | 0 | ||||
Net (loss) income | ($4,632) | $6,262 | ($13,844) | ||||
MS Inland joint venture partner | MS Inland acquisitions | |||||||
Expenses: | |||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||
[1] | On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan). | ||||||
[2] | During 2013, the Company dissolved its joint venture arrangement with its partner in Hampton Retail Colorado, L.L.C. (Hampton). | ||||||
[3] | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. In addition, effective December 1, 2014, the Company terminated its investment in the Captive. | ||||||
[4] | 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 for the portfolio of properties held by the Companybs MS Inland unconsolidated joint venture are presented within bIncome (loss) from continuing operationsb above given that the Companybs acquisition of its partnerbs 80% interest in all of the properties was a transaction among partners. 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 | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2013 | Mar. 31, 2013 | Jun. 05, 2014 | Sep. 30, 2013 | ||
property | property | property | property | ||||||
Acquisitions and Dispositions | |||||||||
Weighted average interest rate (as a percent) | 5.03% | ||||||||
Gain on change in control of investment properties | $24,158 | $5,435 | $0 | ||||||
Number of real estate properties sold | 24 | 20 | 31 | ||||||
Gain on sale of joint venture interest | 0 | 17,499 | 0 | ||||||
Investment in unconsolidated joint ventures | 0 | 15,776 | |||||||
RioCan | |||||||||
Acquisitions and Dispositions | |||||||||
Consideration received for interest in joint venture | 53,073 | ||||||||
Gain on sale of joint venture interest | 0 | 0 | 0 | ||||||
Investment in unconsolidated joint ventures | 41,523 | ||||||||
Hampton Retail Colorado, L.L.C. | |||||||||
Acquisitions and Dispositions | |||||||||
Number of real estate properties sold | 2 | 1 | |||||||
Gain on sale of joint venture interest | 1,019 | ||||||||
Sales price | 13,300 | ||||||||
Debt repaid with proceeds from sales of properties | 12,631 | ||||||||
RioCan dispositions | RioCan | |||||||||
Acquisitions and Dispositions | |||||||||
Carrying value of investment in acquired properties | 35,574 | 35,574 | |||||||
Ownership interest sold to joint venture partner in joint venture | 20.00% | ||||||||
Number of real estate properties sold | 8 | ||||||||
Ownership interest of unconsolidated joint ventures (as a percent) | 20.00% | ||||||||
Consideration received for interest in joint venture | 53,700 | ||||||||
Gain on sale of joint venture interest | 17,499 | ||||||||
RioCan dispositions | RioCan | Ownership percentage - 100% | |||||||||
Acquisitions and Dispositions | |||||||||
In-place mortgage financing assumed | 209,200 | ||||||||
Weighted average interest rate (as a percent) | 3.70% | ||||||||
Fair value of assets sold | 477,500 | ||||||||
RioCan dispositions | RioCan | Ownership percentage - pro rata | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets sold | 95,500 | ||||||||
MS Inland acquisitions | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 292,500 | [1] | |||||||
MS Inland acquisitions | Ownership percentage - pro rata | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 234,000 | ||||||||
MS Inland acquisitions | MS Inland joint venture partner | |||||||||
Acquisitions and Dispositions | |||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||||
Fair value of assets acquired | 234,000 | ||||||||
MS Inland acquisitions | MS Inland | |||||||||
Acquisitions and Dispositions | |||||||||
Number of real estate properties acquired | 6 | ||||||||
Cash consideration | 120,600 | ||||||||
Weighted average interest rate (as a percent) | 4.79% | ||||||||
Gain on change in control of investment properties | 24,158 | ||||||||
Equity interest before acquisition (as a percent) | 20.00% | ||||||||
Carrying value of investment in acquired properties | 6,002 | ||||||||
MS Inland acquisitions | MS Inland | Ownership percentage - 100% | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 292,500 | ||||||||
In-place mortgage financing assumed | 141,698 | ||||||||
Weighted average interest rate (as a percent) | 4.79% | ||||||||
Fair value of the net assets acquired | 150,802 | ||||||||
MS Inland acquisitions | MS Inland | Ownership percentage - pro rata | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of the net assets acquired | 30,160 | ||||||||
RioCan acquisitions | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 124,783 | [2] | |||||||
RioCan acquisitions | Ownership percentage - pro rata | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 99,826 | ||||||||
RioCan acquisitions | RioCan joint venture partner | |||||||||
Acquisitions and Dispositions | |||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||||
Fair value of assets acquired | 99,900 | ||||||||
RioCan acquisitions | RioCan | |||||||||
Acquisitions and Dispositions | |||||||||
Number of real estate properties acquired | 5 | ||||||||
Cash consideration | 45,500 | ||||||||
Gain on change in control of investment properties | 5,435 | ||||||||
Equity interest before acquisition (as a percent) | 20.00% | ||||||||
Carrying value of investment in acquired properties | 5,949 | 5,949 | |||||||
RioCan acquisitions | RioCan | Ownership percentage - 100% | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of assets acquired | 124,800 | ||||||||
In-place mortgage financing assumed | 67,900 | ||||||||
Weighted average interest rate (as a percent) | 4.80% | ||||||||
Fair value of the net assets acquired | 56,919 | ||||||||
RioCan acquisitions | RioCan | Ownership percentage - pro rata | |||||||||
Acquisitions and Dispositions | |||||||||
Fair value of the net assets acquired | $11,384 | ||||||||
[1] | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partnerbs 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venturebs in-place mortgage financing on those properties of $141,698. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as bGain on change in control of investment propertiesb in the accompanying consolidated statements of operations and other comprehensive income (loss). | ||||||||
[2] | As discussed in Note 11, the Company dissolved its joint venture arrangement with its partner in RC Inland L.P. (RioCan) and acquired its partnerbs 80% ownership interest in five multi-tenant retail properties owned by the joint venture (collectively, the RioCan acquisitions). The Company paid total cash consideration of approximately $45,500 before transaction costs and prorations and after assumption of its partnerbs 80% interest of the joint venturebs $67,900 in-place mortgage financing on those properties. The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $5,435 as a result of remeasuring the carrying value of its 20% interest in the five acquired properties to fair value. Such gain is presented as bGain on change in control of investment propertiesb in the accompanying consolidated statements of operations and other comprehensive income (loss). |
Equity_ATM_Equity_Program_Deta
Equity - ATM Equity Program (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 07, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
ATM Equity Program | ||||||||||||
Total net consideration | ($145) | $83,496 | $266,491 | |||||||||
2013 ATM Equity Program | ||||||||||||
ATM Equity Program | ||||||||||||
Maximum aggregate offering price | 200,000 | |||||||||||
Number of common shares sold | 0 | 5,547 | 0 | 0 | 0 | 0 | 0 | 0 | 5,491 | 56 | ||
Total net consideration | 0 | 83,527 | 0 | 0 | 0 | 0 | 0 | 0 | 82,839 | 688 | ||
Average price per share | $0 | $15.29 | $0 | $0 | $0 | $0 | $0 | $0 | $15.30 | $14.94 | ||
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Numerator: | ||||||||||||||
Income (loss) from continuing operations | $597 | ($42,855) | ($14,368) | |||||||||||
Gain on sales of investment properties, net | 42,196 | 5,806 | 7,843 | |||||||||||
Preferred stock dividends | -9,450 | -9,450 | -263 | |||||||||||
Income (loss) from continuing operations attributable to common shareholders | 33,343 | -46,499 | -6,788 | |||||||||||
Income from discontinued operations | 507 | 50,675 | 6,078 | |||||||||||
Net income (loss) attributable to common shareholders | 23,502 | -29,098 | 27,680 | 11,766 | 34,724 | -39,914 | 13,608 | -4,242 | 33,850 | 4,176 | -710 | |||
Distributions paid on unvested restricted shares | -225 | -59 | -25 | |||||||||||
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares | $33,625 | $4,117 | ($735) | |||||||||||
Denominator for earnings (loss) per common share b basic: | ||||||||||||||
Weighted average number of common shares outstanding | 236,204 | 236,203 | 236,176 | 236,151 | 236,151 | 236,151 | 233,624 | 230,611 | 236,184 | [1] | 234,134 | [2] | 220,464 | [3] |
Effect of dilutive securities b stock options | 3 | [4] | 0 | [4] | 0 | [4] | ||||||||
Denominator for earnings (loss) per common share b diluted: | ||||||||||||||
Weighted average number of common and common equivalent shares outstanding | 236,207 | 236,203 | 236,179 | 236,153 | 236,151 | 236,151 | 233,627 | 230,611 | 236,187 | 234,134 | 220,464 | |||
Earnings Per Share, Other Disclosures | ||||||||||||||
Unvested restricted common stock | 396 | 152 | 396 | 152 | 46 | |||||||||
Weighted average number of shares of restricted stock | 364 | 106 | 40 | |||||||||||
Stock options | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||||||||
Number of outstanding options to purchase shares of common stock | 64 | 78 | 64 | 78 | 83 | |||||||||
Weighted average exercise price of outstanding options (in dollars per share) | $19.32 | $19.10 | $19.32 | $19.10 | $19.31 | |||||||||
Number of outstanding options to purchase shares of common stock, the effect of which would be anti-dilutive | 54 | 78 | 83 | |||||||||||
Weighted average exercise price of outstanding options to purchase shares of common stock excluded from diluted EPS calculation (in dollars per share) | $20.72 | $19.10 | $19.31 | |||||||||||
[1] | Excluded from this weighted average amount are 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended DecemberB 31, 2014. 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 152 shares of unvested 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 unvested 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] | There were outstanding options to purchase 64, 78 and 83 shares of common stock as of DecemberB 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $19.32, $19.10 and $19.31, respectively. Of these totals, outstanding options to purchase 54, 78 and 83 shares of common stock as of DecemberB 31, 2014, 2013 and 2012, respectively, at a weighted average exercise price of $20.72, $19.10 and $19.31, respectively, 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
subsidiary | |||
Income Taxes | |||
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 | 14,211 | 16,417 | |
Capital loss carryforward | 3,225 | 0 | |
Net operating loss carryforward | 2,995 | 2,228 | |
Other | 140 | 194 | |
Gross deferred tax assets | 20,571 | 18,839 | |
Less: valuation allowance | -20,355 | -18,631 | |
Total deferred tax assets | 216 | 208 | |
Deferred tax liabilities | |||
Other | -216 | -208 | |
Net deferred tax assets | 0 | 0 | |
Federal taxing authority | |||
Deferred tax liabilities | |||
Capital loss carryforward | 8,753 | ||
Net operating loss carryforward | $8,131 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Net Income (Loss) to REIT Taxable Income Before Dividends Paid Deduction (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Net Income (Loss) to REIT Taxable Income | |||
Net income (loss) attributable to the Company | $43,300 | $13,626 | ($447) |
Book/tax differences | 71,910 | 60,098 | 3,807 |
REIT taxable income subject to 90% dividend requirement | $115,210 | $73,724 | $3,360 |
Income_Taxes_Dividends_Paid_De
Income Taxes - Dividends Paid Deduction (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends Paid Deduction | ||||
Cash distibutions paid | $166,025 | $164,391 | $140,017 | |
Less: non-dividend distributions | -50,815 | -90,667 | -136,657 | |
Total dividends paid deduction attributable to earnings and profits | $115,210 | $73,724 | $3,360 | |
Qualified dividends (per share) | $0.02 | |||
7.00% Series A cumulative redeemable preferred stock | ||||
Dividends Paid Deduction | ||||
Ordinary dividends (per share) | $1.75 | $1.80 | $0 | |
Non-dividend distributions (per share) | $0 | $0 | $0 | |
Total distributions per share | $1.75 | $1.80 | $0 | |
Class A common stock | ||||
Dividends Paid Deduction | ||||
Ordinary dividends (per share) | $0.45 | $0.27 | $0.02 | [1] |
Non-dividend distributions (per share) | $0.21 | $0.39 | $0.64 | |
Total distributions per share | $0.66 | $0.66 | $0.66 | |
[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 | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
property | property | property | ||||
Investment property impairment charges | ||||||
Number of properties with impairment indicators | 8 | 14 | 13 | |||
Number of properties classified as held for sale | 2 | |||||
Number of properties with impairment charges | 3 | 3 | 3 | |||
Number of properties with impairment indicators whose undiscounted cash flows exceeded its carrying value | 4 | 10 | 7 | |||
Weighted average rate in which undiscounted cash flows exceeded carrying value | 48.00% | 20.00% | 57.00% | |||
Provision for impairment of investment properties | $72,203 | $92,033 | $25,842 | |||
Estimated fair value of impaired properties as of impairment date | 190,953 | 134,853 | 161,039 | |||
Number of properties sold or classified as held for sale with impairment indicators | 9 | 6 | ||||
Number of real estate properties sold | 24 | 20 | 31 | |||
Promenade at Red Cliff | ||||||
Investment property impairment charges | ||||||
Number of properties classified as held for sale | 1 | |||||
Riverpark Phase IIA | ||||||
Investment property impairment charges | ||||||
Number of properties classified as held for sale | 1 | |||||
Towson Circle | ||||||
Investment property impairment charges | ||||||
Provision for impairment of investment properties | 1,323 | |||||
13 former Mervyns properties | ||||||
Investment property impairment charges | ||||||
Number of real estate properties sold | 13 | |||||
3 multi-tenant properties near Dallas, Texas | ||||||
Investment property impairment charges | ||||||
Number of real estate properties sold | 3 | |||||
Continuing operations | ||||||
Investment property impairment charges | ||||||
Provision for impairment of investment properties | 59,486 | |||||
Continuing operations | Midtown Center | ||||||
Investment property impairment charges | ||||||
Square footage | 408,500 | |||||
Provision for impairment of investment properties | 394 | [1] | ||||
Continuing operations | Gloucester Town Center | ||||||
Investment property impairment charges | ||||||
Square footage | 107,200 | |||||
Provision for impairment of investment properties | 6,148 | [2] | ||||
Continuing operations | Boston Commons | ||||||
Investment property impairment charges | ||||||
Square footage | 103,400 | |||||
Provision for impairment of investment properties | 453 | [1] | ||||
Continuing operations | Four Peaks Plaza | ||||||
Investment property impairment charges | ||||||
Square footage | 140,400 | 140,400 | ||||
Provision for impairment of investment properties | 4,154 | [1] | 7,717 | [3] | ||
Continuing operations | Shaw's Supermarket | ||||||
Investment property impairment charges | ||||||
Square footage | 65,700 | |||||
Provision for impairment of investment properties | 6,230 | [4] | ||||
Continuing operations | The Gateway | ||||||
Investment property impairment charges | ||||||
Square footage | 623,200 | |||||
Provision for impairment of investment properties | 42,999 | [5] | ||||
Continuing operations | Newburgh Crossing | ||||||
Investment property impairment charges | ||||||
Square footage | 62,900 | |||||
Provision for impairment of investment properties | 1,139 | [1] | ||||
Continuing operations | Hartford Insurance Building | ||||||
Investment property impairment charges | ||||||
Square footage | 97,400 | |||||
Provision for impairment of investment properties | 5,782 | [3] | ||||
Continuing operations | Citizen's Property Insurance Building | ||||||
Investment property impairment charges | ||||||
Square footage | 59,800 | |||||
Provision for impairment of investment properties | 4,341 | [3] | ||||
Continuing operations | Aon Hewitt East Campus | ||||||
Investment property impairment charges | ||||||
Square footage | 343,000 | 343,000 | ||||
Provision for impairment of investment properties | 563 | [6] | 27,183 | [7] | ||
Continuing operations | Lake Mead Crossing | ||||||
Investment property impairment charges | ||||||
Square footage | 221,200 | |||||
Provision for impairment of investment properties | 24,586 | [3] | ||||
Continuing operations | Towson Circle | ||||||
Investment property impairment charges | ||||||
Provision for impairment of investment properties | 1,323 | [8] | ||||
Discontinued operations | ||||||
Investment property impairment charges | ||||||
Provision for impairment of investment properties | 32,547 | 24,519 | ||||
Discontinued operations | University Square | ||||||
Investment property impairment charges | ||||||
Square footage | 287,000 | |||||
Provision for impairment of investment properties | 6,694 | [9] | ||||
Discontinued operations | Raytheon Facility | ||||||
Investment property impairment charges | ||||||
Square footage | 105,000 | |||||
Provision for impairment of investment properties | 2,518 | [10] | ||||
Discontinued operations | Shops at 5 | ||||||
Investment property impairment charges | ||||||
Square footage | 421,700 | |||||
Provision for impairment of investment properties | 21,128 | [10] | ||||
Discontinued operations | Preston Trail Village | ||||||
Investment property impairment charges | ||||||
Square footage | 180,000 | |||||
Provision for impairment of investment properties | 1,941 | [10] | ||||
Discontinued operations | Rite Aid - Atlanta | ||||||
Investment property impairment charges | ||||||
Square footage | 10,900 | |||||
Provision for impairment of investment properties | 266 | [10] | ||||
Discontinued operations | 13 former Mervyns properties | ||||||
Investment property impairment charges | ||||||
Square footage | 1,000,400 | |||||
Provision for impairment of investment properties | 1,100 | [11] | ||||
Discontinued operations | 3 multi-tenant properties near Dallas, Texas | ||||||
Investment property impairment charges | ||||||
Square footage | 132,600 | |||||
Provision for impairment of investment properties | 5,528 | [12] | ||||
Discontinued operations | Mervyns - McAllen | ||||||
Investment property impairment charges | ||||||
Square footage | 78,000 | |||||
Provision for impairment of investment properties | 2,950 | |||||
Discontinued operations | Mervyns - Bakersfield | ||||||
Investment property impairment charges | ||||||
Square footage | 75,100 | |||||
Provision for impairment of investment properties | 37 | |||||
Discontinued operations | Pro's Ranch Market | ||||||
Investment property impairment charges | ||||||
Square footage | 75,500 | |||||
Provision for impairment of investment properties | 2,749 | [13] | ||||
Discontinued operations | American Express - Phoenix | ||||||
Investment property impairment charges | ||||||
Square footage | 117,600 | |||||
Provision for impairment of investment properties | 4,902 | [13] | ||||
Discontinued operations | Mervyns - Fontana | ||||||
Investment property impairment charges | ||||||
Square footage | 79,000 | |||||
Provision for impairment of investment properties | 352 | |||||
Discontinued operations | Mervyns - Ridgecrest | ||||||
Investment property impairment charges | ||||||
Square footage | 59,000 | |||||
Provision for impairment of investment properties | 1,622 | [13] | ||||
Discontinued operations | Dick's Sporting Goods - Fresno | ||||||
Investment property impairment charges | ||||||
Square footage | 77,400 | |||||
Provision for impairment of investment properties | 2,982 | [13] | ||||
Discontinued operations | Mervyns - Highland | ||||||
Investment property impairment charges | ||||||
Square footage | 80,500 | |||||
Provision for impairment of investment properties | $2,297 | [13] | ||||
[1] | The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for each of the respective properties, which were sold during 2014 and are included in continuing operations. | |||||
[2] | An impairment charge was recorded on June 30, 2014 based upon the terms of a bona fide purchase offer and additional impairment was recognized on September 30, 2014 pursuant to the terms and conditions of an executed sales contract. | |||||
[3] | The Company recorded impairment charges driven by changes in the estimated holding periods for the properties. | |||||
[4] | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. | |||||
[5] | The Company recorded an impairment charge as a result of a combination of factors including the expected impact on future operating results stemming from a re-evaluation of the anticipated positioning of, and tenant population at, the property and a re-evaluation of other potential strategic alternatives for the property. | |||||
[6] | The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2014 and was sold on January 20, 2015. | |||||
[7] | 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. | |||||
[8] | 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. | |||||
[9] | The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property, which was subsequently sold on October 25, 2013. | |||||
[10] | 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. | |||||
[11] | The Company recorded an impairment charge in conjunction with the sale of 13 former Mervyns properties located throughout California based upon the terms and conditions of the executed sales contract. | |||||
[12] | The Company recorded an impairment charge in conjunction with the sale of three multi-tenant retail properties located near Dallas, Texas based upon the terms and conditions of the executed sales contract. | |||||
[13] | 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. |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financial Instruments | |||
Mortgages payable, net | $1,634,465 | $1,684,633 | |
Unsecured notes payable | 250,000 | 250,000 | 0 |
Carrying value | |||
Financial Instruments | |||
Mortgages payable, net | 1,634,465 | 1,684,633 | |
Unsecured notes payable | 250,000 | 0 | |
Credit facility | 450,000 | 615,000 | |
Derivative liability | 562 | 751 | |
Fair value | |||
Financial Instruments | |||
Mortgages payable, net | 1,749,671 | 1,827,638 | |
Unsecured notes payable | 258,360 | 0 | |
Credit facility | 451,502 | 617,478 | |
Derivative liability | $562 | $751 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring Fair Value Measurements (Details) (Recurring Fair Value Measurements, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements | ||
Derivative liability | $562 | $751 |
Fair value, Level 2 | ||
Fair Value Measurements | ||
Derivative liability | $562 | $751 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | ||
Fair Value Measurements | ||||||
Provision for impairment | $72,203 | $92,033 | $25,842 | |||
Minimum | ||||||
Fair Value Measurements | ||||||
Operating expense growth rates | 3.27% | 1.39% | ||||
Discount rates | 7.29% | 8.25% | ||||
Terminal capitalization rates | 6.79% | 7.50% | ||||
Maximum | ||||||
Fair Value Measurements | ||||||
Operating expense growth rates | 3.56% | 3.70% | ||||
Discount rates | 8.45% | 9.50% | ||||
Terminal capitalization rates | 8.49% | 8.50% | ||||
Shaw's Supermarket | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 3,100 | |||||
The Gateway | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 75,400 | |||||
Hartford Insurance Building | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 5,000 | |||||
Citizen's Property Insurance Building | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 3,000 | |||||
Aon Hewitt East Campus | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 18,000 | |||||
Transaction costs | 738 | |||||
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 | |||||
Nonrecurring Fair Value Measurements | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | 86,500 | 75,000 | ||||
Fair value of investment properties held for sale | 17,233 | |||||
Provision for impairment | 59,352 | [1] | 59,486 | [2] | ||
Nonrecurring Fair Value Measurements | Investment properties held for sale | ||||||
Fair Value Measurements | ||||||
Provision for impairment | 563 | [3] | ||||
Nonrecurring Fair Value Measurements | Fair value, Level 2 | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties held for sale | 17,233 | |||||
Nonrecurring Fair Value Measurements | Fair value, Level 3 | ||||||
Fair Value Measurements | ||||||
Fair value of investment properties | $86,500 | [4] | $75,000 | |||
[1] | Excludes impairment charges recorded on investment properties sold prior to DecemberB 31, 2014 and 2013, respectively. | |||||
[2] | 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 input). The estimated fair value of Four Peaks Plaza and Lake Mead Crossing of $14,000 and $43,000, respectively, were determined using the income approach. See footnote (b) above for a full description of the income approach. The following were 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. | |||||
[3] | Represents an impairment charge recorded during the the three months ended December 31, 2014 for Aon Hewitt East Campus, which was classified as held for sale as of December 31, 2014. Such charge, calculated as the expected sales price from the executed sales contract less estimated transaction costs as compared to the Companybs carrying value of its investment, was determined to be a Level 2 input. The estimated transaction costs totaling $738 are not reflected as a reduction to the fair value disclosed in the table above. | |||||
[4] | Represents the fair values of the Companybs Shawbs Supermarket, The Gateway, Hartford Insurance Building and Citizenbs Property Insurance Building investment properties. The estimated fair values of Shawbs Supermarket and The Gateway of $3,100 and $75,400, respectively, were determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates, growth assumptions and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following were the key Level 3 inputs used in estimating the fair value of Shawbs Supermarket and The Gateway as of September 30, 2014. 2014 LowB HighRental growth ratesB Varies (i)B Varies (i)Operating expense growth ratesB 1.39%B 3.70%Discount ratesB 8.25%B 9.50%Terminal capitalization ratesB 7.50%B 8.50%(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.The estimated fair values of Hartford Insurance Building and Citizenbs Property Insurance Building of $5,000 and $3,000, respectively, were based upon third party comparable sales prices, which contain unobservable inputs used by these third parties to determine the estimated fair values. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Disclosures (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value Measurements | ||||
Mortgages payable, net | 1,684,633 | 1,634,465 | ||
Unsecured notes payable | 0 | 250,000 | 250,000 | |
Minimum | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 8.25% | 7.29% | ||
Maximum | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 9.50% | 8.45% | ||
Mortgages payable | Minimum | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 2.40% | 2.20% | ||
Mortgages payable | Maximum | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 5.60% | 4.00% | ||
Unsecured notes payable | Weighted average | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 3.97% | |||
Unsecured term loan | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 1.35% | 1.35% | ||
Unsecured revolving line of credit | ||||
Fair Value Measurements | ||||
Discount rate (as a percent) | 1.40% | |||
Fair value, Total | ||||
Fair Value Measurements | ||||
Mortgages payable, net | 1,827,638 | 1,749,671 | ||
Unsecured notes payable | 0 | 258,360 | ||
Credit facility | 617,478 | 451,502 | ||
Fair value, Level 3 | ||||
Fair Value Measurements | ||||
Mortgages payable, net | 1,827,638 | 1,749,671 | ||
Unsecured notes payable | 258,360 | |||
Credit facility | 617,478 | 451,502 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Guarantees, Mortgage loans, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Guarantees | Mortgage loans | |
Commitments and Contingencies | |
Amount of mortgage and construction loans guaranteed | $7,991 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 2 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 10, 2015 | Feb. 18, 2015 |
Subsequent Events | |||||
Repayment of mortgages payable | $192,244 | $571,870 | $988,483 | ||
Distributions declared to preferred shareholders (in dollars per share) | $1.75 | $1.80 | |||
Distributions declared to common shareholders (in dollars per share) | $0.66 | $0.66 | $0.66 | ||
7.00% Series A cumulative redeemable preferred stock | |||||
Subsequent Events | |||||
Preferred stock, dividend rate | 7.00% | 7.00% | |||
Subsequent events | 7.00% Series A cumulative redeemable preferred stock | |||||
Subsequent Events | |||||
Preferred stock, dividend rate | 7.00% | ||||
Distributions declared to preferred shareholders (in dollars per share) | $0.44 | ||||
Subsequent events | Common stock | |||||
Subsequent Events | |||||
Distributions declared to common shareholders (in dollars per share) | $0.17 | ||||
Subsequent events | Mortgages payable | |||||
Subsequent Events | |||||
Repayment of mortgages payable | 18,504 | ||||
Interest rate (as a percent) | 6.39% | ||||
Subsequent events | Aon Hewitt East Campus | |||||
Subsequent Events | |||||
Square footage | 343,000 | ||||
Sales price | 17,233 | ||||
Subsequent events | Downtown Crown | |||||
Subsequent Events | |||||
Acquisition price | 162,785 | ||||
Square footage | 258,000 | ||||
Subsequent events | Merrifield Town Center | |||||
Subsequent Events | |||||
Acquisition price | 56,500 | ||||
Square footage | 85,000 | ||||
Subsequent events | Fort Evans Plaza II | |||||
Subsequent Events | |||||
Acquisition price | 65,000 | ||||
Square footage | 229,000 | ||||
Subsequent events | Unsecured revolving line of credit | |||||
Subsequent Events | |||||
Amount drawn on unsecured revolving line of credit | $225,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Total revenues | $153,531 | [1] | $151,446 | [1] | $146,446 | [1] | $149,191 | [1] | $150,689 | [1] | $136,198 | [1] | $132,418 | [1] | $132,203 | [1] | $600,614 | $551,508 | $531,171 | |||
Net income (loss) | 25,865 | -26,736 | 30,043 | 14,128 | 37,087 | -37,552 | 15,971 | -1,880 | 43,300 | 13,626 | -447 | |||||||||||
Net income (loss) attributable to common shareholders | 23,502 | -29,098 | 27,680 | 11,766 | 34,724 | -39,914 | 13,608 | -4,242 | 33,850 | 4,176 | -710 | |||||||||||
Net income (loss) per common share attributable to common shareholders b basic and diluted (in dollars per share) | $0.10 | ($0.12) | $0.12 | $0.05 | $0.15 | ($0.17) | $0.06 | ($0.02) | $0.14 | $0.02 | $0 | |||||||||||
Weighted average number of common shares outstanding b basic | 236,204 | 236,203 | 236,176 | 236,151 | 236,151 | 236,151 | 233,624 | 230,611 | 236,184 | [2] | 234,134 | [3] | 220,464 | [4] | ||||||||
Weighted average number of common shares outstanding b diluted | 236,207 | 236,203 | 236,179 | 236,153 | 236,151 | 236,151 | 233,627 | 230,611 | 236,187 | 234,134 | 220,464 | |||||||||||
Rental income | ||||||||||||||||||||||
Quarterly Financial Information | ||||||||||||||||||||||
Reclassification of loss on lease terminations | $44 | $140 | $403 | ($27) | $72 | $98 | $142 | $285 | $488 | |||||||||||||
[1] | Unaudited quarterly bTotal revenuesb reflects the reclassification of a portion of amounts previously included in bLoss on lease terminationsb on the Companybs accompanying consolidated statements of operations and other comprehensive income (loss). The portion of loss on lease terminations reclassified as an increase to rental income was $44, $140 and $403 for the quarterly periods ended September 30, June 30 and March 31, 2014, respectively. The portion of loss on lease terminations reclassified as a (decrease) or increase to rental income was $(27), $72, $98 and $142 for the quarterly periods ended December 31, September 30, June 30 and March 31, 2013, respectively. | |||||||||||||||||||||
[2] | Excluded from this weighted average amount are 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended DecemberB 31, 2014. 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 152 shares of unvested 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. | |||||||||||||||||||||
[4] | Excluded from this weighted average amount are 46 shares of unvested 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. |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of year | $8,197 | $6,452 | $8,231 |
Charged to costs and expenses | 2,689 | 4,600 | 969 |
Write-offs | -3,389 | -2,855 | -2,748 |
Balance at end of year | 7,497 | 8,197 | 6,452 |
Tax valuation allowance | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of year | 18,631 | 7,852 | 8,900 |
Charged to costs and expenses | 1,724 | 10,779 | -1,048 |
Write-offs | 0 | 0 | 0 |
Balance at end of year | $20,355 | $18,631 | $7,852 |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,634,465 | |||
Initial cost of land | 1,264,242 | |||
Initial cost of buildings and improvements | 4,322,979 | |||
Adjustments to basis | 93,155 | |||
Gross amount carried at end of period, land and improvements | 1,236,662 | |||
Gross amount carried at end of period, buildings and improvements | 4,443,714 | |||
Gross amount carried at end of period, total | 5,680,376 | 5,804,518 | 5,962,878 | 6,441,555 |
Accumulated depreciation | 1,365,471 | 1,330,474 | 1,275,787 | 1,180,767 |
Aggregate cost of real estate, U.S. federal income tax purposes | 5,874,366 | |||
Buildings and associated improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Estimated useful life | 30 years | |||
Site improvements and most other capital improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Estimated useful life | 15 years | |||
Total Operating Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,619,565 | |||
Initial cost of land | 1,207,009 | |||
Initial cost of buildings and improvements | 4,304,779 | |||
Adjustments to basis | 94,069 | |||
Gross amount carried at end of period, land and improvements | 1,180,319 | |||
Gross amount carried at end of period, buildings and improvements | 4,425,538 | |||
Gross amount carried at end of period, total | 5,605,857 | |||
Accumulated depreciation | 1,362,903 | |||
Total Development Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,900 | |||
Initial cost of land | 15,940 | |||
Initial cost of buildings and improvements | 16,932 | |||
Adjustments to basis | -914 | |||
Gross amount carried at end of period, land and improvements | 15,050 | |||
Gross amount carried at end of period, buildings and improvements | 16,908 | |||
Gross amount carried at end of period, total | 31,958 | |||
Accumulated depreciation | 2,568 | |||
Developments in Progress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 41,293 | |||
Initial cost of buildings and improvements | 1,268 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 41,293 | |||
Gross amount carried at end of period, buildings and improvements | 1,268 | |||
Gross amount carried at end of period, total | 42,561 | |||
Accumulated depreciation | 0 | |||
Panama City, FL | 23rd Street Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,059 | |||
Initial cost of land | 1,300 | |||
Initial cost of buildings and improvements | 5,319 | |||
Adjustments to basis | 871 | |||
Gross amount carried at end of period, land and improvements | 1,300 | |||
Gross amount carried at end of period, buildings and improvements | 6,190 | |||
Gross amount carried at end of period, total | 7,490 | |||
Accumulated depreciation | 2,045 | |||
Houma, LA | Academy Sports | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,432 | |||
Houma, LA | Magnolia Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,365 | |||
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 | 5,232 | |||
Midland, TX | Academy Sports | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,549 | |||
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 | 1,097 | |||
Port Arthur, TX | Academy Sports | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,096 | |||
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 | 1,476 | |||
San Antonio, TX | Academy Sports | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,440 | |||
San Antonio, TX | Alison's Corner | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,530 | |||
Initial cost of land | 1,045 | |||
Initial cost of buildings and improvements | 5,700 | |||
Adjustments to basis | 281 | |||
Gross amount carried at end of period, land and improvements | 1,045 | |||
Gross amount carried at end of period, buildings and improvements | 5,981 | |||
Gross amount carried at end of period, total | 7,026 | |||
Accumulated depreciation | 2,263 | |||
San Antonio, TX | HQ Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,070 | |||
Initial cost of land | 5,200 | |||
Initial cost of buildings and improvements | 10,010 | |||
Adjustments to basis | 4,192 | |||
Gross amount carried at end of period, land and improvements | 5,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,202 | |||
Gross amount carried at end of period, total | 19,402 | |||
Accumulated depreciation | 4,580 | |||
San Antonio, TX | Huebner Oaks Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 37,588 | |||
Initial cost of land | 18,087 | |||
Initial cost of buildings and improvements | 64,731 | |||
Adjustments to basis | 96 | |||
Gross amount carried at end of period, land and improvements | 18,087 | |||
Gross amount carried at end of period, buildings and improvements | 64,827 | |||
Gross amount carried at end of period, total | 82,914 | |||
Accumulated depreciation | 1,390 | |||
San Antonio, TX | La Plaza Del Norte | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,005 | |||
Initial cost of buildings and improvements | 37,744 | |||
Adjustments to basis | 2,834 | |||
Gross amount carried at end of period, land and improvements | 16,005 | |||
Gross amount carried at end of period, buildings and improvements | 40,578 | |||
Gross amount carried at end of period, total | 56,583 | |||
Accumulated depreciation | 15,595 | |||
Arvada, CO | Arvada Connection and Arvada Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,125 | |||
Initial cost of buildings and improvements | 39,366 | |||
Adjustments to basis | 1,882 | |||
Gross amount carried at end of period, land and improvements | 8,125 | |||
Gross amount carried at end of period, buildings and improvements | 41,248 | |||
Gross amount carried at end of period, total | 49,373 | |||
Accumulated depreciation | 16,057 | |||
Chicago, IL | Ashland & Roosevelt | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,134 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 21,052 | |||
Adjustments to basis | 454 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 21,506 | |||
Gross amount carried at end of period, total | 21,506 | |||
Accumulated depreciation | 7,503 | |||
Chicago, IL | The Brickyard | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 45,300 | |||
Initial cost of buildings and improvements | 26,657 | |||
Adjustments to basis | 4,561 | |||
Gross amount carried at end of period, land and improvements | 45,300 | |||
Gross amount carried at end of period, buildings and improvements | 31,218 | |||
Gross amount carried at end of period, total | 76,518 | |||
Accumulated depreciation | 11,039 | |||
Redmond, WA | Avondale Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,573 | |||
Initial cost of buildings and improvements | 9,497 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 4,573 | |||
Gross amount carried at end of period, buildings and improvements | 9,497 | |||
Gross amount carried at end of period, total | 14,070 | |||
Accumulated depreciation | 31 | |||
Summerville, SC | Azalea Square I | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,971 | |||
Initial cost of land | 6,375 | |||
Initial cost of buildings and improvements | 21,304 | |||
Adjustments to basis | 1,669 | |||
Gross amount carried at end of period, land and improvements | 6,375 | |||
Gross amount carried at end of period, buildings and improvements | 22,973 | |||
Gross amount carried at end of period, total | 29,348 | |||
Accumulated depreciation | 8,814 | |||
Summerville, SC | Azalea Square III | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,766 | |||
Bradenton, FL | Beachway Plaza outparcel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 318 | |||
Initial cost of buildings and improvements | 0 | |||
Adjustments to basis | 375 | |||
Gross amount carried at end of period, land and improvements | 318 | |||
Gross amount carried at end of period, buildings and improvements | 375 | |||
Gross amount carried at end of period, total | 693 | |||
Accumulated depreciation | 4 | |||
Miami, FL | Bed Bath & Beyond Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,026 | |||
Initial cost of land | 10,350 | |||
Initial cost of buildings and improvements | 18,367 | |||
Adjustments to basis | 646 | |||
Gross amount carried at end of period, land and improvements | 10,350 | |||
Gross amount carried at end of period, buildings and improvements | 19,013 | |||
Gross amount carried at end of period, total | 29,363 | |||
Accumulated depreciation | 7,055 | |||
Westbury, NY | Bed Bath & Beyond Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 4,105 | |||
Las Vegas, NV | Best on the Boulevard | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 17,386 | |||
Initial cost of land | 7,460 | |||
Initial cost of buildings and improvements | 25,583 | |||
Adjustments to basis | 2,316 | |||
Gross amount carried at end of period, land and improvements | 7,460 | |||
Gross amount carried at end of period, buildings and improvements | 27,899 | |||
Gross amount carried at end of period, total | 35,359 | |||
Accumulated depreciation | 10,396 | |||
Las Vegas, NV | Lake Mead Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 17,796 | |||
Initial cost of buildings and improvements | 50,272 | |||
Adjustments to basis | -35,902 | |||
Gross amount carried at end of period, land and improvements | 8,830 | |||
Gross amount carried at end of period, buildings and improvements | 23,336 | |||
Gross amount carried at end of period, total | 32,166 | |||
Accumulated depreciation | 1,427 | |||
Las Vegas, NV | Montecito Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 16,546 | |||
Initial cost of land | 9,700 | |||
Initial cost of buildings and improvements | 25,414 | |||
Adjustments to basis | 9,510 | |||
Gross amount carried at end of period, land and improvements | 11,300 | |||
Gross amount carried at end of period, buildings and improvements | 33,324 | |||
Gross amount carried at end of period, total | 44,624 | |||
Accumulated depreciation | 10,955 | |||
Traverse City, MI | Bison Hollow | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,408 | |||
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 | 4,377 | |||
Largo, MD | Boulevard at The Capital Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 114,703 | |||
Adjustments to basis | -29,779 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 84,924 | |||
Gross amount carried at end of period, total | 84,924 | |||
Accumulated depreciation | 20,913 | |||
Pawtucket, RI | Boulevard Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,375 | |||
Initial cost of land | 4,170 | |||
Initial cost of buildings and improvements | 12,038 | |||
Adjustments to basis | 3,107 | |||
Gross amount carried at end of period, land and improvements | 4,170 | |||
Gross amount carried at end of period, buildings and improvements | 15,145 | |||
Gross amount carried at end of period, total | 19,315 | |||
Accumulated depreciation | 5,337 | |||
Pawtucket, RI | Cottage Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,736 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 19,158 | |||
Adjustments to basis | 197 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 19,355 | |||
Gross amount carried at end of period, total | 22,355 | |||
Accumulated depreciation | 6,993 | |||
Bangor, ME | Broadway Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,002 | |||
Initial cost of land | 5,500 | |||
Initial cost of buildings and improvements | 14,002 | |||
Adjustments to basis | 2,888 | |||
Gross amount carried at end of period, land and improvements | 5,500 | |||
Gross amount carried at end of period, buildings and improvements | 16,890 | |||
Gross amount carried at end of period, total | 22,390 | |||
Accumulated depreciation | 5,597 | |||
Middletown, RI | Brown's Lane | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,940 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 12,005 | |||
Adjustments to basis | 1,213 | |||
Gross amount carried at end of period, land and improvements | 2,600 | |||
Gross amount carried at end of period, buildings and improvements | 13,218 | |||
Gross amount carried at end of period, total | 15,818 | |||
Accumulated depreciation | 4,599 | |||
Waco, TX | Central Texas Marketplace | ||||
SEC Schedule III, 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 | 6,463 | |||
Gross amount carried at end of period, land and improvements | 13,000 | |||
Gross amount carried at end of period, buildings and improvements | 54,022 | |||
Gross amount carried at end of period, total | 67,022 | |||
Accumulated depreciation | 15,258 | |||
Laurel, MD | Centre at Laurel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 19,000 | |||
Initial cost of buildings and improvements | 8,406 | |||
Adjustments to basis | 16,948 | |||
Gross amount carried at end of period, land and improvements | 19,000 | |||
Gross amount carried at end of period, buildings and improvements | 25,354 | |||
Gross amount carried at end of period, total | 44,354 | |||
Accumulated depreciation | 8,012 | |||
West Mifflin, PA | Century III Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 7,100 | |||
Initial cost of buildings and improvements | 33,212 | |||
Adjustments to basis | 1,711 | |||
Gross amount carried at end of period, land and improvements | 7,100 | |||
Gross amount carried at end of period, buildings and improvements | 34,923 | |||
Gross amount carried at end of period, total | 42,023 | |||
Accumulated depreciation | 12,029 | |||
Chantilly, VA | Chantilly Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,500 | |||
Initial cost of buildings and improvements | 16,060 | |||
Adjustments to basis | 2,131 | |||
Gross amount carried at end of period, land and improvements | 8,500 | |||
Gross amount carried at end of period, buildings and improvements | 18,191 | |||
Gross amount carried at end of period, total | 26,691 | |||
Accumulated depreciation | 6,249 | |||
Woodridge, IL | Cinemark Seven Bridges | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,940 | |||
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 | 4,002 | |||
Jacksonville, FL | Citizen's Property Insurance Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,150 | |||
Initial cost of buildings and improvements | 7,601 | |||
Adjustments to basis | -6,802 | |||
Gross amount carried at end of period, land and improvements | 872 | |||
Gross amount carried at end of period, buildings and improvements | 2,077 | |||
Gross amount carried at end of period, total | 2,949 | |||
Accumulated depreciation | 0 | |||
Clear Lake, TX | Clearlake Shores | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,866 | |||
Sugar Land, TX | Colony Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,700 | |||
Initial cost of buildings and improvements | 22,775 | |||
Adjustments to basis | 797 | |||
Gross amount carried at end of period, land and improvements | 16,700 | |||
Gross amount carried at end of period, buildings and improvements | 23,572 | |||
Gross amount carried at end of period, total | 40,272 | |||
Accumulated depreciation | 7,367 | |||
Jackson, TN | The Columns | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 12,351 | |||
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 | 7,410 | |||
Royal Palm Beach, FL | Commons at Royal Palm | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,413 | |||
Initial cost of buildings and improvements | 9,802 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 6,413 | |||
Gross amount carried at end of period, buildings and improvements | 9,802 | |||
Gross amount carried at end of period, total | 16,215 | |||
Accumulated depreciation | 261 | |||
Temecula, CA | The Commons at Temecula | ||||
SEC Schedule III, 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 | 1,572 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 37,459 | |||
Gross amount carried at end of period, total | 49,459 | |||
Accumulated depreciation | 13,013 | |||
Temecula, CA | Vail Ranch Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,716 | |||
Initial cost of land | 6,200 | |||
Initial cost of buildings and improvements | 16,275 | |||
Adjustments to basis | 100 | |||
Gross amount carried at end of period, land and improvements | 6,200 | |||
Gross amount carried at end of period, buildings and improvements | 16,375 | |||
Gross amount carried at end of period, total | 22,575 | |||
Accumulated depreciation | 5,795 | |||
Coppell, TX | Coppell Town Center | ||||
SEC Schedule III, 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 | 38 | |||
Gross amount carried at end of period, land and improvements | 2,919 | |||
Gross amount carried at end of period, buildings and improvements | 13,319 | |||
Gross amount carried at end of period, total | 16,238 | |||
Accumulated depreciation | 669 | |||
Coram, NY | Coram Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,061 | |||
Initial cost of land | 10,200 | |||
Initial cost of buildings and improvements | 26,178 | |||
Adjustments to basis | 2,871 | |||
Gross amount carried at end of period, land and improvements | 10,200 | |||
Gross amount carried at end of period, buildings and improvements | 29,049 | |||
Gross amount carried at end of period, total | 39,249 | |||
Accumulated depreciation | 10,523 | |||
New Britain, CT | Corwest Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,487 | |||
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 | 9,746 | |||
New Britain, CT | Shaw's Supermarket | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,700 | |||
Initial cost of buildings and improvements | 11,532 | |||
Adjustments to basis | -11,198 | |||
Gross amount carried at end of period, land and improvements | 874 | |||
Gross amount carried at end of period, buildings and improvements | 2,160 | |||
Gross amount carried at end of period, total | 3,034 | |||
Accumulated depreciation | 34 | |||
Cranberry Township, PA | Cranberry Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,021 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 18,736 | |||
Adjustments to basis | 1,209 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 19,945 | |||
Gross amount carried at end of period, total | 22,945 | |||
Accumulated depreciation | 7,455 | |||
Hartford, CT | Crown Theater | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 602 | |||
Cuyahoga Falls, OH | Cuyahoga Falls Market Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,658 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 11,083 | |||
Adjustments to basis | 517 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,600 | |||
Gross amount carried at end of period, total | 14,950 | |||
Accumulated depreciation | 4,045 | |||
Burleson, TX | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,654 | |||
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 | 1,007 | |||
Edmond, OK | CVS Pharmacy (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,233 | |||
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 | 979 | |||
Lawton, OK | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,162 | |||
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 | 688 | |||
Moore, OK | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,918 | |||
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 | 942 | |||
Norman, OK | CVS Pharmacy (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,515 | |||
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 | 1,796 | |||
Oklahoma City, OK | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,852 | |||
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 | 1,248 | |||
Oklahoma City, OK | The Village at Quail Springs | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,225 | |||
Initial cost of land | 3,335 | |||
Initial cost of buildings and improvements | 7,766 | |||
Adjustments to basis | 245 | |||
Gross amount carried at end of period, land and improvements | 3,335 | |||
Gross amount carried at end of period, buildings and improvements | 8,011 | |||
Gross amount carried at end of period, total | 11,346 | |||
Accumulated depreciation | 2,839 | |||
Saginaw, TX | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,627 | |||
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 | 1,163 | |||
Sylacauga, AL | CVS Pharmacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,775 | |||
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 | 922 | |||
Cypress, TX | Cypress Mill Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,444 | |||
Initial cost of land | 4,962 | |||
Initial cost of buildings and improvements | 9,976 | |||
Adjustments to basis | 81 | |||
Gross amount carried at end of period, land and improvements | 4,962 | |||
Gross amount carried at end of period, buildings and improvements | 10,057 | |||
Gross amount carried at end of period, total | 15,019 | |||
Accumulated depreciation | 575 | |||
North Richland Hills, TX | Davis Towne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,850 | |||
Initial cost of buildings and improvements | 5,681 | |||
Adjustments to basis | 1,154 | |||
Gross amount carried at end of period, land and improvements | 1,671 | |||
Gross amount carried at end of period, buildings and improvements | 7,014 | |||
Gross amount carried at end of period, total | 8,685 | |||
Accumulated depreciation | 2,507 | |||
Denton, TX | Denton Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 27,267 | |||
Initial cost of land | 6,000 | |||
Initial cost of buildings and improvements | 43,434 | |||
Adjustments to basis | 11,563 | |||
Gross amount carried at end of period, land and improvements | 6,000 | |||
Gross amount carried at end of period, buildings and improvements | 54,997 | |||
Gross amount carried at end of period, total | 60,997 | |||
Accumulated depreciation | 20,152 | |||
Spartanburg, SC | Dorman Center I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 20,574 | |||
Initial cost of land | 17,025 | |||
Initial cost of buildings and improvements | 29,478 | |||
Adjustments to basis | 1,003 | |||
Gross amount carried at end of period, land and improvements | 17,025 | |||
Gross amount carried at end of period, buildings and improvements | 30,481 | |||
Gross amount carried at end of period, total | 47,506 | |||
Accumulated depreciation | 12,298 | |||
Kingsport, TN | East Stone Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,900 | |||
Initial cost of buildings and improvements | 28,714 | |||
Adjustments to basis | -765 | |||
Gross amount carried at end of period, land and improvements | 2,826 | |||
Gross amount carried at end of period, buildings and improvements | 28,023 | |||
Gross amount carried at end of period, total | 30,849 | |||
Accumulated depreciation | 8,644 | |||
Lansing, MI | Eastwood Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 21,865 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 65,067 | |||
Adjustments to basis | 3,126 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 68,193 | |||
Gross amount carried at end of period, total | 80,193 | |||
Accumulated depreciation | 25,512 | |||
Homewood, AL | Edgemont Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,508 | |||
Initial cost of land | 3,500 | |||
Initial cost of buildings and improvements | 10,956 | |||
Adjustments to basis | 268 | |||
Gross amount carried at end of period, land and improvements | 3,500 | |||
Gross amount carried at end of period, buildings and improvements | 11,224 | |||
Gross amount carried at end of period, total | 14,724 | |||
Accumulated depreciation | 4,131 | |||
Fresno, CA | Edwards Multiplex | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,501 | |||
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 | 12,554 | |||
Ontario, CA | Edwards Multiplex | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 13,728 | |||
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 | 11,730 | |||
Evans, GA | Evans Towne Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,275 | |||
Initial cost of land | 1,700 | |||
Initial cost of buildings and improvements | 6,425 | |||
Adjustments to basis | 632 | |||
Gross amount carried at end of period, land and improvements | 1,700 | |||
Gross amount carried at end of period, buildings and improvements | 7,057 | |||
Gross amount carried at end of period, total | 8,757 | |||
Accumulated depreciation | 2,459 | |||
Middletown, NY | Fairgrounds Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,800 | |||
Initial cost of buildings and improvements | 13,490 | |||
Adjustments to basis | 4,391 | |||
Gross amount carried at end of period, land and improvements | 5,431 | |||
Gross amount carried at end of period, buildings and improvements | 17,250 | |||
Gross amount carried at end of period, total | 22,681 | |||
Accumulated depreciation | 6,070 | |||
Simpsonville, SC | Five Forks | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,540 | |||
Initial cost of buildings and improvements | 6,393 | |||
Adjustments to basis | 458 | |||
Gross amount carried at end of period, land and improvements | 2,540 | |||
Gross amount carried at end of period, buildings and improvements | 6,851 | |||
Gross amount carried at end of period, total | 9,391 | |||
Accumulated depreciation | 2,433 | |||
Number of real estate properties | 1 | |||
Bronx, NY | Fordham Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 17,209 | |||
Initial cost of buildings and improvements | 96,547 | |||
Adjustments to basis | 31 | |||
Gross amount carried at end of period, land and improvements | 17,209 | |||
Gross amount carried at end of period, buildings and improvements | 96,578 | |||
Gross amount carried at end of period, total | 113,787 | |||
Accumulated depreciation | 4,102 | |||
Easton, PA | Forks Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,219 | |||
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 | 5,924 | |||
Longmont, CO | Fox Creek Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,025 | |||
Initial cost of land | 3,755 | |||
Initial cost of buildings and improvements | 15,563 | |||
Adjustments to basis | -1,013 | |||
Gross amount carried at end of period, land and improvements | 3,755 | |||
Gross amount carried at end of period, buildings and improvements | 14,550 | |||
Gross amount carried at end of period, total | 18,305 | |||
Accumulated depreciation | 5,498 | |||
Fullerton, CA | Fullerton Metrocenter | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 28,027 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 47,403 | |||
Adjustments to basis | 2,019 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 49,422 | |||
Gross amount carried at end of period, total | 49,422 | |||
Accumulated depreciation | 18,708 | |||
Galveston, TX | Galvez Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,082 | |||
Initial cost of land | 1,250 | |||
Initial cost of buildings and improvements | 4,947 | |||
Adjustments to basis | 347 | |||
Gross amount carried at end of period, land and improvements | 1,250 | |||
Gross amount carried at end of period, buildings and improvements | 5,294 | |||
Gross amount carried at end of period, total | 6,544 | |||
Accumulated depreciation | 1,858 | |||
Bay Shore, NY | Gardiner Manor Mall | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 37,276 | |||
Initial cost of land | 12,348 | |||
Initial cost of buildings and improvements | 56,199 | |||
Adjustments to basis | 16 | |||
Gross amount carried at end of period, land and improvements | 12,348 | |||
Gross amount carried at end of period, buildings and improvements | 56,215 | |||
Gross amount carried at end of period, total | 68,563 | |||
Accumulated depreciation | 1,229 | |||
Salt Lake City, UT | The Gateway | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 95,853 | |||
Initial cost of land | 28,665 | |||
Initial cost of buildings and improvements | 110,945 | |||
Adjustments to basis | -63,200 | |||
Gross amount carried at end of period, land and improvements | 18,163 | |||
Gross amount carried at end of period, buildings and improvements | 58,247 | |||
Gross amount carried at end of period, total | 76,410 | |||
Accumulated depreciation | 885 | |||
Avondale, AZ | Gateway Pavilions | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 24,226 | |||
Initial cost of land | 9,880 | |||
Initial cost of buildings and improvements | 55,195 | |||
Adjustments to basis | 1,005 | |||
Gross amount carried at end of period, land and improvements | 9,880 | |||
Gross amount carried at end of period, buildings and improvements | 56,200 | |||
Gross amount carried at end of period, total | 66,080 | |||
Accumulated depreciation | 20,363 | |||
Southlake, TX | Gateway Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 26,371 | |||
Adjustments to basis | 3,693 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 30,064 | |||
Gross amount carried at end of period, total | 30,064 | |||
Accumulated depreciation | 10,957 | |||
Southlake, TX | Southlake Corners | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 21,156 | |||
Initial cost of land | 6,612 | |||
Initial cost of buildings and improvements | 23,605 | |||
Adjustments to basis | 25 | |||
Gross amount carried at end of period, land and improvements | 6,612 | |||
Gross amount carried at end of period, buildings and improvements | 23,630 | |||
Gross amount carried at end of period, total | 30,242 | |||
Accumulated depreciation | 1,173 | |||
Southlake, TX | Southlake Town Square I - VII | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 141,519 | |||
Initial cost of land | 41,490 | |||
Initial cost of buildings and improvements | 193,391 | |||
Adjustments to basis | 21,054 | |||
Gross amount carried at end of period, land and improvements | 41,490 | |||
Gross amount carried at end of period, buildings and improvements | 214,445 | |||
Gross amount carried at end of period, total | 255,935 | |||
Accumulated depreciation | 67,367 | |||
College Station, TX | Gateway Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,950 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 3,911 | |||
Adjustments to basis | 1,043 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 4,954 | |||
Gross amount carried at end of period, total | 6,004 | |||
Accumulated depreciation | 1,803 | |||
College Station, TX | Gateway Station II & III | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,280 | |||
Initial cost of buildings and improvements | 11,557 | |||
Adjustments to basis | 44 | |||
Gross amount carried at end of period, land and improvements | 3,280 | |||
Gross amount carried at end of period, buildings and improvements | 11,601 | |||
Gross amount carried at end of period, total | 14,881 | |||
Accumulated depreciation | 2,826 | |||
Annapolis, MD | Gateway Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 36,377 | |||
Initial cost of land | 8,550 | |||
Initial cost of buildings and improvements | 39,298 | |||
Adjustments to basis | 4,283 | |||
Gross amount carried at end of period, land and improvements | 8,550 | |||
Gross amount carried at end of period, buildings and improvements | 43,581 | |||
Gross amount carried at end of period, total | 52,131 | |||
Accumulated depreciation | 16,431 | |||
Oswego, IL | Gerry Centennial Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,370 | |||
Initial cost of buildings and improvements | 12,968 | |||
Adjustments to basis | 9,060 | |||
Gross amount carried at end of period, land and improvements | 5,370 | |||
Gross amount carried at end of period, buildings and improvements | 22,028 | |||
Gross amount carried at end of period, total | 27,398 | |||
Accumulated depreciation | 5,762 | |||
Oswego, IL | Oswego Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 21,000 | |||
Initial cost of land | 6,454 | |||
Initial cost of buildings and improvements | 16,004 | |||
Adjustments to basis | 24 | |||
Gross amount carried at end of period, land and improvements | 6,454 | |||
Gross amount carried at end of period, buildings and improvements | 16,028 | |||
Gross amount carried at end of period, total | 22,482 | |||
Accumulated depreciation | 434 | |||
Altamonte Springs, FL | Golfsmith | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 954 | |||
Tallahassee, FL | Governor's Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 30,377 | |||
Adjustments to basis | 3,020 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 33,397 | |||
Gross amount carried at end of period, total | 33,397 | |||
Accumulated depreciation | 12,549 | |||
Grapevine, TX | Grapevine Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,119 | |||
Initial cost of land | 4,100 | |||
Initial cost of buildings and improvements | 16,938 | |||
Adjustments to basis | 153 | |||
Gross amount carried at end of period, land and improvements | 3,894 | |||
Gross amount carried at end of period, buildings and improvements | 17,297 | |||
Gross amount carried at end of period, total | 21,191 | |||
Accumulated depreciation | 6,073 | |||
Cumming, GA | Green's Corner | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,320 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 8,663 | |||
Adjustments to basis | 236 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 8,899 | |||
Gross amount carried at end of period, total | 12,099 | |||
Accumulated depreciation | 3,244 | |||
Greensburg, IN | Greensburg Commons | ||||
SEC Schedule III, 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 | 575 | |||
Gross amount carried at end of period, land and improvements | 2,700 | |||
Gross amount carried at end of period, buildings and improvements | 19,655 | |||
Gross amount carried at end of period, total | 22,355 | |||
Accumulated depreciation | 6,840 | |||
Gurnee, IL | Gurnee Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 15,106 | |||
Initial cost of land | 7,000 | |||
Initial cost of buildings and improvements | 35,147 | |||
Adjustments to basis | 4,090 | |||
Gross amount carried at end of period, land and improvements | 7,000 | |||
Gross amount carried at end of period, buildings and improvements | 39,237 | |||
Gross amount carried at end of period, total | 46,237 | |||
Accumulated depreciation | 14,082 | |||
Maple Grove, MN | Hartford Insurance Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,700 | |||
Initial cost of buildings and improvements | 13,709 | |||
Adjustments to basis | -10,437 | |||
Gross amount carried at end of period, land and improvements | 788 | |||
Gross amount carried at end of period, buildings and improvements | 4,184 | |||
Gross amount carried at end of period, total | 4,972 | |||
Accumulated depreciation | 0 | |||
Knoxville, TN | Harvest Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,155 | |||
Initial cost of buildings and improvements | 5,085 | |||
Adjustments to basis | -137 | |||
Gross amount carried at end of period, land and improvements | 2,963 | |||
Gross amount carried at end of period, buildings and improvements | 5,140 | |||
Gross amount carried at end of period, total | 8,103 | |||
Accumulated depreciation | 1,871 | |||
Knoxville, TN | Traveler's Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,362 | |||
McDonough, GA | Henry Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,650 | |||
Initial cost of buildings and improvements | 46,814 | |||
Adjustments to basis | 6,637 | |||
Gross amount carried at end of period, land and improvements | 10,650 | |||
Gross amount carried at end of period, buildings and improvements | 53,451 | |||
Gross amount carried at end of period, total | 64,101 | |||
Accumulated depreciation | 17,590 | |||
Issaquah, WA | Heritage Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,377 | |||
Initial cost of buildings and improvements | 11,385 | |||
Adjustments to basis | 191 | |||
Gross amount carried at end of period, land and improvements | 6,377 | |||
Gross amount carried at end of period, buildings and improvements | 11,576 | |||
Gross amount carried at end of period, total | 17,953 | |||
Accumulated depreciation | 381 | |||
Euless, TX | Heritage Towne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,120 | |||
Initial cost of land | 3,065 | |||
Initial cost of buildings and improvements | 10,729 | |||
Adjustments to basis | 1,413 | |||
Gross amount carried at end of period, land and improvements | 3,065 | |||
Gross amount carried at end of period, buildings and improvements | 12,142 | |||
Gross amount carried at end of period, total | 15,207 | |||
Accumulated depreciation | 4,744 | |||
Hickory, NC | Hickory Ridge | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 19,286 | |||
Initial cost of land | 6,860 | |||
Initial cost of buildings and improvements | 33,323 | |||
Adjustments to basis | 542 | |||
Gross amount carried at end of period, land and improvements | 6,860 | |||
Gross amount carried at end of period, buildings and improvements | 33,865 | |||
Gross amount carried at end of period, total | 40,725 | |||
Accumulated depreciation | 12,485 | |||
High Ridge, MO | High Ridge Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,940 | |||
Initial cost of land | 3,075 | |||
Initial cost of buildings and improvements | 9,148 | |||
Adjustments to basis | -213 | |||
Gross amount carried at end of period, land and improvements | 3,075 | |||
Gross amount carried at end of period, buildings and improvements | 8,935 | |||
Gross amount carried at end of period, total | 12,010 | |||
Accumulated depreciation | 3,215 | |||
Duncansville, PA | Holliday Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,790 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 11,609 | |||
Adjustments to basis | -333 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 11,276 | |||
Gross amount carried at end of period, total | 13,476 | |||
Accumulated depreciation | 4,173 | |||
Pittsburgh, PA | Home Depot Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 5,836 | |||
Orange, CT | Home Depot Plaza | ||||
SEC Schedule III, 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 | 6,291 | |||
Orange, CT | Orange Plaza (Golfland Plaza) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,350 | |||
Initial cost of buildings and improvements | 4,834 | |||
Adjustments to basis | 2,386 | |||
Gross amount carried at end of period, land and improvements | 4,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,220 | |||
Gross amount carried at end of period, total | 11,570 | |||
Accumulated depreciation | 2,199 | |||
Humble, TX | Humblewood Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,430 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 12,823 | |||
Adjustments to basis | 28 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 12,851 | |||
Gross amount carried at end of period, total | 15,051 | |||
Accumulated depreciation | 4,281 | |||
Irmo, SC | Irmo Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,035 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 9,247 | |||
Adjustments to basis | 1,090 | |||
Gross amount carried at end of period, land and improvements | 2,579 | |||
Gross amount carried at end of period, buildings and improvements | 10,358 | |||
Gross amount carried at end of period, total | 12,937 | |||
Accumulated depreciation | 3,569 | |||
Newport News, VA | Jefferson Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 56,033 | |||
Initial cost of land | 23,097 | |||
Initial cost of buildings and improvements | 52,762 | |||
Adjustments to basis | 1,131 | |||
Gross amount carried at end of period, land and improvements | 23,097 | |||
Gross amount carried at end of period, buildings and improvements | 53,893 | |||
Gross amount carried at end of period, total | 76,990 | |||
Accumulated depreciation | 13,514 | |||
John's Creek, GA | John's Creek Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 21,637 | |||
Initial cost of land | 14,446 | |||
Initial cost of buildings and improvements | 23,932 | |||
Adjustments to basis | -19 | |||
Gross amount carried at end of period, land and improvements | 14,446 | |||
Gross amount carried at end of period, buildings and improvements | 23,913 | |||
Gross amount carried at end of period, total | 38,359 | |||
Accumulated depreciation | 574 | |||
Seekonk, MA | King Philip's Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,301 | |||
Initial cost of land | 3,710 | |||
Initial cost of buildings and improvements | 19,144 | |||
Adjustments to basis | -150 | |||
Gross amount carried at end of period, land and improvements | 3,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,994 | |||
Gross amount carried at end of period, total | 22,704 | |||
Accumulated depreciation | 6,328 | |||
Lake Mary, FL | Lake Mary Pointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,650 | |||
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 | 1,532 | |||
Lake Worth, TX | Lake Worth Towne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,200 | |||
Initial cost of buildings and improvements | 30,910 | |||
Adjustments to basis | 4,913 | |||
Gross amount carried at end of period, land and improvements | 6,200 | |||
Gross amount carried at end of period, buildings and improvements | 35,823 | |||
Gross amount carried at end of period, total | 42,023 | |||
Accumulated depreciation | 10,874 | |||
Lewisville, TX | Lakepointe Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,750 | |||
Initial cost of buildings and improvements | 23,904 | |||
Adjustments to basis | 2,718 | |||
Gross amount carried at end of period, land and improvements | 4,750 | |||
Gross amount carried at end of period, buildings and improvements | 26,622 | |||
Gross amount carried at end of period, total | 31,372 | |||
Accumulated depreciation | 8,867 | |||
Lakewood, WA | Lakewood Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,555 | |||
Initial cost of buildings and improvements | 74,612 | |||
Adjustments to basis | -14,276 | |||
Gross amount carried at end of period, land and improvements | 12,555 | |||
Gross amount carried at end of period, buildings and improvements | 60,336 | |||
Gross amount carried at end of period, total | 72,891 | |||
Accumulated depreciation | 22,221 | |||
Dallas, TX | Lincoln Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 26,556 | |||
Initial cost of land | 38,329 | |||
Initial cost of buildings and improvements | 17,772 | |||
Adjustments to basis | 56 | |||
Gross amount carried at end of period, land and improvements | 38,329 | |||
Gross amount carried at end of period, buildings and improvements | 17,828 | |||
Gross amount carried at end of period, total | 56,157 | |||
Accumulated depreciation | 404 | |||
Worcester, MA | Lincoln Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 38,533 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 46,482 | |||
Adjustments to basis | 22,548 | |||
Gross amount carried at end of period, land and improvements | 13,110 | |||
Gross amount carried at end of period, buildings and improvements | 68,920 | |||
Gross amount carried at end of period, total | 82,030 | |||
Accumulated depreciation | 22,377 | |||
Bluffton, SC | Low Country Village I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,910 | |||
Initial cost of buildings and improvements | 16,614 | |||
Adjustments to basis | -376 | |||
Gross amount carried at end of period, land and improvements | 2,486 | |||
Gross amount carried at end of period, buildings and improvements | 16,662 | |||
Gross amount carried at end of period, total | 19,148 | |||
Accumulated depreciation | 6,282 | |||
Butler, NJ | Lowe's/Bed, Bath & Beyond | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 12,863 | |||
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 | 497 | |||
Los Colinas, TX | MacArthur Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,799 | |||
Initial cost of land | 4,710 | |||
Initial cost of buildings and improvements | 16,265 | |||
Adjustments to basis | 1,857 | |||
Gross amount carried at end of period, land and improvements | 4,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,122 | |||
Gross amount carried at end of period, total | 22,832 | |||
Accumulated depreciation | 7,071 | |||
Town and Country, MO | Manchester Meadows | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,700 | |||
Initial cost of buildings and improvements | 39,738 | |||
Adjustments to basis | 1,257 | |||
Gross amount carried at end of period, land and improvements | 14,700 | |||
Gross amount carried at end of period, buildings and improvements | 40,995 | |||
Gross amount carried at end of period, total | 55,695 | |||
Accumulated depreciation | 15,220 | |||
Mansfield, TX | Mansfield Towne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,300 | |||
Initial cost of buildings and improvements | 12,195 | |||
Adjustments to basis | 3,623 | |||
Gross amount carried at end of period, land and improvements | 3,300 | |||
Gross amount carried at end of period, buildings and improvements | 15,818 | |||
Gross amount carried at end of period, total | 19,118 | |||
Accumulated depreciation | 5,809 | |||
Williston, VT | Maple Tree Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 28,000 | |||
Initial cost of buildings and improvements | 67,361 | |||
Adjustments to basis | 4,748 | |||
Gross amount carried at end of period, land and improvements | 28,000 | |||
Gross amount carried at end of period, buildings and improvements | 72,109 | |||
Gross amount carried at end of period, total | 100,109 | |||
Accumulated depreciation | 25,278 | |||
Massillon, OH | Massillon Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,983 | |||
Initial cost of land | 4,090 | |||
Initial cost of buildings and improvements | 12,521 | |||
Adjustments to basis | 473 | |||
Gross amount carried at end of period, land and improvements | 4,090 | |||
Gross amount carried at end of period, buildings and improvements | 12,994 | |||
Gross amount carried at end of period, total | 17,084 | |||
Accumulated depreciation | 4,637 | |||
McAllen, TX | McAllen Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,543 | |||
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 | 1,047 | |||
McAllen, TX | Trenton Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 16,246 | |||
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 | 7,933 | |||
Poughkeepsie, NY | Mid-Hudson Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,900 | |||
Initial cost of buildings and improvements | 29,160 | |||
Adjustments to basis | 21 | |||
Gross amount carried at end of period, land and improvements | 9,900 | |||
Gross amount carried at end of period, buildings and improvements | 29,181 | |||
Gross amount carried at end of period, total | 39,081 | |||
Accumulated depreciation | 10,078 | |||
New Port Richey, FL | Mitchell Ranch Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,550 | |||
Initial cost of buildings and improvements | 26,213 | |||
Adjustments to basis | 505 | |||
Gross amount carried at end of period, land and improvements | 5,550 | |||
Gross amount carried at end of period, buildings and improvements | 26,718 | |||
Gross amount carried at end of period, total | 32,268 | |||
Accumulated depreciation | 10,086 | |||
Kalispell, MT | Mountain View Plaza I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 6,105 | |||
Houston, TX | New Forest Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,938 | |||
Initial cost of land | 4,390 | |||
Initial cost of buildings and improvements | 11,313 | |||
Adjustments to basis | -6 | |||
Gross amount carried at end of period, land and improvements | 4,390 | |||
Gross amount carried at end of period, buildings and improvements | 11,307 | |||
Gross amount carried at end of period, total | 15,697 | |||
Accumulated depreciation | 647 | |||
Houston, TX | Royal Oaks Village II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 11,859 | |||
Adjustments to basis | -190 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 11,669 | |||
Gross amount carried at end of period, total | 13,869 | |||
Accumulated depreciation | 3,928 | |||
Houston, TX | Sawyer Heights Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 18,884 | |||
Initial cost of land | 24,214 | |||
Initial cost of buildings and improvements | 15,797 | |||
Adjustments to basis | 263 | |||
Gross amount carried at end of period, land and improvements | 24,214 | |||
Gross amount carried at end of period, buildings and improvements | 16,060 | |||
Gross amount carried at end of period, total | 40,274 | |||
Accumulated depreciation | 827 | |||
Houston, TX | Streets of Yorktown | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 8,181 | |||
Newnan, GA | Newnan Crossing I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,100 | |||
Initial cost of buildings and improvements | 33,987 | |||
Adjustments to basis | 5,139 | |||
Gross amount carried at end of period, land and improvements | 15,100 | |||
Gross amount carried at end of period, buildings and improvements | 39,126 | |||
Gross amount carried at end of period, total | 54,226 | |||
Accumulated depreciation | 14,804 | |||
Covington, GA | Newton Crossroads | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,753 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 6,927 | |||
Adjustments to basis | 162 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,089 | |||
Gross amount carried at end of period, total | 10,439 | |||
Accumulated depreciation | 2,543 | |||
Charleston, SC | North Rivers Towne Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,071 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 15,720 | |||
Adjustments to basis | 320 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 16,040 | |||
Gross amount carried at end of period, total | 19,390 | |||
Accumulated depreciation | 6,244 | |||
Seattle, WA | Northgate North | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 27,281 | |||
Initial cost of land | 7,540 | |||
Initial cost of buildings and improvements | 49,078 | |||
Adjustments to basis | -14,642 | |||
Gross amount carried at end of period, land and improvements | 7,540 | |||
Gross amount carried at end of period, buildings and improvements | 34,436 | |||
Gross amount carried at end of period, total | 41,976 | |||
Accumulated depreciation | 13,481 | |||
Spokane, WA | Northpointe Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 23,276 | |||
Initial cost of land | 13,800 | |||
Initial cost of buildings and improvements | 37,707 | |||
Adjustments to basis | 4,264 | |||
Gross amount carried at end of period, land and improvements | 13,800 | |||
Gross amount carried at end of period, buildings and improvements | 41,971 | |||
Gross amount carried at end of period, total | 55,771 | |||
Accumulated depreciation | 15,782 | |||
Northport, AL | Northwood Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,770 | |||
Initial cost of buildings and improvements | 13,658 | |||
Adjustments to basis | 1,159 | |||
Gross amount carried at end of period, land and improvements | 3,770 | |||
Gross amount carried at end of period, buildings and improvements | 14,817 | |||
Gross amount carried at end of period, total | 18,587 | |||
Accumulated depreciation | 4,759 | |||
Wesley Chapel, FL | Northwoods Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,550 | |||
Initial cost of land | 3,415 | |||
Initial cost of buildings and improvements | 9,475 | |||
Adjustments to basis | 6,396 | |||
Gross amount carried at end of period, land and improvements | 3,415 | |||
Gross amount carried at end of period, buildings and improvements | 15,871 | |||
Gross amount carried at end of period, total | 19,286 | |||
Accumulated depreciation | 5,732 | |||
New Hartford, NY | The Orchard | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,669 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 17,151 | |||
Adjustments to basis | 102 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 17,253 | |||
Gross amount carried at end of period, total | 20,453 | |||
Accumulated depreciation | 5,887 | |||
Gilroy, CA | Pacheco Pass Phase I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,420 | |||
Initial cost of buildings and improvements | 32,784 | |||
Adjustments to basis | -25 | |||
Gross amount carried at end of period, land and improvements | 13,400 | |||
Gross amount carried at end of period, buildings and improvements | 32,779 | |||
Gross amount carried at end of period, total | 46,179 | |||
Accumulated depreciation | 10,146 | |||
Fort Myers, FL | Page Field Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 43,355 | |||
Adjustments to basis | 1,111 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 44,466 | |||
Gross amount carried at end of period, total | 44,466 | |||
Accumulated depreciation | 14,507 | |||
Phoenix, AZ | Paradise Valley Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,216 | |||
Initial cost of land | 6,590 | |||
Initial cost of buildings and improvements | 20,425 | |||
Adjustments to basis | 528 | |||
Gross amount carried at end of period, land and improvements | 6,590 | |||
Gross amount carried at end of period, buildings and improvements | 20,953 | |||
Gross amount carried at end of period, total | 27,543 | |||
Accumulated depreciation | 8,233 | |||
Frisco, TX | Parkway Towne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,142 | |||
Initial cost of buildings and improvements | 20,423 | |||
Adjustments to basis | 5,036 | |||
Gross amount carried at end of period, land and improvements | 6,142 | |||
Gross amount carried at end of period, buildings and improvements | 25,459 | |||
Gross amount carried at end of period, total | 31,601 | |||
Accumulated depreciation | 8,010 | |||
Concord, NC | Pavillion at Kings Grant I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,274 | |||
Initial cost of buildings and improvements | 12,392 | |||
Adjustments to basis | 11,872 | |||
Gross amount carried at end of period, land and improvements | 10,274 | |||
Gross amount carried at end of period, buildings and improvements | 24,264 | |||
Gross amount carried at end of period, total | 34,538 | |||
Accumulated depreciation | 7,461 | |||
Pelham Manor, NY | Pelham Manor Shopping Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 67,870 | |||
Adjustments to basis | 76 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 67,946 | |||
Gross amount carried at end of period, total | 67,946 | |||
Accumulated depreciation | 3,175 | |||
Peoria, AZ | Peoria Crossings I & II | ||||
SEC Schedule III, 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 | 13,624 | |||
Phenix City, AL | Phenix Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,180 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 6,776 | |||
Adjustments to basis | 321 | |||
Gross amount carried at end of period, land and improvements | 2,600 | |||
Gross amount carried at end of period, buildings and improvements | 7,097 | |||
Gross amount carried at end of period, total | 9,697 | |||
Accumulated depreciation | 2,615 | |||
Lawrence, KS | Pine Ridge Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,000 | |||
Initial cost of buildings and improvements | 19,802 | |||
Adjustments to basis | 2,897 | |||
Gross amount carried at end of period, land and improvements | 5,000 | |||
Gross amount carried at end of period, buildings and improvements | 22,699 | |||
Gross amount carried at end of period, total | 27,699 | |||
Accumulated depreciation | 8,389 | |||
Placentia, CA | Placentia Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,116 | |||
Initial cost of land | 11,200 | |||
Initial cost of buildings and improvements | 11,751 | |||
Adjustments to basis | 1,674 | |||
Gross amount carried at end of period, land and improvements | 11,200 | |||
Gross amount carried at end of period, buildings and improvements | 13,425 | |||
Gross amount carried at end of period, total | 24,625 | |||
Accumulated depreciation | 4,664 | |||
Marysville, WA | Plaza at Marysville | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,996 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 13,728 | |||
Adjustments to basis | 845 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 14,573 | |||
Gross amount carried at end of period, total | 21,173 | |||
Accumulated depreciation | 5,373 | |||
Santa Fe, NM | Plaza Santa Fe II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 28,588 | |||
Adjustments to basis | 3,199 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 31,787 | |||
Gross amount carried at end of period, total | 31,787 | |||
Accumulated depreciation | 12,005 | |||
Cedar Hill, TX | Pleasant Run | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 13,776 | |||
Initial cost of land | 4,200 | |||
Initial cost of buildings and improvements | 29,085 | |||
Adjustments to basis | 3,244 | |||
Gross amount carried at end of period, land and improvements | 4,200 | |||
Gross amount carried at end of period, buildings and improvements | 32,329 | |||
Gross amount carried at end of period, total | 36,529 | |||
Accumulated depreciation | 11,552 | |||
Quakertown, PA | Quakertown | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,737 | |||
Initial cost of land | 2,400 | |||
Initial cost of buildings and improvements | 9,246 | |||
Adjustments to basis | 15 | |||
Gross amount carried at end of period, land and improvements | 2,400 | |||
Gross amount carried at end of period, buildings and improvements | 9,261 | |||
Gross amount carried at end of period, total | 11,661 | |||
Accumulated depreciation | 3,168 | |||
Brooklyn Park, MN | Rasmussen College | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 850 | |||
Initial cost of buildings and improvements | 4,049 | |||
Adjustments to basis | -344 | |||
Gross amount carried at end of period, land and improvements | 500 | |||
Gross amount carried at end of period, buildings and improvements | 4,055 | |||
Gross amount carried at end of period, total | 4,555 | |||
Accumulated depreciation | 1,399 | |||
Winter Springs, FL | Red Bug Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,211 | |||
Baltimore, MD | Reisterstown Road Plaza | ||||
SEC Schedule III, 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 | 13,046 | |||
Gross amount carried at end of period, land and improvements | 15,791 | |||
Gross amount carried at end of period, buildings and improvements | 83,427 | |||
Gross amount carried at end of period, total | 99,218 | |||
Accumulated depreciation | 30,426 | |||
Amherst, NY | Rite Aid Store (Eckerd), Sheridan Dr. | ||||
SEC Schedule III, 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 | 915 | |||
Amherst, NY | Rite Aid Store (Eckerd), Transit Rd. | ||||
SEC Schedule III, 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 | 929 | |||
Batavia, NY | Rite Aid Store (Eckerd), E. Main St. | ||||
SEC Schedule III, 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 | 939 | |||
Batavia, NY | Rite Aid Store (Eckerd), W. Main St. | ||||
SEC Schedule III, 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 | 883 | |||
Buffalo, NY | Rite Aid Store (Eckerd), Ferry St. | ||||
SEC Schedule III, 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 | 899 | |||
Buffalo, NY | Rite Aid Store (Eckerd), Main St. | ||||
SEC Schedule III, 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 | 736 | |||
Canandaigua, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 866 | |||
Canandaigua, NY | Tim Horton Donut Shop | ||||
SEC Schedule III, 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 | 19 | |||
Chattanooga, TN | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,673 | |||
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 | 711 | |||
Cheektowaga, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 468 | |||
Colesville, MD | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,088 | |||
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 | 1,402 | |||
Columbia, SC | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,663 | |||
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 | 947 | |||
Crossville, TN | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,330 | |||
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 | 789 | |||
Grand Island, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 827 | |||
Greece, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 893 | |||
Greer, SC | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,596 | |||
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 | 794 | |||
Hudson, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 629 | |||
Irondequoit, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 919 | |||
Kill Devil Hills, NC | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,900 | |||
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 | 1,149 | |||
Lancaster, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 405 | |||
Lockport, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 937 | |||
North Chili, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 650 | |||
Olean, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 944 | |||
Rochester, NY | Rite Aid Store (Eckerd), Culver Rd. | ||||
SEC Schedule III, 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 | 766 | |||
Rochester, NY | Rite Aid Store (Eckerd), Lake Ave. | ||||
SEC Schedule III, 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 | 1,017 | |||
Tonawanda, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 1,033 | |||
West Seneca, NY | Rite Aid Store (Eckerd), Harlem Rd. | ||||
SEC Schedule III, 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 | 566 | |||
West Seneca, NY | Rite Aid Store (Eckerd), Union Rd. | ||||
SEC Schedule III, 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 | 773 | |||
Yorkshire, NY | Rite Aid Store (Eckerd) | ||||
SEC Schedule III, 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 | 482 | |||
Georgetown, TX | Rivery Town Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,196 | |||
Bethlehem, PA | Saucon Valley Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,550 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 12,642 | |||
Adjustments to basis | -554 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 12,088 | |||
Gross amount carried at end of period, total | 15,288 | |||
Accumulated depreciation | 4,117 | |||
Mt. Pleasant, SC | Shoppes at Park West | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,320 | |||
Initial cost of land | 2,240 | |||
Initial cost of buildings and improvements | 9,357 | |||
Adjustments to basis | -51 | |||
Gross amount carried at end of period, land and improvements | 2,240 | |||
Gross amount carried at end of period, buildings and improvements | 9,306 | |||
Gross amount carried at end of period, total | 11,546 | |||
Accumulated depreciation | 3,511 | |||
Severn, MD | The Shoppes at Quarterfield | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 3,568 | |||
Dallas, GA | Shoppes of New Hope | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,550 | |||
Initial cost of land | 1,350 | |||
Initial cost of buildings and improvements | 11,045 | |||
Adjustments to basis | -4 | |||
Gross amount carried at end of period, land and improvements | 1,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,041 | |||
Gross amount carried at end of period, total | 12,391 | |||
Accumulated depreciation | 4,212 | |||
Canton, GA | Shoppes of Prominence Point I & II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,650 | |||
Initial cost of buildings and improvements | 12,652 | |||
Adjustments to basis | 488 | |||
Gross amount carried at end of period, land and improvements | 3,650 | |||
Gross amount carried at end of period, buildings and improvements | 13,140 | |||
Gross amount carried at end of period, total | 16,790 | |||
Accumulated depreciation | 4,946 | |||
Kansas City, MO | The Shops at Boardwalk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,000 | |||
Initial cost of buildings and improvements | 30,540 | |||
Adjustments to basis | 140 | |||
Gross amount carried at end of period, land and improvements | 5,000 | |||
Gross amount carried at end of period, buildings and improvements | 30,680 | |||
Gross amount carried at end of period, total | 35,680 | |||
Accumulated depreciation | 11,597 | |||
Kansas City, MO | Stateline Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,500 | |||
Initial cost of buildings and improvements | 23,780 | |||
Adjustments to basis | -14,226 | |||
Gross amount carried at end of period, land and improvements | 3,829 | |||
Gross amount carried at end of period, buildings and improvements | 12,225 | |||
Gross amount carried at end of period, total | 16,054 | |||
Accumulated depreciation | 3,104 | |||
Round Rock, TX | Shops at Forest Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 2,270 | |||
Plano, TX | The Shops at Legacy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,800 | |||
Initial cost of buildings and improvements | 108,940 | |||
Adjustments to basis | 12,982 | |||
Gross amount carried at end of period, land and improvements | 8,800 | |||
Gross amount carried at end of period, buildings and improvements | 121,922 | |||
Gross amount carried at end of period, total | 130,722 | |||
Accumulated depreciation | 33,683 | |||
Plano, TX | Shops at Park Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,788 | |||
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 | 5,889 | |||
Heath, OH | Southgate Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,929 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 9,229 | |||
Adjustments to basis | 950 | |||
Gross amount carried at end of period, land and improvements | 2,161 | |||
Gross amount carried at end of period, buildings and improvements | 10,218 | |||
Gross amount carried at end of period, total | 12,379 | |||
Accumulated depreciation | 3,374 | |||
Acworth, GA | Stilesboro Oaks | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,092 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 9,426 | |||
Adjustments to basis | 232 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 9,658 | |||
Gross amount carried at end of period, total | 11,858 | |||
Accumulated depreciation | 3,457 | |||
McKinney, TX | Stonebridge Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,000 | |||
Initial cost of buildings and improvements | 5,783 | |||
Adjustments to basis | 295 | |||
Gross amount carried at end of period, land and improvements | 1,000 | |||
Gross amount carried at end of period, buildings and improvements | 6,078 | |||
Gross amount carried at end of period, total | 7,078 | |||
Accumulated depreciation | 2,083 | |||
Noblesville, IN | Stony Creek I | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,550 | |||
Initial cost of land | 6,735 | |||
Initial cost of buildings and improvements | 17,564 | |||
Adjustments to basis | 1,012 | |||
Gross amount carried at end of period, land and improvements | 6,735 | |||
Gross amount carried at end of period, buildings and improvements | 18,576 | |||
Gross amount carried at end of period, total | 25,311 | |||
Accumulated depreciation | 7,547 | |||
Noblesville, IN | Stony Creek II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,900 | |||
Initial cost of buildings and improvements | 5,106 | |||
Adjustments to basis | 54 | |||
Gross amount carried at end of period, land and improvements | 1,900 | |||
Gross amount carried at end of period, buildings and improvements | 5,160 | |||
Gross amount carried at end of period, total | 7,060 | |||
Accumulated depreciation | 1,727 | |||
Austin, TX | Target South Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,430 | |||
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 | 3,241 | |||
Bel Air, MD | Tollgate Marketplace | ||||
SEC Schedule III, 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 | 2,458 | |||
Gross amount carried at end of period, land and improvements | 8,700 | |||
Gross amount carried at end of period, buildings and improvements | 63,705 | |||
Gross amount carried at end of period, total | 72,405 | |||
Accumulated depreciation | 24,074 | |||
Pottstown, PA | Town Square Plaza | ||||
SEC Schedule III, 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 | 1,639 | |||
Gross amount carried at end of period, land and improvements | 9,700 | |||
Gross amount carried at end of period, buildings and improvements | 19,903 | |||
Gross amount carried at end of period, total | 29,603 | |||
Accumulated depreciation | 6,526 | |||
Towson, MD | Towson Circle | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,050 | |||
Initial cost of buildings and improvements | 17,840 | |||
Adjustments to basis | -820 | |||
Gross amount carried at end of period, land and improvements | 6,874 | |||
Gross amount carried at end of period, buildings and improvements | 19,196 | |||
Gross amount carried at end of period, total | 26,070 | |||
Accumulated depreciation | 7,044 | |||
Tuscaloosa, AL | University Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,465 | |||
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 | 3,640 | |||
Gainesville, GA | Village Shoppes at Gainesville | ||||
SEC Schedule III, 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 | 1,271 | |||
Gross amount carried at end of period, land and improvements | 4,450 | |||
Gross amount carried at end of period, buildings and improvements | 37,863 | |||
Gross amount carried at end of period, total | 42,313 | |||
Accumulated depreciation | 12,859 | |||
Lawrenceville, GA | Village Shoppes at Simonton | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,277 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 10,874 | |||
Adjustments to basis | -16 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 10,858 | |||
Gross amount carried at end of period, total | 13,058 | |||
Accumulated depreciation | 4,106 | |||
Northwoods, MO | Walgreens | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,731 | |||
Turlock, CA | Wal-Mart | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | |||
Accumulated depreciation | 524 | |||
Tampa, FL | Walter's Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,500 | |||
Initial cost of buildings and improvements | 16,914 | |||
Adjustments to basis | 510 | |||
Gross amount carried at end of period, land and improvements | 14,500 | |||
Gross amount carried at end of period, buildings and improvements | 17,424 | |||
Gross amount carried at end of period, total | 31,924 | |||
Accumulated depreciation | 5,370 | |||
Watauga, TX | Watauga Pavillion | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 10,854 | |||
Fort Hill, SC | West Town Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,170 | |||
Initial cost of buildings and improvements | 10,488 | |||
Adjustments to basis | 163 | |||
Gross amount carried at end of period, land and improvements | 1,170 | |||
Gross amount carried at end of period, buildings and improvements | 10,651 | |||
Gross amount carried at end of period, total | 11,821 | |||
Accumulated depreciation | 3,680 | |||
Saratoga Springs, NY | Wilton Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,200 | |||
Initial cost of buildings and improvements | 35,538 | |||
Adjustments to basis | 247 | |||
Gross amount carried at end of period, land and improvements | 8,200 | |||
Gross amount carried at end of period, buildings and improvements | 35,785 | |||
Gross amount carried at end of period, total | 43,985 | |||
Accumulated depreciation | 12,299 | |||
Memphis, TN | Winchester Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,700 | |||
Initial cost of land | 4,400 | |||
Initial cost of buildings and improvements | 7,471 | |||
Adjustments to basis | 316 | |||
Gross amount carried at end of period, land and improvements | 4,400 | |||
Gross amount carried at end of period, buildings and improvements | 7,787 | |||
Gross amount carried at end of period, total | 12,187 | |||
Accumulated depreciation | 2,807 | |||
Schaumburg, IL | Zurich Towers | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 48,511 | |||
Nashville, TN | Bellevue Mall | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | |||
Accumulated depreciation | 0 | |||
Henderson, NV | Green Valley Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,900 | |||
Initial cost of land | 12,884 | |||
Initial cost of buildings and improvements | 16,932 | |||
Adjustments to basis | -914 | |||
Gross amount carried at end of period, land and improvements | 11,994 | |||
Gross amount carried at end of period, buildings and improvements | 16,908 | |||
Gross amount carried at end of period, total | 28,902 | |||
Accumulated depreciation | 2,568 | |||
Billings, MT | South Billings Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | |||
Accumulated depreciation | 0 |
Schedule_III_Reconciliation_of
Schedule III - Reconciliation of Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Carrying Amount of Real Estate Investments | |||
Balance as of January 1, | $5,804,518 | $5,962,878 | $6,441,555 |
Purchase of investment property | 397,993 | 339,955 | 31,486 |
Sale of investment property | -338,938 | -341,750 | -501,369 |
Property held for sale | -36,914 | -10,995 | -8,746 |
Provision for asset impairment | -159,447 | -150,373 | -23,819 |
Payments received under master leases | 0 | 0 | -21 |
Acquired lease intangible assets | 5,579 | -11,331 | 27,454 |
Acquired lease intangible liabilities | 7,585 | 16,134 | -3,662 |
Balance as of December 31, | $5,680,376 | $5,804,518 | $5,962,878 |
Schedule_III_Reconciliation_of1
Schedule III - Reconciliation of Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Real Estate Accumulated Depreciation | |||
Balance as of January 1, | $1,330,474 | $1,275,787 | $1,180,767 |
Depreciation expense | 183,142 | 197,725 | 195,994 |
Sale of investment property | -63,460 | -62,009 | -87,218 |
Property held for sale | -5,358 | -2,206 | -17 |
Provision for asset impairment | -77,390 | -56,969 | -7,423 |
Write-offs due to early lease termination | -1,937 | -3,056 | -6,316 |
Other disposals | 0 | -18,798 | 0 |
Balance as of December 31, | $1,365,471 | $1,330,474 | $1,275,787 |